YES First Preferred Credit Card – Benefits, Fees & Eligibility

Introduction

The YES First Preferred Credit Card, issued by YES Bank, is positioned as a premium credit card designed for individuals who prioritize earning high reward points and enjoy extensive travel benefits. Although the card is currently discontinued, it offered accelerated reward points on travel and dining, complimentary domestic and international lounge access, and comprehensive insurance benefits. It was particularly suited for those looking to maximize savings through rewards and frequent travelers.

Welcome Benefits

• Receive 10,000 reward points on your first transaction if completed within the first 90 days of card receipt.
• Get 1,000 Reward Points on every successfully done YES PayNow registration.

Fees

• Joining Fee: ₹999 + GST
  • The joining fee can be waived if you spend ₹50,000 in the first 90 days.
• Renewal Fee: ₹999 + GST
  • The renewal fee can be waived off on spending ₹4 lakhs or more in the preceding year.
• Rewards Redemption Fee: ₹100 + GST per redemption request.
• Foreign Currency Markup: 2% on all foreign transactions.
• Interest Rates: 3.99% Per Month (47.88% Per Annum)
• Fuel Surcharge Waiver: 1% on fuel transactions between ₹500 and ₹5,000.
• Cash Advance Charges: 2.5% or ₹650, whichever is higher.

Rewards

• Reward Points Earning:
  • Earn 4 reward points per ₹200 spent on select categories including utilities, groceries, tax payments, and insurance sales.
  • Earn 8 reward points per ₹200 spent on every other retail purchase.
  • Earn an accelerated 16 reward points per ₹200 spent on travel and dining (capped at 3,000 reward points per month).
• Movie & Dining:
  • Enjoy a 25% discount on movie bookings through BookMyShow.
• Travel Benefits:
  • Receive 4 complimentary international lounge accesses per year through Priority Pass Membership.
    • Note: If Priority Pass is used for lounge visits in India, $27 + GST will be charged per person per visit.
  • Receive 2 complimentary domestic lounge accesses per calendar quarter (8 per year) through the MasterCard lounge program. This offer is valid for primary cardholders only.
• Golf Benefits:
  • Receive 4 complimentary green fee rounds annually.
  • Enjoy 1 complimentary golf lesson every month at select golf courses across India.
• Insurance Benefits:
  • Life insurance cover of up to ₹1 crore in case of death due to flight accidents.
  • Medical insurance of up to ₹25 lakhs for emergency hospitalization when traveling overseas.
  • A credit shield cover is provided if the primary cardmember dies accidentally.

Rewards Redemption Guide

• Redemption Value:
  • 1 Reward Point = ₹0.25 when redeeming against hotel/flight bookings.
  • 1 Reward Point = ₹0.10 when redeeming against product catalog, gift vouchers, etc.
  • 6 Reward Points = 1 Maharaja Point.
• Redemption Process: To redeem reward points for movies, flights, and hotel bookings, you can visit the dedicated website.
• Redemption Fee: A reward redemption fee of ₹100 + GST applies to every redemption request.

Card Eligibility Criteria

• Salaried Employees:
  • Age: 21 Years – 60 Years
  • Income: Minimum ₹2,00,000 per month
• Self-Employed Individuals:
  • Age: 21 Years – 60 Years
  • Income: Minimum ₹24,00,000 per annum (as per ITR)

Documents Required

• Identity Proof: Driving License, PAN Card, Aadhar Card, Passport, Voter’s ID, etc.
• Address Proof: Utility bills of latest months (not older than 3 months), Aadhar Card, Passport, etc.
• Income Proof: Latest audited ITR or Latest salary slips/bank statements.

Card Review

The YES First Preferred Credit Card was a strong offering for individuals seeking to maximize reward points and enjoy premium travel and lifestyle benefits. Its key strengths included a competitive reward rate, particularly on travel and dining, along with valuable complimentary domestic and international lounge access. The card also provided substantial insurance benefits and a relatively low foreign currency markup fee of 2%. It was well-suited for frequent travelers and high spenders who could leverage the spend-based fee waivers. The card aimed to help users save money on various expenditures and potentially contribute to maintaining a good credit score.

Important Product Details

• 2 complimentary access to domestic lounges every quarter and 4 complimentary access to international lounges in a year.
• Earn 4 reward points per ₹200 spent on select categories: utilities, groceries, tax payments, insurance sales, etc.
• Earn 8 reward points per ₹200 spent on every other retail purchase.
• Earn 16 reward points per ₹200 spent on travel and dining.
• Low foreign markup fee of 2%.
• The renewal fee can be waived off if you spend over ₹4 lakhs in the preceding year.
• Life insurance of up to ₹1 crore for flight accidents and medical insurance of ₹25 lakhs for emergency overseas hospitalization.

Other Details

• The YES First Preferred Credit Card is currently discontinued.
• How to Apply:
  • Online: Apply by filling in essential details on the bank's website.
  • Offline: Visit your closest YES Bank branch with all mandated documents and fill out a physical application form.