Yes Bank Elite Credit Card
Joining: 4,999 INR + taxes
Renewal fee: 4,999 INR + taxes per year
Rewards: Upto 5X reward points
Welcome Benefits: Amazon voucher worth 500 INR after first spend
The YES Bank Elite Credit Card is a premium offering designed for discerning individuals who value exclusivity and seek a card that reflects their sophisticated lifestyle. This prestigious card opens doors to a world of privileged experiences and exceptional rewards, elevating your status and granting you access to an elite club with exclusive lounges, concierge services, and personalized assistance.
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Features & Benefits of Yes Bank Elite Credit Card
Rewarding Welcome Offer: Earn attractive bonus reward points upon activating your Elite Credit Card, allowing you to kickstart your rewards journey right from the start.
Accelerated Rewards Earning: Enjoy a higher earn rate on your everyday spends, making it easier to accumulate reward points faster across various categories like dining, shopping, travel, and more.
Exclusive Privileges and Discounts: As an Elite cardholder, you’ll gain access to a world of exclusive privileges, ranging from complimentary lounge access at airports to discounts on hotel bookings, dining, and other premium experiences.
Fuel Surcharge Waiver: Save money on your fuel expenses with a waiver on fuel surcharges, making your refueling experience more cost-effective.
Comprehensive Travel Benefits: Enjoy a hassle-free travel experience with complimentary travel insurance, lost baggage protection, and other travel-related benefits tailored for frequent flyers.
Concierge Services: Benefit from personalized concierge services, providing you with assistance for restaurant reservations, event bookings, and other lifestyle-related requests.
Enhanced Security Features: Rest assured with advanced security features like EMV chip technology, fraud monitoring, and zero lost card liability, ensuring your transactions are safe and secure.
Attractive Interest Rates: Take advantage of competitive interest rates on outstanding balances, making it easier to manage your finances effectively.
Online Account Management: Stay in control with a user-friendly online banking platform, allowing you to monitor your transactions, redeem rewards, and manage your account seamlessly.
Global Acceptance: Enjoy the convenience of using your Elite Credit Card at millions of merchants worldwide, making it a reliable companion for all your domestic and international purchases.
Other Yes Bank Credit Card offers in India
Eligibilty for aplying Yes Bank Elite Credit Card
- To apply for the Yes Bank Elite Credit Card, you must be an Indian resident aged 21 years or above. The bank wants to ensure you have attained legal age to enter into a credit agreement.
- You need to have a steady source of income, either through employment or self-employment/business. The bank wants to assess your repayment capability before approving your card application.
- Your annual income should meet the minimum eligibility criteria set by Yes Bank for this card variant. As the Elite is a premium offering, they typically prefer applicants with higher incomes.
- A good credit score is crucial. Yes Bank will pull up your credit report from bureaus like CIBIL to evaluate your past repayment track record and existing debt obligations.
- If you are a salaried applicant, you must submit your latest 3 months’ pay slips along with form 16 to show steady employment and income flow.
- For self-employed/business applicants, you may need to furnish income tax returns, bank statements, business financials to prove your income sources.
- Be prepared to share your residency proof, identity proof and other KYC documents as mandated by RBI regulations for credit card issuance.
- Existing Yes Bank customers holding salary accounts or other product relationships may get preference during eligibility checks.
Documents Required for Yes Bank Elite Credit Card
- A completed Yes Bank credit card application form with your signature across the same.
- Proof of identity – A clear photocopy of your passport or PAN card. For senior citizens, a photocopy of the pension payment order can also be submitted.
- Proof of residence – Leave and license agreement, utility bills (electricity, gas, telephone landline, etc.) not older than 2 months, ration card, or letter from employer are accepted.
- Proof of income – Last 3 months’ salary slips, last 2 years’ Form 16, last 6 months’ bank statements showing salary credits, or Income Tax Returns for self-employed professionals.
- Photographs – One recent passport-sized color photograph with white background.
- Age proof – Birth certificate, school leaving certificate, or first page of passport in case of minors.
- Additionally, for salaried individuals, an employer’s certificate or letter mentioning employment details on company’s letterhead is required.
- If self-employed, latest income tax returns along with financials like profit & loss account and balance sheet for the last 2 years are needed.
- In some cases, the bank may ask for additional documentation like education qualifications, past loan details, or any other relevant papers to establish your credentials.
Fees and Charges of Yes Bank Elite Credit Card
Fees:
- Joining/Annual Fee:
- The joining fee for the Yes Bank Elite Credit Card is Rs. 4,999 (plus applicable taxes).
- The annual fee is also Rs. 4,999 (plus applicable taxes) and is waived off for the first year.
- Late Payment Fee:
- If the minimum amount due is not paid by the due date, a late payment fee of Rs. 750 (plus applicable taxes) is levied.
- Reward Redemption Fee:
- For redeeming rewards, a fee of Rs. 99 (plus applicable taxes) is charged per redemption.
- Duplicate Statement Fee:
- A fee of Rs. 100 (plus applicable taxes) is charged for requesting a duplicate statement.
- Cheque Bounce Fee:
- In case of a dishonored cheque, a fee of Rs. 500 (plus applicable taxes) is levied.
- Joining/Annual Fee:
Charges:
- Interest Rates:
- The interest rate on cash advances is 3.50% per month (42% per annum).
- The interest rate on revolving credit (outstanding balance) is 3.50% per month (42% per annum).
