Corporation Bank was a public sector bank in India. Corporation Bank has been merged with Union Bank of India, which is part of the larger consolidation process initiated by the Indian government to strengthen the banking sector.
Consequently, Corporation Bank no longer exists as an independent entity, and its services and products have been integrated into Union Bank of India.
Regarding credit cards, both Corporation Bank and Union Bank of India offered a range of credit card products to their customers before the merger.
These credit cards varied in terms of features, benefits, and eligibility criteria. Typical features of such credit cards might include:
The Corp Bank International credit card offers a host of privileges, including global acceptance at over 30 million outlets. It’s available in Gold or Classic variants, each with its own annual fee. Rewards are earned for every purchase, with redemption options.
Cardholders enjoy a free credit period, bill payment flexibility, and EMI options. The credit limit can be tailored, and temporary enhancements are possible. Additionally, there are insurance benefits, including accident coverage, purchase protection, and lost card liability.
Visa Mobile Recharge and Bill Pay facilities are available, as well as online account access, e-statements, and rewards points redemptions. Eligibility criteria include Indian citizenship, PAN card, and specified income requirements for different card types.
Classic cardholders should have a minimum income of Rs. 1,20,000, while Gold cardholders should have a minimum income of Rs. 2,00,000 for salaried employees, professionals, and self-employed individuals.
Senior citizens up to the age of 70 should have a minimum income of Rs. 90,000 for Classic cards and Rs. 1,50,000 for Gold cards.
| Credit Card Name | Card Type |
|---|---|
| Union JCB WELLNESS | JCB Wellness |
| RuPay Select | RuPay Select |
| Union JCB HEALTH | JCB Health |
| Union UNI CARBON | Union Uni Carbon |
| RuPay Platinum | RuPay Platinum |
| VISA Signature | VISA Signature |
| VISA Platinum | VISA Platinum |
| VISA Gold | VISA Gold |
- Credit Limits: Credit cards come with predefined credit limits, which determine how much you can borrow on the card.
- Rewards and Benefits: Many credit cards offer rewards such as cashback, reward points, and discounts on specific purchases. These rewards can be redeemed for various benefits.
- Interest Rates: Credit cards usually have interest rates for outstanding balances. Some may offer a grace period for interest-free repayments.
- Annual Fees: Credit cards may have annual fees, although some cards offer a waiver of these fees if you meet certain spending criteria.
- Security Features: Credit cards come with security features such as PINs and EMV chips to protect against unauthorized use.
- Online and Mobile Banking: Cardholders can usually manage their credit card accounts online or through mobile apps.
Advantage
Disadvantage
- Union Bank of India provides diverse credit card options for various needs: rewards, cashback, travel, etc.
- Cards offer attractive rewards like cashback, reward points, and discounts on specific purchases.
- Security features like EMV chips and PINs protect against fraudulent transactions.
- Convenient online and mobile app access for managing card accounts, checking balances, paying bills, and tracking expenses.
- Some cards offer interest-free periods on purchases, allowing time for repayment without interest charges.
- Widely accepted domestically and internationally.
- Some Union Bank of India credit cards may have annual fees, potentially waived based on spending criteria, increasing overall ownership costs.
- Carrying a balance on the credit card subjects you to high interest rates, especially costly if not paid in full monthly.
- Meeting eligibility criteria, including income and credit score requirements, can be challenging for some applicants.
- Late payment fees may be charged by Union Bank of India, similar to other credit card issuers, for missing payment due dates.
- International transactions with Union Bank of India credit cards may incur foreign transaction fees, adding to costs for purchases made abroad.
- Missed payments or high balances can have negative effects on your credit score and overall financial health.
Corporation Bank credit cards, now under Union Bank of India, incur various fees and charges. These may include an annual fee, interest charges on outstanding balances, late payment fees, cash advance fees, foreign transaction fees, and more.
Specific fees can vary by card type, and it’s essential to check the most current information on Union Bank of India official website or by contacting their customer service to understand the fees associated with each credit card.
