Many credit card issuers have put restrictions on rent payments using credit cards recently. Following the same, YES Bank has also come up with an important update on rental transactions using credit cards. Now, the YES Bank Credit Cardholders can not make an unlimited number of transactions using their credit card, but the number has been restricted.

Yes Bank announced that from 16th August 2023, rental charges will be revised. To understand it in detail, keep reading the article:

YES Bank Restricts The Number Of Rental Transactions Using Credit Cards

Number Of Rental Transactions Restricted On YES Credit Cards

You can make rental transactions with your Yes Bank credit cards, but you must know the terms and conditions associated with it. First of all, the number of rental transactions you can make in a calendar month is capped at 3. Moreover, you will be charged 0.75% of the transaction value from the 1st transaction onwards.

These charges will be applicable on both the add-on and the primary credit card. Also, the 0.75% charge is also applicable on all wallet transactions made with the credit card. 0.75% of the total transaction value, or Rs.1, whichever is higher will be charged on all rental and wallet spends.

Changes In Rent Payment Terms of Other Card Issuers:

Following are the recent changes in rent payment terms and conditions of other card issuers:

  • ICICI Bank: ICICI Bank has started charging a convenience fee of 1% on rent payments using Credit Cards. This change will be in effect from October 20, 2022. For more details, click here.
  • HDFC Bank: HDFC Bank has put a cap on reward points that can be earned on rent payments using credit cards. The maximum cap on reward points earning via basic cards is up to 500 Reward Points per month and that on premium cards like HDFC Infinia is up to 2,000 Reward Points. Click here for more details.
  • Axis Bank: Flipkart Axis Bank Credit Card and Ace Credit Cardholders do not earn any cashback on rent payments anymore. This change has come into effect in April 2022. Click here for more details.

Bottom Line

This restriction out on rent payments via YES Bank Credit Cards may be a bit disappointing for some cardholders who used to make all their rent payments using a YES Bank Credit Card. The reason behind this is not clear, but the bank might have taken this step to ensure that no one misuses the rent payment feature to earn rewards or for some other purpose.

You can still make up to 3 rental transactions every month, but 0.75% of the transaction value will be charged on each payment. In case of any further doubts, you can freely ask us in the comment section below!

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