Yesbank Credit Cards to see 2nd round of Devaluation from 1st July 2020

By | June 1, 2020
Yes First Exclusive Credit Card
Yes First Exclusive Credit Card

As you might know, Yesbank Credit cards saw a major devaluation by April 2019 as the earn rate on regular spends dropped on all of their cards, including their super premium credit card Yes First Exclusive.

Now they’re tweaking it a little bit more and finally touched the reward point value & lounge access benefits. Here are the upcoming changes on Yesbank Credit cards w.e.f. 1st July 2020

YesFirst Exclusive Revised Benefits

Change TypeExistingRevised
Regular Rewards6 Reward Points for every INR 100 spent anywhere12 Reward Points for every INR 200 spent anywhere
Accelerated Rewards12 Reward Points for every INR 100 spent on select categories24 Reward Points for every INR 200 spent on select categories
Lounge Access – Priority PassNot chargeable for domestic, unlimited for internationalChargeable for domestic, no change for international
Lounge Access – Credit CardUnlimited for Primary & Add-onNo change
Point Value25ps for all redemptions25ps for flights & hotels, 15ps for everything else (like gift cards & vouchers)

What are the changes?

Earning Rewards

While the earn rate is not really reduced in terms of points, you now get reward points for every Rs.200 spent instead of Rs.100.

This is probably done so that the bank can save some money on small transactions. As most transactions are in the range of Rs.2k to Rs.4K, this would help the bank to save at-least 5% to 10% on balance sheet.

Redeeming Rewards

While the email sent out today just mentions “The value of reward points for redemption against Flight Tickets and Hotel Stay remains unchanged. For catalogue items, please visit www.yesrewardz.com to ascertain the number of Reward Points required for redemption against that particular item.”

But a quick call to YesRewardz support gave me the information we need. The reward point value is dropping from 25ps to 15ps on non flight/hotel bookings. That’s a drop of 40% in value. This is huge!

This means your Yes First Exclusive Credit Card gives you 0.9% reward rate (regular spends) which is less than the recently launched entry level credit cards like Axis Flipkart Credit Card.

Lounge Access

Yes First Exclusive credit card is one of the very few credit cards in the country that allows you to use Priority pass for domestic lounge access. Now that is going away.

I’ve hardly used them, so not a big problem anyway, but some were depending on them for family member’s lounge access.

What to do now?

You have about 30 days to redeem your points at current point value. Go ahead and redeem all your points at the earliest.

I’ve been using Yesbank Reward Points primarily for redeeming gift vouchers as other cards takes care of my travel needs.

So its a sad news for me. I’ve just redeemed all my points and the redemption system works fine as of now at 25Ps for gift vouchers.

Finally my one last redemption!

Should I Close my Yesbank Credit Card?

If you are holding YFE or YFP as LTF with a good credit line, continue holding them just for the Unlimited Lounge Access benefit (for both primary & add-on), else go ahead with cancellation and get out the system.

If you were using the points for redeeming for hotels/flights, it makes no major difference to you with these changes.

But again Travel is going to be tough for next 1yr or so. So its wise to redeem for vouchers & make an exit.

Remember it wont take too long for the lounge benefit to disappear. Been expecting this long time anyway.

Bottom line

The changes are obvious as the Bank is facing tough times and above changes clearly shows that they are in the cost cutting mode, which is understandable.

While its good to see that we have 1 month to deal with the changes, its unfair that the email did not even mention the devaluation of point value.

Either way Yesbank credit cards are no longer suggested for any type of credit card user at the moment and I’ve already removed all Yesbank Cards from the list of Best credit cards in 2020 while they were in moratorium period.

Whats your thoughts on the new round of devaluation of Yesbank credit cards? Are you planning to hold or cancel? Feel free to share your thoughts in the comments below.

78 thoughts on “Yesbank Credit Cards to see 2nd round of Devaluation from 1st July 2020

  1. Arul

    Before lockdown I have redeemed for cleartrip and shoppers stop Gift Voucher, Now I have Gift Voucher in my pocket ๐Ÿ™‚

    Reply
  2. Nipun

    Being a Card free for life time, I am holding it for someshopping offers thay may come in for yesbank customers only, being a SBI managed bank we cannot expect aggressive marketing and deals as of now.

    Reply
  3. Nipun Jain

    Are Croma or Reliance Digital gift cards from Yes Rewardz catalogue redeemable online or only in stores? Anyone know how many cards can be combined in a single purchase and if they can be used partially?

    Reply
    1. Bio

      You can use upto 5 cards at one go. I had redeemed points worth 5,500 in the denominations 1000 X 5 and 500 X 1.
      While redeeming on the Croma website, I could enter 5 card numbers. Since my purchase was around 6k, I naturally used up the 5 cards for 1,000 each and have the 500 card remaining.

