Corporation Bank credit cards are one of the products provided by Corporation Bank. Corporation Bank offers four types of credit cards which aim at customer satisfaction. The best part about Corporation Bank credit cards is that they do not charge annual fee or joining fee. You can avail up to 3 add-on cards for your family members. Interested to know more? Read on.
Types of Corporation Bank Credit Cards
LIC Corporation Bank Gold Credit Card: The LIC Corporation Bank Credit Card offered by the LIC Corporation Bank can be availed for free. The interest rate applicable on revolving credit is 33% annually and 2.75% monthly. There are a host of privileges and benefits offered to the credit card holders, such as purchase protection, personal accident insurance etc.
LIC Corporation Bank Platinum Credit Card: LIC Corporation Bank Platinum Credit Card provides credit at a rate of 36% per annum. No additional charges on this card, such as the joining fee, annual fee or renewal fee. To minimize the risk of fraud, theft or misuse of credit card, it comes with the photo and signature of the credit card holder. The validity period of the card is 5 years. This card is provided to LIC employees, agents, LIC policyholders only and they can share the available credit limit with their family by applying for add-on cards.
LIC Corporation Bank Platinum EMV Credit Card: The LIC Corporation Bank Platinum EMV Credit Card comes with a lot of privileges including competitive interest on credit, greater reward points received on payment of LIC policy premiums, credit shield, purchase protection, personal accident cover etc. No additional charges such as annual fees, joining fees or renewal fees. Credit cardholders can avail up to 3 add-on cards for their family members. The first add-on card will be issued free of charge whereas the next two cards will be charged a fee of Rs. 200 for the issue of each card.
Corporation Bank International Credit Card: This VISA credit card is accepted globally and comes with the additional security offered by the Verified by Visa (VbV) program. The Corporation Bank International credit card is safe to use when you wish to make purchases at PoS terminals or online. The Corporation Bank International credit card is offered to individuals who have an existing relationship with the bank.
Features and Benefits of Corporation Bank Credit Card:
The features and benefits of Corporation Bank credit cards are quite attractive to pull customers’ attention. Let us have a look at the main features of these credit cards.
Free of Cost: You can avail the LIC Corporation Bank credit cards for free with no joining fee, annual fee or renewal fee.
Validity: The LIC Corporation Bank credit cards’ validity is 5 years.
Incomparable Interest Rates: LIC Corporation Bank credit cards can be availed at competitive rates of interest. The interest charged on revolving credit is 33% annually and 2.75 monthly for Gold credit card and 3% monthly and 36% annually for LIC’s platinum credit cards.
Additional Security: The LIC Corporation Bank credit card comes with the cardholders’ photo and imprint of his/her signature.
Add-on cards: Add on cards are provided to all LIC Corporation Bank credit cardholders. The main credit cardholder can extend these privileges by sharing the credit available on his/her card to their family members by availing maximum 3 add-on cards.
Interest-Free Credit: LIC Corporation Bank credit card holders can also enjoy an interest-free credit period ranging from 15 days to 45 days by paying all the dues on the billing cycle of the previous month.
Cash Withdrawal: You can withdraw cash using this credit card which has a maximum withdrawal limit of 30% of the credit limit.
Insurance/Cover: LIC Corporation Bank credit cards provide insurance coverage on related fields such as Personal Accident Insurance, Purchase Protection valid for a period of a maximum of 60 days and Rs. 50,000 worth credit shield, if the cardholder is permanently disabled.
Credit Limit: LIC Corporation Bank credit card holders have the flexibility to set the credit limit available on their credit card and on the add-on credit cards availed by them. This can be availed by the cardholder at any time, the condition is that the credit limit set by the customer must be below the actual credit limit offered by the bank. Any alteration on the actual limit that is requested, will be reflected in the credit card amount from the next billing cycle.
Temporary Credit Limit Enhancement: LIC Corporation Bank credit card also offers the flexibility to the borrower to avail extra credit to meet his/her specific requirements on a temporary basis. The credit card holder can request a temporary increase in his/her available credit limit. LIC Corporation Bank credit card holders can avail an enhancement in the credit limit for a value that does not exceed 30% of the credit limit available in the borrower’s account. Once the next billing cycle starts, the predetermined credit limit is reset.
Balance Transfer Facility: The Corporation Bank credit cards also offer balance transfer facility to its customers through which they can transfer the credit due on their other bank credit cards to the Corporation bank credit card account.
