Canara Bank Corporate Credit Card - Visa
The Canara Corporate Visa Credit Card is made available by Canara Bank to corporate customers, in order to meet their multiple requirements. These cards are provided only to non-individuals and add-on cards or supplementary cards are issued to individuals who are authorized by the concerned firm or company. The Bank issues different Canara Corporate Visa Credit cards for domestic and international use of corporate clients.
We found 1 Canara Bank Credit Card
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Fee Details
- 1st Year - ₹ 250 (Main card)
- 2nd Year Onwards - ₹ 400 (Add-on Cards)
Documents
- KYC-PAN, Address proof and ID Proof
- One photograph, Salary slip/Form 16
What you'll love
An exclusive product designed to answer the needs of corporate customers such as private companies, partnership firms, chartered accountant firms and others. These cards are available for both domestic and international use.
An overall credit limit will be assigned at company level to be shared among the Add-on card holders (employees) of the organization.
Credit limit assigned will be done in multiples of Rs.5,000, up to a maximum of Rs.1 crore.
Cash withdrawal limit for the primary credit card is up to 50% of the card limit.
Cash withdrawal limit for Add-On cards is Rs.25,000 per calendar month.
Fixed date of billing (20th) and uniform payment due date to ensure uniformity in billing.
Think about
This Company is not a partner. Visit its website/branch office for more details. Trademarks, logos and other intellectual property belong to their respective owners.
Canara Corporate Visa Credit Card Benefits
- Reward Points:Customers can earn reward points on all their transactions made on this credit card. For each Rs. 100 transactions made on the Canara Corporate Visa Credit Card, customers can earn two reward points. One reward point has a cash value equal to Rs 0.25.
- No Annual Fee:The Canara Corporate Visa Credit Card comes at minimal cost with zero annual fees attached. Customers can enjoy the benefits of this card by just paying a onetime enrollment fee. However, annual fees are applicable on add-on cards.
- Cash Advance:The Bank sets a card limit on the credit offered to a company and this can be shared with the supplementary cardholders as well. The credit cardholder can withdraw cash from this credit card, with a maximum limit of 50% of the credit limit on the card or Rs. 5 lakhs, whichever is the highest. The Add-on Cardholders can withdraw cash worth not more than Rs. 25000 each month.
- Add-on cards:The primary credit cardholder can apply for an add-on card for individuals within the company so that they can use the credit limit for their official requirements. The credit limit available on the card is shared with an authorized personnel of the company through the add-on card. These cards carry an annual fee of Rs. 400.
- Mediclaim Insurance Policy:Canara Bank has partnered with United India Insurance Company Limited to offer Floating Medical Insurance Cover called the Family CANARA MEDICLAIM Policy and/or the Individual Cancomfort Policy to its credit cardholders at lower rates. This features the facility of cashless hospitalization.
Canara Corporate Visa Credit Card Features
- Internationally accepted:This credit card is offered to customers in association with VISA and is accepted around the world. The Canara Corporate Card - Visa can be used domestically as well as internationally in various ATMs and merchant outlets that accept Visa Cards. The card is also valid for transactions online and through Mail order, Interactive Voice Response System (IVRS), Teleshopping, etc.
- Interest-free period:The maximum interest free credit period that can be availed by a credit cardholder is 50 days, if the customer pays the overall due amount of the previous month.
- Revolving credit:The credit cardholder can also enjoy the facility of revolving credit wherein the outstanding balance can be paid as per their convenience. 5% of the billed amount or Rs. 100, whichever is the highest, is the minimum due payment each month. If the customer chooses to pay the minimum amount due, the remaining amount is adjusted to the next billing cycle.
- SMS alerts:The credit cardholder will receive SMS alerts on the registered mobile number when transactions are made on the credit card. This will provide added protection against skimming and fraud.
Fees and Charges
Type of Fee | Amount |
Joining Fee for Primary Card | Rs. 250 |
Annual Fee for Add-on Card | Rs. 400 |
Card Inactivity Fee | Nil |
Free Credit Period | Max. 50 days |
Interest on Credit | 2.5% per month or 30% per annum |
Minimum amount due | 5% of the billed amount subject to a minimum of Rs. 100 |
Mark up in case of Transaction in foreign currency | Max. 3% |
Duplicate Statement | Rs. 10 for each page |
Cheque dishonor charges or unsuccessful payment instructions | Rs. 50 |
Cash Advance Limit | 50% of the credit Limit with a maximum overall Limit of Rs 5.00 lac. |
Cash Advance Limit on Add-on card | Maximum cash limit for individual Add on card is Rs. 25,000 |
Transaction fee for cash withdrawal against Credit account at Canara Bank ATMs and branches | 3% of the transaction amount subject to a minimum of Rs. 30/- for every Rs. 1000 or part thereof. |
Canara Corporate Visa Credit Card Eligibility
In order to be eligible for availing the Canara Corporate Card - Visa
- Companies/Firms that are customers of Canara Bank and have credit limits as well as S1 and S2 status.
- Those Companies that do not have a credit limit with the Bank should at least have 12 months of transaction history with the Bank.
- Corporate Visa Cards are issued to member affiliate banks as well.
Documentation
The following documents have to be submitted by the corporate or firm at the time of applying for the Canara Corporate Visa credit card:
- Board Resolution according to the Performa provided by the Bank or concerned department of the Bank.
- Constitution papers such as the Partnership deed (for firms), or in case of companies, the Articles of Association and Memorandum of Association.
- Last three year's financial statements of the company/firm.
- Other relevant financial papers/ constitution papers.
FAQs on Canara Corporate Credit Card
- Will I be liable towards the loss / theft/ misuse of my credit card?
Canara Bank offers Lost Card protection through which the credit cardholder will only have a personal Liability worth Rs.1,000 from the time of reporting the loss of his/her Canara Visa Corporate Credit Card.
- Are there any restrictions on foreign transactions/ remittance made using this card?
There are limitations on money transfer/ remittances made overseas, as laid down by the Foreign Exchange Maintenance Act, 1999. Even though the credit card can be used globally, foreign exchange transactions in Bhutan and Nepal are not permitted.
- What is the maximum period of interest free Credit period?
Interest free credit period ranges from minimum of 20 days to a maximum of 50 days. But service charges, fees, etc. will be charged in case of cash withdrawal, Railway ticket booking, purchase of fuel, etc.
- How can I redeem my reward points?
The credit cardholder can earn two reward points for every transaction worth Rs.100. The cashback available on 1 reward point is Re.0.25. Canara Bank provides a website solely for the purpose of reward point redemption. The 'Maxgetmore' programme offers more Reward Points to the credit cardholder. In order to redeem gifts on this website the customer must first register and activate the reward point account. Then the accumulated reward points can be redeemed against the purchase of an exciting range of products in various categories like - electronics, apparels, etc. and other services including DTH recharge, mobile recharge, purchase of movie tickets, etc.
- Is there a penalty on delay in payment of credit card dues?
Yes, a nominal fee of 2% + service tax will be levied on the outstanding balance if the credit card dues are not paid by the due date of payment. In case of delayed payment of credit dues, customers with revolving credit are charged a fee of 2% of outstanding or a minimum amount of Rs. 10/- and the maximum cap is Rs. 150/-. If the cardholder does not have revolving credit then the fee charged as penalty for delayed payment is 2% of the outstanding amount or a minimum amount of Rs. 20/- and the maximum cap is Rs. 300/-.
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Credit Card Eligibility
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