SBI Cashback vs IndusInd Iconia Amex
Side-by-side comparison across fees, rewards, welcome bonuses, and eligibility.
EXPRESS
SBI Cashback wins 4-3. Pure online cashback, 5% on any online merchant, no partner restrictions. IndusInd Iconia Amex is still the right call if mid-premium amex with annual-fee waiver from year 2..
Side-by-side
| Criterion | SBI Cashback | IndusInd Iconia Amex |
|---|---|---|
| Annual fee | · ₹999 | No annual fee |
| Joining fee | ₹999 | · ₹3,500 |
| Top reward rate | = 5% (shopping) | = 5% (shopping) |
| Base reward rate | · 1% | 1.5% |
| Forex markup | = 3.5% | = 3.5% |
| Welcome bonus | = No welcome bonus, value lives in the cashback rate | = 4,000 reward points + Yatra voucher |
| Fee waiver threshold | · ₹200,000 / yr | N/A (no fee) |
| Min income | ₹360,000 | · ₹600,000 |
| Min credit score | 750 | · 770 |
| Editorial rating | 4.6/5 | · 4.2/5 |
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
IndusInd Iconia Amex
- 10 reward points per ₹100 on weekend dining + grocery
- 4 international + 8 domestic lounge visits/year
- Annual fee waived from year 2 (lifetime)
- 1% fuel surcharge waiver
- Buy-1-get-1 BookMyShow
FAQ
›SBI Cashback vs IndusInd Iconia Amex: which is better?
SBI Cashback wins on more dimensions (4 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, IndusInd Iconia Amex 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. IndusInd Iconia Amex: 4,000 reward points + Yatra voucher.