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

Quick Verdict

• The LIC Select Credit Cardⓘ offers a higher reward rate, making it the winner for everyday spend.
• For travel and lounge access, the LIC Select Credit Cardⓘ again takes the lead with both domestic and international lounge access and a lower forex markup.
• Both cards charge no annual or joining fees, so they are equally cheap to hold.
• Choose the LIC Select Credit Cardⓘ if you want better rewards and international lounge access; pick the Canara Bank RuPay Platinum Secured Credit Cardⓘ if you prefer a secured card with no fees and simple UPI-RuPay benefits.

Side by Side

Rewards Compared

When spending Rs 10,000 on the Canara Bank RuPay Platinum Secured Credit Cardⓘ, you earn Rs 50 in rewards, reflecting its 0.5% base reward rate. This card focuses primarily on basic rewards with no enhanced category rates specified. In comparison, the LIC Select Credit Cardⓘ offers Rs 75 back on the same Rs 10,000 spend, due to its higher 0.75% effective reward rate. This makes it more rewarding for all-around purchases, especially as it also caters to forex and travel needs where rewards can add up better.

The LIC Select Credit Cardⓘ also adds value with international lounge access, which is absent on the Canara Bank card, making it more attractive for frequent travelers. Both cards provide 4 domestic lounge visits per year, but the higher reward rate of the LIC card gives it a clear edge on returns across categories.

Fees Compared

Both cards impose no joining or annual fees, making them highly cost-effective to maintain. There is no fee waiver threshold on the Canara Bank RuPay Platinum Secured Credit Cardⓘ, while the LIC Select Credit Cardⓘ requires a minimum monthly spend of Rs 20,000 to access both domestic and international lounges. This lounge spend gate is an important consideration for those looking to maximize lounge benefits without extra cost.

Given the absence of fees, the break-even between the two cards depends mainly on your ability to utilize lounge access and forex transactions rather than fee savings.

Which One Should You Pick

Pick the Canara Bank RuPay Platinum Secured Credit Cardⓘ if you need a secured credit card with no fees and are primarily interested in low-risk, steady rewards with the added benefit of 4 domestic lounge visits annually. It suits cautious spenders or those building credit history.

Opt for the LIC Select Credit Cardⓘ if you are a frequent traveler or foreign spender who can benefit from a lower forex markup of 1.5% and international lounge access. Its better reward rate also makes it ideal for everyday spending to maximize returns. However, you should be prepared to meet the Rs 20,000 monthly spend gate for lounges.

If you do not travel abroad or use lounges, the Canara Bank card is a simpler, no-frills choice. Conversely, skip the LIC card if you cannot regularly meet the lounge spend requirement or prefer a secured card.

What to Check Before You Apply

• Confirm if the monthly Rs 20,000 spend gate on the LIC card for lounges fits your typical spending pattern.
• Understand the redemption value of points for both cards to ensure rewards convert effectively.
• Verify if the Canara Bank card’s secured deposit requirements suit your financial situation.
• Consider the forex markup: 3% on Canara Bank vs 1.5% on LIC, especially if you spend abroad frequently.
• Check which airports and lounges are accessible under the domestic and international lounge allowances.

FAQ