VISA Bill Pay facility: Another facility offered to the Corporation Bank credit card holders is the VISA bill pay facility which seems to be a unique feature available on all VISA branded cards. All the Corporation cards are VISA branded cards. Hence, these cardholders are eligible to enjoy the benefits provided to all Visa members, which includes the VISA bill pay facility. This facility allows the cardholder to pay all their utility bills such as electricity, water, gas, and so on. However, in order to avail this facility, the credit cardholder must register himself/herself in the program through the online VISA portal.
EMI facility: EMI facility can also be made available to the cardholders under the Corporation bank credit card scheme. This facility can be used by the cardholder to convert their high-value transactions to easily payable EMIs. To be able to use this facility, the transaction amount has to be more than Rs. 2500. Interest charged on EMI to be paid over 6 months is 16% annually and for 12 months or 24 months is 18% annually.
Revolving Credit Facility: The LIC Corporation Bank credit card holder has many options of repayment available when she/he receives the credit card statement for a particular month. The revolving credit facility allows the credit cardholder to:
- Pay the total outstanding dues as mentioned in the credit card statement.
- Pay just the minimum amount due on the credit card statement and the remaining balance on the account will be adjusted to the next month’s statement. If the total amount due is not paid off by the payment due date, then a nominal rate of interest is applicable on non-payment of the same.
- The flexibility in repayment which is available to the LIC Corporation Bank credit card also extends to making payments greater than the minimum amount due and lesser than, equal to or greater than the total amount outstanding on the credit cards account. Any additional amount that is paid will be adjusted against the next credit statement.
Eligibility Criteria and Documentation Requirements to Avail a Corporation Bank Credit Cards
If you are planning to apply for Corporation Bank credit cards, then you must fulfill the following criteria.
- A resident of India or a person of Indian origin (PIO)
- Completed formal education
- A salaried employee or a self-employed individual
- Aged within the range of 21 years to 70 years.
- The age of the add-on card bearer must be at least 18 years
- Own an account at the Corporation Bank
- Own a Permanent Account Number (PAN)
|Card Name||Corporation Bank Gold Credit Card||Corporation Bank Platinum Credit Card||Corporation Bank Signature Credit Card|
|Age Requirement||Primary: 21-70 years
Add-on: At least 18 years
|Primary: 21-70 years
Add-on: At least 18 years
|Primary: 21-70 years
Add-on: At least 18 years
|Minimum Income Required p.a||Salaried: Rs. 1.80 lakh
Professional: Rs. 1.80 lakh
Self-employed: Rs. 2.00 lakh
Senior citizen: Rs. 1.20 lakh
|Salaried: Rs. 2.50 lakh
Professional: Rs. 3.00 lakh
Self-employed: Rs. 3.00 lakh
Senior citizen: Rs. 2.50 lakh
|Salaried: Rs. 10.50 lakh
Professional: Rs. 10.50 lakh
Self-employed: Rs. 10.50 lakh
Senior citizen: Rs. 10.50 lakh
Mentioned below are the documents which have to be submitted to apply for Corporation Bank credit cards:
- ID proof and address proof: Aadhaar card, passport, driving license, ration card, voter ID
- Income proof: Payslip for the last 3 months, Income Tax Returns, Form 16
- 1 latest passport-size color photograph
- PAN card
Fees and Charges of Corporation Bank Credit Cards:
The best part of Corporation Bank credit cards is that they do not charge joining fee, annual fee or renewal fee. Other charges and interest rates are mentioned below in the given table.
