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 to choose from.
This is a review by our reader Manish R Khetwani who recently got hands on Yes First Preferred Credit Card. Here’s another latest review of Yes First Preferred Card done by Siddharth.
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.
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).
Complimentary priority pass with 4 complimentary lounge access in a calendar year, and complimentary access (3 per quarter) for the MasterCard Lounge access programme.
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