Find my card

American Express Membership Rewards vs SBI Card Cashback: Which Card Is Better?

A side-by-side comparison of American Express Membership Rewards and SBI Card Cashback credit cards: fees, reward rates by category, caps, forex markup, lounge access, and which one earns more for different kinds of spenders.

Verdict

American Express Membership Rewards earns more in 5 of the 7 spending profiles we tested. Choose Amex MRCC for regular monthly spenders who can hit the amex bonuses. Choose SBI Cashback for online shoppers spending up to ₹40,000 a month online.

Spending profileAmex MRCCSBI CashbackWinner
Balanced spender₹15,240₹9,960Amex MRCC (+₹5,280)
Online shopper₹15,660₹15,180Amex MRCC (+₹480)
Frequent traveller₹14,484₹18,804SBI Cashback (+₹4,320)
Family & groceries₹16,560₹10,320Amex MRCC (+₹6,240)
Foodie₹15,840₹11,040Amex MRCC (+₹4,800)
Daily commuter₹14,220₹5,820Amex MRCC (+₹8,400)
High spender₹21,966₹25,566SBI Cashback (+₹3,600)

Estimated yearly value after caps, fees (with GST) and forex costs. Try your own spends →

Amex MRCC vs SBI Cashback: full comparison

FeatureAmerican Express Membership RewardsSBI Card Cashback
Card
American Express Membership RewardsAmerican Express
SBI Card CashbackSBI Card
Annual fee₹4,500 + GST₹999 + GST
Joining fee₹1,000 + GST₹999 + GST
Fee waiverWaived on ₹1,50,000 yearly spendWaived on ₹2,00,000 yearly spend
NetworkAmerican ExpressVisa
Amazon rewards1%5%
Flipkart rewards1%5%
Other online shopping rewards1%5%
Food delivery rewards1%5%
Dining out rewards1%1%
Groceries rewards1%1%
Flights & hotels rewards1%5%
Fuel rewards0%0%
Bills & recharges rewards0%0%
Everything else rewards1%1%
Forex markup3.5%3.5%
Lounge accessNoneNone
Reward capsNo major caps5% online cashback capped at ₹2,000 per statement (since April 2026)
1% offline cashback capped at ₹2,000 per statement (₹4,000 total)
Est. yearly value: balanced spender₹15,240₹9,960
Est. yearly value: online shopper₹15,660₹15,180
Est. yearly value: frequent traveller₹14,484₹18,804
Est. yearly value: family & groceries₹16,560₹10,320
Best forRegular monthly spenders who can hit the Amex bonusesOnline shoppers spending up to ₹40,000 a month online
Pros
  • 1,000 bonus points a month for 4 transactions of ₹1,500+
  • 1,000 more points a month on ₹20,000 spend
  • Renewal fee waived at ₹1.5 lakh yearly spend
  • 5% cashback on almost all online spends, with no merchant restrictions
  • 1% cashback on offline spends
  • Cashback is auto-credited to your statement
  • Annual fee waived on ₹2 lakh yearly spend
Cons
  • 50% fee waiver at ₹90,000 removed from 11 October 2026
  • Amex acceptance is narrower than Visa or Mastercard
  • No rewards if payment is still due when the next statement is generated (from Oct 2026)
  • Online cashback cap cut from ₹5,000 to ₹2,000 a month in 2026
  • No cashback on rent, fuel, wallet loads, utilities, gaming, tolls and government payments
  • No airport lounge access
  • 3.5% forex markup
Visit American ExpressVisit SBI Card

FAQs

Which is better, Amex MRCC or SBI Cashback?

American Express Membership Rewards comes out ahead in 5 of 7 spending profiles we tested. Choose American Express Membership Rewards if you want a card for regular monthly spenders who can hit the amex bonuses. Choose SBI Card Cashback if you want a card for online shoppers spending up to ₹40,000 a month online.

What is the difference in annual fee between Amex MRCC and SBI Cashback?

American Express Membership Rewards: ₹4,500 + GST (waived on ₹1,50,000 yearly spend). SBI Card Cashback: ₹999 + GST (waived on ₹2,00,000 yearly spend).

Which card has a lower forex markup?

Both cards charge 3.5%.

More comparisons

0 selectedCompare now