Yes First Preferred Credit Card Review by Manish

By | September 13, 2016

This is a review by our reader Manish R Khetwani who recently got hands on Yes First Preferred Credit Card.

Yes Bank recently launched its own Credit Card portfolio (earlier they used to offer Amex Co-branded Cards), the last of the major Private Sector banks to do so. They have 7 variants (2 under the Yes First & 5 under the Yes prosperity proposition). The best among them is the Yes First Preferred Card reviewed below. They also offer the Yes First Exclusive Card, but as the name suggests it is for only the top few.

I recently applied for the Preferred Card, and the Card along with the Priority Pass was delivered in one of the best packing I have seen for any Credit Card (ScreenShot Attached). The name/number print embossing on the Card is of very good quality, and probably would not get worn out as easily as the print embossing on some other cards.

Yes First Box

Yes First Box

Reward Points on Yes First Preferred Credit Card

The Yes Bank Preferred Card offers 8 points for every Rs. 100/- spent. Considering the reward point value (1 RP = 0.25), it works out to 2% savings on all card spends (Except fuel, where you get fuel surcharge waiver), which puts it at par with HDFC Regalia/ Diners Premium. Also a milestone feature of 20000 RPs on spends of Rs. 7.5 Lakhs in a year, which works out to a saving rate of approx. 2.7% for spends of Rs. 7.5 Lakhs

Interest Rate & FCY Markup Fee

The distinguishing feature of this card is the lowest interest rate of 1.2 % per month (14.40% annually) on revolving balances for Yes Bank Customers. For non-bank customers interest rate is 1.99% per month (23.88% annually. Also a preferential Foreign currency mark-up fee of 1.75% on all international transactions, which is again the lowest in the industry (compared to the general average of 3.5% except for a few top HDFC Cards).

Yes First Preferred Card

Yes First Preferred Card

Lounge Access

Complimentary priority pass with 4 complimentary lounge access in a calendar year, and complimentary access (3 per quarter) for the MasterCard Lounge access programme.

Other features

Contactless technology (NFC), Golf benefits, 25% discount on movie ticket bookings on BookMyShow (capped at Rs. 250 per month), Rewards Portal for booking flights, hotels & movies), Concierge Services & Insurance Coverage.

Joining / Renewal Fee

Joining rewards of 15,000 Reward Points against fee of Rs. 2,500 in the first year and Rs. 2,500 Renewal fee which is compensated by 10,000 Reward Points from the second year onwards. However, joining fee is waived for the 1st year for applications upto Oct. 30th 2016.

Note: You can apply for this credit card through “Card on Card” basis for which you need 2L Limit on your other credit card & the card should be minimum 12 months old.

Pros & Cons

Pros: Best for those who revolve balances & spend on Foreign Currency Transaction
Cons: As recently introduced, still to launch its mobile interface for cards

Cardexpert Rating: 4.5/5

61 thoughts on “Yes First Preferred Credit Card Review by Manish

  1. Captain Bishuddha Bharatiya

    What are the requirements to get a ( any ) credit card from Yes Bank ?

    Reply
    1. MANISH R KHETWANI

      The eligibility for the various variants are mentioned on the website with Income requirements varying from Rs. 5.5 Lakhs for the lowest variant to Rs. 50 Lakhs for the Yes First Exclusive Card. As a limited period offer, all Yes Prosperity Cards are being offered life time free, and first year fee waiver for the Yes First Preferred card.

      Reply
      1. Prashant Agrawal

        That’s indeed great packing, not something you see often in Indian cards.

        I couldn’t find anything on cards being Life Time Free on the website. Any link? I’m planning to do a card-to-card.

        Reply
        1. Siddharth Post author

          For Card on Card,
          you need 3L Limit on your other credit card & the card should be minimum 12 months old.

          Reply
  2. Nandhakumar

    1.Eligibility for this card
    2.if u r apply card to card Base for this card

    Reply
    1. Siddharth Post author

      Most banks should be fine to issue to the card if you can convince the manager about your net worth or simply by depositing few Lakhs 😉

      Reply
      1. MANISH R KHETWANI

        Siddharth, I agree with you that banks prefer issuing cards to their customers especially if you have a good relationship with the bank.

        Reply
    2. MANISH R KHETWANI

      The eligibility for this Card (Preferred) is mentioned as Rs. 18 lakhs. But you can also apply on Card on Card Basis for all Cards except for the Yes First Exclusive Card. For the preferred card, you need to hold a higher limit card from any other bank.

