Canara Bank Mastercard Gold Secured 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% compared to 0.5% on the Canara Bank Mastercard Gold Secured Credit Cardⓘ.
• For travel benefits including lounge access, the LIC Select Credit Cardⓘ clearly leads with four domestic and two international lounge visits annually, subject to a Rs 20,000 monthly spend gate.
• Both cards are lifetime free with no joining or annual fees, but the LIC Select Credit Cardⓘ offers better value considering its superior rewards and travel perks.
• Choose the Canara Bank Mastercard Gold Secured Credit Cardⓘ if you want a simple, no-frills secured credit card with zero fees. Opt for the LIC Select Credit Cardⓘ if you want more rewards and travel benefits without any fees.

Side by Side

Rewards Compared

Spending Rs 10,000 on the Canara Bank Mastercard Gold Secured Credit Cardⓘ earns you Rs 50 in rewards. This reflects the card’s base reward rate of 0.5%, which is modest and suitable for users seeking basic returns on everyday expenses. The rewards are earned as points which can be redeemed as per the issuer’s scheme but no category-specific accelerations have been noted.

In comparison, the LIC Select Credit Cardⓘ provides Rs 75 back on Rs 10,000 spent, a 0.75% base reward rate, making it more lucrative for regular spenders. It targets a broader audience including those who value travel and forex benefits besides rewards. The higher return is consistent across categories as no differentiated category rates are specified, but the card’s travel and lounge benefits add significant value beyond the base rewards.

Fees Compared

Both cards do not charge any joining fees or annual fees, making them completely free to hold for life. The Canara Bank Mastercard Gold Secured Credit Cardⓘ explicitly states it is lifetime free with no fees whatsoever. The LIC Select Credit Cardⓘ also has no joining or annual fees and offers no fee waiver conditions since fees do not apply.

Since neither card charges fees, there is no break-even analysis necessary. The main cost consideration with the LIC Select Credit Cardⓘ is meeting the Rs 20,000 monthly spend gate to access lounge benefits, which could influence overall value for lighter spenders.

Which One Should You Pick

Choose the Canara Bank Mastercard Gold Secured Credit Cardⓘ if you want a straightforward, secured credit card with zero fees and no complex conditions. It is best suited for rewards-focused users who are beginning their credit journey or prefer a secured card without annual commitments.

The LIC Select Credit Cardⓘ is ideal for those seeking a lifetime free card with better rewards, lower forex markup, and valuable travel perks including domestic and international lounge access. Frequent travelers and forex spenders will benefit most from this card’s features and lower foreign transaction cost.

In conclusion, skip the Canara Bank Mastercard Gold Secured Credit Cardⓘ if you want more than just basic rewards and zero travel benefits. Avoid the LIC Select Credit Cardⓘ if you do not plan to spend at least Rs 20,000 monthly to unlock lounge access benefits or if you prefer a simple secured card product.

What to Check Before You Apply

• Verify if the Rs 20,000 monthly spend gate for lounge access on the LIC Select Credit Cardⓘ fits your typical spending pattern.
• Confirm the redemption options and practical value of reward points on both cards to ensure they meet your preferences.
• Understand the forex markup differences: 3% for Canara Bank Mastercard Gold Secured Credit Cardⓘ vs 1.5% for LIC Select Credit Cardⓘ.
• Check the availability and locations of the lounges accessible under the LIC Select Credit Cardⓘ to match your travel itinerary.

FAQ