|Charge||Corporation Bank Gold Credit Card||Corporation Bank Platinum Credit Card||Corporation Bank Platinum EMV Credit Card||Corporation Bank International Credit Card|
|Add-on cards||3 add-on cards. First add-on card free and next cards will be charged Rs. 100 each.||3 add-on cards. First add-on card free and next cards will be charged Rs. 200 each||3 add-on cards. First add-on card free and next cards will be charged Rs. 200 each||3 add-on cards.|
|Interest on Revolving Credit||2.75% per month and 33% annually.||3% per month and 36% annually.||3% per month and 36% annually.||2.25% per month for gold credit card. 2.50% per month for classic credit card.|
|Cash Advance Limit||20% of Credit Limit||30% of Credit Limit||30% of Credit Limit||Not Available|
|Over Limit Charges||2% of the over limit amount or a minimum of Rs. 100, whichever is the highest.||2.5% of the over limit amount or a minimum of Rs. 250, whichever is the highest.||2% of the over limit amount or a minimum of Rs. 250, whichever is the highest.||2.5% of the over limit amount or a minimum of Rs. 100, whichever is the highest.|
|Standing Instruction Failure/ Cheque Return Penalty||Rs. 200 for each failed transaction.||Rs. 250 for each failed transaction.||Rs. 250 for each failed transaction.||Rs. 250 for each failed transaction.|
How to apply for Corporation Bank credit cards
To apply for a Corporation Bank credit card, you will have to download the application form from the official website of the bank. Once you have downloaded the form, fill it up and submit the form at the bank branch where you maintain your account. Communicate your need to the credit card representative and he/she will show you the credit cards provided by TMB. You can choose the card which best suits your need and apply for it. The executive will ask you to submit certain documents before application to check whether you are eligible to avail the credit card which you have chosen. So make sure you carry all the documents when visiting the branch. Once you have successfully applied for the credit card, the credit card will be provided.
#1. Corporation Bank Credit Card Status:
The application status of Corporation Bank credit card can be checked by contacting the customer care team by dialing the toll free number. Currently, the Corporation Bank website does not offer online facility to check the status of your credit card. So you will have to call the customer care in order to get information about your credit card application status.
Once you submit all the details you will receive the status of your Corporation Bank credit card application. Most of the time, the statuses will be like, ‘in process, dispatched, disapproved, on hold or no records found’. Based on the status you can take your call.
If the status is ‘In process’, then the bank is still reviewing your application and it will take a few more days to ship your credit card.
If the status is ‘Dispatched’, you would have received a message by then with the Airmail number of the booked shipment carrying your credit card. If you haven’t received any message, then you will probably receive it within the next 1 or 2 days. If it gets delayed, you can feel free to call the Corporation Bank customer care.
If your application is on hold, the bank may contact you via SMS or email asking you for some missing or additional details or about any other issue with your application. Once the issues are resolved, they will resume the card processing.
#2. Corporation Bank Credit Card Netbanking:
Corporation Bank provides netbanking to its customers to help them perform all banking transactions from home or office. Customers can have access to their bank account at any time anywhere which is of great benefit. When you have a netbanking facility, you don’t have the necessity to visit the bank for any simple reason. Now let us have a look at the advantages of owning a Corporation Bank net banking account.
How to register for Corporation Bank Credit Card Net banking?
Visit the credit card net banking website of Corporation bank
Click on “Register Now”
You will be redirected to a webpage where you will have to fill in your details such as credit card number, mobile number, mail ID etc
Now, click on “Submit”
Benefits of Corporation Bank Credit Card Net banking:
Corporation Bank credit card netbanking offers easy access to its customers to all the transactions and operations performed with the credit card. It also provides access to Corporation Bank credit card information to its customers in just a click. The customer has all the account information in fingertips. It not only provides access to the transactions taken place but also the total credit and cash limit the customer is eligible for, the available credit and cash limit, billed and unbilled transactions, payment due date, reward points information etc.
With Corporation Bank credit card netbanking account facility, the customer can view his bank statement up to last 6 months without any difficulty. Corporation Bank credit card netbanking account also allows the customer to raise any request or get their queries solved.
Account information at fingertips through Corporation Bank credit card login account: The Corporation Bank credit card internet banking account allows the user to have a quick access to his account information like total credit and cash limit, available credit and cash limit, billed and unbilled transactions, reward points information etc. You can also use your internet banking account to know your payment due date and pay your credit card bills on time.
View credit card statements using Corporation Bank credit card login account: Though Corporation Bank sends monthly credit card statements to our registered email address, it is a bit tricky to access it by filtering the mail, providing the password and downloading the statement. But, with Corporation Bank credit card net banking facility, you view up to last 6 months statement easily.
Raise requests using Corporation Bank credit card login: You can simply forget calling the Corporation Bank customer care to raise any kind of request in the bank. With an active internet banking account, you can raise requests like register/deregister for Corporation Bank autopay facility, generate credit card PIN, register/deregister credit card, block/hotlist credit card etc. You can also apply for loans and other EMI facilities or enhance credit card limits using your Corporation Bank credit card internet banking.