      Reply
      1. Captain Bishuddha Bharatiya

        Thanks Mr. Siddharth and Mr. Manish your answer was very helpful.

        Reply
      2. Captain Bishuddha Bharatiya

        Mr. Manish you please answer following questions :-
        1. If I open a Yes First account and I maintain Average Monthly Balance of Rs. 1 lakh than will I be offered a credit card and if yes than after how many months can I expect it.
        2. When you applied for the card have they asked you to submit income proof.
        3. Will they give Yes First Preferred Credit card against fixed deposit.

        Reply
        1. Manish R Khetwani

          Captain Bishuddha,

          1. If you open a Yes First account, you will definitely be offered the Card.
          2. Income proof will have to be submitted either in ITR copies or on Card on Card Basis with higher limit.
          3. I am not sure about the Card against FD basis for this card. You can inquire on this with the Branch or with Customer Care .

          Reply
        2. Chaitanya Varma

          Hi Captain Bishuddha Bharatiya,

          Any info on how much FD required for this card?

          Reply
  3. Sayan Das

    The fee waiver bit is true. However you do not get the 15k joining bonus points if you avail the waiver.

    Reply
    1. Vijay Rathi

      In that case let bank charge annual fees.. As 15000 points turns out to be 3750INR.. I.e. Net saving of 1250INR.

      Reply
      1. Siddharth Post author

        I guess you’ll be paying 2500+15% tax on that. Also, where you utilize these points matters a lot.

        Reply
  4. Saurabh Singh

    Can you get a cash redemption for the reward points earned on this credit card? I got a call from my yes bank branch offering me this card for lifetime free offer.

    Reply
      1. Vinod Kannan

        What if My limit on the other bank card is 2,97,000? 😕 Am I still eligible for this card if my limit is 3000 short of 3 lakhs?

        Reply
        1. Siddharth Post author

          They would certainly consider it as an exception. Give it a try.

          Reply
  5. Vinod Kannan

    Could someone refer me to an Executive from Yesbank for this card? Im from Chennai .

    Reply
  6. v j

    if we apply on card on card basis what credit limit they offer in new card ? for ex. What if limit on the other bank card is 3.2L ?
    Any other bank which providing credit card on card with no annual fee and regular credit limit enhancement ?

    Reply
    1. Rakesh

      try indusind contact number 9594627086 in mumbai got Platinum Credit Card lifetime free card on card

      Reply
  7. MSJ

    Hi,
    I hold the Citi Indian Oil with limit of 4.5L and Amex Travel Platinum with a limit of 90K.
    I mainly spend on utilities, shopping (offline and online) and restaurants.
    I`m planning on cancelling the Amex as i dont get much use out of it.(not much travelling happening recently)

    Which card do you thing i should go for. I`m confused b/w Yes Preferred and HDFC Regalia. Both are looking good !
    Help Needed Please !!!

    Reply
    1. Siddharth Post author

      Yes preferred is better if you’re eligible for it. Regalia is equally good, why not both? 😉

      Reply
  8. Prashant Laxman

    “Complimentary priority pass with 4 complimentary lounge access in a calendar year, and complimentary access (3 per quarter) for the MasterCard Lounge access programme.”

    What does the mastercard Lounge Access programme entail us to. And what does the complimentary lounge access entail us to?

    Reply
  9. Abhishek

    Hi,

    If you are an Yes bank Savings account holder and apply on Card on Card (which is now 2L), they are waiving all fees and it is completely free.

    I got it same way.

    By the way great blog, i have approx 8 credit cards and i also use my credit card for expenses based on where i get best offers.
    For example, i pay all LIC policies via smartPay in HDFC and get lifetime 1% cashback and they are standing instructions.. So i save almost 8oo per year..

    I think in india we need more blogs like this so that people know and enjoy the rewards.

    Reply
    1. Siddharth Post author

      That Sounds good.
      Even I added LIC premium to Smartpay and it said 10X points on my Diners Black. That’s 33% savings on the LIC premium. Lets see if it really works. Will know in a month time.

      Reply
        1. Siddharth Post author

          LIC payment not being charged as its past due date. Let me wait and see for sometime.

          Reply
  10. Saurabh

    Just received the card packaging is great, however the limit offered is very less have applied card on card with HDFC Regalia having credit limit of 6lacs plus however the limit offered by yes bank is 1 lacs really shocking.

