Yes, Bank launched Yes Private Prime Credit Card for India’s affluent and ultra HNIs customers. This card has been hosted with the Mastercard World Elite platform. This is the strictly by-invitation-only lifestyle Credit Card. Yes Private Prime Credit Card is focused on ultra HNI consumers and offering exclusive concierge service, features, and benefits for affluent cardholders. Here is every detail of this card.
Yes Private Prime Credit Card Charges
- Joining Fees: Rs.50,000+GST
- Renewal Fees: Rs.10,000+GST ( Renewal Benefits Rs.9000 E-Gift voucher)
- Add on Card: 5 Add on Card Free
- Forex Currency Markup: 1.75%
Renewal fees shall be reversed if you spend Rs.25 lakh within 12 months before the card renewal. The renewal fees reversed condition is very tough. It seems that yes, banks want to earn money through renewal fees.
Welcome Benefits
- Benefits: 10,000 rewards points on your first transaction.
- Condition: You should do at least one retail transaction within 90 days of card setup.
- Call Yes Private Banking & Concierge Services at 1800 121 4444 to get welcome benefits after the condition is met.
Welcome benefits will not be accrued if do only fuel transactions, Cash Advance, Fee, Charges, LoungeKey charges, EMI on Call & Instant EMI.
Rewards Points
- Domestic Spends : 2 Rewards Points on every Rs.100 spends (2%)
- International Spends : 3 Rewards Points on every Rs.100 spends (3%)
- Rewards Value : 1 Reward Point = INR 1
So the default rewards rate is 2% of domestics spending and 3% for international Spends. The Forex Currency Markup is only 1.75%, so there are direct benefits of 1.25 %( 3%-1.75%). You even get Net benefits of 1.25% on international spending. However, if we compare with another credit card like Standard Chartered Ultimate Credit, the net International benefits are less.
Complimentary Lounge Access
International Lounge Access
- Complimentary Lounge-Key membership for Primary and each Add-on Cardmember
- Access to over 850 lounges in more than 400 cities in over 120 countries worldwide.
- 4 complimentary guest visit accesses per calendar year (1 per quarter)
- Complimentary access to select business facilities
- Complimentary refreshment and snacks
- Detailed T & C
You will be charged USD 27 + GST for a guest visits after the expiry of 4 complimentary guest visit accesses.
Domestic Lounge Access
You can enhance the airport experience with Yes Private Prime credit card as you gain access to select airport lounges affiliated with MasterCard Lounge Programme.
- Unlimited access for both the Primary and Add-on Cardmember
- 4 complimentary guest visits in a calendar year
- List of Lounge.
You will be charged USD 27 + GST for guest visits after the expiry of 4 complimentary guest visit accesses.
Like all super premium credit card, Yes Private Prime credit card has been curated provide a global privileges and experiences across Travel, Lifestyle, Hospitality, Dining, Entertainment and Wellness. Here is the all details.
Other benefits
OBEROI E-GIFT VOUCHER
- You will get Oberoi E-Gift Vouchers worth INR 9,000 as a Renewal benefit.
- Oberoi E-Gift Vouchers will be sent to your Email and Mobile No. After realizing Renewal fees from Email ID gifts@oberoigroup.com.
- The Oberoi E-Gift Voucher is redeemable for overnight stays, dining, spa treatments, and more at participating Oberoi Hotels and Trident Hotels in India.
- The E-Gift Voucher balance must be used within one year of the date of issue.
- Other Terms and Condition of OBEROI E-GIFT VOUCHER.
Insurance Benefits
As a Yes Private Credit Cardmember, you are eligible for the following exclusive benefits:
- Air Accident Cover: Rs.5 Crores in case of death due to flight accidents.
- Emergency Hospitalization: Rs.1 Crore on medical emergencies, while traveling overseas.
- Credit Shield: Rs.15 Lakh outstanding coverage in case of accidental death of primary cardholders.
- You need to call Yes Private Banking & Concierge Services at 1800 121 4444 for availing of these services.
However, there is a condition that a flight ticket should be booked on your YYes Private Prime Credit Card. Insurance benefits are not available if the flight ticket is booked on another bank credit card.
Advance Medical Services
The instant access to the world’s best medical professionals is one of best benefits of this card. In case of medical emergency you can take benefits best medical professional in the words, however This offers is only valid up to 31st December 2020. Here is the all details.
