Important Update: YesBank is unstable as a bank and hence their credit cards are no longer suggested for primary/secondary usage. Kindly update your credit card strategy accordingly. Here are some of the other best credit cards in India for 2020 to choose from.
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 interest rates on EMI is as good as 12% and they even ran the industry lowest 9.9% EMI on a credit card for the first time during 2018 Diwali.
- 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. You can also redeem the points for vouchers like Genesis/Pantaloons/Titan/Taj etc. This literally allows you to buy almost anything in retail outlets.
- 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’ve also launched Corporate cards which are OKAY in my perspective. 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). 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 the top management.
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 works closely in running that offer.
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 at its current pace.
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 (non-premium cards support) & SBI, but can do better.
- Credit card loans: They’ve started paying attention here. Infact they recently launched the industry first & lowest EMI rate of interest, as low as 9.9% during diwali season.
- Promote offers: They’re pretty good in recent times, yet wish they add birthday offers too.
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.