Quick Verdict

  • For everyday spending, the LIC Select Credit Cardⓘ offers a superior reward rate, making it the better choice for those focused on maximizing returns on routine purchases.
  • When it comes to travel and lounge access, LIC Select again leads with both domestic and international lounge visits, albeit with a monthly spend requirement to unlock these benefits.
  • Both cards are lifetime free with no joining or annual fees, but the Canara Bank Visa Platinum Credit Cardⓘ edges out slightly on simplicity, with no spend thresholds for lounge access.
  • Choose the Canara Bank Visa Platinum Credit Cardⓘ if you want straightforward, no-fee benefits and more domestic lounge visits with no strings attached; opt for the LIC Select Credit Cardⓘ if you seek higher rewards, better forex rates, and travel perks including international lounge access.

Side by Side

DetailCanara Bank Visa Platinum 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 lounge8 per year4 per year
International loungeNone2 per year
Forex markup3%1.5%
Best suited forrewards, loungelifetime-free, rewards, forex, travel, lounge

Rewards Compared

With a base reward rate of 0.5%, the Canara Bank Visa Platinum Credit Cardⓘ yields Rs 50 back on Rs 10,000 spent. This card focuses on steady, predictable rewards without additional category bonuses or welcome benefits. The rewards are accumulated as points, which can be redeemed as per the issuer's terms. Its effective return is modest but stable, making it suitable for users who prefer a simple earning structure.

In contrast, the LIC Select Credit Cardⓘ offers a higher base reward rate of 0.75%, translating to Rs 75 back on the same Rs 10,000 spend. This card caters to spenders looking to maximize their rewards, especially on everyday expenses. While it does not provide a welcome benefit, the elevated reward rate and the additional perks in travel and forex make it attractive for users who want higher returns and better value on foreign currency transactions. Both cards offer point-based rewards, but the Select Credit Cardⓘ wins in raw value.

Fees Compared

Both cards come with zero joining fees and zero annual fees, making them truly lifetime free credit cards. Neither card requires a minimum annual spend to waive fees, as there are none to begin with. This puts both cards on an equal footing regarding cost of ownership, removing any pressure to meet spending thresholds merely to avoid fees.

The only caveat is that the LIC Select Credit Cardⓘ enforces a Rs 20,000 monthly spend gate to access lounge benefits. This is not a fee but a conditional requirement to unlock lounge access, which could influence the effective cost or value derived for some users. The Canara Bank Visa Platinum Credit Cardⓘ imposes no such condition for its domestic lounge access.

Which One Should You Pick

Opt for the Canara Bank Visa Platinum Credit Cardⓘ if you prefer a no-fuss, no-fee card that gives you good lounge access domestically without any spend hurdles. It suits conservative spenders who want basic rewards and easy access to lounges for occasional travel within India.

The LIC Select Credit Cardⓘ is ideal for the frequent traveler and forex user who wants higher rewards, better forex markup charges, and a blend of domestic and international lounge access. It suits those who can consistently spend Rs 20,000 monthly to unlock lounge benefits and want to maximize returns on their everyday and overseas spending.

In conclusion, the LIC Select Credit Cardⓘ stands out for rewards and travel perks, making it the stronger all-rounder for active spenders and travelers. The Canara Bank Visa Platinum Credit Cardⓘ is better for those who prioritize simplicity, no fees, and straightforward domestic lounge access. Skip the Canara Bank card if you want higher rewards and international lounge access. Skip the LIC Select card if you dislike spend gates or rarely travel abroad.

What to Check Before You Apply

  • Confirm if the lounge access caps (8 domestic for Canara Bank, 4 domestic + 2 international for LIC Select) align with your travel frequency.
  • Understand the point redemption value and process for each card’s reward points to ensure you get worthwhile returns.
  • Review the Rs 20,000 monthly spend requirement on the LIC Select Credit Cardⓘ to access lounges, as this may impact your benefit realization.
  • For frequent overseas use, consider the forex markup difference: 3% for Canara Bank Visa Platinum and 1.5% for LIC Select, which affects your foreign transaction costs.
  • Check which airport lounges are included and their locations to confirm convenience based on your travel patterns.

FAQ

Are there any joining or annual fees for these cards?+
Both the Canara Bank Visa Platinum Credit Cardⓘ and the LIC Select Credit Cardⓘ have no joining fees and no annual fees, making them lifetime free cards.
How do the lounge access benefits differ between these cards?+
The Canara Bank Visa Platinum Credit Cardⓘ offers 8 complimentary domestic lounge visits per year with no spend conditions. The LIC Select Credit Cardⓘ provides 4 domestic and 2 international lounge visits annually, but these require a monthly spend of Rs 20,000 to unlock.
What is the forex markup fee on both cards?+
The Canara Bank Visa Platinum Credit Cardⓘ charges a 3% forex markup on foreign currency transactions, whereas the LIC Select Credit Cardⓘ charges a lower 1.5%, making it more cost-effective for international spenders.
Do these cards offer any welcome benefits?+
Neither card offers a welcome benefit; both focus on lifetime free usage with ongoing rewards and perks.
Which card is better for everyday rewards?+
The LIC Select Credit Cardⓘ provides a higher base reward rate of 0.75% compared to the Canara Bank Visa Platinum Credit Cardⓘ’s 0.5%, making it the better option for maximizing everyday spend rewards.