Canara Bank VISA Corporate Credit Card Review

The Canara Bank VISA Corporate Credit Card is specifically designed to meet the expense management needs of businesses, from small enterprises to large corporations. As one of India's oldest public sector banks, Canara Bank offers this corporate card as part of their comprehensive business banking solutions, targeting companies that need efficient payment instruments for business operations.

• High Credit Limits: Maximum credit limit of ₹2 crores (₹200 million) per corporate account

• Multiple Add-on Cards: within the overall sanctioned limit

• Domestic & International Acceptance: VISA network acceptance worldwide

• Cash Withdrawal Facility: Up to 50% of credit limit or ₹5 lakhs maximum, whichever is lower

The card comes with comprehensive insurance benefits

• Air Accident Cover: ₹4 lakhs for primary cardholder, ₹2 lakhs for spouse

• Non-Air Accident Cover: ₹2 lakhs for primary cardholder, ₹1 lakh for spouse

• Fraudulent Charge Protection: Up to ₹2 lakhs coverage

• Baggage Insurance: Up to ₹25,000 coverage

• Purchase Protection: Up to ₹25,000 coverage for eligible purchases

• Fuel Surcharge Waiver: 1% waiver on fuel transactions

• Reimbursement: Maximum ₹100 per billing month for fuel surcharges

• Conditions: Minimum fuel purchase of ₹400 per transaction and minimum ₹2,500 non-fuel spends during the billing cycle

• Minimum gross annual income of firm should be Rs 2 lakhs per annum.
• Corporate credit cards can be issued with at least one Add-on card subject to a minimum limit of Rs 50,000 and maximum limit of Rs 200 lakhs and the Credit Card limit shall be restricted to 30% of the Gross annual Income of the firm.
• Good credit history and financial standing
• Compliance with KYC norms

• Minimum: ₹50,000 for corporate level

• Maximum: ₹20 crores for corporate level

• Add-on Cards: ₹10,000 to ₹5 lakhs per card (₹50 lakhs for statutory payments)

• Certificate of Incorporation/Commencement of Business

• Memorandum and Articles of Association

• Board Resolution with authorized signatories

• Financial statements (Balance Sheet, P&L)

• PAN card of the company

• Address proof of registered office

• Bank statements

• GST registration certificate

• Best Use Case: This card works best for corporations that value convenience in managing business spends, especially for travel, hospitality, and subscription payments where auto-debit and centralized expense tracking are essential.

• Limit Management: Even though the card allows for high credit limits, it’s wiser to keep limits lower than the maximum sanctioned. This reduces exposure in case of fraud or misuse, even when -> insurance protection is available. Treat the insurance as a safeguard, not a substitute for prudent limit management.

• Alternative Financing: For businesses with recurring working capital needs or high-value payments, consider supplementing your finances with an overdraft (OD) facility or corporate credit line, instead of relying solely on the credit card. Credit cards should ideally be used for transactional convenience, not for large-scale financing.

• Fraud Awareness: While the card offers fraudulent charge insurance, prevention through disciplined usage and tighter controls (such as lower limits on employee add-on cards) provides stronger overall protection.

• Cash Withdrawals: The facility is generous, but regular reliance on credit card cash withdrawals should be avoided due to high fees and interest. Use it only for emergencies.

• Payment Discipline: Always ensure timely repayments to avoid steep interest charges (30% annual). Setting up standing instructions from your corporate bank account can help maintain discipline.