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Canara Bank Platinum Credit Card

Canara Bank |
Beginner Lifetime Free Lounge Access Rewards RuPay

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, 2 reward points per Rs.100, Rs.8L air accident insurance, 1% fuel waiver, fraud protection Rs.5L

Lounge Access

2 domestic airport lounge visits per quarter + 1 guest visit per quarter (8 primary + 4 guest visits/year)

Eligibility

Age 21-65 years, Min income Rs.1-3 lakh p.a., 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
2/year #92
Min Credit Score
700+ #54
Min Monthly Income ₹10
Network RUPAY
Card Replacement Fee 300
Late Payment Fee ₹100
Cash Advance Fee ₹30 3.00% (min ₹30)
Card Replacement Fee ₹300
Over Limit Fee ₹500

Reward Structure

Base

All PoS and E-Commerce Transactions

₹0.50 /₹100

Reward Calculator

₹
Allocate by Category100%
Other Spends
2.0 pts
100%₹50,000
Your Rewards
Points Earned1,000
Cash Value₹250
Breakdown
Other Spends1,000
Total Value₹250
Quick amounts:

Airport Lounge Access

Domestic Free
2

visits per quarter

+ 1 guest visits

Primary cardholder gets 2 domestic airport lounge visits per quarter, plus 1 guest visit per quarter

Insurance Coverage

Air Accident

₹8,00,000

Air accident insurance: Rs.8 lakhs for primary cardholder, Rs.4 lakhs for spouse

Air Accident

₹4,00,000

Other accident insurance: 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

Purchase Protection

₹25,000

Purchase protection against theft or accidental damage up to Rs.25,000

Lost Card

₹5,00,000

Zero liability on unauthorized transactions up to Rs.5 lakhs after reporting

Lifestyle Perks

Fuel

1 /month

1% fuel surcharge waiver on transactions between Rs.400 to Rs.5,000, capped at Rs.100 per month

Emi

EMI conversion available on purchases above Rs.5,000

Contactless

EMV CHIP and PIN technology with contactless payments

Quick Analysis

Canara Bank Platinum is an excellent lifetime-free credit card for beginners and value-conscious users. With no annual fees, decent lounge access, comprehensive insurance, and basic rewards, it serves as a reliable starter card for building credit history without ongoing costs.

Pros

  • Lifetime free - zero joining and annual fees
  • 2 reward points per Rs.100 spent on all transactions
  • Domestic lounge access twice per quarter (8 visits/year)
  • One complimentary guest lounge visit per quarter
  • Comprehensive insurance: Rs.8L air accident (self), Rs.4L (spouse)
  • Baggage insurance Rs.25,000 + purchase protection Rs.25,000
  • 1% fuel surcharge waiver (Rs.400-5,000 transactions)
  • Fraud protection up to Rs.5 lakhs
  • Credit limit up to Rs.25 lakh
  • Up to 50 days interest-free period

Cons

  • Low reward value at Rs.0.25 per point (0.5% return)
  • High 3% forex markup for international transactions
  • 30% p.a. interest rate on outstanding balances
  • Reward redemption requires minimum 1,000 points (Rs.250 cashback)
  • Points valid only for 3 years from accrual
  • No cashback on fuel, rent, EMI, cash withdrawals
  • No milestone benefits or spend-based rewards
  • Basic entry-level card with limited premium features
  • Lounge access restricted to domestic airports only
  • Higher income requirement (Rs.3 lakh p.a.) for some sources

Best For

First-time credit card users, value seekers, domestic travelers

Not Ideal For

High spenders seeking premium rewards, international travelers

Frequently Asked Questions

Is the Canara Bank Platinum Credit Card really lifetime free?
Yes, the Canara Bank Platinum Credit Card (RuPay/Visa/Mastercard variants) has zero joining fee and zero annual fee for lifetime. There is no renewal fee either.
What is the reward structure?
You earn 2 Reward Points for every Rs.100 spent on PoS and e-commerce transactions. Each point is worth 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 goods via the CanaraRewardz website. Minimum 1,000 points required for cashback (worth Rs.250). Points for goods can be redeemed with minimum 100 points.
How long are reward points valid?
Reward points are valid for 3 years from the date of accrual. For example, points earned on January 1, 2025 will expire on January 1, 2028.
What lounge access benefits are provided?
Primary cardholders get 2 complimentary domestic airport lounge visits per quarter (8 per year). Additionally, you can bring a guest once per quarter (4 guest visits per year). Present your credit card and boarding pass at the lounge.
What insurance coverage is included?
Air accident: Rs.8 lakhs (self), Rs.4 lakhs (spouse). Other accidents: Rs.4 lakhs (self), Rs.2 lakhs (spouse). Lost/delayed baggage: Rs.25,000. Purchase protection: Rs.25,000. Fraud protection: Rs.5 lakhs on unauthorized transactions.
What is the fuel surcharge waiver?
You get 1% fuel surcharge waiver on transactions between Rs.400 to Rs.5,000, with a maximum benefit of Rs.100 per statement month.
What transactions do NOT earn reward points?
Cash withdrawals, disputed/refunded/returned/cancelled transactions, balance transfers, foreign currency purchases, and credit card fees & charges (interest, annual fee, etc.) do not earn reward points. Fuel transactions also do not earn points.
What is the eligibility criteria?
Age: 21-65 years. Minimum annual income: Rs.1 lakh (some sources mention Rs.3 lakh). CIBIL score: 700+. Must be Resident Indian. Both salaried and self-employed can apply.
What is the credit limit?
The credit limit ranges from Rs.50,000 to Rs.25 lakhs, depending on your income, credit score, and repayment capacity.
What is the interest rate?
The interest rate is 2.5% per month (30% per annum for RuPay variant, 24% for Visa/Mastercard variants). You can pay a minimum of 5% of your bill or Rs.100 and carry forward the balance with interest.
How many interest-free days do I get?
You get an interest-free credit period of 20 to 50 days if you pay your full bill amount by the due date.
What is the forex markup fee?
The foreign currency markup is 3% of the transaction amount for international transactions. This is relatively high, making the card less suitable for frequent international use.
How many add-on cards can I get?
You can get up to 4 free add-on cards for immediate family members (age 18+) with the same benefits as the primary card.
What are the cash withdrawal charges?
Cash advance fee is 3% of the withdrawal amount or Rs.30, whichever is higher. The maximum cash withdrawal limit is up to 50% of credit limit or Rs.50,000, whichever is lower.
What are the late payment charges?
Late payment fees apply if you fail to pay at least the minimum amount due by the payment due date. Specific tiers vary, starting from Rs.100 for smaller amounts. Plus applicable GST.
What is the card replacement fee?
The card replacement fee is Rs.300 per card if you want to replace the card for any reason (lost, damaged, etc.).
Can I convert purchases to EMI?
Yes, EMI conversion is available for purchases above Rs.5,000. The interest rates and tenure options depend on the bank's current offerings.
Which network variants are available?
The Canara Bank Platinum Credit Card is available on RuPay, Visa, and Mastercard networks. All variants are lifetime free with similar benefits, though minor differences may exist in interest rates and international acceptance.
Is this card good for international travel?
No, with a 3% forex markup and no international lounge access, this card is not ideal for international travel. Consider premium travel cards for better international benefits.

User Reviews

Our Rating

3.8
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on Canara Bank's website

Rating Breakdown

Rewards
3.3/5 Top 67%
Benefits
3.6/5 Top 40%
Fees
5.0/5 Top 8%
Value for Money
3.8/5 Top 21%
User Reviews
3.0/5 Top 50%

Important Links

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