Travel Credit Cards Explained: Miles, Hotel Points and Forex Costs
A travel credit card turns your spending into airline miles, hotel points or travel-portal credit, and can cut what you pay to spend abroad. Whether one pays off comes down to three numbers: points per ₹100, what a point converts into, and the forex markup, which runs from 0% on Scapia Federal and IDFC FIRST cards to 3.5% on many others.
In short
Travel cards suit people who book often and redeem points as miles or nights; the fee, forex markup and lounge rules decide whether the maths works.
Best for
- People who fly one airline or stay with one hotel group often enough to redeem its points
- Travellers who spend abroad and want to avoid a 3.5% forex markup
- Frequent rail travellers who book AC tickets on IRCTC
Skip it if
- You travel once or twice a year and may not redeem miles before they expire
- Most of your spend is groceries, bills and fuel, which travel cards reward little
- You expect air accident cover, which SBI Card and IndusInd withdrew in 2025
Highlights
- Forex markups in our data run from 0% to 3.5%, plus GST
- SBI Card Miles Elite: 1 Travel Credit is 1 mile or ₹0.50 on bookings
- HSBC TravelOne: points move 1:1 to Air India Maharaja Club and other airlines
- Marriott Bonvoy HDFC Bank: a Free Night Award at ₹6 lakh of spend
- Data verified on 5 November 2026
The cards on this page
| Card | Fees | Headline reward | Best for |
|---|---|---|---|
| HSBC TravelOne Credit Card HSBC India | ₹4,999 + GST joining and annual | Flights, travel aggregators and foreign currency spends: 4 reward points per Rs... | Travel, Airline miles, Reward points |
| Axis Bank Horizon Credit Card Axis Bank | ₹3,000 + GST joining and annual | 5% value on axis Bank Travel EDGE portal and airline spends | Travel, Airline miles |
| SBI Card Miles Elite SBI Card | ₹4,999 + GST joining and annual | 3% value on travel spends: airlines, hotels, travel agencies, car rental, rail... | Travel, Airline miles, Hotel stays |
| IndiGo IDFC FIRST Credit Card IDFC FIRST Bank | ₹4,999 + GST joining and annual | IndiGo flights booked on the IndiGo website and app: 6 BluChips per ₹100 on the... | Airline miles, Travel, UPI payments (RuPay) |
| Emirates Skywards ICICI Bank Sapphiro Credit Card ICICI Bank | ₹5,000 + GST joining and annual | 1.5 Skywards Miles per ₹100 on eligible retail spends... | Airline miles, Travel, Premium |
| IndusInd Bank Avios Visa Infinite Credit Card IndusInd Bank | ₹10,000 + GST joining, ₹5,000 + GST annual | POS spends in your preferred international destination: 6 Avios per Rs.200 | Travel, Airline miles, Premium |
| Marriott Bonvoy HDFC Bank Credit Card HDFC Bank | ₹3,000 + GST joining and annual | Hotels participating in Marriott Bonvoy, Marriott-branded retail and online... | Hotel stays, Travel, Premium |
| MakeMyTrip ICICI Bank Credit Card ICICI Bank | ₹999 + GST joining and annual | 6% value on hotel bookings on MakeMyTrip | Travel, Hotel stays, UPI payments (RuPay) |
| Standard Chartered EaseMyTrip Credit Card Standard Chartered | ₹350 + GST joining and annual | 2.5% value on airline tickets and hotel bookings on standalone airline or hotel... | Travel, Airline miles, Hotel stays |
| IRCTC SBI Card Premier SBI Card | ₹1,499 + GST joining and annual | 10% value on rail tickets on IRCTC website and app | Travel, Reward points, UPI payments (RuPay) |
| Scapia Federal Credit Card Federal Bank | Nil joining and annual | 4% value on travel booked on the Scapia app | Travel, Lifetime free, Reward points |
| IRCTC HDFC Bank Credit Card HDFC Bank | ₹500 + GST joining and annual | 5% value on train tickets booked via HDFC Bank SmartBuy | Travel, Reward points, First card |
| World Safari Credit Card RBL Bank | ₹3,000 + GST joining and annual | Travel, domestic or international: 5 reward points per INR 100 | Travel, Premium |
| FIRST WOW! Credit Card IDFC FIRST Bank | Nil joining and annual | 2.5% value on hotel bookings via 'FIRST Rewards Gallery' in the IDFC FIRST Bank app | Secured (against an FD), Lifetime free, First card |
How travel credit cards work
A travel card is any card whose rewards, perks or charges are built around trips: miles, hotel points, portal credit, lounges, travel cover or a low forex markup. In India they comes in five rough families, each working differently.
