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
Table of Contents
YesFirst Exclusive Revised Benefits
| Change Type | Existing | Revised |
| Regular Rewards | 6 Reward Points for every INR 100 spent anywhere | 12 Reward Points for every INR 200 spent anywhere |
| Accelerated Rewards | 12 Reward Points for every INR 100 spent on select categories | 24 Reward Points for every INR 200 spent on select categories |
| Lounge Access – Priority Pass | Not chargeable for domestic, unlimited for international | Chargeable for domestic, no change for international |
| Lounge Access – Credit Card | Unlimited for Primary & Add-on | No change |
| Point Value | 25ps for all redemptions | 25ps 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.
Before lockdown I have redeemed for cleartrip and shoppers stop Gift Voucher, Now I have Gift Voucher in my pocket 🙂
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.
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?
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.
Lucky me, expected devaluation due to pandemic and redeemed all points for shopping vouchers couple of weeks back, waiting for physical coupons delivery
Got all my YFE RP converted to my CV miles @ 4:1 ..Im pretty happy even with my decision in lockdown 🙂
Hi Sid,
Thanks for detailed explanation.
Do they provide any online vouchers or all vouchers are offline and sent via post?
Only physical vouchers for now.
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.
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)”.
Thanks for the info. Will check with them for my redemption.
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.
The lounge access priority pass For domestic doesn’t matter, since you get unlimited domestic access on your add ons anyway.
PP is accepted at more lounges. So there may be some domestic lounges accepting PP but not the card.
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!
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 🙁
Do they offer Amazon vouchers for credit cards? I can see it for debit cards. I hold Yes Premia
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?
I have never seen Amazon vouchers on YFE/YFP, are you sure this was there earlier?
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 I’d like to receive them at home due to the lockdown
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.
What’s the email address to write to them ?
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 .
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…
How about Yes Private is that getting a devaluation too? i hope not..
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
Yes. 0 for both.
Example:
Txn amount old scheme new scheme
50 0 0
100 1 0
150 1 0
200 2 2
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.
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 ?
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.
That’s Rs.150 equivalent. This re-confirms where Yesbank is heading to!
Plus the points will be credited by 10th July 2020, just after the devaluation is complete, that’s super convenient really!
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!
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/-?
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.
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.
@Mohd Kashif
Which card u plan to apply?
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.
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?
i redeemed 1.6L points, yes exclusive..80k shoppers stop and 80 k reliance digital… too little option now
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.
i got same offer today….
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.
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.
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.
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.
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
Now amazon vouchers available for preferred card holders, but not for exclusive card holders that’s unfortunate.
Was happy to see this comment, but after logging in could not find any amazon & flipkart vouchers for redemption.
Amazon /FK vouchers are available against redemption of points accumulated on debit card
had redeemed my 6000 points for SS vouchers. They sent me e-gift vouchers today by mail
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
Re-read please.
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.
Mr ramesh are you saying this news is correct ?
I am not sure, but yesbank customer care executives said it’s always 25p.
Today got confirmation email from yesbank customer care that it’ll be devalued from 25p to 15p.
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
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.
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.
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?
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.
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.
For me it was other way round, pantaloons in close to my house hardly 2 kms. So ordered pantaloons vouchers they said they don’t have and can be replaced with Shoppers stop vouchers.
Cheers,
Kiran
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 don’t have the best options.
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.
Sid
They were there yesterday. Seems either they were exhausted as expected or were removed after heavy redemptions.
Amann/Kishore,
Any idea whether amazon will be back before 30 june?
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.
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..
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
Amazon and flipkart available for YFP card holders till yesterday, but for YFE.
Redeemed for amazon vouchers and received the e-vouchers in 2 days!
Vish,
When did you redeem? Was it for YFE?
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. 😀😀😀
Do they charge redemption fees for e vouchers
Do they charge redemption fees for e vouchers
Sid, thanks a ton for heads up on devaluation. I had lotsa points on my YFE LTF card. Redeemed almost everything and now sitting pretty. You da man!
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?
Hi,
I redeemed YB reward points for Croma vouchers few months back. When I tried to redeem them today, it errored out saying ‘Wallet – Card Already Added’.
it seems YB sent used up vouchers to me for reward point redemption.
Their CC is clueless and it has been a nightmare following up.
Has anyone else faced this?
They have added a new option to redeem for cash which places a point worth at 10P.
So for normal transactions if redemption is for travel you can redeem at 25P (1.5%), for vouchers 15P (.9%) and for cash at 10P (.6%).
Yes Bank added new options on Rewards portal as per below: –
> Rewards can be redeemed as statement credit (1 point = 10 paisa on Exclusive card)
> Rewards can be shared to other card members
> For catalog shopping, Rewards & balance amount can be paid for purchase if rewards value is insufficient.
Minimum 2000 points needed for first 2 redemption options. Though this is good move from the bank but for premium cards it would have been better if the cash value was at-least 50 paisa.
Do they charge redemption fee for statement credit? I see 100+GST even for statement credit 🙁
Devalued further wef June 15, 2021:
1. RP earnings shall be halved on spends on utilities, commute, grocery, insurance, education, govt., etc. categories; and
2. Primary Cardmembers will enjoy Domestic Lounge access, limited to 3 visits per quarter; looks like add-on cardmembers will lose access to domestic lounges.
Indeed looks like add-on members won’t get free domestic lounge access post mid-Jun. International still remains.
And for RP earnings, I think it’s just flights, hotels, restaurants, non-grocery stores and online spends which have been spared for now, rest all are halved.
Thats correct. The card is about to lose its USP from 15 june 2021 – the unlimited lounge access.
It seems there will be annual charge too as it is given in term and condition .
Can you quote this part?
Further devaluation from 15th june 2021 notified and it’s quite steep.
I have a domestic trip tomorrow ,I have dcb and YFP, can i sign into lounge ith dcb and sign in my spouse with yfp in bangalore lounge?Kindly reply ASAP.
I have almost 47000 plus points available on my Yes First Exclusive card. What’s the best VFM redemption option currently?
Today ,I have raised request regarding closure of my Yes Bank credit card .
They have blocked my card but they told me it will take 60 days for complete closure of your credit card account.
Is it right?
Wef Oct 17, 2022, apr set to increase from 1.99 to 2.99percent, 20L spend milestone will be withdrawn and unlimited international lounge access will be reduced to 6/year
And now comes another one….. This time unlimited international lounge access is gone as well. And interest rate goes up by 12% per annum. 🙁
Almost no use keeping this card now.
Got auto upgrade on app to exclusive card LTF. Even though devaluated, something is better than nothing. I was using prosperty edge for around 4 years.
Siddharth, Any plans of reviewing the new Yes First Marquee credit card ?
Will do. But as long as YES Reserv is there with subscription, I think Marquee can be avoided.
Hi Siddharth,
The subscription plan does not credit points to account efficiently. I think it should be avoided as the customer care people also try to make a fool out of you just by trying to confuse you. Once they understand that you are not falling for their confusion, they just disconnect the call.
All this is coming from personal experience i have had for the past 6 months. so now i am not using the card anymore again.
Yea it is, let’s look back on that in a week. Covered it in detail on Reserv review.