      Reply
  4. SAI RANGA

    Lucky me, expected devaluation due to pandemic and redeemed all points for shopping vouchers couple of weeks back, waiting for physical coupons delivery

    Reply
    1. Rakesh

      Got all my YFE RP converted to my CV miles @ 4:1 ..Im pretty happy even with my decision in lockdown ๐Ÿ™‚

      Reply
  5. Bibhash

    Hi Sid,

    Thanks for detailed explanation.
    Do they provide any online vouchers or all vouchers are offline and sent via post?

    Reply
      1. Rohan Agarwal

        They recently changed that. I had ordered for Westside vouchers in March, which after multiple follow ups got delivered as E vouchers on the email.

        Reply
      2. Rajaram

        I have received e-gift of Croma on redemption.

        “We would like to inform you that since the delivery of physical Gift Voucher(s) has been impacted due to the lock down, we are happy to issue you e-Gift Voucher(s)”.

        Reply
        1. Siddharth Post author

          Thanks for the info. Will check with them for my redemption.

          Reply
  6. Nish

    Thanks for this. I have a Yes Premia card that I use exclusively for lounge access, both domestic and internationally. There is not much use of the card. Nowadays, the cashback cards from ICICI and Axis give better in terms of cashbacks and rewards compared to these midrange cards.

    Reply
  7. J G

    The lounge access priority pass For domestic doesnโ€™t matter, since you get unlimited domestic access on your add ons anyway.

    Reply
    1. Abhi

      PP is accepted at more lounges. So there may be some domestic lounges accepting PP but not the card.

      Reply
  8. Gautam

    What an end to a great bank and now a great card. This card (Yes First) , as it were, will be relegated to mean just a souvenir!

    Reply
  9. SaurabhN

    Seems I need to finally consider redeeming my 5.6 lacs reward points on my YFE for gift vouchers (like Croma or Reliance Digital) before devaluation again takes in coming months ๐Ÿ™

    Reply
  10. Neil

    Do they offer Amazon vouchers for credit cards? I can see it for debit cards. I hold Yes Premia

    Reply
  11. AG

    I just realised that they pulled out Amazon vouchers from the cc redemption page.

    Any chance of them coming back? or better to redeem the points right away?

    Reply
    1. HG

      I have never seen Amazon vouchers on YFE/YFP, are you sure this was there earlier?

      Reply
  12. Tushar

    Good time to redeem all 80k points. Was hoping Amazon vouchers would return but unlikely at this point.

    Regarding vouchers, can we select or mention an address for them to be sent to. My registered address is my office but Iโ€™d like to receive them at home due to the lockdown

    Reply
    1. GTMAX

      I had put in a request to them over email for address mailing indicator change from my office to residential address & the same got processed in 3-4 days.

      Reply
      1. SURESH

        Hi ,

        Can you please tell how this address change is done?
        Calls to RM didnt help .
        I have tried sending email to yestouchcc [at] yesbank.in , but they said due to covid ,they may not processing any requests and to check with self-assistance.
        I have around 1.1 Lakh reward points and want to redeem before they drop value to my new address .

        Reply
        1. Amann

          Not sure if this helps. Due to covid, Yes Bank has been emailing e- vouchers on email. But its not 100% that you’ll get on email or physical…

          Reply
  13. Raj

    How about Yes Private is that getting a devaluation too? i hope not..

    Reply
  14. Karan Bheda

    Hello,
    Based on the new rewards points , how does it work?
    In a month, if I have 4 transactions of Rs.50 each for a total of Rs.200, how many points will I get as per old scheme and new scheme?

    0 in both?

    Regards,
    Karan

    Reply
    1. ATS

      Yes. 0 for both.

      Example:
      Txn amount old scheme new scheme
      50 0 0
      100 1 0
      150 1 0
      200 2 2

      Reply
    2. Ramesh Kumar

      As per old scheme you’ll get 3 points for each Rs.50 transaction, not sure on new scheme but seems like you’ll get anything unless spending is minimum of Rs.200 like Axis, SBI, HDFC does based on their respective card feature.

      Reply
      1. Abhi

        Not sure what logic you guys are using or not talking about Yes Exclusive ? It is clearly mentioned (also in article above) reward rate changed from 6 per 100 to 12 per 200? So 50×4 offcourse 0 points in both system Transaction for 200, 12 points in both. Transaction of 150, 6 earlier 0 now. So 0,1,2,3 50…. What ?

        Reply
  15. Abhi

    Devaluation on one side, they are also offering 50% bonus pts on online spends. Bonus capped at 1000 pts.
    Not sure if online includes wallet loads though.

