Canara Bank student credit card is one of the best options to manage expenses abroad or in India. The bank offers credit cards to students against a fixed deposit or parental income. Studying abroad comes with the challenge of managing finances in a foreign currency. For Indian students pursuing their studies overseas, a credit card that offers convenience, affordability, and financial support can make a huge difference. The Canara Bank Student Credit Card is designed to address the requirements of international students studying abroad.
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Canara Bank Student Credit Card: Major Features
Canara Bank is one of the best government banks in India offering many important financial services to students and individuals. You can apply for Canara Bank education loan, personal loan and loan transfer. Canara Bank student credit card comes with attractive features such as low or zero annual fees, reward points, cashback offers etc. Check some of the major features of the credit card for students below:
| Particulars | Details |
| Name of the Card | Canara Bank Credit Card |
| Type of Cards | Rupay Credit CardMasterCard Credit CardVisa Credit Card Note: A total of 5 types of cards are offered for each category. |
| Major Benefits | -Around 50 days of interest-free credit -Multiple EMI options for all transactions -International Lounge AccessCash withdrawal through ATMs |
| Application Process | Online through the official website of the bank |
| Annual Charges | INR 500-800 (based on the type of card) |
| Eligibility Criteria | Stable monthly income or a fixed deposit account with the bank |
Also Read: Want a prepaid travel card? Check here for all the details about the Canara Bank Forex card for international students
Why Should You Choose a Canara Bank Credit Card?
The Canara Bank Credit Card is suitable for students studying abroad, as it combines affordability with convenience, offering low interest rates, global acceptance, and favourable forex rates. The bank provides flexible credit limits, interest-free grace periods, and expense-tracking tools. Canara Bank offers discounts, cashback, and emergency assistance with the card. Check some major features of the credit card below:
Affordable Interest Rates
Canara Bank provides competitive interest rates on its student credit card if you want to book EMI on huge transactions. This makes it a cost-effective option for students managing expenses abroad. Lower interest rates can be beneficial, especially for students who may need to carry a balance due to varying academic and living expenses.
Global Acceptance and Easy Currency Conversion
Canara Bank Credit Card is widely accepted globally. If you have this card, you don’t have to worry about converting cash or carrying a huge amount of money. The ease of currency conversion ensures smooth transactions, allowing students to pay for accommodation, food, books, and other essentials without additional hassle.
Special Forex Rates for International Transactions
International transaction fees can be a concern for students studying abroad. Canara Bank offers favourable forex rates and you can also apply for a zero forex markup credit card (subject to availability). While credit cards may attract a high dynamic currency conversion rate, Canara Bank student credit card offers a low exchange rate compared to other banks.
Flexible Credit Limits
The credit limit of the Canara Bank credit card is determined based on the monthly income of the applicant or the amount of fixed deposit. With varying academic requirements and personal expenses, students may need flexibility in their spending limits. The Canara Bank Student Credit Card offers adaptable credit limits based on the student’s needs, allowing them to manage predictable and unexpected expenses without constraint.
Also Read: Check here and understand the process of SBI Education Loan Disbursement
Interest-Free Periods and Grace Periods
The card includes an interest-free grace period on purchases of up to 50 days. This is especially useful for students who may face delays in their funding or outward remittances from India. The grace period offers enough time for them to make payments without incurring interest charges.
Add-On Card Benefits: Rewards, Cashbacks, and Discounts
Canara Bank collaborates with popular brands and services, providing discounts, cashback, and reward points on specific purchases. Students can benefit from discounts on books, travel, and dining, making it easier to enjoy life abroad without stretching their budget.
Eligibility Criteria for Canara Bank Credit Card
Canara Bank student credit card eligibility criteria are determined by the bank and you must fulfil all of them. To apply for the Canara Bank Student Credit Card, students generally need to meet the following eligibility criteria:
- The students or individuals must be Indian nationals enrolled in a full-time course overseas.
- A co-applicant, often a parent or guardian, is required to ensure liability in case of default.
- Some proof of admission and financial requirement documents may be needed, along with KYC details and address verification.
- Proof of income must be provided. If you have a fixed deposit account with the bank, no income documentation will be required.
How to Apply for Canara Bank Student Credit Card?
You can apply for Canara Bank student credit card through the official website of the bank. However, the best way to apply for a card is to visit the nearest branch of the bank and submit a card application form. Check the steps to apply below:
- Visit the nearest branch of Canara Bank
- Contact the nodal officer for credit and advances
- Get a card application form and submit it after filling in all the required details
- Submit the required documents which include an Aadhaar card, PAN card, salary slips, bank statements, and details of FD account (if required).
The Canara Bank Student Credit Card is an invaluable resource for Indian students studying abroad. With proper management, this card can ease the financial stress of studying abroad and provide a safety net in times of need. Check some FAQs based on the Canara Bank student credit card below:
FAQs
International students (Indian citizens) enrolled in full-time courses abroad are eligible, usually with a parent or guardian as a co-applicant. Canara Bank may also require proof of admission, KYC, and financial documents.
Documents required for Canara Bank student credit card include admission proof, identity and address proof, co-applicant details, and bank account statements or income proof for financial stability.
Canara Bank credit card applications can be submitted through Canara Bank’s official website or at a local branch. Some branches may offer additional guidance for students studying abroad.
Credit limits vary depending on the student’s and co-applicants financial profile, with Canara Bank offering flexible options to suit student needs. You can get a credit limit of up to 1 lakh depending on your income or the FD amount.
Canara Bank often offers a minimal or waived annual fee for student credit cards. Check with the bank for any ongoing promotions or special offers.
Yes, an interest-free period of 50 days on purchases is available, allowing students to repay balances without accruing interest within that timeframe.
The Canara student credit card includes forex fees, but Canara Bank often provides favourable exchange rates to minimise the cost of foreign transactions for students.
The interest rate is competitive, but specific rates depend on the bank’s policies. Paying off balances promptly helps avoid high-interest charges. Non-payment of the credit card bill may attract extra interest, fin charge on retail, late payment charges etc.
Yes, the credit card from Canara Bank can be used for online shopping, booking tickets, and other online transactions globally, providing added convenience for students.
Canara Bank offers 24/7 emergency assistance for lost or stolen cards, including quick card replacement and fraud protection services.
Yes, Canara Bank often provides rewards points, cashback, and discounts on select purchases, which can be beneficial for everyday student expenses.
Cash withdrawals are possible but generally come with higher fees, so it’s best to reserve cash advances for emergencies only.
Some Canara Bank Credit Cards come with travel insurance, covering situations like lost baggage or flight delays. You need to check with the bank for specifics.
Students can pay via online banking, mobile app, or even auto-debit from a Canara Bank account, making payments manageable from abroad.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
