SBI Miles Elite Credit Card Review

By | February 1, 2025
SBI Miles Elite Credit Card

SBICard recently introduced a miles-focused credit card lineup to tap into the growing demand among frequent travellers, driven by the Axis Magnus effect. Among the three variants, the top-tier offering is the SBI Miles Elite Credit Card.

Here’s everything you need to know about SBICard’s first range of credit cards that allow point transfers to a wide network of airline and hotel partners.

Overview

TypeTravel Credit Card
Reward Rate1% to 4.7%
Forex Markup Fee1.99%+GST
Best forTravel spends
USPLounge access based on spends

To apply, You’ll need to open the link on desktop (not mobile), click on “start apply journey” and click on “change card” and choose “SBI Card Miles Elite”.

apply now

Fees

Joining Fee4,999 INR+GST
Welcome Benefit5,000 Travel Credits
(on 1L spend in 60 days)
Renewal Fee4,999 INR+GST
Renewal Benefit
Renewal Fee waiverSpend 15L INR

Asking cardholders to spend ₹1L in just 60 days for a ₹5K fee card feels quite high for the segment, especially considering the fact that it takes over a week to receive the card in hand.

Even after meeting the spend requirement, the welcome benefit barely justifies the ₹5,900 joining fee.

It would be more reasonable if SBI offered 6,000 Travel Credits instead of 5,000 to make the signup more appealing.

Design

SBI Miles Elite Card

While there is nothing much to complain or praise, I think the colours could be little more vibrant even with the existing design, as it looks bit dull both indoors and outdoors.

Rewards

SPEND TYPEEDGE MILESREWARD RATE (Miles at 1:1)
Regular Spends2 / 200 INR1%
Travel Spends6 / 200 INR3%

A 1% reward rate on regular spends is extremely underwhelming, especially when the competing Axis Bank Atlas Credit Card offers 4% returns, even higher with select redemptions like Accor, which is not the case with SBI Miles Elite Credit Card.

However, the reward rate on travel spends is relatively decent. Not only that, it also covers wide variety of MCC’s used for travel, including OTA’s, Tolls and public transports like taxis.

Exclusions for rewards:

  • Utility, Insurance, Education
  • Rent, Wallet, EMI

Redemption

There are multiple options to redeem these points, as below:

  • 1 Travel Credit = Upto 1 for Air Mile / Hotel Point (partners list)
  • 1 Travel Credit = ₹0.50 for Travel Bookings
  • 1 Travel Credit = ₹0.25 for Shop & Smile Product Catalogue

Redeeming for airline/hotel partners is the only way to get a decent value, other options give extremely poor value. Not to mention that not all redemption partners are at 1:1 ratio.

Speaking of redemption partners, the list is quite good but the transfer ratio is quite poor with most of the partners.

Some worthy & popular partners with good transfer ratio are as below:

  • Airlines: Air Canada, Air France-KLM, Cathay Pacific, British Airways (all at 1:1)
  • Hotels: Accor (2:1), Shangri La (6:1)

The SBI Miles Elite Credit Card offers a solid list of hotel partners. However, the conversion ratios for points could be improved to make it more competitive. 

That said, it’s good to see that SBI Miles Elite Credit Card is part of the recent 10% Bonus miles Promo on Cathay Pacific. So if more such transfer offers kicks in, the card might get some traction.

Milestone Benefit

SPEND REQUIREMENTMILESTONE BENEFITReward Rate
12 Lakhs20,000 Travel Credits~1.7%

Milestone benefit on SBI Miles Elite Credit Card is certainly pretty good as you get almost 1.7% return on 12L spend.

So the effective reward rate on 12L spend is 2.7% on regular spends or 4.7% on travel spends which looks good.

But a single milestone feels limiting, almost like flying all the way to Europe only to visit one country. Where’s the adventure in that?

Lounge Access

MEMBERSHIP TIERPrimaryPrimary + Guests
(Spend based)
Domestic2/QtrUpto 15
International2/Qtr
  • Get 1 extra domestic lounge access vouchers for each 1L spend, upto 15
  • A Voucher Code will be sent via SMS and E-Mail within 120 days of customer becoming eligible. To redeem, customer needs to apply the Voucher and update travel details on Lounge Key.

