Yes Bank Prosperity Edge/Select Credit Card
Joining: NIL
Renewal fee: 1,499 INR + taxes
Rewards: Up to 5X Reward points
Welcome Benefits: Bonus reward points
The YES Prosperity Edge/Select Credit Card is tailored for discerning individuals seeking a rewarding and hassle-free credit card experience. This card combines the convenience of cashless transactions with a host of exclusive privileges, designed to enhance your lifestyle and provide you with a seamless financial solution. Whether you’re a frequent traveler, a connoisseur of fine dining, or simply someone who appreciates the finer things in life, the YES Prosperity Edge/Select Credit Card is poised to be your trusted companion, providing unparalleled value and a wealth of benefits at every turn.
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Features & Benefits of Yes Bank Prosperity Edge/Select Credit Card
- Rewarding Welcome Offer: Earn generous bonus reward points or air miles upon activating your new Prosperity Edge card, setting you off on the right foot to enjoy its benefits from day one.
- Accelerated Rewards Earning: Earn an impressive 5 reward points or 2 air miles for every Rs. 150 spent on the card across all categories. This accelerated earn rate helps you rack up rewards faster.
- Fuel Surcharge Waiver: Save on those pesky fuel surcharges levied by most oil companies by using your Prosperity Edge card to gas up. A perfect perk for frequent travelers.
- Complimentary Airport Lounge Access: Enjoy the luxury of complimentary access to domestic and international airport lounges, both in India and abroad, along with a free guest entry.
- Exclusive Golf Privileges: As a Prosperity Edge member, you can tee off at prestigious golf courses across India at discounted green fees rates.
- Comprehensive Travel Benefits: From lost baggage insurance and travel insurance cover to discounts on hotel bookings and air tickets, this card ensures your travel is rewarding and stress-free.
- Personalized Concierge Services: A dedicated 24/7 concierge desk to assist you with travel bookings, restaurant reservations, and any other personalized services you may require.
Other Yes Bank Credit Card offers in India
Eligibility for applying Yes Bank Prosperity Edge/Select Credit Card
To be eligible for the YES Bank Prosperity Edge Credit Card, you need to meet certain criteria set by the bank:
Citizenship: You must be an Indian citizen, resident in India.
Age: The minimum age to apply is 21 years. There is no stated maximum age limit as long as you have a steady source of income.
Income: You must have a minimum annual income of ₹3 lacs if you are salaried or ₹4 lacs if you are self-employed. Higher income increases your chances of approval.
Profession: The card is open to salaried individuals working in public/private companies, self-employed professionals, and businesspersons.
Credit History: A good credit score (ideally above 750) and a clean credit history with no past defaults or debt settlement records improves your eligibility.
Existing Relationship: Existing YES Bank customers with satisfactory banking history may have an advantage during approval.
Location: Your residential address should be within India and acceptable to YES Bank’s area of operations.
Documents Required for Yes Bank Prosperity Edge/Select Credit Card
To apply for the YES Bank Prosperity Edge credit card, you’ll need to submit the following documents:
Identity Proof: A copy of your Aadhaar card, Passport, Voter ID, or PAN card. These documents serve as proof of your identity and residential address.
Address Proof: In case your identity proof doesn’t have your current residential address, you’ll need to provide a separate address proof document like a recent utility bill (electricity, gas, or landline), bank statement, or rent agreement.
Income Proof: Depending on your employment status, you’ll need to submit:
- For Salaried Individuals: Your latest salary slip along with Form 16 from the previous financial year.
- For Self-Employed: Income Tax Returns (ITR) for the last 2 financial years, along with computation of income and balance sheet/profit & loss account.
Photograph: A recent passport-size color photograph with a plain background.
Bank Statement: Your latest 6 months’ bank statement reflecting your salary credits and other financial transactions.
Company Documentation: If you’re a salaried employee, you may need to provide a company ID card or an employment letter stating your designation, date of joining, and annual income.
Fees & charges of Yes Bank Prosperity Edge/Select Credit Card
Fees:
- Annual Membership Fee:
- Primary Card: Rs. 1,499 (waived off for the first year)
- Additional Card: Rs. 749
- Annual fees will be applicable from the second year onwards.
- Cash Advance Fee:
- 2.5% of the cash advance amount (subject to a minimum of Rs. 500)
- Over-Limit Fee:
- 2.5% of the over-limit amount (subject to a minimum of Rs. 500)
- Foreign Currency Markup:
- 3.5% of the transaction amount (for international transactions)
- Reward Redemption Fee:
- NIL
Charges:
- Interest Rates:
- Retail Purchase Interest Rate: 3.49% per month (41.88% annualized)
- Cash Advance Interest Rate: 3.49% per month (41.88% annualized)
- Late Payment Charges:
- NIL for total outstanding up to Rs. 500
- Rs. 600 for total outstanding from Rs. 501 to Rs. 10,000
- Rs. 800 for total outstanding above Rs. 10,000
- Fuel Surcharge:
- NIL
- Cheque Bounce Charges:
- Rs. 500 per instance
Rewards of Yes Bank Prosperity Edge/Select Credit Card
Fuel Surcharge Waiver: With the YES Bank Prosperity Edge Credit Card, you can enjoy a waiver on fuel surcharge across all petrol pumps in India. This means you won’t have to pay any additional charges when fueling up your vehicle, saving you money on every fill-up.
