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Features of the Canara Bank Corporate Credit Card

  • Global Acceptance with Visa Network: The Canara Bank Corporate Credit Card, issued in association with Visa, is accepted worldwide at millions of merchant outlets, ATMs, and online platforms. This global acceptance ensures that businesses can use the card for transactions across borders, making it ideal for corporate travel, international procurement, and online purchases. Whether it’s paying for business dinners, travel expenses, or vendor payments abroad, the card facilitates seamless transactions. It supports multiple transaction methods, including point-of-sale (POS) terminals, e-commerce platforms, mail orders, and Interactive Voice Response Systems (IVRS), ensuring flexibility for various business needs. For businesses with international operations, the card can be issued as a global card upon request, while domestic cards are provided by default for localized use.
  • Interest-Free Credit Period: One of the standout features of the Canara Bank Corporate Credit Card is its interest-free credit period of up to 50 days. This feature allows businesses to make purchases without incurring immediate interest charges, provided the outstanding balance is cleared within the specified period. The interest-free period starts from the date of the transaction and extends to the billing cycle’s due date, typically set for the last day of the month, with payment due by the 20th of the following month. This extended credit period helps businesses manage cash flow effectively, especially for those with cyclical revenue streams or seasonal expenses.
Bank of Baroda Premier Credit Card
    • Reward Points Program: The card offers a rewarding points system, where cardholders earn two reward points for every ₹100 spent on POS or e-commerce transactions. Each reward point is valued at ₹0.25, which can be redeemed for a variety of products and services, including electronics, apparel, movie tickets, and mobile or DTH recharges, through Canara Bank’s dedicated rewards portal (www.canararewardz.com). This feature incentivizes business spending by providing tangible returns on routine transactions, such as office supplies, travel bookings, or vendor payments. The reward points program is particularly beneficial for businesses with high transaction volumes, as accumulated points can translate into significant savings or valuable rewards, enhancing the card’s cost-effectiveness.
    • High Cash Withdrawal Limit: The Canara Bank Corporate Credit Card allows businesses to withdraw cash up to 50% of the assigned credit limit, with a maximum cap of ₹5 lakh, whichever is higher. This feature is crucial for businesses that require immediate cash for operational expenses, such as petty cash needs, emergency payments, or small-scale vendor transactions that demand cash settlements. The cash withdrawal facility is available at Canara Bank ATMs and other Visa-affiliated ATMs worldwide, ensuring accessibility. However, businesses must note that cash advances may incur a transaction fee, and interest is charged from the withdrawal date if the amount is not repaid within the interest-free period. This feature provides flexibility for businesses to address urgent financial needs without relying solely on bank accounts.
    • No Annual Fees: A significant cost-saving feature of the Canara Bank Corporate Credit Card is the absence of annual fees, making it a cost-effective option for businesses. Unlike many corporate cards that impose yearly maintenance charges, Canara Bank only levies a one-time enrollment fee, ensuring that businesses can enjoy the card’s benefits without recurring costs. However, add-on cards issued to employees carry an annual fee of ₹400 each, which is reasonable given the shared credit limit and benefits. This no-annual-fee structure is particularly advantageous for small and medium-sized enterprises (SMEs) looking to minimize overheads while accessing premium credit card features.
    • Add-On Cards for Employees: The card allows businesses to issue add-on cards to authorized employees, enabling them to share the primary credit limit for official expenses. This feature simplifies expense management by allowing multiple employees to make transactions under a single corporate account, with the primary cardholder retaining control over the overall credit limit. Add-on cards are ideal for businesses with traveling executives, sales teams, or procurement staff who need to make work-related purchases. The primary cardholder can monitor transactions through consolidated statements, ensuring transparency and accountability. Each add-on cardholder can also access the cash withdrawal facility, subject to the same limits as the primary card.
    • Complimentary Insurance Benefits: The card comes with complimentary insurance coverage, including accidental death insurance worth ₹4 lakh for air travel and ₹2 lakh for general accidents. Additionally, it offers baggage insurance up to ₹25,000 and purchase protection cover of ₹25,000 for goods bought using the card. In partnership with United India Insurance Company Limited, Canara Bank provides optional mediclaim policies like the Family Canara Mediclaim Policy and Individual Cancomfort Policy at discounted rates, featuring cashless hospitalization. These insurance benefits provide financial security for businesses, protecting against unforeseen losses during travel or purchases, which is particularly valuable for firms with frequent business trips or high-value transactions.
    • EMV Chip and PIN Security: Security is a priority with the Canara Bank Corporate Credit Card, which incorporates an EMV chip and PIN technology. This advanced security feature makes it difficult for fraudsters to steal card information, ensuring safer transactions at POS terminals and ATMs. The chip generates a unique transaction code for each purchase, reducing the risk of cloning or unauthorized use. Additionally, the card offers lost card liability protection, limiting the cardholder’s liability to ₹1,000 from the time the loss is reported. Regular SMS alerts for all transactions further enhance security by allowing businesses to monitor spending in real-time and detect any suspicious activity promptly.
    • Flexible Credit Limit: The card offers a flexible credit limit, assigned at the company level and shared among add-on cardholders. The limit is determined based on the company’s financial standing and banking relationship with Canara Bank, with a maximum cap of ₹1 crore, allocated in multiples of ₹5,000. This scalability ensures that businesses of varying sizes, from SMEs to large corporations, can access a credit limit that aligns with their operational needs. The shared credit limit allows businesses to allocate funds strategically across departments or employees, optimizing expense management while maintaining financial discipline.
    • Fuel Surcharge Waiver: For businesses with frequent travel or logistics expenses, the card offers a fuel surcharge waiver of 2.5% on transactions of ₹400 or more at petrol pumps. This feature reduces the cost of fuel-related expenses, such as company vehicles or employee travel reimbursements, making it a practical benefit for businesses with high fuel consumption. The waiver applies to both domestic and international transactions, ensuring consistent savings across different markets.
    • EMI Conversion Facility: The Canara Bank Corporate Credit Card allows businesses to convert high-value purchases into Equated Monthly Installments (EMIs) through platforms like Canara Saathi and the Canara ai1 app. This feature is beneficial for managing large expenses, such as equipment purchases or bulk inventory orders, by spreading the cost over several months. The EMI facility helps businesses maintain cash flow while investment in growth-oriented expenditures, with flexible tenure options to suit varying repayment capacities.
    • Complimentary Lounge Access: The card provides complimentary airport lounge access at select lounges, enhancing the travel experience for corporate cardholders. This feature is particularly valuable for businesses with frequent travelers, offering a comfortable space to work or relax during layovers. Lounge access includes amenities like Wi-Fi, refreshments, and business facilities, which improve productivity and comfort for executives on the move.
Premier Card Benefits

