Quick Verdict
- The LIC Select Credit Cardⓘ offers a higher reward rate, making it the better choice for everyday spending.
- For travel 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, making them equally cheap to hold.
- Choose the Canara Bank RuPay Classic Credit Cardⓘ if you want a no-frills, lifetime free card with basic rewards, but pick the LIC Select Credit Cardⓘ if you want better rewards and travel benefits.
Side by Side
| Detail | Canara Bank RuPay Classic Credit Cardⓘ | LIC Select Credit Cardⓘ |
|---|---|---|
| Annual fee | Nil (lifetime free) | Nil (lifetime free) |
| Joining fee | Nil (lifetime free) | Nil (lifetime free) |
| Fee waiver on spend | , | , |
| Reward rate | 0.5% | 0.75% |
| Reward type | points | points |
| Domestic lounge | None | 4 per year (Rs 20,000 monthly spend gate) |
| International lounge | None | 2 per year (Rs 20,000 monthly spend gate) |
| Forex markup | 3% | 1.5% |
| Best suited for | rewards, UPI-RuPay, lounge | lifetime-free, rewards, forex, travel, lounge |
Rewards Compared
Spending Rs 10,000 on the Canara Bank RuPay Classic Credit Cardⓘ earns Rs 50 back, reflecting its 0.5% base reward rate. This card is targeted at users seeking basic rewards with no annual cost, but it does not provide category-specific bonus rewards or travel perks. In contrast, the LIC Select Credit Cardⓘ yields Rs 75 for the same spend, thanks to its superior 0.75% reward rate. This makes it more rewarding for everyday purchases, and its reward structure is complemented by benefits suited for travel enthusiasts.
The LIC Select Credit Cardⓘ also offers lounge access benefits that amplify its value for travel spenders, whereas the Canara Bank card lacks any lounge privileges. Thus, if reward returns and travel-related rewards are priorities, the LIC Select card is the stronger option.
Fees Compared
Both cards are lifetime free with no joining or annual fees. There are no fee waiver thresholds to consider since neither card charges an annual fee. This means there is no break-even spend to maintain for fee waivers, simplifying cost considerations for cardholders. The LIC Select Credit Cardⓘ requires a monthly spend of Rs 20,000 to unlock lounge access, which is a usage gate rather than a fee waiver condition.
Which One Should You Pick
The Canara Bank RuPay Classic Credit Cardⓘ suits those who prefer a straightforward, no-cost credit card with basic rewards and have minimal interest in travel perks or forex transactions. It is ideal for users focused on simple RuPay acceptance and UPI-linked payments without worrying about fees or lounges. However, this card should be skipped by anyone wanting solid reward value or international travel benefits.
The LIC Select Credit Cardⓘ is best for users who want a lifetime free card that rewards everyday spend more generously and offers tangible travel benefits like domestic and international lounge access. It also has a lower forex markup of 1.5%, making it attractive for foreign currency spenders. Those who do not spend Rs 20,000 monthly or who rarely travel internationally should reconsider as they may not fully utilize the lounge privileges.
Ultimately, the LIC Select Credit Cardⓘ wins for overall rewards and travel benefits, while the Canara Bank RuPay Classic card is a no-cost basic option for minimalists.
What to Check Before You Apply
- Confirm the monthly Rs 20,000 spend requirement on the LIC Select card to access lounges.
- Understand the redemption process and value for points, as both cards offer points but details on redemption are not specified.
- Check if your foreign currency spend aligns with the forex markup rates, especially with the Canara Bank card’s higher 3% forex markup.
- Verify which airports and lounges are accessible with the LIC Select card to ensure the lounge benefit suits your travel habits.
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