- Cash Advance Fee:
- A fee of 2.5% (subject to a minimum of Rs. 500) is charged for cash advances from ATMs or over the counter.
- Over-limit Fee:
- If the credit limit is exceeded, an over-limit fee of 2.5% (subject to a minimum of Rs. 500) is charged on the over-limit amount.
- Foreign Currency Markup:
- For international transactions, a markup of 3.5% is applied on the INR equivalent of the transaction amount.
- Fuel Surcharge:
- A fuel surcharge of 1% (subject to a minimum of Rs. 10) is levied on fuel transactions.
- Interest Rates:
Rewards & Cashback of Yes Bank Elite Credit Card
Accelerated Rewards: Earn 5X Reward Points on expenses like dining, movies, and utilities. Accumulate points swiftly for your frequent indulgences.
Travel Treats: Enjoy 4X Reward Points on airline ticket bookings, both domestic and international. Rack up points rapidly for your wanderlust.
Everyday Earnings: Gain 2X Reward Points on all other retail purchases, ensuring you’re rewarded for your everyday spends.
Cashback Bonanza: Redeem your Reward Points for cashback at an attractive rate, effectively earning you up to 2.5% value back on your spends.
Fuel Freebie: Get a flat 5% cashback on fuel purchases at Indian Oil petrol pumps across India, helping you stretch your travel budget.
Dining Delights: Relish a 10% cashback on dining bills at select restaurants and food joints, courtesy of partner offers.
Online Windfalls: Earn up to 10% cashback on e-commerce transactions with leading online retailers through special promotional offers.
Anniversary Bonus: On your credit card anniversary, you’ll receive bonus Reward Points equivalent to 10% of your total earnings from the previous year.
How to Redeem Earned Rewards and Cashback of Yes Bank Elite Credit Card?
- Log into your Yes Bank online banking account or mobile app to view your accumulated reward points and cashback balance.
- On the dashboard, click on the “Rewards” or “Cashback” section to see your current points/cashback amount and redemption options.
- You can redeem points for merchandise, gift vouchers, travel bookings, utility bill payments, charitable donations, and more through Yes Bank’s rewards catalog.
- For cashback redemption, you can choose to get the amount credited back to your credit card account, request a banking account transfer, or redeem for vouchers/merchandise.
- Make sure you have enough reward points or the minimum cashback amount required for your chosen redemption option.
- Follow the step-by-step redemption process by selecting your preferred reward item/cashback redemption mode.
- Confirm the redemption details like points to be redeemed, delivery address for physical merchandise, etc.
- Your redemption request will be processed, and you’ll receive a confirmation via email/SMS once completed successfully.
- Some premium rewards may take longer for delivery, while cashback amounts are usually credited instantly to your account.
- Keep checking your rewards account regularly, as points/cashback can expire if not redeemed within the validity period set by Yes Bank.
How to apply for Yes Bank Elite Credit Card?
- Begin by visiting the official website of Yes Bank or their dedicated credit card application portal.
- Look for the section or tab labeled “Apply for Credit Card” or something similar.
- Select the option for the Yes Bank Elite Credit Card from the list of available credit card variants.
- You will be prompted to enter your personal details, such as name, date of birth, contact information, and residential address.
- Provide your employment details, including your occupation, annual income, and the name and address of your employer or business.
- Upload the required documents, which typically include your PAN card, address proof (such as a utility bill or passport), and income proof (such as salary slips or income tax returns).
- If you are an existing Yes Bank customer, you may be able to complete the application process using your existing login credentials.
- For new customers, you will need to create a new user account by providing an email address and setting up a password.
- Review the terms and conditions carefully, and provide your consent to proceed with the application.
- Depending on the application process, you may be required to schedule an in-person appointment or video call for verification purposes.
- Once your application is submitted, Yes Bank will conduct the necessary background checks and verify your eligibility.
- If approved, you will receive your new Yes Bank Elite Credit Card within the stipulated time frame, typically 7-10 working days.
- Upon receiving the card, you will need to activate it by following the instructions provided, and then you can start using your new Yes Bank Elite Credit Card.
Yes Bank Elite Credit Card Limit
- The Elite Credit Card from Yes Bank offers a credit limit ranging from ₹1,00,000 to ₹25,00,000, catering to diverse financial requirements.
- The exact credit limit assigned to an individual is determined through a comprehensive evaluation process that considers several factors, such as income, existing financial obligations, credit history, and overall creditworthiness.
- Applicants with a higher annual income and an excellent credit score are typically eligible for higher credit limits, enabling them to make larger purchases and enjoy greater financial flexibility.
- For salaried individuals, Yes Bank typically considers up to 20 times their monthly net income as the maximum credit limit, ensuring responsible borrowing and debt management.
- Self-employed professionals and business owners may be offered higher credit limits based on their income, business revenue, and overall financial standing, subject to stringent verification processes.
- Yes Bank periodically reviews the credit limits of its Elite Credit Card holders, considering changes in their income, repayment history, and overall credit profile.
- Customers with a consistent track record of timely repayments and responsible credit utilization may be eligible for a credit limit enhancement, enabling them to access higher borrowing capabilities as their financial circumstances improve.
It’s crucial to note that the credit limit is not a fixed figure and may vary based on individual circumstances and the bank’s credit policies, which are subject to periodic updates and revisions to align with regulatory guidelines and market conditions.