Benefits of the Canara Bank Corporate Credit Card

  • Enhanced Cash Flow Management: The interest-free credit period of up to 50 days is a significant benefit for businesses, allowing them to defer payments without incurring interest charges. This feature is particularly useful for managing working capital, as businesses can make purchases for inventory, supplies, or services and settle the balance later when revenue is realized. For example, a manufacturing firm can procure raw materials in one billing cycle and pay after selling finished goods, reducing financial strain.
  • Cost Savings with No Annual Fees: The interest-free credit period of up to 50 days is a significant benefit for businesses, allowing them to defer payments without incurring interest charges. This feature is particularly useful for managing working capital, as businesses can make purchases for inventory, supplies, or services and settle the balance later when revenue is realized. For example, a manufacturing firm can procure raw materials in one billing cycle and pay after selling finished goods, reducing financial strain.
    • Reward Points for Business Spending: The card offers 2 reward points per ₹100 spent, redeemable at www.canararewardz.com. Rewards can be used for gift vouchers, electronics, or travel, helping reduce business expenses.
    • Global Transaction Convenience: Ideal for overseas supplier payments, travel, and online international purchases. Reduces currency conversion hassles and supports global business operations.
    • Comprehensive Insurance Coverage: ₹4 lakh (air travel), ₹2 lakh (other accidents). Purchase protection and baggage loss coverage up to ₹25,000 each. Optional discounted mediclaim with cashless hospitalization for employees.
    • Simplified Expense Tracking: Consolidated monthly billing with SMS/email alerts for each transaction. Track expenses across primary and add-on cards. Real-time monitoring via Canara ai1 app or net banking portal.
    • Fuel Cost Reduction: 2.5% fuel surcharge waiver on fuel transactions above ₹400. Ideal for businesses with logistics, transport, or company vehicle needs. Example: ₹50,000/month in fuel spending can save ₹1,250/month.
    • Flexible EMI Options: Large purchases can be converted into manageable EMIs. Use Canara Saathi or Canara ai1 app for seamless EMI conversion. Supports better cash flow management and investment in business assets.
    • Employee Empowerment with Add-On Cards: Add-on cards allow employees to manage business expenses independently. Primary cardholder controls the shared credit limit and monitors usage.
    • Travel Perks with Lounge Access: Complimentary lounge access at select domestic airports. Offers a comfortable environment for business travelers during layovers. Access to Wi-Fi and business services enhances productivity.
    • Enhanced Security Features: EMV chip and PIN technology ensures safe transactions. Lost card liability is limited to ₹1,000 post-reporting. SMS alerts for every transaction enable quick fraud detection and action.
    • Scalable Credit Limits: Credit limits up to ₹1 crore based on business profile and banking history. Shared limits across departments or teams with add-on cards. Limit enhancements possible with strong financials and Canara Bank.
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How to Apply for the Canara Bank Corporate Credit Card

