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 3L 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

23 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
  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
  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

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