The YES Bank EMI Credit Card is an innovative option that combines the functionality of a credit card with the convenience of an equated monthly installment (EMI) facility, allowing customers to convert purchases into easy, interest-free EMIs for better expense management. This card enables users to enjoy their desired products or services without draining savings by spreading the cost over a predetermined period with manageable monthly payments.
Yes Bank EMI Card
Joining: Nil*
Renewal fee: As per card variant basis
Rewards: Up to 6 Reward points on every 100 INR spend.
Welcome Benefits: Welcome Cashback Offers
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Features of Yes Bank EMI Card
Flexible EMI Tenure: This credit card allows you to choose the EMI tenure for your purchases, ranging from 3 to 24 months. This flexibility enables you to plan your finances more effectively and manage your expenses conveniently.
Zero Down Payment: With the YES Bank EMI Credit Card, you can avail of the EMI facility without making any down payment on your purchases. This feature provides you with easy access to credit and helps you manage your liquidity more efficiently.
Low EMI Rates: The bank offers competitive EMI rates, which can be lower than the interest rates charged on regular credit card transactions. This feature makes it more cost-effective for you to finance your purchases through EMIs.
Wide Merchant Network: YES Bank has partnered with a vast network of merchants across various sectors, including electronics, furniture, travel, and more. This wide acceptance ensures that you can utilize the EMI facility for a diverse range of purchases.
Reward Points: Like other credit cards, the YES Bank EMI Credit Card also offers reward points on your EMI transactions. These reward points can be redeemed for various benefits, such as cashback, vouchers, or discounts on future purchases.
Convenient Billing: The EMI amount is included in your monthly credit card statement, making it easier for you to track and manage your payments. You can choose to pay the entire outstanding amount or make the minimum payment each month.
Online EMI Facility: YES Bank provides an online EMI facility, allowing you to convert your purchases into EMIs directly on the merchant’s website or app. This feature enhances the convenience and accessibility of the EMI facility.
No Cost EMI: For certain merchants or promotional offers, YES Bank may provide the option of “No Cost EMI,” where you can avail of the EMI facility without paying any additional interest or charges.
Easy Conversion: If you have made a purchase using your YES Bank EMI Credit Card and wish to convert it into EMIs later, the bank offers a convenient option to do so, subject to certain terms and conditions.
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Fees & charges of Yes Bank EMI Card
Annual Membership Fee: The YES Bank EMI Credit Card typically charges an annual membership fee, which may vary depending on the specific card variant you choose. This fee is generally waived off for the first year, and then levied annually thereafter.
Interest Rates: If you carry a balance on your EMI Credit Card, interest charges will be applied on the outstanding amount. The interest rates can vary based on factors such as your credit profile, income, and the type of transaction (e.g., retail purchases, cash advances).
Late Payment Fee: If you miss or delay your credit card payment, YES Bank will charge a late payment fee. This fee is typically a fixed amount or a percentage of the outstanding balance, whichever is higher.
Over-Limit Fee: If you exceed your credit limit on the EMI Credit Card, YES Bank may impose an over-limit fee. This fee is charged for each billing cycle where your outstanding balance exceeds the credit limit.
Cash Advance Fee: If you use your EMI Credit Card to withdraw cash from an ATM or bank counter, you will be charged a cash advance fee. This fee is usually a percentage of the cash advance amount, subject to a minimum charge.
Foreign Transaction Fees: When you use your YES Bank EMI Credit Card for transactions in a foreign currency or while traveling abroad, you may be charged a foreign transaction fee, typically a percentage of the transaction amount.
EMI Foreclosure Charges: If you choose to foreclose (pay off) your EMI loan before the scheduled tenure, YES Bank may charge an EMI foreclosure fee. This fee is designed to cover the bank’s administrative costs associated with the early closure of the loan.
Fuel Surcharge: Some banks may impose a fuel surcharge when you use your EMI Credit Card for fuel purchases at petrol pumps. This charge is typically a fixed amount or a percentage of the transaction value.
Payment Return Charges: If your payment (e.g., cheque, ECS, or NACH) is returned or dishonored due to insufficient funds or any other reason, YES Bank will levy a payment return charge.
Other Charges: Depending on your usage and account activity, YES Bank may impose additional charges for services like balance transfers, credit limit enhancements, duplicate statement requests, and so on.
Rewards and Cashback of Yes Bank EMI Card
YES Bank EMI Credit Card offers attractive rewards and cashback across different categories to appeal to varied customer preferences.
For online spends:
- Get 5% cashback on all online spends (no minimum spend requirement)
- Cashback is capped at ₹200 per month
For offline spends:
- Earn 15 Reward Points for every ₹100 spent on dining, movies, and groceries
- Earn 10 Reward Points for every ₹100 spent on other offline spends
For EMI conversions:
- Convert high-value purchases into easy EMIs at attractive interest rates
- Earn 10X Reward Points on EMI conversions during the introductory period
Fuel Surcharge Waiver:
- Get 1% value back as cashback on fuel spends at any petrol pump across India
- No need to dip into fuel surcharge waiver limit
Other Benefits:
- Complimentary food vouchers from top brands after spending milestones
- Special offers on hotel bookings, flight bookings, and other travel privileges
- Access to the Premium Dining Program with discounts at select restaurants
How to Redeem Earned Rewards and Cashback Points on Yes Bank EMI Card?