    However good part is its LTF so we wait for six months and apply for a limit enhancement.

    Reply
    1. Ar Arbit

      When we apply for card on card, do we have to surrender our previous card or we can keep continue both the cards?

      Reply
  11. Ravi

    Hi Sid…do I get the same 8 points per 100 rs for LIC payments made via Yes First preferred credit card?…Secondly, which is the best credit card for LIC payments?

    Reply
    1. Siddharth Post author

      Yes, very likely.
      Diners cards giving 10X points on smartpay for all bil payments including LIC. The Best.

      Reply
  12. Saurabh

    had submitted docs on 28Dec16 approved on 04Jan17 got in hand on 06Jan17
    very fast processing considering it was new year week

    Reply
    1. Suhas

      Hi Saurabh,

      Do you receive a msg for card approval and dispatch? Or we need to call the CC to know the status? I applied for the preferred card on 12th Jan . Got verification calls and house visit last week but no communication after that.

      Reply
      1. Suhas

        Got my card delivered today . Had applied in Card on Card basis using my HDFC ALL MILES card .

        The packaging of the card was awesome as though it was gift pack.

        Felt the limit was low . It is only 1 lac . My limit on the ALL MILES card was 2.1 lacs

        Reply
        1. Captain Bishuddha Bharatiya

          Suhas congrats. How old was you All Miles Card and what are the documents you submitted ?

          Reply
  13. Mahesh

    Hi I applied for the card on 8th of Jan, on 12th received a call from the document collection dept verifying my address. I called on 23rd to 18001036000 number to check the status and provided my application form number YBLxxxx, they could not find my application, he said they will send a email to sales team to call me. Yet to receive a call, do you guys have any other number to contact them or email id.

    Reply
  14. Sahil

    Hi siddharth,
    I had applied for this card on Card to Card basis. The limit on my other Card is 2.5 lacs and the bank said itself offered me to apply for this card. Now the application has been rejected for no reason. Is it difficult to get this card??? Or worth it.

    Reply
      1. Sahil

        Yes, my cibil is very good…with no delays ever. I don’t know why the card has been rejected. Should I apply again. Is it worth applying?

        Reply
        1. Siddharth Post author

          No, it hurts the CIBIL score. Try to find why was it rejected.

          Reply
  15. Prashant Gupta

    same here i applied for exclusive card, the branch says the status is showing OK, but they cannot locate my file, when i called the cc they said application rejected will know the reason in the letter they will send.Surprisingly the Sales rep got the bonus for my application,he is also clueless.

    Reply
  16. Robert Poddar

    Hi Siddharth

    I am curious to know whether there’s any credit card which has a tie up with low cost airlines?

    Reply
    1. Siddharth Post author

      Amex Platinum travel card with Indigo as vouchers. Check the review for more detail 🙂

      Reply
  17. Rahul

    In official site they have mentioned,

    8 Reward Points on every INR 100 retail spends(c)
    and
    (c) – Only applicable for retail transaction. Not applicable for Fuel Transactions

    So I want to confirm that If I send money using PayPal to outside India in USD (of course I will be charge currency conversion + paypal fee etc.), But Do I get 8 RPs per 100 INR?

    Waiting for reply.

    Reply
  18. Rahul

    A silly question,
    I have VISA CC from SBI ELITE that works perfect on PayPal.

    Does credit card with MasterCard branding works on PayPal?
    Best,

    Reply
  19. Praveen Perumalla

    Today the YES bank executive came over to collect the documents. He said that there is no LTF option for this card. They can only give it free for the first year only. No LTF even when applied using card-on-card basis. It is LTF only if you have a YES bank account. Is this true?

    Reply
    1. Siddharth Post author

      I don’t think so. On other hand, they might have changed the offer as well.

      Reply
      1. Praveen Perumalla

        Ok. But pratically with the rewards points they are giving after the first swipe and for renewal which are equivalent to the fee, it looks like it doesn’t matter whether we get the card with membership or LTF. Is this correct or did I miss considering any charges ?

        Reply
  20. Jay

    Just my 2 cents..
    I started using this card for most of my overseas spends since it had a lowest markup fee of 1.75%. However I noticed that their conversion rates are too high compared to HDFC or SBI. Having 2% markup fee on my HDFC Regalia works out cheaper compared to Yes Bank card.

    If anyone notices the same, please confirm

    Reply

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