YES FIRST Business Credit Card – Benefits, Fees & Eligibility

Introduction

The YES FIRST Business Credit Card by Yes Bank is specifically designed for businesses, offering a suite of privileges and benefits. Alongside the YES PROSPERITY Business Credit Card, it provides exciting Reward Points for various business transactions, including travel, fuel, and allows for redemption across categories like air travel, hotel stays, and accessories. Key highlights include substantial reward points on both general and select categories, valuable milestone benefits, a fuel surcharge waiver, and a spend-based fee waiver. A notable feature is its low foreign currency markup of just 1.75%, enabling cost-effective international spending. Additionally, the card enhances travel experiences with complimentary international lounge access via Priority Pass for Mastercard and LoungeKey for VISA holders, along with domestic lounge access for VISA cardholders, and even includes a complimentary golf lesson.

Welcome Benefits

• The Joining Fee can be waived on spending ₹20,000 within the first 30 days of card issuance.

Fees

• Joining Fee: ₹999 + GST.
• Renewal Fee: ₹999 + GST.
• Spend-Based Waiver:
  • The Joining Fee can be waived on spending ₹20,000 within the first 30 days of card issuance.
  • The Annual Fee can be waived on spending ₹3 Lakh or more in a year.
• Rewards Redemption Fee: ₹100 + GST.
• Foreign Currency Markup: 1.75% (plus taxes), which is considered very low compared to other credit cards.
• Interest Rates: 3.99% per month (47.88% per annum) on the due amount.
• Fuel Surcharge: 1% fuel surcharge waiver on transactions between ₹400 and ₹5,000, capped at ₹1,000 per month.
• Cash Advance Charges: 2.5% of the cash withdrawn amount, subject to a minimum charge of ₹300.

Rewards

• Rewards Rate:
  • Earn 16 Reward Points per ₹200 spent on Air, Hotel, Dining, Travel, and Rented Vehicles.
  • A maximum of 3,000 Reward Points can be earned each month for these accelerated categories.
  • Earn 8 Reward Points per ₹200 spent on categories other than those explicitly mentioned as select categories.
  • Earn 4 Reward Points per ₹200 spent on select categories.
  • No reward points are earned on fuel transactions.
• Milestone Benefits:
  • Get 20,000 Reward Points annually on spending ₹12 Lakhs or more in a year.
• Movies & Dining:
  • Enjoy 15% Off at Select Restaurants through the Dining Fiesta Program.
• Travel Benefits:
  • Domestic Lounge Access: Receive 2 complimentary access to Domestic Lounges quarterly for VISA Cardholders. These lounge visits are unlocked only after quarterly spending of ₹75,000 or above.
  • International Lounge Access: Get 6 complimentary access to International Airport Lounges every year outside India with Priority Pass Membership (for Mastercard cardholders) or the LoungeKey Program (for VISA Cardholders). A charge of $35 is applicable for visits beyond the 6 complimentary visits and for each guest visit.
  • Benefit from accelerated Reward Point earning for Travel Spends (16 RPs/₹200).
• Golf Program:
  • Receive one complimentary golf lesson every month.
  • Benefit from Green Fee Waiver at Select Golf Courses.
  • Lessons can be booked by creating an account with the TeePass India Golf Program.
• Insurance Benefits:
  • Comprehensive Insurance Cover up to ₹1 Crore.
  • Air Accident Insurance: ₹1 Crore.
  • Medical Emergency Insurance (only on foreign travel): ₹25 Lakh.
  • Credit Shield: ₹8 Lakh.
• Fuel:
  • A 1% fuel surcharge waiver is available on all fuel transactions between ₹400 and ₹5,000, capped at ₹1,000 per month.

Rewards Redemption Guide

• Reward Points can be redeemed via the YesRewardz platform.
• Points can be redeemed against Flight, Hotel, or Movie ticket bookings.
• Reward Points can also be redeemed from an exclusive Products Catalogue.

Card Eligibility Criteria

• Age: Applicants must be between 21 Years and 65 Years of age.
• Income: Applicable for Self-Employed individuals, Proprietors, and Partners of Partnership firms with an Income Tax Return (ITR) of ₹10 Lakhs or more.
• Credit Score: A decent Credit Score of 750 or above is required.

Card Review

The YES FIRST Business Credit Card is an excellent choice for business owners, designed to maximize returns on business transactions. It offers a rewarding structure for spends, particularly on travel, dining, and other categories, complemented by substantial milestone benefits. The card's low foreign currency markup of 1.75% makes it highly attractive for international business travel, allowing for significant savings. Travel is further enhanced with complimentary access to both domestic and international airport lounges, adding a touch of luxury. While it provides a good fuel surcharge waiver, it's important to note that fuel transactions do not earn reward points. Overall, it stands out for its comprehensive travel perks, strong reward program, and beneficial fee waivers, making it a valuable tool for businessmen who frequently travel and incur diverse business expenses. This card is best suited for individuals focusing on Travel and Shopping benefits.

Important Product Details

• Annual Milestone Benefit: Earn 20,000 Reward Points on spending ₹12 Lakhs or more annually.
• Accelerated Reward Rate: Get 16 Reward Points per ₹200 spent on travel, dining, air, hotel, and rented vehicles, with a monthly cap of 3,000 Reward Points in these categories.
• Standard Reward Rate: Earn 8 Reward Points per ₹200 on general spending categories.
• Reduced Reward Rate: Receive 4 Reward Points per ₹200 on select spending categories.
• Complimentary International Lounge Access: Enjoy 6 visits annually with Priority Pass (Mastercard) or LoungeKey (VISA).
• Complimentary Domestic Lounge Access: Benefit from 2 visits quarterly for VISA cardholders, contingent on quarterly spending of ₹75,000 or more.
• Golf Privileges: Includes one complimentary golf lesson per month and green fee waivers at select golf courses.
• Insurance Coverage: Features up to ₹1 Crore for air accidents, ₹25 Lakh for medical emergencies during foreign travel, and ₹8 Lakh for Credit Shield.
• Low Foreign Currency Markup: Only 1.75% plus taxes.
• Fuel Surcharge Waiver: A 1% waiver is provided on transactions between ₹400 and ₹5,000, capped at ₹1,000 monthly.
• Joining Fee: ₹999 + GST, waivable on spending ₹20,000 in the first 30 days.
• Renewal Fee: ₹999 + GST, waivable on spending ₹3 Lakh or more in a year.
• Rewards Redemption Fee: ₹100 + GST.
• Interest Rate: 3.99% per month (47.88% per annum).
• Cash Advance Fee: 2.5% of the amount (minimum ₹300).
• No reward points are earned on fuel transactions.

Other Details

• The card offers zero lost liability protection, meaning the cardholder is not responsible for fraudulent transactions reported to Yes Bank's customer care after the loss is reported. However, customers are liable for transactions made before reporting the loss.
• This card, along with the YES PROSPERITY Business Credit Card, is also available on the RuPay variant. The benefits for the RuPay variant are stated to be the same and can be accessed via the TeePass India Golf Program website which supports RuPay.
• Yes Bank has launched two distinct business credit cards: the YES FIRST Business Credit Card and the YES PROSPERITY Business Credit Card.