Redeeming rewards and cashback on the YES Bank EMI Credit Card is a straightforward process that allows you to enjoy the benefits of your spending.
- To redeem your accumulated reward points, log into your YES Bank online banking account or the mobile app. Navigate to the “Rewards” section.
- Here, you can view your current reward point balance and explore the redemption options available. These may include redeeming for cashback, gift vouchers, merchandise, or other partner offerings.
- For cashback redemption, select the “Redeem for Cash” option. Enter the amount you wish to redeem (subject to minimum redemption limits) and confirm. The cashback amount will be credited to your YES Bank EMI Credit Card account within 2-3 working days.
- If you prefer to redeem for vouchers or merchandise, browse through the catalog and select the desired item. Follow the prompts to complete the redemption process using your reward points.
- Certain high-value redemption options may require you to accumulate a specific minimum number of reward points before you can claim them.
- It’s advisable to redeem your reward points regularly to maximize their value and avoid point expiration or devaluation over time.
In case of any queries or issues with the redemption process, you can reach out to the YES Bank customer care helpline or visit your nearest branch for assistance.
Eligibility for Applying Yes Bank EMI Card
- Applicant should be an Indian citizen residing in India.
- Age should be between 21 and 65 years at the time of application.
- Applicant must have a steady source of income, either through employment or self-employment.
- Minimum net monthly income should be at least ₹20,000 for salaried individuals and ₹25,000 for self-employed individuals.
- Applicants should have a clean credit history with a CIBIL score of 750 or above.
- Existing YES Bank customers with a satisfactory banking relationship may have an advantage during the application process.
- Applicants should provide valid KYC (Know Your Customer) documents, such as PAN card, Aadhaar card, passport, and address proof.
- Applicants should have a valid email address and mobile number for communication purposes.
In some cases, YES Bank may require additional documents or proofs to verify the applicant’s income, employment status, or creditworthiness.
Documents Required for Yes Bank EMI Card
Completed application form: Fill out the credit card application form provided by YES Bank accurately with all the necessary personal and financial details.
Identity proof: Submit a self-attested copy of your valid government-issued photo ID proof like PAN card, Aadhaar card, voter ID card, or passport.
Address proof: Provide a self-attested copy of a recent utility bill (electricity, water, or landline telephone bill) or bank statement as proof of your current residential address.
Income proof: Submit the latest salary slips for the last 3 months or the latest Form 16 issued by your employer as proof of your income. If self-employed, provide the latest Income Tax Returns (ITR) along with computation of income.
Bank statements: Furnish the last 6 months’ bank statements for your salary account to demonstrate your income flow and financial discipline.
Photograph: Provide a recent passport-size color photograph with a plain background.
Employment proof: If salaried, submit a copy of your appointment letter or the latest salary slip mentioning your designation and employment details. If self-employed, provide proof of your business, such as a trade license or shop establishment certificate.
Age proof: Enclose a copy of your birth certificate, PAN card, or any other government-issued document as proof of your age.
EMI details: Provide the complete details of the product or service you wish to purchase on EMI, including the cost, tenure, and any other relevant information.
Additional documents (if applicable): Depending on your specific case, YES Bank may request additional documents like Form 16A (for tax-deducted income), rent agreement (if staying on rent), or any other relevant documents to verify your creditworthiness.
How to apply for Yes Bank EMI Card?
- Visit the official website of YES Bank or their partner bank’s website.
- Look for the ‘Credit Cards’ section and click on ‘Apply Now’ or ‘Apply for Credit Card’ option.
- Select the ‘YES Bank EMI Credit Card’ from the list of available credit card options.
- Fill out the online application form with your personal and employment details accurately.
- Provide your name, date of birth, contact information, and residential address.
- Enter your occupation, annual income, and details about your employer or business.
- Upload the required documents, such as identity proof, address proof, and income proof.
- Review the information you’ve provided and confirm that it’s correct.
- Agree to the terms and conditions of the credit card by checking the relevant boxes.
- Submit the online application form.
- After submitting the form, you may receive a call from the bank’s representative for verification and additional details, if required.
- Once your application is processed and approved, the bank will issue the YES Bank EMI Credit Card and deliver it to your registered address.
- Upon receiving the credit card, follow the instructions provided to activate it and set up your PIN (Personal Identification Number).
Yes Bank EMI Credit Card Limit
- The EMI Credit Card limit from YES Bank is determined based on your income, credit history, and overall creditworthiness.
- For salaried individuals, the typical EMI Credit Card limit ranges from 2 to 4 times your monthly net income.
- For self-employed individuals or professionals, the EMI Credit Card limit is usually between 1.5 to 3 times your average monthly income.
- If you have an excellent credit score and a long history of timely repayments, YES Bank may offer you a higher EMI Credit Card limit.
- The minimum EMI Credit Card limit offered by YES Bank is typically around ₹25,000 to ₹30,000, but it can vary depending on your profile.
- YES Bank considers factors like your age, employment stability, existing debt obligations, and overall risk profile while determining the EMI Credit Card limit.
- If you need a higher EMI Credit Card limit, you can request a limit enhancement after maintaining a good repayment history for a few months.
- YES Bank may periodically review and adjust your EMI Credit Card limit based on your usage patterns and creditworthiness.
It’s essential to manage your EMI Credit Card spending and repayments responsibly to maintain a good credit score and potentially qualify for a higher limit in the future.