  • Online Application via Canara Bank Website:
    • Visit Canara Bank’s official website and go to the ‘Credit Cards’ section.
    • Select the Canara Bank Corporate Credit Card and download the application form (PDF).
    • Fill in the company details, authorized signatories, and financial information accurately.
    • Attach scanned copies of required documents (e.g., KYC, board resolution, audited financials).
    • Submit the completed form and documents at the nearest Canara Bank branch.
  • Application via Customer Care Assistance:
    • Call Canara Bank’s toll-free number: 8885545255.
    • Provide company and contact details to initiate the application process.
    • The representative will guide you to download the form or visit a branch.
  • Offline Application at a Branch:
    • Visit the nearest Canara Bank branch and request the Corporate Credit Card application form.
    • Complete the form with accurate business and financial details.
    • Submit the form along with required documents such as board resolution, audited financials, and KYC.
    • Branch officials will assist with verification and submission to the credit card division.
  • Eligibility Criteria:
    • Company Track Record: Minimum 12-month banking history with Canara Bank preferred.
    • Credit Standing: Satisfactory S1/S2 credit status; no defaults or overdues.
    • Documentation: Board resolution authorizing the application and valid business registration.
  • Required Documents:
    • KYC Documents: PAN, GST, Certificate of Incorporation, and address proof of the business.
    • Financial Statements: Audited balance sheets and profit/loss statements for the last 2–3 years.
    • Board Resolution: Authorizing signatory for credit card application and usage.
    • Others: Contact details, recent passport-size photographs, and existing card statements (if any).
  • Application Review and Approval:
    • Canara Bank verifies the company’s financials, credit history, and submitted documents.
    • Approval time varies based on profile complexity—typically from a few days to 2–3 weeks.
    • Status updates provided via call or branch follow-up.
  • Tracking Application Status:
    • Track progress by contacting customer care or visiting the branch where the application was submitted.
  • Tips for Faster Approval:
    • Ensure all documents are complete, accurate, and up to date.
    • Clear any existing dues with the bank to improve eligibility chances.
    • Maintain an active relationship with Canara Bank (accounts, loans, etc.).

