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

Quick Verdict

• For everyday spending, the LIC Select Credit Cardⓘ offers a higher base reward rate, making it the better choice.
• For travel benefits and lounge access, the LIC Select Credit Cardⓘ also wins due to international lounge access and a lower forex markup.
• Both cards have no joining or annual fees, so they are equally cheap to hold.
• Choose the Canara Bank Mastercard Platinum Credit Cardⓘ if you want unlimited lifetime free usage with more domestic lounge visits. Opt for the LIC Select Credit Cardⓘ if you want better rewards, international lounges, and lower forex costs.

Side by Side

Rewards Compared

The Canara Bank Mastercard Platinum Credit Cardⓘ offers a base reward rate of 0.5%, which translates to Rs 50 earned on Rs 10,000 spent. Its rewards come in points but with no category-specific higher rates mentioned, so the return is consistent across spends but modest.

In contrast, the LIC Select Credit Cardⓘ delivers a superior base reward rate of 0.75%, earning Rs 75 on Rs 10,000 spend. This card clearly outperforms in pure rewards return. Although no special category multipliers are listed, the overall higher return rate indicates that for general spending, LIC Select rewards users better.

Fees Compared

Neither card charges a joining fee or an annual fee, making them both lifetime free to hold. There is no fee waiver threshold to consider since these fees do not apply. The LIC Select Credit Cardⓘ imposes a lounge access spend gate of Rs 20,000 monthly to avail both domestic and international lounges, whereas the Canara Bank cardⓘ imposes no such condition. Thus, in terms of fees and fee-related conditions, both cards are equally economical but the Canara Bank cardⓘ offers simpler lounge access.

Which One Should You Pick

The Canara Bank Mastercard Platinum Credit Cardⓘ suits customers who prioritize unlimited lifetime free credit cards with decent domestic lounge access and are content with a modest 0.5% reward rate. It is suitable for those who do not travel internationally and want straightforward lounge benefits without spend conditions.

The LIC Select Credit Cardⓘ fits well for spenders seeking better rewards with a 0.75% return, international lounge access, and significantly lower forex markup at 1.5%. Its spend gate for lounges requires active monthly spending but rewards frequent travellers and forex users more effectively.

In conclusion, if your priority is rewards and international travel benefits, the LIC Select Credit Cardⓘ is the clear winner. If you want a simple, no-fee card with more domestic lounges and no conditions, the Canara Bank Mastercard Platinum Credit Cardⓘ is preferable. Avoid the Canara Bank cardⓘ if you want international travel perks or better rewards, and skip the LIC Select cardⓘ if you dislike spend gates for lounges or want more domestic lounge visits.

What to Check Before You Apply

• Confirm the monthly spend requirement of Rs 20,000 on the LIC Select Credit Cardⓘ to maintain lounge access.
• Check if the rewards points from either card have any redemption caps or reduced value.
• Understand that the Canara Bank cardⓘ charges 3% forex markup, which is higher than LIC Select'sⓘ 1.5%.
• Verify which airport lounges are accessible since Canara Bank cardⓘ offers only domestic lounges, while LIC Select cardⓘ offers both domestic and international but fewer visits.

FAQ