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SBI Card ELITE vs Axis Magnus

Both cards compared on real rupee returns for best premium credit card India SBI ELITE vs Axis Magnus. We ran the numbers so you can make the right call.

Last updated: August 2026 · Based on current card terms
SBI
CARD ELITE
ASHOK KUMAR
VS
AXIS
MAGNUS
ASHOK KUMAR
Our verdict
SBI Card ELITE wins for most people
Card A wins with -₹619 annual benefit versus Card B's -₹1,844. Despite both cards having negative returns at this spend level, Card A's lower fee and better domestic rewards make it the less costly option.
Side-by-side comparison
SBI Card ELITE ✓ Axis Magnus Credit Card
Annual benefit -₹619 -₹1,844
Annual feeThe yearly fee a bank charges for holding the card, often waived if you spend enough in a year.Full definition → ₹4,999 + taxes (waived on ₹10,00,000/year spend) ₹12,500 + taxes (waived on ₹25L spend)
Reward rateCashback pays you directly in rupees; reward points need converting first, and their real value depends on the redemption ratio.Full definition → 10 reward points per ₹100 on dining, grocery and departmental stores (2.5%); 2 RP on others (0.5%) 12 EDGE Miles per ₹200; 5X on travel partners
Lounge accessFree entry to airport lounges, usually limited to a set number of visits per quarter or year.Full definition → 2 domestic visits/quarter + 6 international visits/year via Priority Pass Unlimited (domestic + international)
Forex markupThe extra fee your bank adds on top of the real exchange rate for any spend in a foreign currency.Full definition → 1.99% 2%
Best for Premium lifestyle card with movie benefits, lounge access and dining/grocery rewards Premium travel and miles
Min. incomeThe minimum income, credit score, and other conditions a bank requires before approving your application.Full definition → ₹40,000/month (salaried) ₹18L+ per year
Credit scoreYour 3-digit credit score (300-900), higher scores make approval easier and can unlock better cards.Full definition → 750+ 750+
Apply now ↗ Full review →
Apply now ↗ Full review →
When each card wins
SBI Card ELITE
Card A suits those prioritizing dining and grocery purchases, offering 2.5% rewards on these categories. Choose it if you value movie benefits and lounge access without committing to high travel spend.
Axis Magnus Credit Card
Card B works best for frequent international travelers and those booking through Axis travel partners, where 5X miles accelerate redemption value significantly beyond regular spend.
Who should get which card
Get SBI Card ELITE if you…
· Lower annual fee (₹4,999) easier to justify and waive
· Better rewards on dining, groceries, and shopping (2.5%)
· Supplementary lifestyle benefits like movie tickets and lounge access
· Suitable for ₹31,000/month spend without high travel needs
Get Axis Magnus if you…
· Earn 12 EDGE Miles per ₹200 on all spending
· 5X multiplier on travel partner bookings maximizes miles value
· Premium positioning with higher limits and exclusive benefits
· Ideal for frequent flyers with annual spend exceeding ₹25 lakhs
Partner offer
IDFC FIRST Ashva Credit Card
Frequent travellers who book hotels and flights through the IDFC FIRST Bank app specifically, where the real redemption value is highest; weak for everyday spending outside the app
Apply now →
IDFC
ASHOK KUMAR

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Frequently asked questions
Based on our analysis, SBI Card ELITE offers better annual returns for most spend profiles.
SBI Card ELITE has an annual fee of ₹4,999 + taxes (waived on ₹10,00,000/year spend). Axis Magnus Credit Card has an annual fee of ₹12,500 + taxes (waived on ₹25L spend).
SBI Card ELITE offers 10 reward points per ₹100 on dining, grocery and departmental stores (2.5%); 2 RP on others (0.5%). Axis Magnus Credit Card offers 12 EDGE Miles per ₹200; 5X on travel partners.
SBI Card ELITE lounge access: 2 domestic visits/quarter + 6 international visits/year via Priority Pass. Axis Magnus Credit Card lounge access: Unlimited (domestic + international).
SBI Card ELITE charges 1.99% forex markup. Axis Magnus Credit Card charges 2% forex markup.