Eligibility Criteria for the Canara Bank Corporate Credit Card

  • Business Type and Structure:
    • Eligible for private/public limited companies, partnership firms, CA/tax/consultancy firms, solicitors, and public sector enterprises.
    • Applicant must be a registered non-individual entity with a valid business structure.
    • Must have an active relationship with Canara Bank—either an account or credit facility.
  • Transaction History with Canara Bank:
    • Companies without a credit limit must have at least 12 months of satisfactory transaction history.
    • Firms with credit limits must maintain S1 or S2 credit status to be eligible.
  • Annual Income Requirement:
    • The business must have a minimum annual income of ₹2 lakh.
    • Can be demonstrated via audited financial statements, tax returns, or verified income documents.
  • Creditworthiness and CIBIL Score:
    • A company credit score of 750 or above is preferred for smooth approval.
    • Firms with poor repayment history, defaults, or high DTI may be declined.
  • Nationality and Location:
    • The business must be registered in India and operate primarily within the country.
    • NRI-owned businesses are also eligible but may require additional documentation.
    • Applicants must confirm that their business location is serviceable by Canara Bank.
  • Account Holder Preference:
    • Existing Canara Bank current/savings account holders receive preference in approval.
    • Firms without an account may need to open one to build a banking relationship prior to applying.
  • Authorized Signatories:
    • Details of authorized persons (such as directors or partners) must be included in the application.
    • They must be at least 21 years old and submit valid KYC documents like PAN and Aadhaar.
  • Additional Requirements:
    • Mobile Number: A valid mobile number is required for SMS alerts and application tracking.
    • PAN Card: Mandatory for both the business entity and the authorized signatories.
    • Board Resolution: Required in bank-specified format, authorizing the card application and designated cardholders.
    • Financial Review: The bank will assess financial documents to evaluate repayment capacity.
  • Tips to Meet Eligibility:
    • Maintain an active Canara Bank account with regular transactions.
    • Improve credit score by repaying debts and lowering credit utilization.
    • Ensure financial compliance by submitting audited reports and timely tax filings.
    • Verify branch network to confirm service availability in your business location.
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Documents Required for the Canara Bank Corporate Credit Card

  • Board Resolution:
    • A formal board resolution authorizing the credit card application is mandatory.
    • Must designate the primary and add-on cardholders.
    • Should follow Canara Bank’s format and be signed by authorized signatories or directors.
  • Constitution Papers:
    • Partnership Firms: Submit a partnership deed outlining partner roles and agreements.
    • Companies: Submit Memorandum of Association (MoA) and Articles of Association (AoA).
    • These confirm the legal structure and regulatory compliance of the business.
  • Financial Statements:
    • Audited balance sheets, profit & loss accounts, and cash flow statements for the past 3 years.
    • Must be certified by a chartered accountant.
    • Used to assess financial health, revenue trends, and repayment capacity.
  • KYC Documents:
    • Identity Proof: PAN card, Aadhaar card, passport, voter ID, or driving license of authorized signatories.
    • Address Proof: Utility bills, Aadhaar card, voter ID, passport, or registered lease agreement.
    • Company KYC: GST certificate, company PAN card, incorporation certificate, or trade license.
  • Income Proof:
    • Latest Income Tax Returns (ITR) or Form 16 of the company.
    • Confirms minimum annual income of ₹2 lakh and ongoing revenue generation.
    • Partnership firms may provide ITRs of the firm or partners.
  • Bank Statements:
    • Statements for the last 6–12 months from Canara Bank or another bank.
    • Used to assess cash flow, spending behavior, and account maintenance.
  • Additional Financial Papers:
    • Cash flow projections, audited turnover reports, or past loan repayment records if requested.
    • Provides deeper insight into business stability and financial planning.
  • Tips for Document Submission:
    • Ensure Authenticity: Submit original or certified copies without errors or mismatches.
    • Organize Documents: Follow the bank’s checklist to streamline processing.
    • Keep Digital Copies: Maintain scanned versions for quick uploads during online application.
    • Verify Signatures: All relevant papers must be signed by authorized personnel.

Factors Affecting Eligibility for Canara Bank Corporate Credit Card

  • Credit Score and History:
    • Canara Bank generally requires a business credit score of 750 or higher, assessed through CIBIL or equivalent bureaus.
    • Defaults, late payments, or high credit utilization may lead to rejection.
    • Companies should maintain timely repayments and clear existing debts to enhance their profile.
  • Annual Income:
    • Companies must have a minimum annual income of ₹2 lakh.
    • Financial statements and tax returns are evaluated for income consistency and business viability.
    • Audited records with positive growth trends improve approval chances.
  • Banking Relationship with Canara Bank:
    • Existing Canara Bank customers with 12+ months of transaction history or S1/S2 credit limits are prioritized.
    • Regular deposits, account activity, or existing credit facilities help verify financial conduct.
    • New applicants are encouraged to open and maintain active accounts to build trust.
  • Debt-to-Income Ratio:
    • A lower DTI ratio reflects the company’s ability to manage additional debt without stress.
    • High existing EMIs or credit utilization may reduce eligibility.
    • Reducing outstanding debt improves approval chances.
  • Business Type and Reputation:
    • Established private firms, public sector enterprises, and professional businesses are viewed favorably.
    • Startups may require stronger supporting documentation to demonstrate financial stability.
    • Operational history and market reputation influence the risk profile.
  • Location and Service Availability:
    • Eligibility depends on whether the company operates in a Canara Bank serviceable area.
    • Urban businesses typically have better access to branch services and lower location risk.
  • Age of Authorized Signatories:
    • Authorized signatories must be between 21 and 60 years old.
    • This ensures financial responsibility and legal capacity for managing the credit card.
    • Younger or older signatories may require reassignment to meet criteria.
  • Number of Existing Credit Cards:
    • Too many existing credit cards or active loans may signal over-leverage.
    • It is advisable to close unused or unnecessary credit facilities before applying.

