What Makes the Canara Bank Classic Credit Card a Good Starter Card?

Bio

Shreyansh Singh, an IIT Kanpur alumnus, has eight years of experience in the finance industry. He has spent 5 years at American Express developing mid to long-term strategies for multiple markets including US, Europe and India. Shreyansh currently leads Growth and Strategy initiatives at Pice.

16 Mar 26
3 mins

Shreyansh Singh

08 Mins
16-03-26

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Table of Contents

Canara Bank Classic Credit Card Benefits
Canara Bank Classic Credit Card Charges

Earn 2 reward points for every ₹100 spent.
Cash withdrawal is allowed up to 50% of the credit limit.
Up to 4 add-on cards are allowed with this lifetime free card.
Fraudulent charge protection available up to ₹2 lakh coverage.
Visa users receive GoIbibo discounts of up to 15% on bookings.

The Canara Bank Classic Credit Card is an entry-level card that is available on both RuPay and Visa networks without any joining or annual fees. It is suitable for individuals whose spending requirements are moderate.

The card allows users to share benefits with their families by giving them add-on cards. It also allows users to withdraw cash from ATMs if needed.

The card can be used at merchant outlets worldwide and provides users with up to 50 days of credit for purchases. It also offers users insurance protection and security for purchases.

Canara Bank Classic Credit Card Benefits

The Canara Bank Classic Credit Card offers users 2 reward points for every ₹100 spent on POS or e-commerce transactions. The reward points can be redeemed for cash or merchandise on the reward portal.

In addition to reward points, the card has several features that make it useful for daily usage.

Global Usage

Transactions are accepted domestically and internationally. Spending limits can be managed via net banking, mobile banking, or the bank branch.

Fraud and Purchase Protection

The card offers ₹2 lakh fraudulent charge cover to protect against unauthorised transactions. It also includes baggage insurance and purchase protection up to ₹25,000.

Accident Insurance Cover

The card includes air accident cover of ₹4 lakh for the cardholder and ₹2 lakh for the spouse. For other accidents, coverage includes ₹2 lakh for the cardholder and ₹1 lakh for the spouse.

EMI Conversion Facility

Eligible purchases can convert into EMIs through the Canara ai1 app. Interest rates start at 13% per year for short tenures and 14% per year for longer tenures.

Canara Bank Classic Credit Card Charges

The Canara Classic Credit Card offers a credit limit of up to ₹5,00,000, with cash withdrawals capped at 50% of the limit or ₹50,000.

Along with these limits, the following fees and charges may apply, as listed below:

Parameters	Charges
Finance Charges	2.5% monthly or 30% annually
Cash Withdrawal Fee	₹30 on every ₹1000 withdrawn
Card Replacement Charges	₹300
Cheque Dishonour Charges	₹50
Card Inactivity Fee	₹100
Late Payment Fine	₹250+GST

💡Avoid extra costs like late payment charges by paying your credit card bill on time. Use the Pice app to track due dates, get payment reminders, clear bills, and track payment status quickly in a few simple steps.

Footnotes

An EMI processing fee of 2% of the transaction value applies, subject to a minimum charge of ₹100 and a maximum charge of ₹200.
Currently, the Classic Credit Card on the Visa network is offering GoIbibo discounts of 12% on flights, 15% on hotels, 9% on buses, and 10% on outstation cabs.

Does the Canara Classic Credit Card offer lounge access?

Lounge access depends on the card network. The RuPay variant provides access at selected airport lounges, while the Visa network variant does not offer lounge access benefits.

How many add-on cards come with the Canara Classic Credit Card?

Cardholders can request up to 4 add-on cards for immediate family members above 18 years. All transactions made with this card appear in the main card statement.