Benefits of the Canara Bank Visa Signature Credit Card

• Financial Flexibility with Interest-Free Credit: One of the primary benefits of the Canara Bank Visa Signature Credit Card is the interest-free credit period of up to 50 days. This allows cardholders to make purchases and defer payments without incurring interest, provided the balance is paid in full by the due date. This feature is particularly advantageous for managing large expenses, such as travel bookings, home appliances, or festive shopping, as it provides a grace period to align payments with income cycles.
• Exclusive Rewards and Cashback: The card’s rewards program is a significant benefit, offering 2 reward points for every ₹100 spent on POS and e-commerce transactions (excluding fuel and utility bills). With each point valued at ₹0.25, cardholders can accumulate points quickly and redeem them for cashback, merchandise, or gift vouchers through the Canara Rewards portal. The “Max Get More” initiative further enhances this benefit by offering additional points at select merchant partners, making it ideal for frequent shoppers and diners. The 3-year validity of reward points ensures that cardholders can save up for substantial redemptions, such as premium gadgets or travel vouchers.

How to Apply for Canara Bank Visa Signature Credit Card

• Online Application via Canara Bank Website:
  • Visit the Canara Bank official website and navigate to the “Credit Cards” section.
  • Select “Visa Signature Credit Card” and click “Apply Now” to open the online form.
  • Log in with your net banking customer ID and registered mobile number (or register if new).
  • Complete the form with accurate personal and financial details.
  • Upload scanned copies of your KYC and income documents (see requirements below).
  • Submit and note the application reference number sent via SMS/email.
• Application via Canara ai1 Mobile App:
  • Open the Canara ai1 app and log in with your credentials.
  • Go to “Cards” > “Apply New Card” > “Visa Signature Credit Card.”
  • Review pre‑filled details, upload any missing documents, and submit.
  • Receive a confirmation and reference number for tracking.
• Offline (Branch) Application:
  • Visit your nearest Canara Bank branch—preferably one where you hold an account.
  • Request the Visa Signature Credit Card application form from the relationship manager.
  • Fill out the form and attach self‑attested copies of required documents.
  • Submit the form; bank staff will verify your documents and provide a receipt.
• Pre‑Approved Offers for Existing Customers:
  • If you receive a pre‑approved SMS or email, click the link or visit a branch with the offer code.
  • Minimal documentation is needed—often just KYC verification.
• Virtual KYC (vKYC):
  • After online submission, new customers may be asked to schedule a short video call.
  • During vKYC, a bank officer verifies your identity and documents digitally.
• Document Checklist:
  • Identity Proof: Aadhaar, PAN, Passport, or Voter ID.
  • Address Proof: Utility bill (≤3 months old), Aadhaar, Passport, or Rental Agreement.
  • Income Proof: Last 3 months’ salary slips & Form 16 (salaried) or ITR/balance sheets (self‑employed).
  • PAN Card: Mandatory; Form 60 if PAN is unavailable.
• Application Processing:
  • Canara Bank will evaluate your credit score, income, and KYC details.
  • Processing time is typically 7–14 working days; you’ll get status updates via SMS/email.
  • If further information is required, the bank will reach out to you.
• Card Issuance & Activation:
  • Upon approval, you’ll receive a virtual card instantly in the ai1 app and the physical card in 7–10 days.
  • Activate the card via the ai1 app, net banking, or by calling customer care.
  • Set your PIN using Green PIN (SMS) or at any Canara Bank ATM.
• Secured Card Option:
  • Open a Fixed Deposit (min. ₹25,000, tenure ≥6 months) at Canara Bank.
  • Your secured Visa Signature card limit will be up to 80% of FD, capped at ₹10 lakh.
• Add‑On Cards:
  • You can request up to 3 add‑on cards for family members (18+), sharing the primary limit.
• Track Your Application:
  • Use your reference number on the Canara Bank website, ai1 app, or call customer care.
  • Receive timely notifications about approval, dispatch, and delivery.

Eligibility Criteria for Canara Bank Visa Signature Credit Card

• Age Requirements:
  • Primary Cardholder: Must be between 21 and 60 years old.
  • Add‑On Cardholders: Minimum age is 18 years.
• Residency & Nationality:
  • Open to Indian residents with a valid local address proof.
  • NRIs eligible if holding an NRI account with Canara Bank and providing passport/visa or PIO/OCI card.
• Income Requirements:
  • Individuals: Minimum annual gross income of ₹10 lakhs.
  • Canara Bank Staff: Minimum annual gross income of ₹60,000 with a net take‑home of ₹4,000/month.
  • Self‑Employed: ITR or audited financials showing equivalent income.
• Credit Score:
  • Preferred CIBIL score of 750 or above.
  • Applicants with limited or no credit history may be considered on a case‑by‑case basis.
• Employment Status:
  • Salaried: At least 12 months of continuous service with current employer.
  • Self‑Employed: Minimum 2 years of business operations with valid financial records.
• Banking Relationship:
  • Existing Canara Bank customers with savings/current accounts and good transaction history receive priority.
  • Non‑customers must provide full KYC and proof of income.
• Debt‑to‑Income Ratio (DTI):
  • Preferably below 40% to ensure adequate repayment capacity.
• Credit Utilization Ratio:
  • Should remain below 30% across all credit facilities.
• No Recent Defaults:
  • Applicants must have no history of loan or credit card defaults in the past 12 months.
• KYC Compliance:
  • Submit valid identity and address proofs (Aadhaar, PAN, Passport, Voter ID).
  • NRIs to provide passport/visa and overseas address proof.
• Documentation:
  • Complete set of self‑attested documents for identity, address, income, and PAN/Form 60.
• Add‑On Card Eligibility:
  • Family members (spouse, parents, siblings, children 18+) can be added without separate income proof.
• Pre‑Approved Offers:
  • Existing customers may receive pre‑approved invites with relaxed criteria.
• Application History:
  • Avoid multiple credit applications in the last 3–6 months to prevent hard inquiry impact.
• Minimum Account Tenure:
  • Applicants should have held a Canara Bank savings or current account for at least 6 months.
• Regular Income Crediting:
  • Salary or business income should be credited regularly to the Canara Bank account for the last 3 consecutive months.
• No Legal / Fraud Records:
  • Applicants should not be involved in any pending legal or fraud cases that affect creditworthiness.
• Mobile Number Verification:
  • A valid mobile number must be linked to Aadhar/PAN for OTP-based verification during application.
• Geographical Eligibility:
  • Applicants must reside in a location serviced by Canara Bank branches for easy correspondence and support.