Change Corporation Bank credit card login account password: You can change your Corporation Bank credit card net banking password by logging in to your account and requesting to change your account password.
Corporation Bank credit card payment through Corporation Bank credit card login account: You can stop relying on other sources and use your Corporation Bank credit card netbanking. Install the Corporation Bank mobile app and you can get your credit card information on the go. To pay credit card bill through Corporation Bank net banking account you need to login to your account and select your credit card and the card number you need to pay the bill for.
#3. Corporation Bank Credit Card Bill Payment:
Corporation Bank offers a variety of credit cards to match the lifestyle and banking needs of its diverse customer base. Paying the outstanding balance before the due date becomes essential if you want continuity of services and a good credit score, when it comes to owning a credit card. So if you are unaware of making your credit card bill payments, you might miss out on the payments and hence incur late payment fees. To save the customer from all such hassles, Corporation bank has both offline and online means for making credit card bill payments. These services come at no extra cost and the customers can choose a method that he finds most convenient.
ONLINE: If you wish to make the credit card bill payment from your home, you can do so by making use of the online modes offered by Corporation Bank. You need not be registered for Corporation Net banking facility to make credit card payment. Read on to find more about the online credit card payment means.
VISA Money Transfer: Visa Money Transfer is convenient and safe option through which you can pay your credit card bills. You can pay the bill of any VISA credit card instantly.
Using CorpNet Payment Gateway: Corporation Bank credit card customers who have the access to the bank’s internet banking facility can make payments through CorpNet Payment Gateway. CorpNet banking customers can make credit card bill payments through the internet banking portal offered by Corporation bank. To pay bills through the same, you just have to select the credit card bill payment option under funds transfer.
Using Internet Banking Facility of other banks - Paynet: Corporation Bank credit card holders can pay their credit card outstanding dues by using their Net banking account of other banks’ website. Customers have to select “Pay Online” after which they will be redirected to their bank’s portal. This facility is offered by third party aggregator Bill Desk. The customer will then have to enter necessary authentication details to make payment.
OFFLINE: If you find offline payment more comfortable, you can choose from the following offline modes offered by Corporation Bank.
Cash Payment: Customers can make cash payments at any of the CMS branches towards the Corporation Bank credit card dues. You can visit the nearest branch to make a cash payment that amount to your credit card due.
Auto Debit Facility - Standing Instruction: If the credit cardholder has an account with Corporation Bank, he can set standing instructions wherein the amount, either the total amount due or the minimum amount due will be transferred to the credit card account on or before the due date. The customer can give standing instruction to auto debit the minimum due or total due as per their wish.
By Draft or Cheque: Corporation Bank credit card holder can make a cheque or draft payment in favour of Corp Bank International credit card, mentioning the card number. The cheque or draft can be deposited in any of the Corporation Bank branches. While making a cheque deposit, the customer must also mention the mobile number behind the challan.
#4. Corporation Bank Credit Card Customer Care
Corporation Bank provides various customer care platforms through which credit card holders can get their queries, grievances or complaints resolved in order to enhance the user’s experience. Customers can contact the bank through various communication modes including helpline number, SMS, postal address and email.
Customers can call on the following toll free number to address their grievance, complaints or to hotlist their credit card.
Credit card helpline 24x7 toll-free number: 1800 22 6606
Credit card customer care number for operational related queries and feedbacks: 0824-2424633, 0824-2441326
In case a customer wants to contact the bank by mailing them, then they can directly mail them on the postal address given below:
The Chief Manager,
Credit Card Division,
Corporation Bank, Head Office
Karnataka - 575 001
Corporation Bank credit card holders can also reach out to the Corporation Bank’s credit card customer care service department through e-mail. Customers will have to send their grievances, complaints or feedbacks through their registered mail ID. they can receive the resolution of their complaints within some time of sending their email. Given below is the customer care email: email@example.com
If a customer is not happy or satisfied with the resolution of their queries or grievances, then the customers can also escalate their complaints or feedbacks to higher authorities of the bank that is, nodal officer or customer care officer. Corporation bank offers fax, mail and helpline number for reporting their issues. The issue will be resolved 48 hours of receiving it. Customers are advised to use their registered mail ID while mailing for better response.
Shri Rajinder Kr. Grover
Telephone: 0824-2426146-420 (Extension 662, 2440825)
Shri Sudarshan Sethi
Asst. General Manager
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