SBI Miles Elite Credit Card Review

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The SBI Miles Elite Credit Card is making waves in the travel credit card space, targeting frequent travelers and those who love earning rewards on their journeys. With its promise of travel credits, lounge access, and a host of other benefits, this card aims to compete with premium travel cards like the Axis Atlas. But does it deliver enough value to justify its annual fee? This comprehensive review breaks down the features, benefits, drawbacks, and everything else you need to know about the SBI Miles Elite Credit Card to decide if it's the right fit for you.

Overview of the SBI Miles Elite Credit Card

The SBI Miles Elite Credit Card is the top-tier offering in SBI's travel-focused "Miles" lineup, which also includes the SBI Miles and SBI Miles Prime variants. Designed for travelers who want to earn rewards on travel-related spending, this card offers a mix of travel credits, lounge access, and insurance benefits. With an annual fee of Rs. 4,999 plus applicable taxes, it's positioned as a premium card, but its rewards structure and benefits need careful evaluation to determine its true worth.

Key Features and Benefits

Let's dive into what makes the SBI Miles Elite Credit Card stand out.

• Welcome Bonus: New cardholders can earn 5,000 Travel Credits by spending Rs. 1 lakh within 60 days of card issuance. These credits can be redeemed for air miles, hotel points, or travel bookings, offering a decent kickstart for frequent travelers.
  
• Reward Structure: The card offers 6 Travel Credits for every Rs. 200 spent on travel-related purchases, such as flights, hotels, online travel agencies (OTAs), taxis, and tolls. For other spends, you earn 2 Travel Credits per Rs. 200. Travel Credits can be converted to air miles or hotel points with select partners, often at a 1:1 ratio for premium partners like Air Canada, Air France-KLM, Cathay Pacific, and British Airways.
  
• Milestone Benefits: Spend Rs. 12 lakh annually to earn 20,000 Bonus Travel Credits, which significantly boosts the card's reward rate. Additionally, the annual fee is reversed if you spend Rs. 15 lakh in a year, making it appealing for high spenders.
  
• Lounge Access: The card provides 8 complimentary domestic lounge visits per year (up to 2 per quarter) for the primary cardholder. You can also earn additional domestic lounge visits (up to 15) for every Rs. 1 lakh spent, and these are available for both the primary cardholder and a guest. Internationally, you get 6 complimentary lounge visits per year via Priority Pass, though the membership is valid only for the first two years.
  
• Low Forex Markup: A 1.99% foreign currency markup fee makes this card attractive for international transactions, especially compared to standard cards that charge 3.5% or more.
  
• Travel Insurance: The card includes comprehensive travel insurance, such as Rs. 1 crore air accident cover (discontinued after July 15, 2025), Rs. 1 lakh fraud liability cover, flight cancellation cover (up to Rs. 3,500 for 6 cancellations per year), baggage damage cover (Rs. 5,000), and coverage for lost or delayed baggage and travel documents.
  
• Fuel Surcharge Waiver: Get a 1% fuel surcharge waiver on transactions between Rs. 500 and Rs. 4,000, capped at Rs. 500 per statement cycle.
  
• Contactless Payments: The card supports contactless transactions for quick and secure payments at compatible merchants.
  
• UPI Compatibility: Available on the RuPay network, the card can be linked to UPI for seamless digital payments.
  

Reward Redemption Options

The SBI Miles Elite Credit Card's rewards program revolves around Travel Credits, which can be redeemed in multiple ways:

• Air Miles and Hotel Points: Convert Travel Credits to air miles or hotel points with partners like Air Vistara, Air India, SpiceJet, Etihad Airways, ITC Hotels, IHG Hotels, and Accor. The 1:1 transfer ratio for select partners is a highlight, though some partners have less favorable 2:1 ratios.
  
• Travel Bookings: Redeem Travel Credits for flights or hotels at a rate of 1 Travel Credit = Rs. 0.50.
  