Bank points that transfer
The bank pays its own currency and lets you move it to airline or hotel programmes. HSBC TravelOne earns 2 points per ₹100, or 4 on flights, travel aggregators and foreign currency spends, and transfers 1:1 to Air India Maharaja Club, Flying Blue, British Airways, Etihad and others. SBI Card Miles Elite's Travel Credits go 1:1 to partners like Air India Flying Returns and 2:1 to others such as Emirates Skywards, and Axis Horizon's EDGE Miles move at what Axis call "dynamic conversion ratios".
Airline co-brands
Here the card earn the airline's own currency directly. IndiGo IDFC FIRST pays BluChips, Emirates Skywards ICICI Bank Sapphiro pays Skywards Miles (1.5 per ₹100 since 15 January 2026), and IndusInd Avios Visa Infinite pays Avios in Qatar Airways Privilege Club or British Airways Executive Club. The airline sets what a mile buys, and none of these banks publish a rupee value.
Hotel co-brands
Marriott Bonvoy HDFC Bank earns Marriott Bonvoy Points and gives Free Night Awards at spend milestones. Points move to your Marriott account after each billing cycle and follows Marriott's rules, which keep them alive as long as you earn or redeem once every 24 months.
Travel-portal and rail co-brands
MakeMyTrip ICICI Bank pays myCash for MakeMyTrip bookings, Scapia Federal pays Scapia Coins spent in its own app, and the IRCTC cards from SBI Card and HDFC Bank reward train tickets. Such reward is only as useful as the portal is to you.
Cards with travel perks but no miles
RBL World Safari has a 0% forex markup, and IDFC FIRST WOW, an FD-backed card with no fee, charge none either, and IDFC FIRST set a zero markup on all its cards from 9 September 2026. Axis Atlas and American Express Platinum Travel are not taking applications.
Turning travel points into rupees
A travel card's value is the earn rate times what a point converts to, less the fee. The catch are that the conversion is often into miles, which have no fixed rupee price.
One card, four values for the same point
SBI Card Miles Elite pays 6 Travel Credits per ₹200 on travel and 2 per ₹200 elsewhere. A Travel Credit is 1 mile at a 1:1 partner, ₹0.50 on travel bookings or ₹0.25 in the Shop and Smile catalogue. Here is ₹50,000 of flight and hotel spend, which earns 1,500 credits (₹50,000 / 200 x 6):
| Redemption | Travel Credits | What you get |
|---|---|---|
| 1:1 airline partner | 1,500 | 1,500 miles |
| 2:1 partner such as Emirates Skywards | 1,500 | 750 miles |
| Travel bookings at ₹0.50 | 1,500 | ₹750 |
| Shop and Smile catalogue at ₹0.25 | 1,500 | ₹375 |
So the 3% headline (6 per ₹200) only hold if a mile is worth ₹1 to you. At ₹0.50 it is 1.5%, and in the catalogue 0.75%.
Same tickets, two cards
Buy ₹50,000 of tickets direct from airlines. HSBC TravelOne gives 4 points per ₹100, 2,000 points, which become 2,000 miles at its 1:1 partners. Axis Horizon gives 5 EDGE Miles per ₹100, 2,500 EDGE Miles, and Axis' own chart put 1 EDGE Mile at ₹1 on Travel EDGE. Book through an online travel agency and Horizon drops to 2 per ₹100, only 1,000.
A hotel card's free nights
Marriott Bonvoy HDFC Bank earns 2 points per ₹150 on everyday spends and 8 at Marriott hotels. ₹6 lakh of everyday spend in an anniversary year gives 8,000 points (₹6,00,000 / 150 x 2) plus a Free Night Award worth up to 15,000 points, and another award follows each renewal fee. With a ₹3,000 fee and no waiver, the value hinge on whether you would stay at a Marriott anyway.
