If you are considering applying for a Yes Bank Credit Card, there is some good news for you. Yes bank has significantly reduced the joining and membership renewal fees of many of its credit cards. With this decrease in the joining/renewal fee, the bank has also discontinued the welcome/renewal benefits that it used to offer with those cards.
New Annual Fees of Yes Bank Credit Cards
The annual membership fee (joining fee and annual renewal fee) of many of the Yes Bank credit cards including that of some of the bank’s most popular offerings like Yes First Prefered Credit Card and Yes First Exclusive Credit Card has been slashed significantly. You may refer to the following table for a comparison between the old and the new membership fees of the various Yes Bank Credit Cards (whose fees have been revised) along with the change in the welcome/renewal benefit of the card-
|Yes Bank Credit Card||Old Joining/Annual Fee||New Joining/Annual fee||Change in Welcome/Renewal Benefits|
|Yes First Exclusive Credit Card||Rs. 9,999 (plus GST)||Rs. 999 (plus GST)||Welcome benefit of 40,000 Reward Points and renewal benefit of 30,000 Reward Points discontinued.|
|Yes First Prefered Credit Card||Rs. 2,500 (plus GST)||Rs. 999 (plus GST)||Welcome benefit of 10,000 Reward Points and renewal benefit of 7,500 Reward Points discontinued.|
|Yes Premia Credit Card||Rs. 1,599 (plus GST)||Rs. 999 (plus GST)||Welcome Benefit of 750 Reward Points discontinued.|
|Yes Prosperity Edge Credit Card||Rs. 1,199 (plus GST)||Rs. 399 (plus GST)||N/A|
|Yes Prosperity Rewards Plus Credit Card||Rs. 499 (plus GST)||Rs. 399 (plus GST)||N/A|
As you can see in the table above, while Yes Bank has significantly slashed the membership fee of some of its most popular credit cards, it has compensated for the same by discontinuing the welcome/renewal benefits of the cards.
As a limited period offer, Yes Bank is also offering Yes First Prefered and Yes First Exclusive Credit Cards as lifetime free cards to its new customers.
As you know the last couple of years have not been so great for Yes Bank. In order to attract new customers and retain the existing ones, the bank has therefore slashed the joining/renewal fees of many of its credit cards. Although Yes Bank has compensated for this decrease in annual fee by doing away with the welcome/renewal benefits, the move is still supposed to make the cards more attractive at least for the new customers as they have to pay a lower fee upfront for the card’s membership.