HSBC TravelOne vs SBI Card MILES ELITE
A field-by-field comparison of fees, reward rates, accelerated categories, caps, exclusions, lounge access and forex markup, using each issuer's own published terms. Affiliate payout never decides the verdict.
Short answer
HSBC TravelOne and SBI Card MILES ELITE differ first on recurring cost: HSBC TravelOne has an annual fee of ₹4,999 + GST against ₹4,999 + GST for SBI Card MILES ELITE, so holding cost is identical. On rewards, HSBC TravelOne earns 2 Reward Points per ₹100 on eligible spend; CardMasters models a conservative ₹0.30/point because issuer redemption values vary while SBI Card MILES ELITE earns 2 Travel Credits per ₹200 on eligible other spend. SBI Card MILES ELITE has the lower forex markup at 1.99%. Neither card wins outright: the better choice depends on which accelerated categories match your spend, the monthly caps, the exclusions and issuer approval fit.
Source: CardMasters issuer-evidence catalogue, release 2026-08-01. Confirm final terms with the issuer.
| Feature | HSBC TravelOne | SBI Card MILES ELITE |
|---|---|---|
| Issuer | HSBC | SBI Card |
| Joining fee | ₹4,999 + GST | ₹4,999 + GST |
| Annual fee | ₹4,999 + GST | ₹4,999 + GST |
| Fee waiver | ₹8,00,000 annual eligible spend | ₹15,00,000 annual eligible spend |
| Base rewards | 2 Reward Points per ₹100 on eligible spend; CardMasters models a conservative ₹0.30/point because issuer redemption values vary | 2 Travel Credits per ₹200 on eligible other spend |
| Accelerated routes | airlines, travel aggregators and foreign-currency spends | travel spends (air/rail/hotels/OTAs) |
| Reward exclusions | fuel, rent, wallet load, insurance, education, government, utility, jewellery, tax, money transfer, financial institution, bail bond, cash advance, fees | fuel, wallet load, rent, education, utility, insurance, quasi cash, cash advance, financial charges, disputed transactions, encash, atm withdrawal, flexipay, merchant emi |
| Forex markup | 3.5% | 1.99% |
| Domestic lounge | 6/yr (HSBC TravelOne lounge program, 50+ lounges) | 8/yr (maximum 2/quarter), plus 1 additional visit per cumulative ₹1 lakh spend; additional visits capped at 8/membership year |
| International lounge | 4/yr via LoungeKey | 6/yr through Priority Pass; paid thereafter |
| Card networks | Mastercard World | Mastercard, RuPay |
| Best suited to | miles transfer, travel, flexible points | miles transfer, travel, low forex |
| Issuer evidence | Checked 2026-08-01 | Checked 2026-08-01 |
Frequently asked questions
Is the HSBC TravelOne better than the SBI Card MILES ELITE?
Neither is universally better. HSBC TravelOne charges ₹4,999 + GST a year and earns 2 Reward Points per ₹100 on eligible spend; CardMasters models a conservative ₹0.30/point because issuer redemption values vary; SBI Card MILES ELITE charges ₹4,999 + GST and earns 2 Travel Credits per ₹200 on eligible other spend. The better card is the one whose accelerated categories, caps and exclusions match your actual spending, after subtracting the annual fee and GST.
Which of the two has the lower annual fee, HSBC TravelOne or SBI Card MILES ELITE?
Both cards carry the same recorded annual fee of ₹4,999 + GST, so the decision rests on rewards, caps and exclusions rather than holding cost.
Which is better for international spending, HSBC TravelOne or SBI Card MILES ELITE?
SBI Card MILES ELITE publishes the lower forex markup at 1.99% versus 3.5%. Also confirm whether international transactions earn rewards, since some issuers exclude them.
Can I hold both cards together?
Yes, provided each is approved on its own merits and you can pay both statements in full. Holding both makes sense only when their accelerated categories do not overlap; otherwise the second card adds an annual fee without adding rewards.