Portal and rail cards
MakeMyTrip ICICI pays 6% myCash on MakeMyTrip hotels at 1 myCash to ₹1, so a ₹20,000 booking returns ₹1,200. IRCTC SBI Card Premier pays 10 points per ₹100 on AC rail tickets with no cap, so a ₹3,000 AC ticket earn 300 points, counted by SBI Card at ₹1 each.
The forex saving
Spend ₹1,00,000 abroad. At a 3.5% markup you pay ₹3,500 plus 18% GST of ₹630, so ₹4,130 extra. At SBI Card Miles Elite's 1.99% it is ₹1,990 plus ₹358.20, or ₹2,348.20, and at 0% there is nothing. That ₹4,130 is more than the ₹3,000 fee on Axis Horizon or Marriott Bonvoy HDFC Bank.
What a travel card costs
Annual fees and waivers
Travel cards often charges a fee you can't waive. Axis Horizon and Marriott Bonvoy HDFC Bank (₹3,000 each), Emirates Skywards ICICI Bank Sapphiro (₹5,000) and RBL World Safari (₹3,000, an annual fee from year one) have no spend waiver, and IndusInd Avios Visa Infinite charges ₹10,000 to join and ₹5,000 a year after. HSBC TravelOne waives above ₹8,00,000 a year and Miles Elite at ₹15 lakh, while IRCTC SBI Card Premier needs ₹2 lakh and Standard Chartered EaseMyTrip ₹50,000.
Forex markup, GST extra
| Card | Markup on foreign currency spends |
|---|---|
| Scapia Federal | 0% (November 2024 MITC; the current MITC could not be read) |
| IndiGo IDFC FIRST and IDFC FIRST WOW | 0% (all IDFC FIRST cards from 9 September 2026) |
| RBL World Safari | 0% |
| MakeMyTrip ICICI Bank | 0.99% until 9 November 2026, nil from 10 November 2026 |
| IndusInd Avios Visa Infinite | 1.5% at shops in your chosen destination, 3.5% elsewhere |
| SBI Card Miles Elite | 1.99% |
| HSBC TravelOne, Axis Horizon, Emirates Skywards ICICI Bank Sapphiro, Marriott Bonvoy HDFC Bank, Standard Chartered EaseMyTrip and both IRCTC cards | 3.5% |
Other charges that hit travellers
- Paying in rupees abroad. A rupee bill abroad, or at a merchant registered abroad, can carry a dynamic currency conversion fee: 3.5% on ICICI cards from 15 January 2026 (none on MakeMyTrip ICICI from 10 November 2026), 1.75% on HDFC cards from 15 May 2026 and 3.5% on Axis Horizon from 21 August 2026.
- Cash abroad. Most of these cards charge 2.5% with a ₹500 minimum plus interest from the day you withdraw, and Standard Chartered charges 3% with a ₹300 minimum. IndusInd waives the cash fee on Avios, but interest still run from day one.
- Transfers and redemptions. Partner transfers on Axis costs ₹199 each and redemptions ₹99 (as stated on other Axis card pages), and Standard Chartered EaseMyTrip charges ₹99 per redemption.
- Lounge extras. IndusInd charges up to US$35 for Priority Pass visits in India and for guests.
- Rail and transport. HDFC charges 1% on railway tickets on cards other than its IRCTC card, and SBI Card 1% on transport transactions above ₹30,000 from 1 December 2026.
- Insurance that went away. SBI Card ended free air accident cover on 15 July 2025, Miles Elite's ₹1 crore included, and IndusInd ended it on all its cards from 21 December 2025, which is very much a loss for the frequent flyer.
Travel cards in our data, one line each
- HSBC TravelOne: ₹4,999; 4 points per ₹100 on flights and foreign spends; 1:1 airline transfers; 6 domestic and 4 international lounge visits a year.
- Axis Horizon: ₹3,000; 5 EDGE Miles per ₹100 direct with airlines and on Travel EDGE; 8 domestic lounge visits a quarter on Visa, 6 on Mastercard.
- SBI Card Miles Elite: ₹4,999; 6 Travel Credits per ₹200 on travel; 1.99% markup; it replaced the Etihad Guest SBI cards.
