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HSBC TravelOne Credit Card vs SBI Card MILES
On net annual value, HSBC TravelOne beats SBI Card MILES in all four spend profiles we model, from ₹4,998 a year for everyday spenders to ₹89,826 for high spenders. SBI Card MILES costs ₹1,499 a year against ₹4,999 and charges 3% on foreign-currency spend against 3.5%. Figures as of .
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Who comes out ahead — by how you spend
Estimated net annual value for four typical spend profiles: the rewards each card earns on that spend (a merchant or portal bonus only on the share of spend it plausibly reaches), plus the perks and milestone bonuses that spender would use, less any annual fee the spend does not waive (with GST) and the forex markup on spending abroad. Lounge access carries no rupee value here.
| Spender | HSBC TravelOne Credit Card | SBI Card MILES |
|---|---|---|
Everyday spender ≈ ₹40k/mo across groceries, bills, dining and fuel | ₹4,729/yr✓ +₹4,998/yr | −₹269/yr |
Online shopper ≈ ₹60k/mo, mostly e-commerce and subscriptions | ₹10,249/yr✓ +₹7,200/yr | ₹3,049/yr |
Frequent traveller ≈ ₹1.2L/mo with heavy travel and forex spend | ₹47,656/yr✓ +₹47,316/yr | ₹340/yr |
High spender ≈ ₹2.5L/mo across every category | ₹87,316/yr✓ +₹89,826/yr | −₹2,510/yr |
Not in these numbers: both include airport lounge access — real perks that can outweigh a small gap.
Illustrative profiles, not a personalised result — your categories decide the real winner. Run these two on my spending →
What your points are actually worth
A point's headline value means little without the earn rate behind it. Here's the real math — the value of a point by how you redeem it, the resulting return by category, and the net rupees for your own spend.
| Value of one point, by route | HSBC TravelOne Credit CardHSBC Reward Points | SBI Card MILESSBI Card Travel Credits |
|---|---|---|
| Cash / statement credit | ₹0.25 | — |
| Gift vouchers | ₹0.25 | ₹0.25 |
| Travel portal | — | ₹0.50 |
| Airline / hotel transfer | ₹2.001:1BEST | ₹1.076:1BEST |
Return by categoryearn rate × point value
Headline reward rate per category, before monthly caps. Switch the redemption strategy above to see how the picture shifts.
Your spend, head to head
Enter your monthly spend — net value is the annual rewards after the card fee, at each card's best realistic redemption (our recommender's model, caps and fee-waivers included).
Total ₹60,000/mo · ₹7,20,000/yr
Want the money-first pick across your whole wallet? Run the recommender →
| HSBC TravelOne Credit Card | SBI Card MILES | |
|---|---|---|
| Fees | ||
| Joining fee | ₹4,999 | ₹1,499 |
| Annual fee | ₹4,999/yr | ₹1,499/yr ✓ |
| Annual fee — all-in (incl. 18% GST) | ₹5,899 | ₹1,769 ✓ |
| Fee waiver at | ₹8,00,000/yr spend | ₹6,00,000/yr spend |
| Welcome benefit | ~₹4,000 | ~₹750 |
| Rewards | ||
| Best everyday reward | 4% on International ✓ | 0.5% on Travel |
| International | 4% ✓ | 0.25% |
| Base rate — other spends | 2% ✓ | 0.25% |
| Travel | 2% ✓ | 0.5% |
| Charges | ||
| Forex markup | 3.5% | 3% ✓ |
| Finance charge | 3.75% p.m. | 3.75% p.m. |
| Cash advance | — | — |
| Add-on card | — | — |
| Perks | ||
| concierge | ✓ · 4 chauffeur airport transfers a year (once per quarter) have been reported for 2026 but remain unverified on any HSBC source as of 2026-08-07 — confirm with HSBC before counting on this; valued at ₹0 until confirmed | — |
| fuel waiver | — | ~₹2,000/yr · 1% fuel surcharge waiver on transactions of ₹500–₹3,000 at all petrol pumps, capped at ₹250 per statement cycle. Fuel spends still earn no Travel Credits |
| golf | ~₹6,000/yr · 4 complimentary golf rounds + 12 lessons a year (max 1 lesson/month); 50% off additional green fees | — |
| lounge access | ~₹7,000/yr · 6 domestic + 4 international airport lounge visits a year | ~₹2,000/yr · 4 complimentary domestic airport lounge visits a year (max 2 in any quarter), plus 1 extra visit for every ₹1 lakh of spend, up to 8 more a year. Complimentary Priority Pass membership worth $99 free for the first 2 years — the membership only; each Priority Pass visit costs $27 plus taxes |
| milestone bonus | ~₹10,000/yr · 10,000 bonus reward points on ₹12,00,000 of annual spend (per HSBC's official TravelOne page) | ~₹2,500/yr · 5,000 bonus Travel Credits on ₹5 lakh of annual spend |
| Eligibility | ||
| Min income | ₹50,000/mo | — |
| Min age | 18+ yrs | — |
| UPI linked | — | — |
| Expert rating | 4.5 / 5 ✓ | 3.8 / 5 |
Reward rates above are the realistic value you keep — points earned × what a point is worth at each card's own best redemption, before monthly caps — so cards with different point values compare fairly. Bank-portal accelerators (earned only by booking through the issuer's own portal, on a slice of spend) are bounded upside, listed separately here rather than blended into the everyday rates.
Bonus via the bank's own portal
- Hotels booked via HSBC's Travel with Points portal (Hopper) earn 6X — 24 pts/₹100; cap 18,000 pts/month SHARED with flights (accelerated-points cap per cardholder per calendar month, verified against the HSBC Rewards T&C, archived 2026-08-07)
- Flights booked via HSBC's Travel with Points portal (Hopper) earn 4X — 16 pts/₹100; cap 18,000 pts/month SHARED with hotels; ₹300 domestic/₹700 international fee per leg. Split, cap and fees verified against the HSBC Rewards T&C, archived 2026-08-07
Which should you pick?
Choose the HSBC TravelOne Credit Card if you want strong rewards on international. Consider the SBI Card MILES if you spend more on travel and prefer a lower fee. Your actual best card depends on how you spend — run your numbers below.
HSBC TravelOne Credit Card vs SBI Card MILES — FAQs
Which has a lower annual fee, HSBC TravelOne Credit Card or SBI Card MILES?
As of 11 Oct 2026, SBI Card MILES has the lower annual fee: ₹1,499 (₹1,769 with 18% GST), against ₹4,999 (₹5,899 with 18% GST) on HSBC TravelOne. HSBC TravelOne waives it after ₹8,00,000 of spend in a card year, SBI Card MILES after ₹6,00,000.
Do HSBC TravelOne Credit Card and SBI Card MILES offer airport lounge access?
As of 11 Oct 2026, HSBC TravelOne and SBI Card MILES both include airport lounge access, on different terms. HSBC TravelOne lists 6 domestic visits a year and 4 international visits a year at airport lounges. SBI Card MILES lists 4 domestic visits a year (up to 2 a quarter) at airport lounges, plus a Priority Pass membership with paid visits. For spending abroad, SBI Card MILES adds 3% in forex markup against 3.5% on HSBC TravelOne.
Which card has lower forex markup, HSBC TravelOne Credit Card or SBI Card MILES?
As of 11 Oct 2026, SBI Card MILES has the lower forex markup: 3%, against 3.5% on HSBC TravelOne. With 18% GST on the markup, ₹1,00,000 spent abroad costs about ₹3,540 extra on SBI Card MILES and ₹4,130 on HSBC TravelOne, a ₹590 difference.
For a frequent traveller, is the HSBC TravelOne Credit Card or SBI Card MILES better value?
On figures as of 11 Oct 2026, HSBC TravelOne comes out ahead for a frequent traveller (about ₹1.2 lakh a month with heavy travel and forex spend), with a net annual value (rewards, perks and milestones, less the annual fee and forex markup) of ₹47,656 against ₹340 on SBI Card MILES, a ₹47,316 gap. That figure includes the forex markup on this traveller's spend abroad, where SBI Card MILES charges 3% against 3.5% on HSBC TravelOne.
For everyday spending, which returns more: HSBC TravelOne Credit Card or SBI Card MILES?
On figures as of 11 Oct 2026, HSBC TravelOne comes out ahead for an everyday spender (about ₹40,000 a month across groceries, bills, dining and fuel), with a net annual value (rewards, perks and milestones, less the annual fee and forex markup) of ₹4,729 against −₹269 on SBI Card MILES, a ₹4,998 gap. Best everyday rates: 4% on international spends for HSBC TravelOne, 0.5% on travel for SBI Card MILES.
Which is better, HSBC TravelOne Credit Card or SBI Card MILES?
As of 11 Oct 2026, HSBC TravelOne earns 4% on international spends outside merchant or portal bonuses, paid as HSBC Reward Points, and SBI Card MILES earns 0.5% on travel at best, paid as SBI Card Travel Credits. HSBC TravelOne comes out ahead on net annual value in all four spend profiles we model. The case for SBI Card MILES is that it costs ₹1,499 a year against ₹4,999 and charges 3% on foreign-currency spend against 3.5%.