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. To understand it in detail, keep reading the article:
Number Of Rental Transactions Restricted On YES Credit Cards
February 2023 Update
In an important update, YES Bank states that starting from 10th March 2023, rental transactions made through YES Bank credit cards will be capped to 3 transactions for a period of 30 days. After 3 transactions, any more rent payments in the 30-day period won’t be processed.
Further from 10th March 0.5% would be charged on all rental transactions.
Besides extra charges on Rental transactions, 0.5% will be levied on wallet transactions as well which is applicable to both primary and add-on cardholders.
For example, if the 1st rent transaction is made on 15th March, 2nd transaction is made on 25th March, and the 3rd transaction is made on 3rd April, the next rental transaction will be allowed after 15th April.
October 2022 Update
If you have a YES Bank Credit Card, you must be aware of this important update that you can now make only up to 2 rental transactions in a period of 30 days using your credit card. earlier, the YES Bank credit cardholders could make any number of rent payments using their credit card, but the case is not the same anymore. For example, if you made your first rental transaction on the 5th of October and your second transaction on October 15th, you can not make any other rental transaction before the 15th of November. In case of any confusion regarding this, you can contact the YES Bank Credit Card customer care.
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.
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 0.5% 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!