- IndiGo IDFC FIRST: ₹4,999, or no joining fee with an FD (₹50,000 on most of the page, ₹1 lakh in its documents list, so confirm); 6 BluChips per ₹100 on IndiGo plus a tier bonus; zero markup.
- Emirates Skywards ICICI Bank Sapphiro: ₹5,000; 1.5 Skywards Miles per ₹100; 5,000 miles and Silver tier on joining.
- IndusInd Avios Visa Infinite: ₹10,000 to join, ₹5,000 after; 20,000 welcome Avios, up to 36,000 more a year from milestones.
- Marriott Bonvoy HDFC Bank: ₹3,000; 8 points per ₹150 at Marriott hotels; up to 3 milestone Free Night Awards a year.
- MakeMyTrip ICICI Bank: ₹999; 6% myCash on hotels and 3% on flights on MakeMyTrip; nil markup from 10 November 2026.
- Standard Chartered EaseMyTrip: ₹350; 10 points per ₹100 on direct airline and hotel bookings, plus instant discounts on EaseMyTrip.
- IRCTC SBI Card Premier: ₹1,499; 10 points per ₹100 on AC rail tickets; 8 railway lounge visits a year.
- Scapia Federal: no fee; 10% in Scapia Coins on the Visa card and 20% on travel in it's app, 5 coins to ₹1; zero markup under its November 2024 MITC, so check the current one.
- RBL World Safari: ₹3,000; 5 points per ₹100 on travel; 0% markup; travel insurance with a USD 50,000 sum insured.
- IDFC FIRST WOW: against an FD from ₹20,000, no fee; 4 points per ₹200 including international spends; zero markup but no lounge are included.
The card table on this page links each published review, and the credit cards hub lists every bank.
Comparing two travel cards
- Split your year into travel bookings, everyday spends and spends abroad, since the rates differ on each.
- Put both cards in one unit: miles at a partner you would use, or rupees at your real redemption.
- Check the partner list, the ratio (1:1 or 2:1) and any transfer fee.
- Add the fee and see whether your spend clear the waiver.
- Price the markup on spends abroad, GST included, then read lounge and expiry rules.
A worked comparison
Take a year of ₹1,20,000 on flights and travel aggregators, ₹2,00,000 of everyday spends in India and ₹80,000 at shops abroad, on HSBC TravelOne and SBI Card Miles Elite. Both cost ₹4,999 and both miss their waivers at this ₹4,00,000 total.
| Spend | HSBC TravelOne | SBI Card Miles Elite |
|---|---|---|
| Travel bookings, ₹1,20,000 | 4,800 points (4 per ₹100) | 3,600 Travel Credits (6 per ₹200) |
| Everyday, ₹2,00,000 | 4,000 points (2 per ₹100) | 2,000 Travel Credits (2 per ₹200) |
| Shops abroad, ₹80,000 | 3,200 points (4 per ₹100) | 800 Travel Credits (2 per ₹200) |
| Total | 12,000, or 12,000 miles at 1:1 | 6,400, or 6,400 miles at 1:1 |
| Markup with GST on ₹80,000 | ₹3,304 (3.5%) | ₹1,878.56 (1.99%) |
TravelOne earn almost twice the miles here, 12,000 against 6,400, but costs ₹1,425.44 more in markup: ₹3,304 (₹2,800 plus ₹504 GST) against ₹1,878.56 (₹1,592 plus ₹286.56). Miles Elite gives more lounge visits: 8 domestic and 6 international a year, plus 1 extra domestic visit per ₹1 lakh of spend, so 4 more at this spend, against TravelOne's 6 and 4. For two cards side by side see HSBC TravelOne vs Axis Horizon, and for ranked picks see our best travel cards.
Mistakes travellers make with these cards
Most of these come from reading the brochure and not the terms, and all of them is avoidable.
- Ignoring the currency choice. A rupee bill abroad attracts the card's dynamic currency conversion fee, 3.5% on ICICI cards and 1.75% on HDFC cards, so check which costs less on your card, the markup on a foreign-currency bill or the fee on a rupee one.
- Booking through the wrong channel. Axis Horizon pays 5 per ₹100 direct with airlines but 2 through travel agencies, and Standard Chartered EaseMyTrip pays 10 on direct airline and hotel bookings but only 2 on EaseMyTrip itself.
