Select your profession
Enter Pincode
Personal Details
Features of the Canara Bank Mastercard World Credit Card
- Overview of the Card: The Canara Bank Mastercard World Credit Card is a premium financial product designed to cater to individuals seeking a blend of convenience, rewards, and exclusive privileges. This card is tailored for frequent shoppers, travelers, and those who value a cost-effective credit card with no annual fees. It combines global accessibility, advanced security features, and a robust rewards program to enhance the cardholder’s lifestyle. The card is issued in partnership with Mastercard, ensuring worldwide acceptance and a seamless user experience across various transaction platforms. Its features are crafted to meet the needs of modern consumers, offering a mix of financial flexibility, travel benefits, and insurance coverage. Below, we explore the key features in detail, providing a comprehensive understanding of what makes this card stand out in the competitive credit card market.
- Reward Points Program: One of the standout features of the Canara Bank Mastercard World Credit Card is its rewarding points system. Cardholders earn 2 reward points for every ₹100 spent on point-of-sale (POS) and e-commerce transactions. This reward structure is designed to incentivize frequent spending, particularly for online shoppers and those who use their card at merchant outlets. Each reward point is valued at ₹0.25, making it a straightforward and valuable redemption system. The points can be redeemed for cashback, gift vouchers, or merchandise through the Canara Rewardz website, offering flexibility to cardholders. The reward points have a validity of three years from the date of accrual, allowing users ample time to accumulate and redeem them for maximum benefit. This feature is particularly appealing for those who regularly shop online or at physical stores, as it ensures that every transaction contributes to tangible rewards.
- Airport Lounge Access: The card offers complimentary airport lounge access, a feature that significantly enhances its appeal for frequent travelers. Cardholders can enjoy three domestic lounge visits per quarter, with the option to bring two guests per quarter. For international travel, the card provides two international lounge visits per year, including one guest per visit. This feature allows cardholders to relax in comfort before flights, enjoying amenities such as complimentary food, beverages, Wi-Fi, and comfortable seating. The lounge access is facilitated through the Mastercard network, ensuring access to a wide range of lounges globally. This feature is particularly valuable for business travelers or those who frequently fly, as it adds a layer of luxury and convenience to their travel experience without additional costs.
- Interest-Free Credit Period: The Canara Bank Mastercard World Credit Card offers an interest-free credit period of up to 50 days, depending on the billing cycle. This feature allows cardholders to make purchases without incurring immediate interest charges, provided the outstanding balance is paid in full by the due date. The billing cycle for Mastercard credit cards is set on the last working day of each month, with the payment due date being the 20th of the following month. This extended interest-free period provides financial flexibility, enabling cardholders to manage their expenses effectively. It is particularly beneficial for those who need short-term credit for large purchases or unexpected expenses, as it allows them to spread payments without incurring interest costs.
- Cash Withdrawal Facility: The card allows cash withdrawals of up to 50% of the credit limit, subject to a maximum of ₹50,000. This feature provides cardholders with access to cash in emergencies, making it a versatile financial tool. However, cash withdrawals come with a fee of 3% of the withdrawn amount (minimum ₹30 per ₹1000 or part thereof) when using Canara Bank ATMs, with additional charges applicable at other bank ATMs. This feature ensures that cardholders have access to liquidity when needed, although it’s advisable to use it sparingly due to the associated fees and interest charges that accrue immediately on cash advances.
- Global Acceptance: Backed by Mastercard, the Canara Bank Mastercard World Credit Card is globally accepted at ATMs, merchant outlets, and online platforms. Cardholders can activate international usage through net banking, mobile banking, or by visiting a Canara Bank branch. This feature makes the card ideal for international travelers, allowing seamless transactions for shopping, dining, or online purchases worldwide. The card supports transactions via the internet, interactive voice response systems (IVRS), mail orders, and teleshopping, ensuring versatility across various payment channels. The global acceptance feature is enhanced by Mastercard’s secure payment infrastructure, providing peace of mind for cardholders when using the card abroad.
