SBI Cashback vs Axis Magnus
Side-by-side comparison across fees, rewards, welcome bonuses, and eligibility.
SBI Cashback wins 6-3. Pure online cashback, 5% on any online merchant, no partner restrictions. Axis Magnus is still the right call if high-spenders post-2024 devaluation, still solid for ₹2l+/month travel..
Side-by-side
| Criterion | SBI Cashback | Axis Magnus |
|---|---|---|
| Annual fee | ₹999 | · ₹12,500 |
| Joining fee | ₹999 | · ₹12,500 |
| Top reward rate | · 5% (shopping) | 12% (travel) |
| Base reward rate | · 1% | 4.8% |
| Forex markup | · 3.5% | 2% |
| Welcome bonus | = No welcome bonus, value lives in the cashback rate | = 12,500 EDGE Reward Points + ₹10,000 Tata CLiQ voucher |
| Fee waiver threshold | ₹200,000 / yr | · ₹2,500,000 / yr |
| Min income | ₹360,000 | · ₹1,800,000 |
| Min credit score | 750 | · 780 |
| Editorial rating | 4.6/5 | · 4.3/5 |
Benefits compared
SBI Cashback
- 5% cashback on ALL online spends (not just listed merchants), capped ₹4,000 per statement cycle (₹2,000 online + ₹2,000 offline sub-caps, effective 1 Apr 2026)
- 1% cashback on offline spends
- Auto-credited within 2 days of statement
- 1% fuel surcharge waiver
Axis Magnus
- 12 EDGE points per ₹200 on travel via TravelEdge portal
- 4.8 EDGE points per ₹200 on general spend
- Unlimited international + domestic lounge access (Priority Pass)
- Buy 1 get 1 BookMyShow tickets monthly (capped 5)
- Annual ₹10,000 milestone vouchers from Tata CLiQ
- Concierge 24x7 + golf 4x/month
FAQ
›SBI Cashback vs Axis Magnus: which is better?
SBI Cashback wins on more dimensions (6 vs 3). But the right answer depends on your specific spending pattern, see the calculator below.
›Can I get both?
Yes, if your credit profile supports it, holding both is the optimal play. Use SBI Cashback for online shopping, Axis Magnus for its best categories. Just watch the combined annual fees against your spend.
›Which one has the better welcome bonus?
SBI Cashback: No welcome bonus, value lives in the cashback rate. Axis Magnus: 12,500 EDGE Reward Points + ₹10,000 Tata CLiQ voucher.