Canara Gold Card Review

Canara Gold Card is another entry-level introduction by Canara bank.  The bank though states that the card is meant for privileged & elite people of the society, in reality it is designed for people who fall under low income groups but wish to own a credit card. The card can be issued to a person with minimum gross income of Rs.60,000 p.a. The card is an ordinary card offering the most basic features and benefits to its users.

The card though is a Gold card offering, comparing it to other Gold cards of banks like SBI and HSBC would be irrational simply because the card is an entry-level introduction and is very basic in offering benefits and privileges to its customers. The card offer features like cash withdrawal facility, free credit period, Revolving payment system, etc. Apart from these the card has nothing new to offer.

The card offers Reward points program allowing its users to earn one bonus point for every purchase transaction of Rs.100. Value of one bonus point is Re.0.50 which means you get lesser value for higher amount. Usually one point is equal to Re.1 with other cards. This implies that with Canara Gold Card you earn Re.1 for every Rs 200 spent.

The card offers free accident Insurance to you and your spouse. Though this feature is offered by most credit cards but for an entry-level card like Canara Gold Card- to provide dual cover to you and your spouse is indeed impressive. The bank also provides for free card replacement in case of mutilation / loss of card.

Canara Gold Card has no Joining and Annual fees which is apt for an entry-level card like this. The card when compared to other similar cards like Union Bank of India Gold Card is very much at par apart from the interest rate offering of 2.5% which is on the higher side