Banks and credit card companies have launched a number of premium credit cards in the recent years, some of them have made a huge splash such as the HDFC Regalia Gold Credit Card, some of them have fizzed out. Yes Bank Reserve Credit is one such premium credit card loaded with perks and exclusive benefits. If you are someone looking for extensive perks and value in a credit card, this review will guide you through the essential features, advantages, drawbacks, fees, and eligibility of this exclusive card. Understanding these elements can help you make an informed decision about whether this credit card fits your financial needs.
Overview of Yes Bank Reserve Credit Card
Targeted at affluent customers, the Yes Bank Reserve Credit Card promises exclusive benefits and excellent service. It is ideal for frequent travelers and high spenders. As competition in the credit card market increases, it's important to know what the Yes Bank Reserve Credit Card truly offers.
Benefits of Yes Bank Reserve Credit Card
1. Reward Programs
Cardholder gets 24 YES Reward Points for every INR 200 for online shopping, 12 YES reward points for every INR 200 for offline shopping, and 6 YES Reward Points for every INR 200 on all other categories. 1 RP = 0.25 Paisa. Online cashback rate: 3%, offline cashback rate: 1.5%, and cashback Rate on other spends: 0.75%.
2. Travel Benefits
Travel enthusiasts can rejoice with the impressive travel benefits of the Yes Bank Reserve Credit Card. Benefits include:
6 complimentary international airport lounge access per year at over 1,000 locations worldwide.
12 complimentary domestic airport lounge access per year.
3. Insurance Coverage
The card offers comprehensive insurance benefits that include credit shield cover of 15 Lac, lost card liability 15 Lakh to 30 Lakh. This feature is vital, especially for frequent travelers, as it provides security during travels and transactions.
4. Complimentary Golf
Cardholders get 4 green fee waiver per year 1 Golf lesson per year at select golf courses in India.
Drawbacks of Yes Bank Reserve Credit Card
1. Limited Perks
In comparison to some of the other premium credit cards in India at present, Yes Bank Reserve Credit Card offer limited number of perks. Some perks which are standard with premium credit cards such as movie and dining benefits are missing in case of this card.
2. Eligibility Criteria
The eligibility requirements for this card are strict, typically requiring a minimum annual income of INR 18 lakh and an excellent credit score. This makes it less accessible to many potential applicants.
Fees and Charges
Understanding the fees associated with the Yes Bank Reserve Credit Card is critical.
First Year Membership Fee of INR 1,999+ applicable taxes, waived off on total retail spends of INR 40,000/- done within 30 days of card set up date.
Interest Rate: 2.99% per month (35.88% annually)
Cash Advance Charges: 2.5% (subject to a minimum of Rs. 300)
Late Payment Charges: Ranges from INR 0 to INR 1000.
Foreign Currency Mark-up Fees: 1.75% (plus applicable taxes).
Eligibility Criteria
For prospective applicants, grasping the eligibility criteria is essential. Generally, the following are required:
Income Requirements: Applicants should typically have an income of at least INR 2 Lakhs per month or annual income tax return of INR 18 Lakhs.
Credit Score: A strong credit score, often above 750, is important for approval.
Age Criteria: Applicants must be at least 21 years old.
Fixed Deposit: Customer should have opened a NRE/NRO fixed deposit of INR 10 lakhs or more, with the Bank
Before applying, potential cardholders should ensure they meet these criteria to avoid rejection.
Final Thoughts
The Yes Bank Reserve Credit Card is a decent credit card. However, there are multiple premium credit cards which offer more perks than this card and have a relaxed eligibility threshold. The strict eligibility criteria warrant careful consideration. Awareness of all associated costs is crucial, helping you to prepare and avoid any surprise expenses.
You can read a more detailed review of this card and our unbiased AI powered rating of this card here.
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