- No Annual or Joining Fees: A key feature of the card is the absence of joining or annual fees, making it a cost-effective option for cardholders. However, an inactivity fee of ₹300 + GST is charged annually if the cardholder’s spending does not reach ₹1,00,000 in a year. This fee can be waived by meeting the spending threshold, encouraging active use of the card. The lack of annual fees makes the card attractive for those seeking premium benefits without recurring costs, provided they maintain sufficient spending levels.
-
Complimentary Insurance Coverage:
The card offers a range of complimentary insurance benefits, adding significant value for cardholders. These include:
- Air accident insurance: Coverage of ₹4 lakhs for the cardholder and ₹2 lakhs for their spouse in case of accidental death due to an air crash.
- Other accident insurance: Coverage of ₹2 lakhs for the cardholder and ₹1 lakh for the spouse for non-air accidents.
- Baggage insurance: Protection against loss of baggage during travel.
- Fraudulent charge protection: Coverage for unauthorized transactions, ensuring financial security.
- Fuel Surcharge Waiver: The card offers a 2.5% fuel surcharge waiver on transactions of ₹400 or more at petrol pumps, with a maximum reimbursement of ₹100 per billing month. To qualify, cardholders must have spent at least ₹2,500 on fuel transactions in the billing month. This feature is beneficial for those who frequently use their vehicles, as it reduces the cost of fuel purchases and adds to the card’s overall value.
- EMI Conversion Option: Cardholders can convert eligible purchases into easy equated monthly installments (EMIs) through the Canara ai1 app or Canara Saathi platform. This feature allows for better financial management by spreading the cost of large purchases over time. The minimum transaction value for EMI conversion varies, but it provides flexibility for cardholders to manage high-value purchases without straining their finances.
- Enhanced Security Features: The card is equipped with an EMV chip and PIN technology, ensuring secure transactions at merchant outlets and ATMs. This feature protects against card skimming and unauthorized use, providing a high level of security for cardholders. Additionally, cardholders can change their PIN through Canara Bank ATMs, mobile banking, internet banking, or the toll-free number (1800 425 0018) if they suspect any compromise, further enhancing security.
- Add-On Cards: The card allows cardholders to issue add-on cards to immediate family members above the age of 18. These add-on cards come with no additional annual fees and share the same credit limit as the primary card. This feature enables cardholders to extend the card’s benefits, such as reward points and lounge access, to their family members, making it a convenient option for households.
- Golf Benefits: An often-overlooked feature is the card’s inclusion in Mastercard’s World Card India Golf Program, which offers golf-related benefits such as complimentary rounds or lessons at select golf courses. This feature, while not heavily advertised by Canara Bank, adds a unique perk for golf enthusiasts, enhancing the card’s appeal for those with specific lifestyle interests.
- Billing and Payment Flexibility: The card offers flexible billing and payment options, with statements generated on the last working day of each month. Cardholders can pay their bills through Canara Bank branches, net banking, mobile banking, or demand drafts. The minimum payment amount is set at 5% of the total billed amount, providing flexibility for those who cannot pay the full balance immediately. However, unpaid balances incur a 2.5% monthly interest rate (30% annually), so timely payments are recommended to avoid additional costs.
- Customer Support: Cardholders have access to Canara Bank’s 24/7 customer care through the toll-free number 1800 425 0018 or via email at membersupport@canararewardz.com. This ensures prompt assistance for queries related to transactions, reward points, lounge access, or card issues, enhancing the overall user experience.
- Online and Mobile Banking Integration: The card is fully integrated with Canara Bank’s net banking and mobile banking platforms, allowing cardholders to manage their accounts, track transactions, redeem reward points, and activate international usage conveniently. The Canara ai1 app provides additional features like EMI conversion and balance inquiries, making it easy to stay in control of finances.
- Welcome Benefits: Upon issuance, cardholders may receive welcome benefits such as discount vouchers from partners like Croma (₹500) or Apollo Pharmacy, subject to terms and conditions. These offers enhance the card’s initial appeal and provide immediate value to new users.
- Mediclaim Insurance Tie-Up: The card offers a special tie-up with United India Insurance Company for Mediclaim insurance at competitive rates. Cardholders can pay premiums using the card and enjoy an interest-free period of 20–50 days, adding a unique health-related benefit to the card’s portfolio.