YES Bank EMI Credit Card – Benefits, Fees & Eligibility

Introduction

The YES Bank EMI Credit Card, issued by YES Bank, is positioned as a mid-range credit card designed for individuals who prefer converting large transactions into EMIs. Its key differentiating features include automatic EMI conversion for transactions above Rs. 5,000, attractive cashback benefits of up to 3% on selected purchases, and a spend-based waiver for its nominal annual membership fee.

Fees

• Joining Fee: Rs. 499 + GST
• Annual Fee: Rs. 499 + GST
• Spend-Based Waiver: The renewal fee of Rs. 499 is waived on spending Rs. 1.2 lakhs or more in the previous anniversary year.
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 3.5% of the total amount
• Interest Rates:
  • Revolving Credit: 3.5% per month
  • EMI Transactions: 16% per annum
• Fuel Surcharge Waiver: 1% fuel surcharge waiver capped at Rs. 250 per month, applicable on fuel purchases between Rs. 400 and Rs. 5,000.
• Cash Advance Charges: 2.5% of the withdrawn amount or a minimum of Rs. 500.
• EMI Processing Fee: 1% applicable on auto-EMI conversions.

Rewards

• Cashback Benefits:
  • Earn 3% cashback on selected merchant transactions through YES Cart, the rewards and deals portal of YES Bank. This cashback is capped at Rs. 1,000 per month.
  • Earn 1% cashback on all other retail purchases, capped at Rs. 500 per month.
  • No cashback is earned on transactions that are converted into EMIs.

Rewards Redemption Guide

• The cashback earned using this card in a month is automatically credited to your account within 90 days from the last date of that particular month.
• The cashback is adjusted against your card’s outstanding balance.
• You can redeem the cashback by using your card itself.

Card Eligibility Criteria

• Age: Applicants should be between 21 years and 60 years.
• Income Requirements:
  • Self-Employed: At least Rs. 5 lakhs per year.
  • Salaried: At least Rs. 25,000 per month.
• Credit Score: The applicant should have a decent credit score.

Card Review

The YES Bank EMI Credit Card is a newly launched card offering unique features, primarily automatic EMI conversion. With an affordable annual fee that can be waived, it provides decent cashback benefits. This card is an excellent option for individuals who prefer to pay for large purchases in EMIs rather than a lump sum, as it automatically converts eligible transactions into manageable monthly installments. While it excels in EMI functionality and offers good cashback on retail and specific online spending, it lacks other lifestyle benefits such as movie, dining, travel, lounge, golf, or insurance perks. The absence of cashback on EMI transactions is also a point to consider. Overall, it's a valuable card for those prioritizing EMI payment flexibility and cashback on everyday spending.

Important Product Details

• Earn 3% cashback on selected purchases made using this card through YES Cart, capped at Rs. 1,000 per month.
• Earn 1% cashback on all other retail transactions, capped at Rs. 500 per month.
• Automatic conversion of transactions above Rs. 5,000 into EMIs.
• The renewal fee of Rs. 499 is waived on spending Rs. 1.2 lakhs or more in the preceding anniversary year.
• Enjoy a 1% fuel surcharge waiver on fuel purchases between Rs. 400 and Rs. 5,000, with a maximum waiver of Rs. 250 per month.
• An interest rate of 16% per annum is applicable on EMI conversions.
• A processing fee of 1% is applicable on auto-EMI conversions.
• No cashback is earned on transactions that are converted into EMIs.
• The foreign currency markup fee is 3.5% of the total transaction amount.
• The interest rate for revolving credit is 3.5% per month.
• Exciting additional deals are available on YES Cart.

Other Details

• Auto-EMI Conversion Details: All transactions made via the YES Bank EMI Credit Card are eligible for automatic EMI conversion with the following interest rates and tenures:
  • Transactions from Rs. 5,000 to Rs. 10,000: 16% per annum interest, 3 months tenure.
  • Transactions from Rs. 10,001 to Rs. 20,000: 16% per annum interest, 6 months tenure.
  • Transactions from Rs. 20,001 to Rs. 5,00,000: 16% per annum interest, 12 months tenure.
• The eligible transaction amount is converted to EMI within 5 working days from the purchase date.
• An interest of 16% per annum would be applicable on the monthly reducing outstanding balance for EMIs.
• How to Apply: You can apply for the YES Bank EMI Credit Card online by visiting the YES Bank’s official website, clicking on ‘Apply Credit Card Digitally,’ entering required details, and submitting the form. Alternatively, you can apply offline by visiting your nearest YES Bank branch with necessary documents and filling out a physical application form.