Quick Verdict

  • The LIC Select Credit Cardⓘ wins for everyday spending with a higher base reward rate of 0.75% versus 0.5% on the Canara Bank Visa Signature.
  • For travel benefits and lounge access, LIC Select Credit Cardⓘ also leads, offering both domestic and international lounge visits, though with a monthly spend gate.
  • Both cards have no joining or annual fees, making them equally cheap to hold.
  • Choose the Canara Bank Visa Signature Credit Cardⓘ if you want unlimited lifetime free usage with simple domestic lounge access, but pick the LIC Select Credit Cardⓘ if you value higher rewards, lower forex markup, and broader lounge coverage.

Side by Side

DetailCanara Bank Visa Signature Credit CardⓘLIC Select Credit Cardⓘ
Annual feeNil (lifetime free)Nil (lifetime free)
Joining feeNil (lifetime free)Nil (lifetime free)
Fee waiver on spend
Reward rate0.5%0.75%
Reward typepointspoints
Domestic lounge12 per year4 per year
International loungeNone2 per year
Forex markup3%1.5%
Best suited forrewards, loungelifetime-free, rewards, forex, travel, lounge

Rewards Compared

Spending Rs 10,000 on the Canara Bank Visa Signature Credit Cardⓘ yields Rs 50 worth of points, reflecting its 0.5% base reward rate. This card focuses on steady but modest returns, suitable for users who value lounge access domestically and want a simple, lifetime free card. It does not offer category-specific reward boosts, so all spend earns the flat 0.5%.

In contrast, the LIC Select Credit Cardⓘ offers Rs 75 back per Rs 10,000 spent, thanks to its higher 0.75% base reward rate. This makes it a stronger choice for everyday spenders looking to maximize value. The card’s reward structure is straightforward with no welcome benefits, but its superior base rate and extra travel perks make it more rewarding overall.

Fees Compared

Both cards waive joining and annual fees for life, so there are no direct costs to hold either. The Canara Bank Visa Signature Credit Cardⓘ has no fee waiver conditions, being free always. The LIC Select Credit Cardⓘ also charges no fees and imposes no waiver threshold since its fees are nil. Therefore, there is no break-even spend to consider between fees.

However, the LIC Select Credit Cardⓘ does have a Rs 20,000 monthly spend gate to access both domestic and international lounges, which may restrict lounge benefit usage for lower spenders. The Canara Bank card offers 12 domestic lounge entries per year without spend gates, making lounge access simpler.

Which One Should You Pick

The Canara Bank Visa Signature Credit Cardⓘ is best suited for users prioritizing a no-fuss, lifetime free card with decent domestic lounge access and who have modest reward expectations. If you rarely travel internationally and want a straightforward card with zero fees ever, this is a solid choice.

The LIC Select Credit Cardⓘ suits spenders who want a higher everyday reward rate and travel perks including international lounge visits. It is ideal for those who can meet the Rs 20,000 monthly spend gate on lounges and who want a lower forex markup when spending abroad. It also fits travelers seeking a lifetime free card with more comprehensive benefits.

In the final call, the LIC Select Credit Cardⓘ edges ahead for overall value due to better rewards, travel benefits, and forex rates. The Canara Bank Visa Signature Credit Cardⓘ remains a good pick for simple domestic lounge access with no conditions.

What to Check Before You Apply

  • Lounge access on LIC Select Credit Cardⓘ requires Rs 20,000 monthly spend to activate benefits.
  • Redemption value is fixed at the stated reward rate; no bonus categories or point multipliers beyond base earn.
  • Fee waiver is irrelevant here since both cards are lifetime free, but watch for spend gates on lounge access.
  • Forex markup differs significantly: 3% on Canara Bank card vs 1.5% on LIC Select card.
  • Check which airports have lounges that accept these cards, especially for international travel on LIC Select Credit Cardⓘ.

FAQ

Which card offers better rewards on everyday spend?+
The LIC Select Credit Cardⓘ offers a higher base reward rate of 0.75% compared to 0.5% on the Canara Bank Visa Signature Credit Cardⓘ, making it better for everyday rewards.
Do either card charge joining or annual fees?+
No, both cards have no joining or annual fees and are lifetime free to hold.
What are the lounge benefits on these cards?+
The Canara Bank Visa Signature Credit Cardⓘ offers 12 domestic lounge entries annually with no international lounge access. The LIC Select Credit Cardⓘ offers 4 domestic and 2 international lounge visits per year, but lounge access requires Rs 20,000 monthly spend.
How much do these cards charge for foreign currency transactions?+
The Canara Bank Visa Signature Credit Cardⓘ charges a 3% forex markup, while the LIC Select Credit Cardⓘ charges a lower 1.5%, saving money on abroad spend.
Who should avoid the Canara Bank Visa Signature Credit Card?+
Users who want higher rewards, international lounge access, or lower forex fees should skip the Canara Bank Visa Signature Credit Cardⓘ and opt for the LIC Select Credit Cardⓘ instead.
Who should avoid the LIC Select Credit Card?+
Those unwilling or unable to meet the Rs 20,000 monthly spend gate for lounges or who want simpler domestic benefits without conditions might prefer the Canara Bank Visa Signature Credit Cardⓘ.