Credit card eligibility criteria can vary significantly depending on the specific card issuer and the type of credit card you are interested in. Generally, the following are some common eligibility criteria for credit card applications:
- Age: Applicants typically need to be a certain age to apply for a credit card. This age requirement varies by country and issuer but is usually 18 or older.
- Income: Credit card issuers often require applicants to have a minimum income to ensure that they can manage credit card payments. The income requirement varies based on the card’s type and benefits.
- Credit Score: A good credit score is important for credit card approval. A higher credit score indicates responsible credit use and makes you a more attractive applicant.
- Employment: Some credit card applications may require information about your employment status, including your job and income source.
- Residency: You may need to be a resident or citizen of the country where you are applying for a credit card. Some credit cards may have specific geographic restrictions.
- Credit History: Your credit history, which includes your credit score and credit report, will be a significant factor in your eligibility. A strong credit history with a history of on-time payments and responsible credit use is more likely to result in approval.
- Debt-to-Income Ratio: Credit card issuers may assess your debt-to-income ratio, which is the ratio of your monthly debt payments to your monthly income. A lower ratio is typically more favorable.
- Existing Relationship with the Bank: If you have an existing account or relationship with the bank or credit union where you’re applying for a credit card, it may positively impact your eligibility.
- Legal Status: You must have legal status in the country where you are applying for a credit card. Non-residents or non-citizens may have different options or requirements.
- Other Specific Requirements: Some credit cards have specific requirements, such as a minimum deposit for secured cards or restrictions based on your financial history.
Corporation Bank had merged with Union Bank of India. Therefore, you would need to apply for a credit card through Union Bank of India if you are interested in their credit card offerings.
Online Application:
- Visit the Bank’s Website: Go to the official website of Union Bank of India.
- Browse Credit Card Options: Explore the available credit card options, review their features, benefits, and eligibility criteria. The bank’s website should provide detailed information about each card.
- Online Application Form: Once you’ve chosen a credit card that suits your needs, you can find an online application form on the bank’s website. Fill out the required information in the online application form.
- Submit Documents: You may need to upload or provide necessary documents, such as income proof, address proof, and identity proof. The specific documents required will depend on the card you’re applying for.
- Submit the Application: After completing the application form and attaching the required documents, submit the application electronically through the website.
- Follow Up: After submitting your application, the bank will review it. If your application is approved, the bank will typically contact you for further instructions.
Offline Application:
- Visit the Bank Branch: Locate the nearest Union Bank of India branch to your residence or place of work.
- Inquire About Credit Cards: Speak with a bank representative at the branch and express your interest in applying for a credit card.
- Application Form: Request a credit card application form from the bank representative.
- Fill Out the Form: Complete the application form, providing accurate and up-to-date information. You may need to attach photocopies of the necessary documents.
- Submit the Application: Submit the filled-out application form along with the required documents to the bank representative.
- In-Person Verification: In some cases, a bank representative may conduct an in-person verification or interview.
- Follow Up: The bank will review your application and inform you of the status of your credit card application.
Other Corporation Bank Credit Cards
Corporation Bank, established on March 12, 1906, in Udupi, Karnataka, India, started as a local bank serving the needs of its community. It was among the first banks to be nationalized in 1980, a move by the Indian government to fortify the nation’s banking sector.
Over the years, Corporation Bank expanded its presence, becoming a prominent public sector bank with a strong foothold in Karnataka and other regions.
Renowned for innovation, it introduced pioneering banking products such as “Corp Home” and “Corp Vidya” for home loans and education loans, respectively.
The bank earned accolades for its financial inclusion efforts and commitment to rural development.
In 2019, Corporation Bank merged with Andhra Bank, becoming part of Union Bank of India as part of the government’s strategy to consolidate and strengthen the public sector banking landscape. Today, Corporation Bank’s legacy lives on within Union Bank of India.
Hey, I’m Ratiranjan Singha, the Creator of Myworldstuffs.com. I Offer in-Depth Articles and Guides that Help you to Understand Various Financial Concepts.