    Reply
    1. Siddharth Post author

      That’s Rs.150 equivalent. This re-confirms where Yesbank is heading to!

      Reply
      1. HG

        Plus the points will be credited by 10th July 2020, just after the devaluation is complete, that’s super convenient really!

        Reply
    2. Seetha Raman V

      Hello Abhi,
      Can you please let us know where did you get this information? i.e. 50% bonus points for online spends. curious to know the details. Thanks in advance!

      Reply
  16. Kushal Goenka

    Hey what are the Handling charges applicable ?
    Will I be charged more for requesting five vouchers or Rs 1000/- instead of single voucher of Rs 1000/-?

    Reply
  17. hrishikesh

    This was one of the best card one time.Its a LTF card at least thats how i got it without ITR.The reward was 2.5% across everything and off course unlimited lounge access.

    Sadly now is not the case.As you mentioned it just a matter of time before these guys will pull off lounge access.

    Reply
  18. Mohd Kashif

    I don’t see any review for Axis Bank Miles & More World card. please do it. I am thinking of closing my Yes Exclusive and get another Premium Credit card.

    Reply
  19. Nikhil Goel

    I was collecting points from 3 years using it as secondary card and was waiting for Amazon vouchers for so long but now have unwillingly settled for Shoppers Stop vouchers worth Rs. 29,500/-..
    This card was once a dream card for many people and now everybody would have closed it even having it LTF if it weren’t for unlimited PP for add-on members.

    Reply
  20. Gagan

    Thanks for this heads-up Siddharth – devaluation of existing points for vouchers etc is a shocker.

    Just wondering, with no clarity on when malls etc will open, care to share which vouchers are on the mind of fellow users – to redeem their points?

    Reply
  21. sudipta

    i redeemed 1.6L points, yes exclusive..80k shoppers stop and 80 k reliance digital… too little option now

    Reply
  22. Aniket

    Hi Everybody
    Hope you all are safe. Yes Bank has offered the Yes First Exclusive Credit card lifetime free and it’s basically upgrade of my Yes First preferred credit card having less than 2 Lac limit. I am just wondering and also clueless that how did it happen bcz I don’t meet the criteria for YFE and not even Yes First Preferred. I am yes bank salary account holder with very low NRV. My spend on Yes first preferred is also very low. My annual income is not even meeting the Yes First Preferred and i had applied that card through FD but they issued as unsecured cc. I just want to know your or other user community thought on issuance of YFE.

    Reply
      1. ANIKET KUMAR

        Saurabh,
        Are you eligible for YFE as per their criteria. I am not eligible despite they are offering me YFE LTF and that’s why I am wondering how Yes Bank is working on card upgrade.

        Reply
        1. Saurabh

          per their criteria????

          The criteria is applicable to new card…. upgrade or credit limit enhancement are internal matter… An email received says clearly about Upgraded and Annual Fees.

          Don’t understand why are you questioning about this.

          Reply
    1. Ramesh Kumar

      I think most of the preferred card holders getting upgrade to exclusive card, my friend also got upgrade even though he never used the card but just completed 6 months from card setup.

      Reply
  23. AG

    Amazon and Flipkart vouchers are back on Yes rewards for CC holders. I redeemed mine for Reliance Digital vouchers, Might help our members if they did not redeem their points yet.

    Cheers.

    Reply
    1. Gagan

      I just checked now (13th June at 5:00 pm) and couldn’t see any FK or Amazon vouchers.

      May be your comment was approved late and so missed

      Reply
      1. Ramesh Kumar

        Now amazon vouchers available for preferred card holders, but not for exclusive card holders that’s unfortunate.

        Reply
    2. GTMAX

      Was happy to see this comment, but after logging in could not find any amazon & flipkart vouchers for redemption.

      Reply
      1. Bhavin Shah

        Amazon /FK vouchers are available against redemption of points accumulated on debit card

        Reply
  24. neil

    had redeemed my 6000 points for SS vouchers. They sent me e-gift vouchers today by mail

    Reply
  25. Vipul Gupta

    Mr Sidhart,

    Please share the source of this 25 p to 15p change.
    I have recieved yes bank email about changes and it does not say about 25p to 15 p change
    So please tell on what basis are you saying this

    thanks

    Reply
      1. Ramesh Kumar

        Maybe all executives are not aware of this change, I contacted yesbank and rewardz customer care both told it’ll be 25p always and also mentioned we’ll get intimation for this kind of change in advance.

        Reply
          1. Ramesh Kumar

            I am not sure, but yesbank customer care executives said it’s always 25p.

          2. Ramesh Kumar

            Today got confirmation email from yesbank customer care that it’ll be devalued from 25p to 15p.

