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Canara Bank Mastercard Secured Gold Credit Card

✍️ Fact-checked by Parash Editorial • 🔄 Updated May 2026
Canara Bank Mastercard Entry 🏦 Secured / FD Based

Annual Fee

₹0

Base Rate

2.0%

Reward Type

Points

Overview

The Canara Bank Mastercard Secured Gold Credit Card is a Entry credit card issued by Canara Bank on the Mastercard network. It offers a base reward rate of 2.0% on all spends, with rewards issued as Points(1 pt = ₹0.25).

Annual Fee: Lifetime Free
Eligibility: Secured card issued against a Fixed Deposit (FD) with Canara Bank. A gross annual income of ₹2 Lakh may be required.

Reward Rates & Cashback Rules

  • ALL_ONLINE: 2.0% cashback
  • CATEGORY – Fuel: 0.0% cashback ⚠️ No reward points on fuel transactions.
  • CATEGORY – EMI: 0.0% cashback ⚠️ No reward points on EMI transactions.
  • CATEGORY – Insurance: 0.0% cashback ⚠️ No reward points on insurance transactions.

Key Features & Benefits

  • Fuel Surcharge Waiver ⛽: 1% fuel surcharge waiver on transactions between ₹400 and ₹4,000, capped at ₹100 per month. Requires minimum ₹2,500 in other purchases during the billing month.
  • Insurance Coverage 🛡️: Complimentary insurance including air accident cover (up to ₹8 lakh), other accident cover (up to ₹4 lakh), and purchase protection/baggage insurance (up to ₹25,000).
  • EMI Facility 🔄: Option to convert purchases into Equated Monthly Installments (EMIs) via the Canara ai1 mobile app.

Eligibility Criteria

Secured card issued against a Fixed Deposit (FD) with Canara Bank. A gross annual income of ₹2 Lakh may be required.

Features & Benefits

⛽

Fuel Surcharge Waiver

1% fuel surcharge waiver on transactions between ₹400 and ₹4,000, capped at ₹100 per month. Requires minimum ₹2,500 in other purchases during the billing month.

🛡️

Insurance Coverage

Complimentary insurance including air accident cover (up to ₹8 lakh), other accident cover (up to ₹4 lakh), and purchase protection/baggage insurance (up to ₹25,000).

🔄

EMI Facility

Option to convert purchases into Equated Monthly Installments (EMIs) via the Canara ai1 mobile app.

Cashback Engine Rules

The exact calculator logic parameters extracted from the terms & conditions.

All Online Spends
Reward: 2.0%
2%
Fuel Exclusion
⚠️ Exceptions: No reward points on fuel transactions.
EMI Exclusion
⚠️ Exceptions: No reward points on EMI transactions.
Insurance Exclusion
⚠️ Exceptions: No reward points on insurance transactions.

Value Chart

Assuming basic spends for Canara Bank Mastercard Secured Gold Credit Card

Category Canara Bank Mastercard Secured Gold Credit Card Axis Bank Neo Credit Card LIC Axis Bank Platinum Credit Card Axis Bank Kwik Credit Card
₹
Joining Fee 		₹0 ₹0 ₹0 ₹0
₹
Annual Fee 		₹0 ₹250 ₹0 ₹0
🌍
Forex Markup 		3.5% 3.5% 3.5% 3.5%
%
Base Rate 		2.0% 0.5% 1.0% 1.0%
★
Known Rules 		4 rules 11 rules 11 rules 11 rules

Pros & Cons

✓

Pros

  • + All Spends — 2.0% Points
  • + Fuel Surcharge Waiver
  • + Insurance Coverage
  • + EMI Facility
✗

Cons

  • − No reward on Fuel — No reward points on fuel transactions.
  • − No reward on EMI — No reward points on EMI transactions.
  • − No reward on Insurance — No reward points on insurance transactions.
  • −Forex markup of 3.5% on international spends

Our Verdict

₹ Real Value Calculation (assumed ₹3L/year spend)

Est. Annual Rewards

₹6000

Annual Fee

₹0

Net Value

+₹6000

✅ At ₹3L/year spend, base rewards alone cover the fee. Additional benefits like lounge access add further value.

👍 Best For

  • › First-time credit card users looking to build credit
  • › Low-to-medium spenders wanting simple cashback
  • › Individuals without a salary slip who need an FD-backed card

👎 Not Worth It If…

  • › You spend heavily in foreign currency — 3.5% markup adds up fast
  • › You rarely use premium benefits like lounges or concierge
  • › You prefer a no-annual-fee card with simpler terms

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Frequently Asked

You earn 2 reward points per ₹100 spent on most transactions. With each point valued at ₹0.25, this provides an effective reward rate of 0.50%.

No, the Canara Bank Mastercard Secured Gold Credit Card is a lifetime-free card with no joining or annual fees. However, an inactivity fee of ₹150 + GST applies if total annual spending is less than ₹25,000.

This is a secured credit card issued against a Fixed Deposit (FD) with Canara Bank. The credit limit is set at a maximum of 75% of the FD principal amount.

No, this credit card does not provide complimentary airport lounge access.

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