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Canara Bank Mastercard World Credit Card

Canara Bank |
Lifetime Free Lounge Access Mastercard Rewards Travel

Annual Fee

FREE

Rewards/₹100 ⓘ

₹0.50

Normalized to balance base rate with bonus categories

Interest Rate

30.00%

Credit Score

700+

At a Glance

Key Benefits

Lifetime free (Rs.1L annual spend), 2 points per Rs.100, enhanced lounge access, Rs.8L air accident insurance, 1% fuel waiver, Rs.5L fraud protection

Lounge Access

3 domestic lounge visits per quarter + 2 guest visits (12+8/year). 2 international visits + 2 guests per year via LoungeKey.

Eligibility

Age 21-65 years, Min income Rs.10 lakh p.a. (gross), CIBIL 700+, Resident Indians only

Quick Details

Annual Fee
FREE #1
Joining Fee
FREE #1
Interest Rate
30.00% p.a. #26
Forex Markup
3.00% #71
Rewards/₹100
₹0.50 #238
Reward Type Reward Points
Reward Currency Points
Domestic Lounge Visits
3/year #87
International Lounge Visits
2/year #41
Min Credit Score
700+ #54
Min Monthly Income ₹NaN
Network MASTERCARD
Card Replacement Fee 300
Late Payment Fee ₹250
Cash Advance Fee ₹30
Card Replacement Fee ₹300
Over Limit Fee ₹500
EMI Processing Fee ₹100 2.00% (min ₹100)
Fee Waiver on Spend ₹1,00,000/yr

Reward Structure

Base

All PoS and E-Commerce Transactions

₹0.50 /₹100

Reward Calculator

₹
Allocate by Category 100%
Other Spends
2.0 pts
100% ₹0
Your Rewards
Points Earned 0
Cash Value ₹0
Breakdown
Quick amounts:

Airport Lounge Access

Domestic Free
3

visits per quarter

+ 2 guest visits

3 visits/quarter (12/year) + 2 guest visits/quarter. Requires Rs.10K quarterly spend to activate.

International Free
2

visits per year

+ 2 guest visits

2 visits/year + 2 guest visits via LoungeKey. USD $35 pre-auth hold (released if eligible).

Insurance Coverage

Air Accident

₹8,00,000

Air accident insurance: Rs.8 lakhs for primary cardholder, Rs.4 lakhs for spouse. Coverage applies when full travel ticket is purchased using the credit card.

Air Accident

₹4,00,000

Other accident insurance (non-air): Rs.4 lakhs for primary cardholder, Rs.2 lakhs for spouse.

Lost Baggage

₹25,000

Lost or delayed baggage insurance up to Rs.25,000. Coverage applies when baggage is lost, stolen, or delayed during air travel.

Purchase Protection

₹25,000

Purchase protection against theft or accidental damage up to Rs.25,000 for items purchased using the card.

Lost Card

₹5,00,000

Fraudulent charge coverage: Zero liability on unauthorized transactions up to Rs.5 lakhs after reporting card loss/theft to the bank.

Lifestyle Perks

Fuel

1 /month

1% fuel surcharge waiver on transactions between Rs.400 to Rs.5,000. Maximum benefit varies per statement cycle.

Emi

Easy EMI conversion available through Canara ai1 app. EMI processing fee: 2% of transaction amount (Rs.100-200 range).

Contactless

EMV CHIP and PIN technology with contactless payment capability for fast and secure transactions.

Other

Golf benefits available through Mastercard World India Golf Program. Access to exclusive Mastercard World privileges and experiences.

Quick Analysis

Canara Bank Mastercard World is a solid mid-tier credit card for those earning Rs.10 lakh+ annually. While it offers lifetime free status (with spending conditions), enhanced lounge access, and comprehensive insurance coverage, the low 0.5% reward rate and 3% forex markup limit its value proposition. Best suited for domestic travelers who value lounge access and insurance benefits over rewards.

Pros

  • Lifetime free - zero joining and annual fees (with Rs.1L annual spend)
  • 2 reward points per Rs.100 on all PoS and e-commerce transactions
  • Enhanced lounge access: 3 domestic visits per quarter + 2 guest visits
  • International lounge access: 2 visits per year + 2 guest visits
  • Comprehensive insurance: Rs.8L air accident cover (self), Rs.4L (spouse)
  • Rs.25,000 baggage insurance + Rs.25,000 purchase protection
  • Fraud protection up to Rs.5 lakhs on unauthorized transactions
  • 1% fuel surcharge waiver on transactions (Rs.400-5,000 range)
  • Up to 50 days interest-free credit period
  • Higher credit limit potential (up to Rs.50 lakh)

Cons

  • Low base reward rate of 0.5% (Rs.0.25 per point)
  • High 3% forex markup for international transactions
  • 30% p.a. interest rate on revolving balances
  • Inactivity fee of Rs.300 + GST if annual spend below Rs.1 lakh
  • High income requirement: Rs.10 lakh gross per annum
  • No milestone benefits or accelerated reward categories
  • Reward points valid only for 3 years from accrual
  • No premium perks like golf, concierge, or priority customer care
  • Late payment fee of Rs.250 plus GST
  • Domestic lounge access requires Rs.10,000 quarterly spend activation

Best For

Frequent domestic travelers, those seeking comprehensive insurance, moderate spenders