- Coverage for Self, Spouse, Children and Parents
- Access to a Personal Health Advisor (dedicated doctor) who will personally coordinate the whole process.
- Access to a network of more than 10,000 of the world’s leading medical experts
- Gathering medical records
- Translation services
- Diagnosis and Treatment confirmation
- Support in finding and organizing appointments with top experts
- On-going medical support before, during and after treatment
- Quality follow-up
You Medical information will protected as per European Parliament and Council Directive 95/46/EC .
Best revolving Interest Rate
As we know, we do not need to pay a revolving Interest Rate. Credit card Outstanding should always be cleared in full because there are a number of benefits of paying the balance in time. However, there may be a chance that outstanding balance revolve. YES Private Prime credit card offers you the lowest revolving Interest Rate. Here are all the details.
- Having Yes Bank Saving Account : Interest rate of 1.2% per month (14.40% annually)
- Not Having Yes Bank Saving Account : Interest rate of 1.99% per month (23.88% annually)
Fuel Surcharge waiver
- Fuel surcharge waiver across all fuel stations in India.
- Transaction amount should be between Rs.400 to Rs.5000 only.
- Fuel surcharge and GST shall not be reversed.
Entertainment privileages
- 50% discount on tickets for selected events.
- Buy 1 Get 1 complimentary movie tickets on Book My Show.
Pros and Cons of Yes Private Prime Credit Card
Pros
- Best in class services.
- 2% Rewards rate on domestic spends
- 3% Rewards rate on domestic spends
- Rs.5 Cr Insurance benefits
- Rs.15 lakh Outstanding waiver in case of death of primary cardholder.
Cons
- Tough Renewal Fees conditions
- Low International rewards
Schedule of Charges – Yes Private Credit Card
| 1st Year Membership Fee | Rs.`50,000+GST |
| Renewal Membership Fee (2nd Year onwards) | Rs.10,000+GST |
| Spend Condition for waiver of 1st Year Membership Fee | Not Applicable |
| Spend Condition for waiver of Renewal Membership Fee (Only applicable on retail spend transaction) | Rs.25,00,000 spends in an anniversary year |
| Interest-Free Period | Up to 50 days |
| Minimum Amount Due (MAD) | Minimum of 5% of total payment due as per statement or `200, whichever is higher |
| Cash Advance Limit | 30% of Credit Limit |
| Add-on Card Fee | No Joining Fee, No Annual Fee (Maximum Upto 5 Add-On Cards can be issued) |
| Finance Charges on Revolving Credit, on Cash advance and/or on the overdue amount | For YES BANK Savings and Salary Account Holders- 1.20% per month (i.e 14.40% annualised) Others- 1.99% per month (i.e 23.88% annualised) |
| Late Payment Charges (LPC) (Per Statement, as per the statement balance) | Nil |
| Over Limit Fee | Nil |
| Cash Advance Fee | Nil |
| Payment Return Charges: Cheques/Autopay | Nil |
| Reward Redemption Fee | Nil |
| Fuel surcharge waiver across all fuel stations in India (Service Tax and other Cess levied on Fuel Surcharge will not be reversed) | Valid for Transaction between 400/- to 5,000/- only |
| Re-issue fee of Lost, Stolen or Damaged Card | Nil |
| Foreign Currency Conversion Charges | 1.75% |
| Outstation Cheque Processing Fee | Nil |
| Duplicate Statement (Statement older than 6 months) | Nil |
| Cash deposit at YBL Branches towards Credit Card repayment | Nil |
| Lounge Access Charges | International Airport Lounge Access Powered by LoungeKey: Cardmember can avail of 10 complimentary guest visits per calendar year. A per visit charge of USD 27 + GST will be applicable for any accompanying guests from the 11th visit onwards |
| Goods and Services Tax (GST) | 18% (Applicable on all fee and charges) |
Bottomline
Yes Private Prime Credit Card has been designed to cater to the needs of ultra HNI consumers. These types of customers need best-in-class customer services, Travel benefits. Yes Private Prime Credit Card fulfills the needs of these types of customers.
If we compare with the Rewards rate ( 2% for Domestics and 1.25% for International), Yes Private Prime Credit Card rewards structure is not so good.
