Axis Magnus vs SBI Cashback
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 | Axis Magnus | SBI Cashback |
|---|---|---|
| Annual fee | · ₹12,500 | ₹999 |
| Joining fee | · ₹12,500 | ₹999 |
| Top reward rate | 12% (travel) | · 5% (shopping) |
| Base reward rate | 4.8% | · 1% |
| Forex markup | 2% | · 3.5% |
| Welcome bonus | = 12,500 EDGE Reward Points + ₹10,000 Tata CLiQ voucher | = Cashback offsets joining fee on first ₹999+ spend |
| Fee waiver threshold | · ₹2,500,000 / yr | ₹200,000 / yr |
| Min income | · ₹1,800,000 | ₹360,000 |
| Min credit score | · 780 | 750 |
| Editorial rating | · 4.3/5 | 4.6/5 |
Benefits compared
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
SBI Cashback
- 5% cashback on ALL online spends (not just listed merchants) — capped ₹5,000/month
- 1% cashback on offline spends
- Auto-credited within 2 days of statement
- 1% fuel surcharge waiver
FAQ
›Axis Magnus vs SBI Cashback: 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 Axis Magnus for its best categories, SBI Cashback for online shopping. Just watch the combined annual fees against your spend.
›Which one has the better welcome bonus?
Axis Magnus: 12,500 EDGE Reward Points + ₹10,000 Tata CLiQ voucher. SBI Cashback: Cashback offsets joining fee on first ₹999+ spend.