• Product Catalogue: Use credits for shopping via the Shop & Smile catalogue, though the value drops to 1 Travel Credit = Rs. 0.25, making this a less attractive option.
  

A minimum of 2,000 Travel Credits is required for redemption, with no upper cap. However, points are valid for only two years, so plan your redemptions carefully.

Drawbacks to Consider

While the SBI Miles Elite Credit Card has its strengths, there are some limitations to keep in mind.

• High Annual Fee: The Rs. 4,999 annual fee is steep, especially since there's no renewal benefit to offset it unless you hit the Rs. 15 lakh spending milestone.
  
• Underwhelming Reward Rate: The base reward rate of 1% on non-travel spends is lackluster compared to competitors like the Axis Atlas, which offers up to 4% returns. Even on travel spends, the 3% reward rate (6 Travel Credits per Rs. 200) is decent but not class-leading.
  
• Limited Renewal Incentive: Unlike some competitors, the card lacks a renewal bonus, which makes the annual fee harder to justify for moderate spenders.
  
• Priority Pass Limitation: The complimentary Priority Pass membership expires after two years, and renewing it costs USD 99, which is a drawback for long-term cardholders.
  
• Redemption Challenges: The points transfer portal has been reported as buggy, and not all partners offer a 1:1 transfer ratio, reducing flexibility. Additionally, non-travel redemption options offer poor value.
  
• Exclusions on Rewards: No Travel Credits are earned on fuel, insurance, utilities, rentals, or wallet loads, which limits earning potential for some users.
  

Who Should Get This Card?

The SBI Miles Elite Credit Card is best suited for:

• Frequent travelers who spend heavily on flights, hotels, and OTAs and can maximize the 3% reward rate on travel spends.
• High spenders who can hit the Rs. 12 lakh milestone for 20,000 Bonus Travel Credits or the Rs. 15 lakh milestone for fee reversal.
• Those who value lounge access, especially the spend-based additional domestic lounge visits for themselves and guests.
• International travelers who benefit from the low 1.99% forex markup fee and travel insurance.

However, if your spending is moderate or you don't travel frequently, other cards like the Axis Atlas or HDFC Diners Club Black may offer better value with higher reward rates and more robust benefits.

How Does It Compare?

Compared to the Axis Atlas, which has a similar annual fee, the SBI Miles Elite falls short in reward rates (Axis offers 4-5% returns) and transfer ratios (1 Edge Mile = 2 Partner Points for most partners). The Axis Atlas also has a more user-friendly points transfer portal. Meanwhile, the HSBC TravelOne card provides better benefits for earning Aeroplan or Accor points, making it a stronger alternative for some users. For those seeking a lower-fee option, the SBI Miles Prime (Rs. 2,999) offers similar benefits with a lower spending threshold for milestones.

Application Process

Applying for the SBI Miles Elite Credit Card is straightforward:

• Visit the official SBI Card website.
• Select the "Apply" option and choose the SBI Miles Elite Credit Card.
• Fill in your personal and financial details, including income proof (salary slips, ITR, or bank statements) and identity/address proof (Aadhaar, PAN, or driving license).
• Submit the application and await approval, which depends on your credit score and eligibility (typically salaried individuals with Rs. 60,000 monthly income or self-employed with ITR above Rs. 7.2 lakh annually).

Final Verdict

The SBI Miles Elite Credit Card offers a solid mix of travel-focused benefits, including lounge access, travel insurance, and a decent reward structure for frequent travelers. Its milestone benefits and low forex markup fee are highlights, but the high annual fee, modest reward rates, and lack of renewal incentives make it less competitive against cards like the Axis Atlas. If you're a high-spending frequent traveler who can maximize the milestone benefits and lounge access, this card could be a good addition to your wallet. For others, exploring alternative travel cards with better reward rates and flexibility might be a wiser choice.

Before applying, weigh your spending habits and travel needs to ensure the card's benefits outweigh its costs. If you can hit the spending milestones and value the travel perks, the SBI Miles Elite Credit Card could elevate your travel experience while earning you rewards along the way.