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By Siddhant
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Customers in India love Yes Bank for the products and services offered by the bank. You find everything from beginner to premium cards by the bank, apart from other services. For those who are new to the world of credit cards, then an entry-level card works. However, if you are someone who visits foreign countries regularly, then you should opt for a card with low forex markup fees.
Whenever you make purchases in foreign currency, then you have to pay a markup fee for it. Fortunately, Yes Bank has a nice range of cards that offer a lower markup fee than the regular 3.5% in the market. You can save a lot of money in the long run if you regularly make spends in foreign currency when your credit card has a lower markup fee. Keep reading to know more, and check out the top cards with low forex markup fees.
Table of Contents
Yes Bank Credit Cards – Forex Markup Fees
The following are the Yes Bank credit cards and the forex markup fees charged by them –
(4.6/5)
Fees
Joining Fee
Rs. 9,999 + GST
Renewal Fee
Rs. 4,999 + GST
Best Suited For
Movies
Reward Type
Reward Points
Foreign Currency Markup
1% of the Transaction Amount
(4.5/5)
Fees
Joining Fee
Rs. 1,999 + GST
Renewal Fee
Rs. 1,999 + GST
Best Suited For
Travel
Reward Type
Reward Points
Foreign Currency Markup
1.75% (plus applicable taxes)
(4.4/5)
Fees
Joining Fee
Rs. 50,000 + GST for Yes Private and Rs. 20,000 + GST for Yes Prime
Renewal Fee
Rs. 10,000 + GST
Best Suited For
Travel
Reward Type
Reward Points
Foreign Currency Markup
0.50%
(4.5/5)
Fees
Joining Fee
Rs. 999 + GST
Renewal Fee
Rs. 999 + GST
Best Suited For
Movies
Reward Type
Reward Points
Foreign Currency Markup
2.75% on all foreign currency transactions.
(4.2/5)
Fees
Joining Fee
Rs. 399 + GST
Renewal Fee
Rs. 399 + GST
Best Suited For
Shopping
Reward Type
Reward Points
Foreign Currency Markup
2.75% of the transaction amount
(4.4/5)
Fees
Joining Fee
Nil
Renewal Fee
Nil
Best Suited For
Shopping
Reward Type
Reward Points
Foreign Currency Markup
2.75% of the transaction amount
What is the Forex Markup Fee?
Card networks like MasterCard or Visa charge a 1% forex markup on international transactions whenever you swipe your credit card. The card issuer then adds extra charges that increase the total fee to 3 to 3.5%. This forex markup fee is charged in addition to the transaction amount, and you will have to pay a lot of extra money if you regularly make foreign currency spends with your credit card.
In addition to forex markup, you will also be charged a 1% currency conversion fee by the payment processor where you swipe your card. This further increases the total amount you have to pay for international spends with your card. You will have to pay Rs. 3000 extra if you make a Rs. 1 Lakh foreign transaction with your credit card. Thus, if you spend a lot on foreign transactions, it is recommended to go for a credit card that has a low forex markup fee. This way, you can save a lot of money in the long run.
Eligibility Criteria
Applicants must meet the following eligibility requirements to apply for Yes Bank credit cards –
- The applicant must be 21 to 60 years of age
- The applicant must be a citizen of India
- The applicant must be salaried or self-employed with a stable income
- The applicant must have a decent credit score
Yes Bank Credit Cards Comparison
The following table features a comparison of the credit cards –
| Features | Yes Private Credit Card | Yes Bank First Exclusive/RESERV Credit Card | Yes Bank RuPay Credit Card |
| Joining/Annual Fees | Rs. 50,000 for Yes Private and Rs. 20,000 for Yes Private Prime | Rs. 1,999 + GST | Nil |
| Welcome Benefit | Bonus 25,000 reward points on the first transaction | NA | NA |
| Reward Earning | 24 RPs per Rs. 200 spent on international spends 16 RPs per Rs. 200 spent on domestic spends | 24 Reward Points for every Rs. 200 spent online. 12 Reward Points for every Rs. 200 spent on offline shopping and 6 RPs on select categories | 8 RPs per Rs. 200 spent on UPI transactions above Rs. 2000 2 RPs per Rs. 200 on online spends |
| Reward Redemption | Reward points can be redeemed against a host of choices at the YesRewardz portal | RPs can be redeemed against Yes Rewardz portal against movie/hotel/flight tickets, or converted to Airmiles | RPs can be redeemed against a host of different options at the Yes Rewardz portal |
| Dining/Movie Benefits | BOGO offer on BookMyShow movie tickets, up to 4 free tickets per month | 25% discount on BookMyShow movie tickets Exclusive dining offers Yes Privilege portal | NA |
| Travel Benefits | Complimentary domestic as well as international lounge access | 3 complimentary domestic lounge access 6 complimentary international lounge access with Priority Pass | NA |
| Spend-Based Waiver | Renewal fee waiver on spending Rs. 25 Lakhs in the year | Renewal fee waiver on spending Rs. 4 Lakhs in the year | NA |
| Forex Markup Fee | 1.75% of the transaction amount | 1.75% of the transaction amount | 2.75% of the transaction amount |
Bottom Line
Yes Bank has always been a popular card issuer in the country, and for people who regularly visit foreign countries or make foreign currency spends with their cards, the bank has various cards with low forex markup fees. The standard market rate is 3.5% of the transaction amount, and Yes Bank has multiple cards with 1.75 to 2.75% markup fees. The lowest forex charge that customers can avail of is with the super-premium Yes Bank Marquee Credit Card, which charges just 1% of the transacted amount.
The Yes Private credit card is another premium offering by the bank, and it has a forex markup fee of 1.75%. Apart from this, you can get the Yes Bank First Exclusive/RESERV Credit Card, which also charges 1.75%, or the RuPay credit card, which charges 2.75% of the transaction amount as forex markup fees. In the comments section, let us know if you plan on getting any of the above cards from Yes Bank.
FAQs:
The Yes Bank Private and Yes Bank First Exclusive credit cards charge a forex markup fee of 1.75% of the transaction amount.
The YES Prosperity Edge/Select Credit Card and the Yes Bank RuPay credit card have a forex markup fee of 2.75% of the transaction amount. This is lower than the standard market rate of 3.5%.
The Yes Bank BYOC credit card is a customizable offering by the bank where you can choose the card type as well as the features and benefits offered by the card. The forex markup fee on the BYOC credit card is the standard 3.5% of the transaction amount.