Yes Bank Ace Credit Card Review : Updated 2024

In a financial world where credit cards provide more than just credit, the Yes Bank Ace Credit Card excels with its extensive range of lifestyle benefits, rewards, and protection features. If you enjoy traveling, shopping online, or getting dining perks, this credit card provides benefits in all areas.

Key Features of Yes Bank Ace Credit Card

• Overview of Lifestyle Benefits:

With the Yes Bank Ace Credit Card, customers can receive special lifestyle perks, such as deals on travel, dining, shopping, and wellness. These benefits can be enjoyed in specific cities, making the card perfect for those seeking to elevate their experiences in those locations.

• Reward Points System: 

The main purpose of the Yes Bank Ace Credit Card is to offer incentives for your regular purchases. Whenever you make a purchase, you accumulate YES Rewards points that can later be exchanged for various rewards like air miles and shopping vouchers.

Yes Bank Ace Credit Card Benefits:

• Travel Offers

Regular travelers will value the special travel promotions, which consist of discounts on airfares, accommodations, and other perks. Additionally, the card has a foreign currency fee of just 2.75%, making it an excellent choice for traveling abroad.

• Dining Rewards

Eating at restaurants becomes more enjoyable with special discounts and cashback deals at certain dining establishments. Whether you're grabbing a bite to eat or enjoying a fancy dining outing, the Yes Bank Ace Credit Card elevates your foodie experiences.

• Shopping and Wellness Deals

From shopping therapy to relaxation getaways, the Yes Bank Ace Credit Card provides discounts and rewards that enable guilt-free indulgence. Cardholders can enjoy these perks in specific cities, guaranteeing a high-quality experience.

• Foreign Currency Markup and Protection 

2.75% Foreign Currency Markup, for international travelers, the Yes Bank Ace Credit Card offers a preferential foreign currency markup of 2.75%, which is lower than the standard rates most cards offer. This ensures you save more when spending abroad.

• Insurance Coverage for Purchases

The card provides up to INR 50,000 in insurance coverage for accidental damage to online, mobile, and electronic purchases for six months after the purchase date. This adds a layer of security to your transactions, giving you peace of mind.

Additional Rewards and Protections: 

• Credit Shield and Lost Card Liability Protection

The Yes Bank Ace Credit Card includes a Credit Shield of INR 1 lakh to protect your outstanding balances in case of unexpected situations. Moreover, you are protected from unauthorized transactions with up to INR 1.3 lakhs in lost card liability coverage.

• Fuel Surcharge Waiver

Cardholders will receive a waiver of 1% on fuel surcharges for fuel transactions amounting to INR 400 to INR 5,000. This results in more cost-effective daily drives or extended journeys.

Detailed Reward Points Breakdown

• Online Shopping Rewards

For online shopping (except select categories), you earn 8 YES Rewardz points for every INR 200 spent. This makes it easy to accumulate points quickly while shopping online.

• Offline Shopping Rewards

You can accumulate 4 YES Rewardz points for every INR 200 spent on in-store purchases. Every purchase you make, whether it's for groceries or new clothes, contributes to earning rewards

• Select Categories and Air Miles Conversion

Select categories earn 2 YES Rewardz points for every INR 200 spent. Additionally, your points can be converted into air miles, where 10 YES Rewardz points equal 1 InterMile or 1 Club Vistara Point, perfect for frequent flyers.

Yes Rewardz Program Overview

The Yes Rewardz program enables cardholders to accumulate points through different spending categories. These points are exchangeable for different rewards such as air miles, gift vouchers, and others. The card's appeal to frequent travelers is enhanced by the ability to convert points to air miles.

Eligibility Criteria for Yes Bank Ace Credit Card

To apply for the Yes Bank Ace Credit Card, you must meet the following criteria:

• Age and Employment Requirements
• Candidates must fall within the age range of 21 to 60, regardless of being employed or working for themselves.

Income Requirements

Salaried workers require at least INR 25,000 as their net monthly salary, whereas self-employed individuals need to show an annual income of INR 7.5 lakhs or higher in their Income Tax Return.

Fees and Charges for Yes Bank Ace Credit Card

• Membership Fees and Waiver Conditions

If you spend INR 5,000 within 30 days of activating your card, the initial membership fee of INR 399 will be waived. To have the fee waived during renewal, you must have spent INR 50,000 in the year leading up to renewal.

• Interest Rates for Revolving Credit and Cash Advances

The interest rate for revolving credit and overdue amounts is 3.80% per month (45.6% annually), while for credit cards secured with a fixed deposit, it is 2.49% per month (29.88% annually).

• Rental and Wallet Transaction Fees

A minimum fee of 1% or INR 199 (whichever is greater) is applied to rental transactions, with a maximum of 3 transactions per month. There is a minimum charge of 1% or INR 1 for wallet transactions, whichever is greater

• Utility and Education Payment Charges

If utility spending goes over INR 15,000 within a month, a 1% fee plus GST will be applied, with a maximum cap of INR 3,000. Starting on October 1st, 2024, there will be a 1% charge on education payments processed by third-party platforms, with a maximum cap of INR 5,000 per month.

• Fuel Transaction Fees

Transactions for fuel purchases exceeding INR 10,000 will be charged a 1% fee along with GST, with a maximum cap of INR 5,000 per month.

Yes Bank Credit Card Lounge Access

The Yes Bank Ace Credit Card provides cardholders with entry to specific airport lounges, enhancing their travel experience. Lounge access is offered in domestic and international terminals.

How to Activate the Yes Bank Ace Credit Card

• Activating  your Yes Bank Ace Credit Card is an easy process. Here are the instructions to follow:
• Contact Yes Bank customer support or utilize the Yes Bank mobile application.
• Confirm your information.
• Your card will be turned on, and you're all set to start enjoying its perks.

Conclusion:

The Yes Bank Ace Credit Card is a great choice for individuals looking for a mix of rewards, lifestyle benefits, and security. Featuring a strong rewards program, insurance options, and perks for dining, shopping, and travel, it meets a variety of needs. If you need discounts on overseas purchases or exemptions from fuel surcharges, this card has got you covered

FAQs

1. How can I redeem my Yes Bank Ace Credit Card rewards?

Ans: You can redeem your Yes Bank Ace Credit Card rewards through the YES Rewardz portal, where you can convert points into vouchers, air miles, and more.

2. Is there a fee for international transactions with the Yes Bank Ace Credit Card?

Ans: Yes, there is a foreign currency markup fee of 2.75% for international transactions.

3. How can I apply for the Yes Bank Ace Credit Card?

 Ans: You can apply online through the Yes Bank website or visit your nearest branch.

4. What are the protection benefits of the Yes Bank Ace Credit Card?

 Ans: The card offers up to INR 50,000 in insurance coverage for accidental damage, Credit Shield of INR 1 lakh, and lost card liability protection of up to INR 1.3 lakhs.

5. How do I avoid annual membership fees for this credit card?

 Ans: Spend INR 5,000 within the first 30 days to waive the first-year fee. For renewal, spend INR 50,000 in the 12 months prior to the renewal date to avoid the fee.