Yes Bank Credit Cards – Update on Education Fees and Fuel Payments

Yes Bank has updated its credit card terms to include additional charges if cardholders do not follow the bank’s guidelines. Starting from 1 October 2024, customers using Yes Bank Credit Cards will be subject to a 1% fee for educational payments made through third-party websites like CRED or CheQ and for fuel transactions above ₹10,000 in a calendar month. Let’s have a look at these new charges in detail.

Education Fee Charges

Education fees paid via third-party apps or websites like CRED, PhonePe, Housing.com, No Broker, CheQ, etc., will be subject to an additional 1% charge plus GST. However, education fees paid through the university/college/school websites or their POS machines will not incur any additional fees. The total education fee payment charges will be capped at ₹5,000 per customer per calendar month.

Category	MCC
Education	8211, 8220, 8241,8244, 8249, 8299

Fuel Transaction Charges

On making fuel transactions of more than ₹10,000 in a calendar month Yes Bank Credit Cardholders shall be charged an extra fee of 1% + GST. The total fuel transaction fee shall be capped at ₹5,000 every month.

Category	MCC
Fuel	5172, 5541, 5542, 5983, 9752

Bottom Line

These changes cannot be termed as a devaluation, as they seem reasonable and have also been implemented by other banks. This action by Yes Bank is aimed at preventing any commercial use of personal credit cards. While this may not affect regular customers, it’s important to be aware that making education payments through third-party platforms or conducting fuel transactions of ₹10,000 or more will incur a charge of 1% or higher from 1st October 2024 onwards.