Accelerated Reward Points: The card offers accelerated reward points on various categories, allowing you to earn more points faster. For instance, you can earn 5X reward points on dining, groceries, and utilities, making it a great choice for frequent spenders in these categories.
Multiplied Cashback: In addition to reward points, the YES Bank Prosperity Edge Credit Card provides multiplied cashback on various spending categories. For example, you can enjoy 5% cashback on movie ticket bookings, making it an excellent option for movie enthusiasts.
Complimentary Lounge Access: As a cardmember, you’ll have access to complimentary lounge access at domestic airports across India. This perk allows you to relax and unwind in a comfortable environment while waiting for your flight.
Welcome Rewards: To kick-start your rewards journey, YES Bank offers a generous welcome reward bonus when you spend a certain amount within the first few months of card issuance. This bonus can be redeemed for various rewards, such as merchandise, gift vouchers, or cashback.
Milestone Rewards: The card also provides milestone rewards based on your cumulative spending. For instance, you may receive a special reward upon reaching a certain spending threshold, encouraging you to continue using the card for your everyday purchases.
Flexible Redemption Options: YES Bank Prosperity Edge cardholders can redeem their accumulated reward points and cashback for a wide range of options, including merchandise, travel bookings, gift vouchers, and even cash credits to their card account.
Exclusive Offers and Discounts: As a cardmember, you’ll have access to exclusive offers and discounts from various merchants and brands, ranging from restaurants and hotels to retail stores and entertainment venues.
How to Redeem Earned Rewards and Cashback?
Redeeming rewards and cashback points on your Yes Bank Prosperity Edge Credit Card is a straightforward process that allows you to enjoy the benefits of your spending.
- First and foremost, log in to your Yes Bank online banking account or mobile app to access your credit card account details.
- Navigate to the “Rewards” or “Cashback” section, where you’ll find a comprehensive overview of your accumulated points or cashback balance.
- Depending on your preference, you can choose to redeem your points for various rewards, such as:
- Vouchers or gift cards from popular brands and retailers.
- Air miles or travel vouchers for your next adventure.
- Merchandise from a wide range of products available on the rewards catalog.
- Statement credit to offset your outstanding credit card balance.
- If you opt for cashback redemption, you can request a direct credit to your Yes Bank savings or current account linked to your credit card.
- Once you’ve selected your desired reward or cashback option, follow the on-screen instructions to complete the redemption process.
- It’s essential to note that certain rewards or cashback options may have minimum point or balance requirements, so ensure you meet those criteria before initiating the redemption.
- Additionally, keep an eye out for any special promotions or limited-time offers that may allow you to redeem your points or cashback at a more favorable rate.
- If you encounter any issues or have questions during the redemption process, don’t hesitate to reach out to Yes Bank’s customer support team for assistance.
How to apply for Yes Bank Prosperity Edge/Select Credit Card?
- Decide if Prosperity Edge is the right card for you based on your income, spending patterns and requirements. This card is designed for professionals, self-employed individuals and business owners with an annual income of at least Rs. 6 lakhs.
- Check your credit score and credit report beforehand to ensure you are eligible. A good credit history improves your chances of getting approved.
- Visit the YES Bank website or your nearest YES Bank branch to initiate the application process. You can also apply through banking channels like internet banking or mobile banking if you are an existing YES Bank customer.
- Have your basic documentation ready – identity proof, address proof, income proof like salary slips/IT returns and bank statements. Self-employed applicants may need to provide additional business proof.
- Fill out the application form accurately with all personal, employment and financial details. Double check everything before submission.
- For online applications, you may need to upload document scans/photos. For branch applications, submit photocopies along with originals for verification.
- Provide your consent for credit bureau checks, terms & conditions and the associated fees payable on approval.
- Within 7-10 working days, YES Bank will process your application, verify documents and apprise you of the decision.
- If approved, submit any additional documents requested and provide your consent again before card issuance and activation.
Yes Bank Prosperity Edge/Select Credit Card Limit
- The YES Bank Prosperity Edge Credit Card Limit is determined based on your income, credit history, and other financial factors.
- For salaried individuals, the credit limit typically ranges from 3 to 20 times their net monthly income, subject to a maximum of ₹25 lakh.
- Self-employed professionals and businesspersons may be eligible for a credit limit of up to ₹50 lakh, depending on their income, business vintage, and other financial parameters.
- If you have an excellent credit score and a proven track record of timely repayments, YES Bank may consider offering you a higher credit limit.
- As a new cardholder, you’ll likely receive a modest credit limit initially, which can be increased over time as you demonstrate responsible credit behavior.
- It’s essential to note that the credit limit is not fixed and may be revised periodically by the bank based on your spending patterns, repayment history, and overall credit profile.
- In case you require a higher credit limit, you can request an enhancement from YES Bank, provided you meet their eligibility criteria and have a satisfactory credit utilization ratio.
Remember, maintaining a low credit utilization ratio (below 30% of your total credit limit) can positively impact your credit score and increase your chances of getting a higher credit limit in the future.