Not Ideal For

Reward chasers, international travelers, low-income earners

Frequently Asked Questions

Is the Canara Bank Mastercard World Credit Card really lifetime free?
Yes, the card has zero joining fee and zero annual fee. However, there is an inactivity fee of Rs.300 + GST per year if your annual spending falls below Rs.1,00,000. Therefore, spending at least Rs.1 lakh annually keeps the card completely free.
What is the reward structure for this card?
You earn 2 Reward Points for every Rs.100 spent on PoS (Point of Sale) and e-commerce transactions. Each reward point is valued at Rs.0.25, giving you an effective return of 0.5% on all spends.
How do I redeem reward points?
Reward points can be redeemed for cashback or merchandise through the CanaraRewardz website (canararewardz.com). You need a minimum of 1,000 points to redeem for cashback (worth Rs.250). Points can also be redeemed for goods and services.
How long are reward points valid?
Reward points are valid for 3 years from the date of accrual. Points earned on January 1, 2025 will expire on January 1, 2028 if not redeemed.
What lounge access benefits does this card provide?
Domestic: 3 complimentary lounge visits per quarter for primary cardholder (12 visits/year) plus 2 guest visits per quarter (8 guest visits/year). International: 2 complimentary lounge visits per calendar year for primary cardholder plus 2 guest visits per year. International access is via LoungeKey program. Note: You must spend Rs.10,000 or more in a calendar quarter to activate lounge access for the next quarter.
How does international lounge access work?
International lounge access is provided through LoungeKey (not Priority Pass). When accessing a lounge, there will be a USD $35 pre-authorization hold per person for 14 days. If you are within your free lounge quota, this hold will be released and no charges will apply.
What insurance coverage is included with this card?
Air accident: Rs.8 lakhs (cardholder), Rs.4 lakhs (spouse). Other accidents: Rs.4 lakhs (cardholder), Rs.2 lakhs (spouse). Lost/delayed baggage: Rs.25,000. Purchase protection: Rs.25,000 for theft or accidental damage. Fraudulent charges: Rs.5 lakhs coverage on unauthorized transactions after reporting.
What is the fuel surcharge waiver benefit?
You get 1% fuel surcharge waiver on transactions between Rs.400 to Rs.5,000 at fuel stations. The exact monthly cap may vary.
What transactions do NOT earn reward points?
Cash withdrawals, cash advances, balance transfers, EMI conversions, disputed/refunded/cancelled transactions, foreign currency purchases, and all fees & charges (interest, late fees, annual fee, etc.) do not earn reward points.
What is the eligibility criteria?
Age: 21-65 years. Minimum annual gross income: Rs.10 lakh for individuals. CIBIL score: 700 or above recommended. Must be a Resident Indian. Both salaried and self-employed individuals can apply.
What is the credit limit range?
The credit limit typically ranges from Rs.1 lakh to Rs.50 lakhs, depending on your income, credit score, repayment history, and overall creditworthiness.
What is the interest rate on this card?
The interest rate is 2.5% per month, which equals 30% per annum on revolving balances. This applies if you do not pay your full bill amount by the due date.
How many interest-free days do I get?
You get an interest-free credit period of up to 50 days if you pay your full bill amount by the payment due date. The exact number of days depends on when you make the purchase within the billing cycle.
What is the forex markup fee for international transactions?
The foreign currency markup is 3% of the transaction amount for all international transactions. While Canara Bank claims this is among the lowest compared to peer banks, it is still relatively high compared to premium travel cards.
How many add-on cards can I get?
You can get up to 4 free add-on cards for immediate family members (spouse, parents, children aged 18+). Add-on cardholders enjoy the same benefits as the primary cardholder.
What are the cash withdrawal charges?
Cash advance/withdrawal fee is Rs.30 per Rs.1,000 withdrawn. The maximum cash withdrawal limit is up to 50% of your credit limit or Rs.50,000, whichever is lower. Interest charges also apply immediately on cash advances.
What are the late payment charges?
Late payment fee is Rs.250 plus applicable GST if you fail to pay at least the minimum amount due by the payment due date.
What is the card replacement fee?
The card replacement fee is Rs.300 plus GST if you need to replace your card (lost, damaged, stolen, etc.).
Can I convert purchases to EMI?
Yes, EMI conversion is available through the Canara ai1 mobile app. You can convert purchases into easy monthly installments. The EMI processing fee is 2% of the transaction amount (typically in the Rs.100-200 range).
What is the inactivity fee?
If your total annual spending (turnover) is below Rs.1,00,000 in a year, an inactivity fee of Rs.300 + GST will be charged. To avoid this fee, ensure you spend at least Rs.1 lakh annually on the card.
Does this card offer any golf benefits?
Yes, this card provides access to golf benefits through the Mastercard World India Golf Program, though specific details may not be advertised prominently. Contact Canara Bank customer care for more information on golf privileges.
Is this card good for international travel?
Partially. While it offers 2 international lounge visits per year (+ 2 guests), the 3% forex markup makes it less attractive for international spending. The international lounge access is a plus, but the forex charges are high. Consider cards with lower forex markup (1-2%) for frequent international travel.
How do I activate lounge access?
To activate lounge access benefits, you must spend Rs.10,000 or more in a calendar quarter using your Canara Bank Mastercard World Credit Card. The lounge access benefit becomes active in the next quarter after you meet this spending requirement.
Can I use this card internationally?
Yes, the card is enabled for international usage and is accepted at all Mastercard-enabled merchants and ATMs worldwide. You can enable/disable international usage through net banking, mobile banking, or by visiting your branch.
What is the over-limit fee?
If you exceed your credit limit, an over-limit fee of Rs.500 plus GST may be charged. It is best to stay within your approved credit limit to avoid this charge.

User Reviews

Our Rating

4.0
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on Canara Bank's website

Rating Breakdown

Rewards
3.3/5 Top 67%
Benefits
4.2/5 Top 20%
Fees
5.0/5 Top 8%
Value for Money
4.1/5 Top 11%
User Reviews
3.0/5 Top 50%

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