Quick Verdict

  • For everyday spend, both the American Express Membership Rewards Credit Card ⓘ and the BoM SBI Card ELITE ⓘ offer the same base reward rate of 0.5%, but the SBI Card ELITE ⓘ wins for dining and grocery categories with a higher 2.5% return.
  • The BoM SBI Card ELITE ⓘ is the better choice for travel and lounge access, offering 8 domestic and 6 international lounge visits per year, while the Amex card has none.
  • The American Express card is cheaper to hold initially with a joining fee of Rs 1,000 and an annual fee of Rs 4,500, compared to Rs 4,999 for both fees on the SBI Card ELITE ⓘ.
  • Choose the Amex card ⓘ if you want a rewarding first card with shopping and fuel benefits; pick the SBI Card ELITE ⓘ if you value premium lounge access and higher rewards on dining and groceries.

Side by Side

DetailAmerican Express Membership Rewards Credit Card ⓘBoM SBI Card ELITE ⓘ
Annual feeRs 4,500Rs 4,999
Joining feeRs 1,000Rs 4,999
Fee waiver on spendNoneNone
Reward rate0.5% base0.5% base, 2.5% dining and grocery
Reward typepointspoints
Domestic loungeNone8 per year
International loungeNone6 per year
Forex markup3.5%1.99%
Best suited forrewards, first-card, shoppingrewards, dining, grocery, lounge

Rewards Compared

The American Express Membership Rewards Credit Card ⓘ offers a base reward rate of 0.5%, which translates to Rs 50 back on every Rs 10,000 spent. It also provides a welcome benefit of 4,000 bonus Membership Rewards points upon spending Rs 15,000 within the first 90 days. Additionally, cardholders can earn up to 5X points at partner brands and enjoy up to 20% dining discounts and fuel surcharge waivers at HPCL, enhancing value for specific spends. However, it does not offer category-specific elevated reward rates.

The BoM SBI Card ELITE ⓘ matches the base reward rate of 0.5% or Rs 50 per Rs 10,000 spent but significantly outperforms the Amex card ⓘ in dining and grocery categories with a 2.5% return, equating to Rs 250 per Rs 10,000 spent in these categories. This makes it a strong contender for users who spend heavily on food and groceries. The SBI Card ELITE ⓘ also offers premium benefits such as multiple domestic and international lounge visits, which add to its appeal for frequent travelers.

Fees Compared

The American Express Membership Rewards Credit Card ⓘ has a joining fee of Rs 1,000 and an annual fee of Rs 4,500, with no fee waiver on spend. The break-even spend to cover the annual fee at the base reward rate is approximately Rs 9,00,000. The BoM SBI Card ELITE ⓘ charges a higher joining fee and annual fee of Rs 4,999 each, also without fee waivers. Its break-even spend at the base rate is about Rs 9,99,800. While the Amex card ⓘ is cheaper upfront and annually, the SBI Card ELITE ⓘ offers more value in category spends and lounges that may justify the higher fees for some users.

Which One Should You Pick

Choose the American Express Membership Rewards Credit Card ⓘ if you are a first-time credit card user or a shopper looking for a straightforward rewards program with decent base returns and additional perks like fuel surcharge waivers and dining discounts. It is also suitable for those who prefer a lower joining fee and annual fee and do not require lounge access.

Opt for the BoM SBI Card ELITE ⓘ if you spend heavily on dining and groceries and want premium travel benefits such as multiple domestic and international lounge visits. Its lower forex markup of 1.99% also makes it a better choice for frequent international travelers. However, be prepared to pay a higher joining and annual fee.

In conclusion, if you prioritize category rewards and travel perks, the SBI Card ELITE ⓘ is the superior choice. If you want a cost-effective, simple rewards card with some lifestyle benefits, the Amex Membership Rewards Credit Card ⓘ is better. Those who do not spend significantly in dining or groceries or do not use lounges should skip the SBI Card ELITE ⓘ, while users seeking travel benefits should skip the Amex card ⓘ.

What to Check Before You Apply

  • Confirm if the dining and grocery category rewards on the SBI Card ELITE ⓘ have any caps or limits.
  • Understand the redemption value of points for both cards to ensure you get good value.
  • Calculate if your monthly spend meets the threshold to justify the annual fees, especially for the Amex card ⓘ.
  • Consider the forex markup differences if you plan to use the card abroad, as the Amex card ⓘ charges 3.5% versus 1.99% on the SBI Card ELITE ⓘ.
  • Verify the lounge access locations and participating airports for the SBI Card ELITE ⓘ to ensure they match your travel patterns.

FAQ

What is the joining fee for both cards?+
The American Express Membership Rewards Credit Card ⓘ has a joining fee of Rs 1,000, while the BoM SBI Card ELITE ⓘ charges Rs 4,999.
Are there any fee waivers available on these cards?+
Neither card offers a fee waiver on annual or joining fees based on spend.
Which card offers better rewards on dining and groceries?+
The BoM SBI Card ELITE ⓘ offers a higher reward rate of 2.5% on dining and grocery spends compared to the base 0.5% rate on the American Express Membership Rewards Credit Card ⓘ.
Do both cards provide lounge access?+
Only the BoM SBI Card ELITE ⓘ provides lounge access, with 8 domestic and 6 international visits per year; the American Express card ⓘ does not offer lounge access.
What is the forex markup on these cards for international transactions?+
The American Express Membership Rewards Credit Card ⓘ charges a forex markup of 3.5%, whereas the BoM SBI Card ELITE ⓘ charges a lower 1.99%.