Canara Bank Mastercard Gold Credit Card vs LIC Select Credit Card: Which Credit Card Wins in 2026?

Quick Verdict

• The LIC Select Credit Cardⓘ wins for everyday spending with a higher base reward rate of 0.75% versus 0.5% on the Canara Bank Mastercard Gold Credit Cardⓘ.
• For travel and lounge access, the LIC Select Credit Cardⓘ clearly leads with complimentary domestic and international lounge visits, while the Canara Bank card has none.
• Both cards have no joining or annual fees, making them equally cheap to hold.
• Pick the LIC Select Credit Cardⓘ if you want better rewards, lower forex markup, and travel benefits. Choose the Canara Bank Mastercard Gold Credit Cardⓘ if you prefer a simple, no-frills card focused on basic rewards.

Side by Side

Rewards Compared

Spending Rs 10,000 on the Canara Bank Mastercard Gold Credit Cardⓘ yields Rs 50 in rewards, reflecting its 0.5% reward rate. This base rate applies uniformly, with no specified category bonuses or premium earning segments.

In contrast, the LIC Select Credit Cardⓘ offers Rs 75 back on the same Rs 10,000 spend, thanks to a 0.75% base reward rate. This elevated rate makes it more rewarding for everyday purchases. Moreover, the LIC card’s focus on travel and lounge access suggests additional benefits for category spenders, although no distinct category rates are detailed.

Fees Compared

Both the Canara Bank Mastercard Gold Credit Cardⓘ and the LIC Select Credit Cardⓘ have no joining or annual fees, which is a strong advantage for cost-conscious consumers. Neither card requires any minimum spend to waive fees since the fees themselves do not exist.

However, the LIC Select Credit Cardⓘ introduces a Rs 20,000 monthly spend gate to access its lounge benefits. This threshold is not a fee waiver in the traditional sense but a condition to unlock lounge access. The Canara Bank card imposes no such condition, but has no lounge benefits to begin with.

Which One Should You Pick

The Canara Bank Mastercard Gold Credit Cardⓘ suits those who want a straightforward, no-fee credit card with steady rewards for basic spending. Its zero fees and simple 0.5% reward rate make it ideal for users who do not prioritize travel perks or forex savings and prefer a hassle-free card.

The LIC Select Credit Cardⓘ is better for frequent travelers and forex users due to its lower 1.5% forex markup and complimentary lounge access. Its higher 0.75% rewards rate also benefits those who want more value on everyday spend. The spend gate for lounges means it suits disciplined users willing to meet monthly thresholds.

In conclusion, choose the LIC Select Credit Cardⓘ if you want superior rewards, travel perks, and reduced forex costs. Skip it if you dislike spending conditions or lounge limits. Opt for the Canara Bank Mastercard Gold Credit Cardⓘ if you want a simple, no-cost card without travel benefits, and skip it if you seek more rewards or lounges.

What to Check Before You Apply

• Verify if the Rs 20,000 monthly spend gate on the LIC Select Credit Cardⓘ fits your spending habits to unlock lounge access.
• Confirm the actual redemption value of reward points to ensure the stated percentages convert to real value.
• Understand that both cards are lifetime free, but the LIC Select Credit Cardⓘ requires spend-based conditions for lounge use, which may add complexity.
• Check the forex markup charges, 3% on the Canara Bank Mastercard Gold Credit Cardⓘ can be costly for overseas spend compared to 1.5% on the LIC Select Credit Cardⓘ.
• Review which lounges are accessible and where, as the LIC Select Credit Cardⓘ limits visits to 4 domestic and 2 international annually.

FAQ