The international airport lounge access limited to 2 per quarter is inferior for a 5K fee card. I wish more cards comes with no quarterly limit, like HDFC Regalia Gold.

While the spend linked lounge access vouchers are new and noteworthy, it makes no sense to wait for 4 months to use it, hence making it practically useless for most cardholders.

And not to mention, the given link to redeem those lounge vouchers doesn’t work for many months now.

Features and Benefits

  • Loss of check-in baggage up to ₹ 72,000
  • Delay of check-in baggage ₹ 7,500
  • Loss of travel documents up to ₹12,500
  • Baggage damage cover up to ₹5,000

Hands on Experience

SBI Miles Elite Credit Card experience

I applied for the SBI Miles Elite Credit Card few months ago to experience the card and to see some fresh design after a long time.

The 5,000 Travel Credits arrived within a few weeks of completing the ₹1L spend. However, the points transfer portal was initially buggy, requiring a day to function properly.

Once fixed, I transferred points to Accor, and the points reflected within two days—similar to how Axis Bank processes transfers.

Points Transfer on SBI Miles Elite credit Card

Should you Apply?

I took the SBI Miles Elite Credit Card assuming that there would be some backup card to earn Aeroplan/Accor points beyond the cap on Axis Magnus Burgundy.

But now that HSBC TravelOne card is there to serve that purpose with better benefits, I think SBI Miles Elite doesn’t do any justice going forward.

But if you find HSBC Cards limited by serviceable areas or if you’re interested in the milestone benefit to earn rewards on wide range of categories, SBI Miles Elite Card may come handy.

apply now

To apply, You’ll need to open the link on desktop (not mobile), click on “start apply journey” and click on “change card” and choose “SBI Card Miles Elite”.

Bottomline

  • Cardexpert Rating: 3.5/5

SBI Miles Elite Credit Card, the first miles-focused offering from SBICard fails to stand out for most cardholders in this segment unless they’ve already maxed out rewards on the more lucrative Axis Atlas Credit Card.

As a result, it remains rarely seen in circulation and is likely to stay that way unless SBICard enhances its value proposition or Axis Atlas undergoes devaluation.

Author: Siddharth

Helping Indians choose the right credit cards, find the best offers, and enjoy luxury vacations for less using credit card rewards.

6 thoughts on “SBI Miles Elite Credit Card Review

  1. Rohit Bahl

    Hi Sid,
    Another waste product by SBI. Primes/Elites both are similar types of SBI like its other co-branded ones. With such a high Annual fee, not much benefits. Sid, the only thing this card has is a new design, like an old wine in a new bottle. Lounge benefits aren’t that gr8. Intl. lounge access-2/qtr is bad.
    Exclusion of Utility, Insurance & Education expenses is simply like Amex cards. Atleast a base rewards should be provided for such payments. Overall another disaster from SBI.

    Reply
  2. Krunal Sanghvi

    Do government spends and spends done on Gold/Jewellery purchases earn reward points?

    Reply
    1. Siddharth Post author

      You can click on the “partners list” link for full T&C.
      Yes, as per the T&C but can’t trust any bank in 2025, on exclusions for such spends, esp. Gov spends unless tested.

      Reply
  3. vadakkus

    Hi Siddharth, good writeup as usual. But how did you manage to get a SBI Card when they currently refuse to issue cards to anyone already holding more than a couple of cards with more than a couple of lakhs credit limit saying they are “Overleveraged”?

    Been trying to get my hands on the Octane card for a couple of years now but have been repeatedly rejected saying I am overleveraged, despite a great CIBIL score and my total existing CL being just a couple of lakhs more than my annual income. And this is the case for nearly everyone I know.

    Reply
    1. Siddharth Post author

      I had to split the limit from existing card, someone calls to ask ask how much we need on the card, and in 2 days it gets approved. Same happened when I applied for Cashback Card if I remember it right.

      In your case, try to talk to someone from SBICard via branch/offline, I guess they might be able to help.

      Reply
  4. Mahesh S Panicker

    I have to say Sid has become extremely generous with rating scores for cards of late. Think a 1 full point too much at the very least for this one. Real waste of a card really, considering the fees/rewards/transfer rates/exclusions. Can’t see much going for this card.
    SBI has steadily been losing it in the card space, so much so that the Aurum perhaps at the top end, and the Cashback are the only worthwhile cards left in the staple.

    Reply

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