HSBC TravelOne vs SBI Card MILES ELITE (2026)
Two sub-₹5,000 transfer hubs: HSBC's instant Avios moves vs the widest 1:1 airline list on any Indian bank card.
Head to head
| Metric | HSBC TravelOne | SBI Card MILES ELITE |
|---|---|---|
| Our rank | #14 | #37 |
| Annual fee | ₹4,999 + GST | ₹4,999 + GST |
| Fee waiver | ₹8,00,000 spend | ₹15,00,000 spend |
| Forex markup | 3.5% + GST | 1.99% + GST (also 1.99% DCC on INR-billed international transactions ≥₹1,000) |
| APR | 3.75%/mo (45%/yr), computed from transaction date | Up to 3.75%/mo (45%/yr) |
| Effective reward rate | 2.0% | 1.0% |
| Currency | HSBC Reward Points | SBI Travel Credits |
| House value | ₹1.00/pt | ₹1.00/pt |
| Welcome benefit | ₹1,000 cashback + ₹3,000 Postcard voucher + 3-mo EazyDiner Prime on ₹25k in 30 days | 5,000 Travel Credits on ₹1L spend in 60 days |
| Lounge doors opened | 73 of 644 | 583 of 644 |
| Income — salaried | ₹6L+/yr; age 18–65 | not published |
| Income — self-employed | ₹12L+/yr; age 25–65 | not published |
Gold marks the better side of a row. House value is our ₹-per-point mark for each card's currency — the full valuation index →
Net annual value face-off
Everyday spend at each card's base rate plus a realistic ~20% at its best accelerator (less for narrow or capped boosters) — milestones, fee waivers and the redemption haircut all at our house ₹/point. That's why the biggest headline rate doesn't automatically win. Tune it to your own spend in the calculator.
HSBC TravelOne out-earns SBI Card MILES ELITE at every spend level we model, from ₹25k to ₹5L a month.
Transfer reach
Both reach
- British Airways Executive Club (Avios) 1:1
- Air France-KLM Flying Blue 1:1
- Air India Maharaja Club 1:1
Only HSBC TravelOne
- Singapore Airlines KrisFlyer
- Qatar Airways Privilege Club (Avios)
- Marriott Bonvoy
Only SBI Card MILES ELITE
- Air Canada Aeroplan
- Emirates Skywards
- AirRewards (Air Arabia)
Full route maps on each card page, best ₹/point routes on the optimizer →
The call
For the ₹1L/month spender, HSBC TravelOne nets ₹36,400 against ₹29,881 — a ₹6,519 gap. At ₹5L/month, HSBC TravelOne nets ₹1,42,000 against ₹94,400 — a ₹47,600 gap. Lounge chasers: SBI Card MILES ELITE opens 583 of 644 tracked doors to HSBC TravelOne's 73.
Our standing verdicts: HSBC TravelOne — Keep; SBI Card MILES ELITE — Keep. On our board, HSBC TravelOne sits at #14 to SBI Card MILES ELITE's #37 — that's the overall call. Your spend pattern can overrule us: run your exact numbers →