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Side-by-Side Comparison|Updated March 2026

ICICI Bank Platinum Chip Credit Card vs SBI Card MILES ELITE

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

ICICI Bank

ICICI Bank Platinum Chip Credit Card

6.5/10
Annual FeeFree
Base Rewards0.125%
NetworkVisa
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SBI Card

SBI Card MILES ELITE

8.2/10
Annual Fee₹4,999
Base Rewards1%
NetworkMastercard
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Feature-by-Feature Comparison

FeatureICICI Bank Platinum Chip Credit CardSBI Card MILES ELITE
Annual FeeFree₹4,999
Joining FeeFree₹4,999
Fee Waiver SpendN/A₹15,00,000
Base Reward Rate0.125%1%
Reward CurrencyICICI Bank Reward PointsTravel Credits
NetworkVisaMastercard
Editor Rating6.5/108.2/10
Forex Markup3.5%3.5%

Pros & Cons

ICICI Bank Platinum Chip Credit Card

Pros

  • Lifetime free card with no joining or annual fees ever
  • Earn 2 reward points for every ₹100 spent on retail purchases
  • 1% fuel surcharge waiver at HPCL pumps for transactions up to ₹4,000
  • Minimum 15% savings on dining bills at 2,500+ partner restaurants via Culinary Treats

Cons

  • No complimentary airport lounge access
  • Low reward rate of 0.5% on general retail spends
  • Reward points on utilities and insurance are capped at 1 point per ₹100

SBI Card MILES ELITE

Pros

  • High 3% reward rate on travel spends (6 Travel Credits per ₹200).
  • 1:1 conversion ratio for Travel Credits to Air Miles and Hotel Points with major partners.
  • Unique spend-linked domestic lounge access (1 extra visit per ₹1 Lakh spend).
  • Low foreign currency markup of 1.99%, ideal for international travelers.

Cons

  • High annual fee of ₹4,999 with a steep waiver threshold of ₹15 Lakhs.
  • Lounge access is capped per quarter (2 visits), which may be restrictive for frequent flyers.
  • Air Accident insurance coverage was discontinued as of July 2025.

Our Verdict

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

Choose ICICI Bank Platinum Chip Credit Card if

Ideal for beginners looking to build a credit history without the burden of annual fees.

Choose SBI Card MILES ELITE if

High reward rates on flights and hotels with 1:1 mile conversion across multiple airlines.

Frequently Asked Questions

Which is better: ICICI Bank Platinum Chip Credit Card or SBI Card MILES ELITE?
SBI Card MILES ELITE edges ahead overall with a stronger combination of rewards and value. However, ICICI Bank Platinum Chip Credit Card could be the better pick if its specific category strengths match your spending habits.
What is the annual fee difference between ICICI Bank Platinum Chip Credit Card and SBI Card MILES ELITE?
ICICI Bank Platinum Chip Credit Card has no annual fee, while SBI Card MILES ELITE has an annual fee of ₹4,999. SBI Card MILES ELITE offers a fee waiver on ₹15,00,000 annual spend.
Which card has better rewards: ICICI Bank Platinum Chip Credit Card or SBI Card MILES ELITE?
ICICI Bank Platinum Chip Credit Card offers a base reward rate of 0.125%. SBI Card MILES ELITE offers 1% base rewards. The better choice depends on your primary spending categories.
Can I have both ICICI Bank Platinum Chip Credit Card and SBI Card MILES ELITE?
Yes, many users hold multiple credit cards to maximize rewards across different spending categories. ICICI Bank Platinum Chip Credit Card and SBI Card MILES ELITE can complement each other if they cover different reward categories.
Which card is better for beginners: ICICI Bank Platinum Chip Credit Card or SBI Card MILES ELITE?
For beginners, ICICI Bank Platinum Chip Credit Card may be more approachable with no annual fee. However, evaluate based on your expected spending pattern rather than fee alone.

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