      2. Vipul Gupta

        You are requested to reread and confirm before posting such wrong information.
        I confirmed with Yes bank team too and there is no such change

        Reply
  26. Manpal Singh Julka

    I just received an offer to upgrade my YES Preferred to Exclusive. LTF !
    Havn`t used it i over 8 months; but upgrading it nevertheless.

    Reply
  27. Karan Chawla

    With the recent devaluation just got an option to upgrade. Not sure if it will be really processed.Card was mostly dormant for ~4-5 months ever since my earlier transactions. I registered some bill pay transactions over the weekend and redeemed for AMZ reward points. May be that triggered it ?

    Their system is a mess though. I now have 1/8th of avg. balance. Salary isn’t being credited anymore. They have assigned me a lousy limit. Let’s see if they increase limits or retain it at a paltry mid double digit.

    Reply
  28. Harshit Jaiswal

    Hey Sid,

    I have placed an order 10 days back and the product is yet not shipped.
    Can you confirm if you receive the order and how much time it has taken?

    Reply
    1. Siddharth Post author

      I didn’t get it either.

      They called today to check if they can replace pantaloons voucher with Shopperstop e-voucher. I denied and said will wait for few weeks. They are Ok with it. I was said that Chennai is in lockdown and hence the delay.

      Reply
      1. Harshit

        Thanks for the update.
        Today I was about to raise a complaint that there 7 working days are over.
        But before doing so I got a message that your item has been shipped and tomorrow I will be getting the delivery. Seems like covid is the culprit here for the delay.

        Reply
      2. Kiran

        For me it was other way round, pantaloons in close to my house hardly 2 kms. So ordered pantaloons vouchers they said they donโ€™t have and can be replaced with Shoppers stop vouchers.

        Cheers,
        Kiran

        Reply
  29. Amann

    Sid

    I got croma e-vouchers instead of physical vouchers.

    Do you know that for lower cards (Premia, Prosperity Edge etc.) they have better options like Amazon & flipkart voucher in redemption options. Ask them to give you any of those instead …

    Very unfair to Yes First Cards that we donโ€™t have the best options.

    Reply
    1. Siddharth Post author

      I was given the croma option too but of no use for me at the moment.
      Looks like debit cards have amazon vouchers but not CC.

      As long as they send the vouchers I ordered even after 2 months I’m fine. Lets see how it goes.

      P.S. Pantaloons extended the validity of SBI milestone vouchers till July end.

      Reply
      1. Amann

        Sid

        They were there yesterday. Seems either they were exhausted as expected or were removed after heavy redemptions.

        Reply
        1. Akash

          Amann/Kishore,

          Any idea whether amazon will be back before 30 june?

          Reply
          1. Amann

            Dont expect it. Atlest till they do the devaluation on 1st July. After that as well, don’t count on it.

            Yes bank recently failed to pay bond interest as per Rbi directions as its Capital is below mandatory requirements. So avoid spends on its cards till it raises some 10k cr or more in equity capital.

      2. Kishore

        Sid
        Amazon and Flipkart vouchers available for credit card redemption. I have redeemed my 20000 credit card rewards points for Amazon pay on 15th and got the E Voucher yesterday..

        Reply
      3. Aims

        Same happened with me a few days back and i said i need pantaloons only. Today they called and mentioned pantaloons is not available. So either take Shopper’s Stop or we are canceling ur order. I opted for that and received e-voucher from woohoo today only

        Reply
    2. Ramesh Kumar

      Amazon and flipkart available for YFP card holders till yesterday, but for YFE.

      Reply
  30. Vish

    Redeemed for amazon vouchers and received the e-vouchers in 2 days!

    Reply
  31. Pradeep K

    I have redemmed for 1.5L YFE for a variety of vouchers on 20-Jun but I got Amazon evouchers for 1L so far. Looks like there are no other vouchers available so they have provided Amazon vouchers for all the points. This is good since we have use it more effectively via Amazon. ๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€

    Reply
  32. Josh Mukherjee

    I have NRI accounts (credit cards issues against fixed deposits).

    1. YesBank YesFirst Preferred.
    2. HDFC Regalia

    I use both primarily for international (and the occasional domestic) lounge access. It looks like I’d qualify for the HDFC Infinia if I moved my YesBank fixed deposits to HDFC and upgraded my Regalia card (this would give me unlimited priority pass on one card instead of limited priority passes on two cards, but means I wouldn’t be able to sign in a friend, so this would work better for solo trips).

    Is it a better strategy to consolidate to one fixed deposit and one unlimited priority pass at a lower interest rate, or stick with YesBank and stay diversified between two cards / two priority passes?

    Again, my primary use here is lounge access (several times per year international, once or twice a year domestic); I pretty much never use any of the other card benefits. Thoughts?

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *