Priority Pass
State Bank of India
Miles Elite
The SBI Miles Elite is a dedicated travel card featuring a 3% reward rate on travel and a competitive 1.99% forex markup.
Direct link to the issuer's website. Terms apply — verify current offer with the bank.
Data last updated 30 May 2026.
At a Glance
Annual Fee
₹4,999
Joining Fee
₹4,999
Fee Waiver
Spend ₹15,00,000 annually
Lounge Access
See details
Forex Markup
1.99%
Effective Yield
1% – 3%
Our Take
The SBI Miles Elite is a dedicated travel card featuring a 3% reward rate on travel and a competitive 1.99% forex markup. Its standout feature is the 1:1 transfer ratio to elite airline partners. However, the 2026 "Set A/B" lounge reclassification and the sudden removal of air accident insurance have slightly dampened its premium appeal.While its 1% base reward rate is underwhelming for non-travel spends, the Miles Elite shines for high-spenders who hit the ₹12 lakh milestone, triggering 20,000 bonus credits that push the effective return to ~2.7%. A unique 2026 perk is the "Spend-to-Lounge" model, granting one additional domestic visit for every ₹1 lakh spent (up to 15 extra visits), bypassing standard quarterly caps. However, be cautious: redeeming points for direct travel bookings halves their value to ₹0.50 per credit. To maximize value, stick to 1:1 transfers with partners like Air France-KLM or British Airways, as direct redemption is a value trap.
Pros
- Versatile 1:1 Air Mile Transfers: The card’s biggest strength is the 1:1 conversion ratio (1 Travel Credit = 1 Air Mile/Hotel Point) for a broad range of partners including Air India, Vistara, and international carriers. This provides high-alpha value for 'Points Guy' style award flight bookings.
- Accelerated 3% Travel Rewards: Earns 6 Travel Credits for every ₹200 spent on travel-related categories. For a frequent flyer, this represents a consistent 3% reward rate on base travel spends, which is significantly higher than most general-purpose premium cards.
- Unique Spend-Linked Lounge Milestones: Beyond the 8 fixed domestic visits, the card grants 1 additional domestic lounge visit for every ₹1 Lakh spent (capped at 15 extra visits). This 'pay-as-you-spend' lounge model is perfect for business travelers who exhaust their standard quotas early.
- Comprehensive Travel Insurance: Offers a robust protection suite, including a ₹1 Crore Air Accident cover and a rare 'Flight Cancellation' cover of up to ₹3,500 per instance (for up to 6 cancellations per year). This adds a layer of financial security that many premium cards ignore.
- Competitive 1.99% Forex Markup: With a lower-than-average markup of 1.99% + GST, it is a solid choice for international trips. When combined with the high reward rate, the net cost of spending abroad is significantly lower than standard retail cards.
Cons
- High Spend Requirement for Fee Waiver: The annual fee reversal is pegged at a steep ₹15 Lakhs annually. This is notably higher than the ₹10 Lakhs target on the standard SBI Elite or the ₹5 Lakhs on many HDFC premium cards, making it expensive for moderate spenders.
- Priority Pass 'Time-Bomb': While the card offers 6 complimentary international lounge visits, the Priority Pass membership fee is only waived for the first two years. After Year 2, users must navigate a complex renewal or pay the membership fee out of pocket.
- Punitive Non-Travel Redemption: If you don't transfer points to airlines and instead use them for direct travel bookings (SmartBuy-style) or the 'Shop & Smile' catalogue, the value drops drastically to ₹0.50 and ₹0.25 per point respectively.
- Quarterly Lounge Capping: Despite the 'Elite' branding, both domestic and international lounge visits are strictly capped at 2 visits per quarter. This lack of flexibility is frustrating for travelers who take multi-leg international trips in a short window.
- Strict Spend Exclusions (2026 Update): No Travel Credits are earned on high-value 'mandatory' spends including Rent, Utilities, Insurance, Education, and Wallet loads. These categories are also excluded from the ₹15 Lakh annual fee waiver .calculation.
Earning & Redemption
How You Earn
| Category | Reward rate | Yield % | Cap |
|---|---|---|---|
| Travel Spends (Flights/Hotels) | 6 Travel Credits (TC) per ₹200 | 3.00% | No Upper Cap |
| All Other Retail Spends | 2 TC per ₹200 | 1.00% | No Upper Cap |
| Excluded Categories | No Points Earned | 0.0% | — |
Milestone Rewards
| Spend | Benefit | Value | Summary |
|---|---|---|---|
| ₹1 Lakh | Lounge Access0 pts | 1 Extra Domestic Visit | For every ₹1 Lakh spent, you get 1 extra domestic lounge visit (Capped at 15 extra/year). |
| ₹12 Lakh | Bonus Points20,000 pts | ₹20,000 (Mile Value) | 20,000 Bonus Travel Credits awarded. Best used for 1:1 Air Mile transfers. |
| ₹15 Lakh | Fee Waiver0 pts | ₹4,999 + GST Savings | Annual fee reversal triggered upon hitting this threshold. |
Redemption Value
| Channel | Value per point | Verdict |
|---|---|---|
| Air Miles / Hotel Points (Transfer) | ₹1.00 per TC1:1 Ratio (Select Partners) | Best Value (Partners: Air India, Air France, IHG, Marriott, etc.) |
| Travel Bookings (SBI Portal) | ₹0.50 per TC2:1 Ratio | Moderate (Convenient but cuts point value by half) |
| Shop & Smile (Catalogue) | ₹0.25 per TC4:1 Ratio | Avoid (Poor value compared to travel transfers) |
What You Need to Know
Quarterly Lounge Cap
Complimentary visits (8 Domestic/6 International) are capped at 2 per quarter.
Impact: Users cannot 'dump' all visits in one trip; milestone-earned visits are more flexible.
Priority Pass Expiry
The complimentary Priority Pass membership is valid for only the first 2 years.
Impact: From Year 3, a usage fee of $27+ applies unless SBI renews the offer.
Air Accident Insurance Removal
Complimentary ₹1 Crore Air Accident cover discontinued as of July 2025.
Impact: Users should ensure they have separate travel insurance for high-risk coverage.
Utility Fee Threshold
1% fee applies on utility spends above ₹50,000 in a billing cycle.
Impact: Reduces the effective return if using this card for large commercial electricity bills.
Essential Fine Print
Reward Exclusions
Excluded Categories (No Miles): Fuel, Rent payments, Insurance, Utility, Wallet loads, Cash advances, and Flexipay/EMI transactions.
Welcome Offer
Welcome Travel Miles
Welcome Benefit of 5,000 Travel Credits on spends of Rs. 1 lakh within 60 days of card issuance.
Lounge Access
Priority PassDomestic Lounge Access
8 complimentary domestic airport lounge visits per year (capped at 2 per quarter).
International Lounge Access
6 complimentary international airport lounge visits per year via the Priority Pass program (capped at 2 per quarter).
Travel Benefits
Miles Conversion
Convert Travel Miles into Air Miles or Hotel Points with 20+ partner brands.
Air Accident Cover
Complimentary air accident insurance cover of up to ₹1 Crore.
Milestone Benefits
Spend Milestone ₹12 Lakhs
Earn 20,000 bonus Travel Miles on reaching annual spends of ₹12 Lakhs.
Additional Lounge Visits
Additional Domestic Lounge visit with every spend of ₹1 lakh, capped at 15 per year.
Annual Fee Waiver
On spends of ₹15 Lakhs in a membership year.
Additional Features
Low Forex Markup
Reduced foreign currency markup of 1.99% for international transactions.
Fees & Charges
| Fee Type | Amount / Details |
|---|---|
| Joining Fee | ₹4,999 |
| Annual / Renewal Fee | ₹4,999 |
| Fee Waiver Threshold | Spend ₹15,00,000 annually |
| Forex Markup | 1.99% |
| Reward Redemption Fee | ₹99 per redemption |
| Fuel Surcharge Waiver | 1% surcharge |
Eligibility Criteria
Age
Age between 21-70 years
Employment
Must have a steady, verifiable income.
Ready to apply for Miles Elite?
Annual fee: ₹4,999 · Waived on ₹15,00,000 spend
Annual fee
₹4,999
1% – 3% yield