Quick Verdict

  • The LIC Select Credit Card ⓘ offers a higher reward rate, making it the better choice for everyday spend.
  • For travel benefits and lounge access, the LIC Select Credit Card ⓘ also wins with complimentary domestic and international lounge visits.
  • Both cards have no joining or annual fees, but the Canara Bank MasterCard Standard Credit Card ⓘ is simpler with no spend requirement for fee waivers.
  • Choose the LIC Select Credit Card ⓘ if you want more rewards, travel perks, and lower forex markup; pick the Canara Bank MasterCard Standard Credit Card ⓘ if you prefer a straightforward, no-strings lifetime free card with basic rewards.

Side by Side

DetailCanara Bank MasterCard Standard Credit Card ⓘLIC Select Credit Card ⓘ
Annual feeNil (lifetime free)Nil (lifetime free)
Joining feeNil (lifetime free)Nil (lifetime free)
Fee waiver on spendNoneNone
Reward rate0.5%0.75%
Reward typePointsPoints
Domestic loungeNone4 per year
International loungeNone2 per year
Lounge spend gateRs 20,000 monthly both lounges
Forex markup3%1.5%
Best suited forRewardsLifetime-free, rewards, forex, travel, lounge

Rewards Compared

Spending Rs 10,000 on the Canara Bank MasterCard Standard Credit Card ⓘ earns you Rs 50 in rewards, reflecting its base reward rate of 0.5%. This card suits those who want a basic, no-fee card that provides modest points on all spends without any category differentiation or perks.

On the other hand, the LIC Select Credit Card ⓘ yields Rs 75 for the same Rs 10,000 spend, thanks to a higher base reward rate of 0.75%. This card is ideal for users who want more value from their everyday purchases and also benefit from additional travel and forex advantages. The reward structure is straightforward but more generous, making it a clear winner in the rewards category.

Fees Compared

Neither the Canara Bank MasterCard Standard Credit Card ⓘ nor the LIC Select Credit Card ⓘ charges any joining or annual fees, making both cards lifetime free. There are no fee waivers based on spend for either card, so no minimum monthly or annual spend is required to maintain the fee-free status. This means you can hold either card without worrying about spending thresholds or fee waivers. The fee structure is simple and transparent for both cards, with no hidden costs.

Which One Should You Pick

If you are a casual spender looking for a basic credit card with no fees, no conditions, and a modest reward rate, the Canara Bank MasterCard Standard Credit Card ⓘ fits the bill. It is suitable for users who prioritize simplicity and want a card that does not require minimum spends or activate any perks.

The LIC Select Credit Card ⓘ is better suited for frequent spenders and travelers who want to maximize rewards and enjoy airport lounge access. Its lower forex markup of 1.5% also makes it attractive for international transactions. However, lounge access requires a monthly spend of Rs 20,000, so if you do not meet this gate, you might miss out on lounge benefits.

In conclusion, the LIC Select Credit Card ⓘ is the superior choice for those seeking more value from their credit card in terms of rewards, travel perks, and forex costs. The Canara Bank MasterCard Standard Credit Card ⓘ is for those who want a no-frills, lifetime free card with basic rewards. Skip the Canara Bank card if you want more rewards or travel benefits, and skip the LIC Select card if you rarely spend enough to unlock lounges or want a simpler offering.

What to Check Before You Apply

  • Confirm any caps on rewards or lounge visits that might limit your benefits.
  • Understand the redemption value and process for points to ensure you can utilize earned rewards.
  • Calculate the actual fee waiver conditions or spend gates, especially for lounge access on the LIC Select Credit Card ⓘ.
  • Consider forex markup carefully if you plan international travel or purchases, as this affects cost.

FAQ

Are there any joining or annual fees for these cards?+
Both the Canara Bank MasterCard Standard Credit Card ⓘ and the LIC Select Credit Card ⓘ come with no joining or annual fees, making them lifetime free cards.
What are the reward rates on these credit cards?+
The Canara Bank MasterCard Standard Credit Card ⓘ offers a base reward rate of 0.5%, while the LIC Select Credit Card ⓘ provides a higher base reward rate of 0.75% on all spends.
Do these cards offer airport lounge access?+
Only the LIC Select Credit Card ⓘ offers airport lounge access, providing four domestic lounge visits and two international lounge visits per year, subject to a Rs 20,000 monthly spend gate. The Canara Bank card does not offer lounge access.
What is the forex markup on these cards?+
The Canara Bank MasterCard Standard Credit Card ⓘ charges a 3% forex markup on foreign currency transactions, whereas the LIC Select Credit Card ⓘ charges a lower 1.5% forex markup, making it better for international usage.
Is there any minimum spend required to waive fees or unlock benefits?+
Neither card has an annual fee to waive, but the LIC Select Credit Card ⓘ requires a monthly spend of Rs 20,000 to access lounge benefits. The Canara Bank card has no spend requirements for any benefits.