Yesbank launched its credit card product to public by August 2016. Ever since it’s launched, it has gained a good traction, mainly because their rewards and features are in par with the industry’s demand. Their premium and super premium products meets the requirements of the segment and is infact better than many others in some aspects.
Why Yesbank Credit Cards ?
- Low interest rates: Their premium and super premium cards has interest rates as good as ~14% (ac holders) on revolving credit. It is by far the BEST rate of interest one can get with any credit card on revolving credit, not only in India but also in the world (I believe so). So you never need to chase EMI offers, rather just revolve your balance with peace of mind. EMI’s are also as good as 12% pa. for 3 months.
- Good Reward Rate: All Yesbank Credit cards are designed well to give competitive rewards compared to most other players in the industry. If you consider the 2X/3X offers, you can save upto 7.5% in value which is a remarkable number.
- Redemption options: You can redeem your points for flights, hotels, etc. However the best way to redeem your points now is for Amazon vouchers. This literally allows you to buy almost anything.
- Business Credit Cards: Yesbank has also launched a set of credit cards targeting businesses/self-employed entrepreneurs. These are more rewarding in some aspects. They’re also working on corporate cards and is expected to be ready by year end. That makes up for a complete end to end credit card solution to cater any individual based on their profile.
Made by Makers of HDFC Bank Credit Cards
Yesbank Credit Card portfolio is as good as India’s #1 card issuer (HDFC BANK), infact much better. Yes, because Yesbank credit cards are made by the makers of HDFC bank credit cards themselves.
Now you know where the LTF offer concept is taken from 😉
YES Bank roped in 10+ senior bankers from HDFC Bank including Pralay Mondal who’s now Senior Group President, Retail and Business – YesBank and lot many under him to take care of the credit card business.
With him, he brings the entire data/stats with more refined strategy for even faster growth than HDFC. If they can do the right marketing (as they already are), they have great chance to compete with HDFC Bank in long run.
They’re determined to hit #3 spot in credit cards by 2020. ICICI is currently holding #3 position with one of the worst rewarding system. Hence this target is very much attainable as the competition in that range is so weak in their portfolio.
What all these means to us is – Better Rewards & offers – More Savings
Yesbank Customer Care Experience:
They took more than 3 days to reply to my emails. Though, their phone support is able to answer better – but somehow they’re not polite.
They’re not able to fix and do things instantly as American Express does. However, they hear to what we say and they seem to have good knowledge with popular queries.
Escalations: I made 2 escalations through social media and i had outstanding experience.
My First escalation was done last year during the launch of their credit cards as i wasn’t able to apply. I got a call back not from the senior customer care guy, but straight from Vice President who takes care of card sales.
Second escalation was done last month as i wasn’t eligible for 100,000 Reward Points Promo and now again received the call from the person who’s responsible for designing the reward structure of all Yesbank Credit Cards.
What i understand from these is that they’re constantly taking feedback’s at top level and sure they’ll do much better to the industry than the others.
Room for improvement in Yesbank Credit Card Offering:
Below are the areas that yesbank can improve their services – the most important are on the top.
- The Netbanking Experience: Their net-banking login interface has a decade old design. You end up with having 4 or 5 options to manage your credit card. While the options are very much functional, the industry need more info, better design. Need mobile banking support for monitoring the credit card on the go.
- Customer Service: Quick credit card application processing, better customer support with instant solution (like amex) can help a lot. I can say they’re better than HDFC & SBI, but can do better.
- Credit card loans: HDFC is the only bank that’s making a fortune in this segment. While the revolving rate of interest and EMI’s are very attractive on yesbank premium cards, users may also at times need funds direct to bank ac. Yesbank might need to explore products like insta loan or insta jumbo loan in hdfc to its users.
- Promote offers: Yesbank has hell a lot of offers every now and then but i haven’t received even one on email. This is serious lack in communication. HDFC & Amex are the best in this part. Hope Yes bank follows them soon.
Yesbank’s credit card portfolio with competitive rewards & offers shows clearly the knowledge the bank has about the industry. Though they’re very new to the space, they’re very well meeting the demands of not only the normal credit card user, but also premium and super premium credit card users.
That all being said, Yesbank constantly running Lifetime Free Credit Card offer every now and then and so its hightime to apply for one. Next 2-3 years is going to be great ride with yesbank. Some of the must have credit cards from yesbank are,
Overall, I’m very much happy with My Yes First Preferred Credit Card and their services so far. Do you have any Yesbank Credit Card and how’s your experience? Feel free to share your thoughts in comments below.