- Assuming lounges are free. Many cards tie visits to spend: ₹75,000 a quarter on ICICI's cards, ₹35,000 a quarter for RBL World Safari's domestic visits, ₹20,000 a billing cycle on Scapia Federal (its pages differ on whether Visa and RuPay spends combine).
- Trusting old pages. Miles Elite's page still lists the withdrawn air accident cover, and IndusInd's Avios page still describe travel cover after the bank ended it.
- Letting points lapse. Miles Elite Travel Credits last 24 months, TravelOne points 3 years from the end of the month earned, MakeMyTrip myCash earned from 10 November 2026 lasts 24 months, and Scapia Coins 36 months but are nullified if the card sits unused for 365 days. From the July 2026 statement IndiGo BluChips post only if the minimum due is paid, otherwise they lapses.
- Expecting rewards abroad. From 10 November 2026 MakeMyTrip ICICI gives no myCash on international spends outside MakeMyTrip, even as its markup goes to nil.
- A big fee for light use. IndusInd Avios Visa Infinite costs ₹10,000 in year one, and ₹2 lakh of regular spend earns 3,000 Avios (₹2,00,000 / 200 x 3), so the 20,000 welcome Avios is most of the haul.
Pros and cons
Pros
- Miles and hotel points can beat cashback when redeemed for flights or nights
- Forex markups as low as 0% on Scapia Federal, IDFC FIRST and RBL World Safari cards
- Lounge visits, such as 6 domestic and 4 international a year on HSBC TravelOne
- Rail cards pay up to 10 points per ₹100 on AC tickets on IRCTC SBI Card Premier
- Welcome miles cut the first-year cost, such as 20,000 Avios on IndusInd Avios Visa Infinite
Cons
- A mile has no fixed rupee value, and banks don't publish one for airline currencies
- Fees of ₹3,000 to ₹5,000 often come with no spend waiver
- Lounge access on several cards needs quarterly spend, such as ₹75,000 on ICICI cards
- Air accident cover has been withdrawn on SBI Card and IndusInd cards
- Points and miles expire, from 24 months on SBI Card Miles Elite to 36 months for Scapia Coins
Frequently asked questions
What is a travel credit card?
Are airline miles worth more than cashback?
Which travel credit cards have no forex markup?
Do travel credit cards still include insurance?
How do lounge spend conditions work on travel cards?
What changed for travel credit cards in late 2026?
Related
- Best Travel Credit Cards in India 2026: Eight Cards Worked Out in Rupees
- Best Airport Lounge Credit Cards in India 2026: Who Still Gets In Free
- HSBC TravelOne vs Axis Bank Horizon: Airline Miles or Lounge Visits?
- HSBC TravelOne Credit Card Review: 1:1 Airline Miles for a ₹4,999 Fee
- SBI Card Miles Elite Review: 3% in Travel Credits and 1.99% Forex
- Credit Cards in India 2026: Choose by Spend, Know the Costs and Rules
Sources
- The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India): Important Terms and Conditions (TravelOne)
- Axis Bank: Axis Bank HORIZON Credit Card Terms and Conditions
- Business Today: New rules for Axis Bank credit cards valid from December 20
- SBI Cards and Payment Services Ltd: Most Important Terms & Conditions (PDF 'MITC- Common-30OCT26', Ver FY 27, 16)
- IDFC FIRST Bank: Most Important Terms & Conditions - Credit Cards (MITC and Schedule of Charges)
- ICICI Bank Limited: Most Important Terms and Conditions (MITC), credit cards
- IndusInd Bank: IndusInd Bank Credit Card Most Important Terms & Conditions (MITC_Premium.pdf, PDF created 13 Oct 2026)
- HDFC Bank: Part I Key Fact Statement cum Most Important Terms and Conditions (MITC), English, Version 4.18
- Standard Chartered Bank (India): Credit Card Fees & Charges - Tariffs and Charges
- Federal Bank (document hosted by Scapia): Federal Scapia Credit Card Most Important Terms & Conditions (Nov 2024 version)
Last verified: 5 November 2026
Written by Rashmi Mandana, reviewed by BankCreds Financial Experts
BankCreds does not sell cards or take applications. Fees and rewards change; the bank's own terms on the day you apply are what count, and approval is the bank's decision.