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Side-by-Side Comparison|Updated March 2026

Axis Bank Magnus Credit Card vs CASHBACK SBI Card

Detailed comparison of fees, rewards, benefits, and value to help you choose the right credit card for your spending pattern.

Axis Bank

Axis Bank Magnus Credit Card

8/10
Annual Fee₹12,500
Base Rewards0.2%
NetworkVisa
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SBI Card

CASHBACK SBI Card

8.5/10
Annual Fee₹999
Base Rewards1%
NetworkVisa
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Feature-by-Feature Comparison

FeatureAxis Bank Magnus Credit CardCASHBACK SBI Card
Annual Fee₹12,500₹999
Joining Fee₹12,500₹999
Fee Waiver Spend₹25,00,000₹2,00,000
Base Reward Rate0.2%1%
Reward CurrencyEDGE Reward PointsCashback
NetworkVisaVisa
Editor Rating8/108.5/10
Forex Markup3.5%3.5%

Accelerated Rewards

Axis Bank Magnus Credit Card

No accelerated rewards listed

CASHBACK SBI Card

  • 0% on Online Spends

Pros & Cons

Axis Bank Magnus Credit Card

Pros

  • High reward rate of 17.5 EDGE points per ₹200 on spends above ₹1.5 Lakhs monthly.
  • Unlimited domestic and international lounge access for primary and add-on cardholders.
  • Low foreign currency markup fee of 2% for international transactions.
  • Welcome benefit voucher worth ₹12,500 effectively offsets the joining fee.

Cons

  • Significant devaluation in 2024 removed monthly milestone bonuses and concierge services.
  • High annual fee waiver threshold of ₹25 Lakhs is difficult for most users to reach.
  • Reward points transfer ratio to air miles reduced from 5:4 to 5:2 for non-Burgundy users.

CASHBACK SBI Card

Pros

  • Flat 5% cashback on almost all online spends without merchant restrictions.
  • 1% flat cashback on all offline spends and utility payments.
  • Cashback is auto-credited to the statement within 2 days of statement generation.
  • Simple annual fee waiver at ₹2 lakh annual spend.

Cons

  • Monthly cashback capped at ₹4,000 (₹2,000 online / ₹2,000 offline) from April 2026.
  • No complimentary domestic or international airport lounge access.
  • Extensive list of exclusions including rent, fuel, wallet loads, and government transactions.

Our Verdict

CASHBACK SBI Card edges ahead overall with a stronger combination of rewards and value. However, Axis Bank Magnus Credit Card could be the better pick if its specific category strengths match your spending habits.

Choose Axis Bank Magnus Credit Card if

Best value is unlocked after crossing the ₹1.5 Lakh monthly spend threshold.

Choose CASHBACK SBI Card if

Highest flat cashback rate of 5% across all e-commerce platforms like Amazon, Flipkart, and Myntra.

Frequently Asked Questions

Which is better: Axis Bank Magnus Credit Card or CASHBACK SBI Card?
CASHBACK SBI Card edges ahead overall with a stronger combination of rewards and value. However, Axis Bank Magnus Credit Card could be the better pick if its specific category strengths match your spending habits.
What is the annual fee difference between Axis Bank Magnus Credit Card and CASHBACK SBI Card?
Axis Bank Magnus Credit Card has an annual fee of ₹12,500, while CASHBACK SBI Card has an annual fee of ₹999. Axis Bank Magnus Credit Card offers a fee waiver on ₹25,00,000 annual spend. CASHBACK SBI Card offers a fee waiver on ₹2,00,000 annual spend.
Which card has better rewards: Axis Bank Magnus Credit Card or CASHBACK SBI Card?
Axis Bank Magnus Credit Card offers a base reward rate of 0.2%. CASHBACK SBI Card offers 1% base rewards with bonuses on Online Spends. The better choice depends on your primary spending categories.
Can I have both Axis Bank Magnus Credit Card and CASHBACK SBI Card?
Yes, many users hold multiple credit cards to maximize rewards across different spending categories. Axis Bank Magnus Credit Card and CASHBACK SBI Card can complement each other if they cover different reward categories.
Which card is better for beginners: Axis Bank Magnus Credit Card or CASHBACK SBI Card?
For beginners, CASHBACK SBI Card may be more approachable with a lower annual fee of ₹999. However, evaluate based on your expected spending pattern rather than fee alone.

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