Frequently Asked Questions (FAQs) – Canara Bank Corporate Credit Card

1. What is the Canara Bank Corporate Credit Card?
A Visa‑powered corporate card for businesses—private/public companies, partnership firms, professional practices—to streamline expense management with global acceptance, reward points, and built‑in insurance.
2. Who can apply for this card?
Eligible entities include private/public limited companies, partnership firms, CAs, tax consultants, solicitors, and government enterprises with ≥12 months of satisfactory banking history (or existing S1/S2 credit limit).
3. What is the minimum turnover requirement?
The business must demonstrate a minimum annual turnover of ₹2 lakhs, backed by audited financials or Income Tax Returns.
4. How is my credit limit determined?
Limits up to ₹1 crore are set in multiples of ₹5,000, based on your company’s financial standing, credit history, and overall relationship with Canara Bank.
5. Are there any fees involved?
A one‑time enrollment fee applies to the primary card. Each add‑on card carries an annual fee of ₹400. There is no recurring annual fee for the primary card.
6. What is the interest‑free credit period?
You get up to 50 days of interest‑free credit if the previous billing cycle’s balance is paid in full by the due date (typically the 20th of the following month).
7. How do I earn and redeem reward points?
Earn 2 points for every ₹100 spent on POS and e‑commerce. Points (₹0.25 each) can be redeemed for vouchers, flight & hotel bookings, or statement credits via CanaraRewardz.
8. What insurance coverage does the card provide?
Covers ₹4 lakh air accident, ₹2 lakh general accident, ₹25,000 baggage insurance, and ₹25,000 purchase protection. Optional discounted Mediclaim policies are also available.
9. Can I issue cards to employees?
Yes. Issue add‑on cards to authorized employees under the primary limit. All transactions consolidate into one statement for easy expense tracking.
10. Is there a fuel surcharge waiver?
Yes, enjoy a 2.5% fuel surcharge waiver on petrol transactions of ₹400+ per billing cycle, subject to the cap.
11. Can I convert large expenses into EMIs?
Absolutely. Convert eligible high‑value spends into EMIs via Canara Saathi or the Canara ai1 app for smoother cash flow management.
12. Does the card offer lounge access?
Select variants include complimentary domestic/international airport lounge visits (usually 2–4 per year). Check your variant’s T&Cs for exact entitlement.
13. How do I apply?
Download the application form from Canara Bank’s website, complete it with required documents, and submit at any Canara Bank branch. Third‑party aggregators like MyMoneyMantra can also assist.

List of Canara Bank Branches in Telangana

  • Hyderabad - Abids
  • Hyderabad - Ameerpet
  • Hyderabad - Banjara Hills
  • Hyderabad - Begumpet
  • Hyderabad - Dilsukhnagar
  • Hyderabad - Himayat Nagar
  • Hyderabad - Koti
  • Hyderabad - Secunderabad
  • Hyderabad - Jubilee Hills
  • Hyderabad - Kukatpally
  • Hyderabad - Mehdipatnam
  • Hyderabad - Saifabad
  • Hyderabad - Gachibowli
  • Hyderabad - Madhapur
  • Hyderabad - Uppal
  • Hyderabad - Malkajgiri
  • Hyderabad - Punjagutta
  • Hyderabad - Somajiguda
  • Hyderabad - Chikkadpally
  • Hyderabad - Nampally