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Side-by-Side Comparison|Updated March 2026

CASHBACK SBI Card vs Axis Bank Magnus Credit Card

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

SBI Card

CASHBACK SBI Card

8.5/10
Annual Fee₹999
Base Rewards1%
NetworkVisa
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Axis Bank

Axis Bank Magnus Credit Card

8/10
Annual Fee₹12,500
Base Rewards0.2%
NetworkVisa
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Feature-by-Feature Comparison

FeatureCASHBACK SBI CardAxis Bank Magnus Credit Card
Annual Fee₹999₹12,500
Joining Fee₹999₹12,500
Fee Waiver Spend₹2,00,000₹25,00,000
Base Reward Rate1%0.2%
Reward CurrencyCashbackEDGE Reward Points
NetworkVisaVisa
Editor Rating8.5/108/10
Forex Markup3.5%3.5%

Accelerated Rewards

CASHBACK SBI Card

  • 0% on Online Spends

Axis Bank Magnus Credit Card

No accelerated rewards listed

Pros & Cons

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.

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.

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 CASHBACK SBI Card if

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

Choose Axis Bank Magnus Credit Card if

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

Frequently Asked Questions

Which is better: CASHBACK SBI Card or Axis Bank Magnus Credit 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 CASHBACK SBI Card and Axis Bank Magnus Credit Card?
CASHBACK SBI Card has an annual fee of ₹999, while Axis Bank Magnus Credit Card has an annual fee of ₹12,500. CASHBACK SBI Card offers a fee waiver on ₹2,00,000 annual spend. Axis Bank Magnus Credit Card offers a fee waiver on ₹25,00,000 annual spend.
Which card has better rewards: CASHBACK SBI Card or Axis Bank Magnus Credit Card?
CASHBACK SBI Card offers a base reward rate of 1% with accelerated rewards on Online Spends. Axis Bank Magnus Credit Card offers 0.2% base rewards. The better choice depends on your primary spending categories.
Can I have both CASHBACK SBI Card and Axis Bank Magnus Credit Card?
Yes, many users hold multiple credit cards to maximize rewards across different spending categories. CASHBACK SBI Card and Axis Bank Magnus Credit Card can complement each other if they cover different reward categories.
Which card is better for beginners: CASHBACK SBI Card or Axis Bank Magnus Credit 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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