Quick Verdict

  • The LIC Select Credit Cardⓘ wins for everyday rewards with a higher base reward rate of 0.75% versus 0.5% on the Canara Bank Mastercard World Credit Cardⓘ.
  • For travel and lounges, the Canara Bank Mastercard World Credit Cardⓘ offers more domestic lounge access (12 visits per year) compared to LIC Select’s 4, but LIC Select provides the same international lounge access (2 per year) with a lower forex markup fee.
  • Both cards have no joining or annual fees, making them equally cheap to hold.
  • Choose the Canara Bank Mastercard World Credit Cardⓘ if you value extensive domestic lounge access and a straightforward no-fee card with some rewards. Opt for the LIC Select Credit Cardⓘ if you want higher rewards on spending, lower forex fees, and a card better suited for travellers who spend abroad.

Side by Side

DetailCanara Bank Mastercard World Credit CardⓘLIC Select Credit Cardⓘ
Annual feeNil (lifetime free)Nil (lifetime free)
Joining feeNil (lifetime free)Nil (lifetime free)
Fee waiver on spendNot applicableNot applicable
Reward rate0.5%0.75%
Reward typepointspoints
Domestic lounge12 per year4 per year
International lounge2 per year2 per year
Forex markup3%1.5%
Best suited forrewards, loungelifetime-free, rewards, forex, travel, lounge

Rewards Compared

The Canara Bank Mastercard World Credit Cardⓘ offers a base reward rate of 0.5%, translating to Rs 50 back on Rs 10,000 spent. This provides a modest but consistent earning on everyday transactions, making it suitable for users who appreciate steady rewards with no fees attached. Its rewards come in points, though no specific category bonuses are indicated, keeping the earning straightforward and predictable.

In contrast, the LIC Select Credit Cardⓘ delivers a 0.75% base reward rate, meaning Rs 75 back on Rs 10,000 spent. This 50% higher return makes it more rewarding for all-round spenders. It also caters well to travel and forex transactions, maintaining its higher reward rate without complicated category restrictions. As both use points, the difference lies primarily in the effective return percentage, with LIC Select clearly leading for everyday spenders focused on maximizing rewards.

Fees Compared

Both cards offer lifetime free joining and annual fees, making them equally accessible without initial or recurring cost burdens. Neither card imposes a fee waiver spend threshold to avoid annual fees, so users do not need to worry about meeting minimum spends to keep their cards fee-free.

Regarding forex fees, the Canara Bank Mastercard World Credit Cardⓘ charges a forex markup of 3%, which on Rs 1,00,000 abroad amounts to Rs 3,000. The LIC Select Credit Cardⓘ offers a more competitive forex markup at 1.5%, costing Rs 1,500 for the same foreign currency spend. This difference is significant for frequent travellers and those making purchases in foreign currencies, tipping the scales in favour of LIC Select for forex-related savings.

Which One Should You Pick

The Canara Bank Mastercard World Credit Cardⓘ suits those who want a completely free card with no hidden spend requirements and value access to a higher number of domestic airport lounges. It is ideal if you travel domestically often and want to enjoy lounge benefits without worrying about fees or spend criteria. However, its lower reward rate and higher forex fee make it less attractive for heavy spenders or international travellers.

The LIC Select Credit Cardⓘ is best for users who prioritize reward earnings and lower forex costs. Its 0.75% base reward rate and 1.5% forex markup make it a strong choice for those who spend regularly both domestically and internationally. It also suits travellers who can manage the Rs 20,000 monthly spend gate to access lounges, as this card blends rewards, travel perks, and forex savings effectively. However, those who dislike spend gating for lounge access or want more domestic lounge visits might want to look elsewhere.

Overall, if your priority is maximizing rewards and minimizing forex costs, pick the LIC Select Credit Cardⓘ. For domestic lounge access and a simple no-fee card with decent rewards, the Canara Bank Mastercard World Credit Cardⓘ is the better pick.

What to Check Before You Apply

  • Verify if the lounge access on LIC Select requires meeting the Rs 20,000 monthly spend gate, as this affects usability.
  • Check redemption options and point valuation to ensure rewards translate well into benefits for your spending habits.
  • Confirm the absence of annual fees applies regardless of spend to avoid surprises.
  • For forex use, confirm the card’s accepted currencies and gateway fees beyond the stated forex markup.
  • For lounge access, check the list of airports and partners to ensure the lounges align with your travel plans.

FAQ

Are there any joining or annual fees on these cards?+
Both the Canara Bank Mastercard World Credit Cardⓘ and LIC Select Credit Cardⓘ have no joining or annual fees for life, meaning they are free to hold without any mandatory spend requirements.
What is the base reward rate on each card?+
The Canara Bank Mastercard World Credit Cardⓘ offers a 0.5% reward rate, while the LIC Select Credit Cardⓘ provides a higher 0.75% rate, making the latter more rewarding for everyday spend.
How many lounge visits do these cards offer?+
The Canara Bank Mastercard World Credit Cardⓘ grants 12 domestic and 2 international lounge visits annually. The LIC Select Credit Cardⓘ offers fewer domestic visits at 4 per year but matches 2 international visits, with a spend gate of Rs 20,000 monthly for lounge access.
Which card is better for foreign currency transactions?+
The LIC Select Credit Cardⓘ has a lower forex markup fee of 1.5%, half that of the Canara Bank Mastercard World Credit Cardⓘ at 3%, making it more cost-effective for overseas or foreign currency spending.
Is there any welcome benefit on these cards?+
Neither card offers a welcome benefit; both cards focus on being lifetime free with ongoing rewards and travel perks.