Yes Bank SELECT Credit Card Review : October 2024
04 Oct 2024 6 mins Credit Cards
When it comes to choosing the right credit card, the Yes Bank Select Credit Card is an option that should be on your radar. Designed with both new and seasoned users in mind, this card comes packed with a wide range of features that make it ideal for those who want rewards, convenience, and a slew of lifestyle benefits.
Let’s dive into all the details you need to know about this card, from the features to the eligibility criteria.
Key Features of Yes Bank Select Credit Card :
The Yes Bank Select Credit Card comes with several exclusive features aimed at enhancing the user experience, especially for those who frequently shop online or travel internationally.
Accelerated Rewards on Online Shopping :
One of the standout features is the ability to earn 2X reward points for every INR 200 spent on online shopping. This makes it a perfect choice for individuals who prefer e-commerce platforms over traditional retail shopping.
Preferential Foreign Currency Markup at 2.75% :
For frequent international travelers, the card offers a preferential foreign currency markup rate of 2.75%, which is lower than the typical 3.5% offered by many other cards.
Dedicated Reward Redemption Portaln :
Managing your rewards has never been easier, thanks to the dedicated reward redemption portal. This portal allows you to track, manage, and redeem your points effortlessly, giving you full control over your earned benefits.
Top Benefits of Yes Bank Select Credit Card
Reward System Breakdown :
As mentioned earlier, the card provides 2X rewards on online shopping, allowing users to accumulate points quickly. These reward points can be redeemed for a variety of options, including shopping vouchers, travel tickets, and even statement credits.
Lifestyle Benefits:
Yes Bank has curated an impressive selection of lifestyle benefits for cardholders, offering deals across travel, dining, shopping, and wellness in select cities. Whether you're dining out or booking a flight, you’re sure to find a deal that fits your needs.
Foreign Currency Markup:
The 2.75% foreign currency markup is one of the most attractive features of this card for international travelers. Most other cards charge anywhere between 3-3.5%, so the 2.75% rate helps reduce the costs of foreign transactions.
Domestic Lounge Program :
Cardholders get access to one complimentary domestic lounge visit per quarter, which adds convenience to your travels. Whether you are on a business trip or a leisure journey, this feature ensures you travel in comfort.
Fuel Surcharge Waiver :
The Yes Bank Select Credit Card provides a 1% fuel surcharge waiver on transactions between INR 400 and INR 5,000. This can save you a considerable amount on your fuel expenses, making it a great choice for those who drive frequently.
Complimentary Golf Program :
If you’re a golf enthusiast, the complimentary golf program offers four free green fee rounds per year at select golf courses across India. Additionally, you can enjoy one complimentary golf lesson per month, helping you improve your game while saving on costs.
Additional Benefits
Insurance Coverage:
As a cardholder, you are entitled to an insurance coverage of ₹3 lakh, along with a credit shield cover of the same amount. This provides financial security in case of unforeseen events.
Lost Card Liability Cover :
The card also comes with lost card liability cover, which protects you up to ₹3 lakh in case your card is stolen or lost.
Eligibility for Yes Bank Select Credit Card
To be eligible for the Yes Bank Select Credit Card, you must meet certain criteria:
- Age: Applicants must be between 21 and 60 years of age.
- Income: You must have a minimum net salary of INR 50,000 per month or an annual income of ₹7.5 lakhs or more as per your Income Tax Return.
- Fees and Charges for Yes Bank Select Credit Card
- The card’s first-year membership fee is ₹499, which can be waived if you spend ₹10,000 or more within the first 30 days of card activation. For the renewal membership fee, the charge is again ₹499, but this can be waived if your total spends exceed ₹1 lakh within 12 months.
Rental and Utility Payments Using Yes Bank Select Credit Card
When paying rent, a charge of 1% of the transaction value or ₹199 (whichever is higher) applies, capped at three rental transactions every 30 days. For utility payments, no fees apply for spends below ₹15,000, but a 1% fee will be charged for utility spends above that amount.
Changes in Fees from October 1, 2024
From October 1, 2024, a 1% fee will be charged for education payments made via third-party platforms like CRED and PhonePe, capped at ₹5,000 per month. The same fee applies to fuel transactions exceeding ₹10,000 in a calendar month.
Pros of Yes Bank Select Credit Card
- Accelerated reward points on online shopping.
- Lower foreign currency markup.
- Complimentary access to domestic lounges and golf courses.
- Wide range of lifestyle benefits.
- Cons of Yes Bank Select Credit Card
- Annual fee applicable if spending conditions are not met.
- Additional fees for certain categories like rent and education payments.
Conclusion
The Yes Bank Select Credit Card is an excellent option for frequent online shoppers and travelers, offering robust rewards and valuable lifestyle benefits. While it does have some fees and limitations, the benefits far outweigh the drawbacks for most users.
FAQs
1) How can I redeem rewards from Yes Bank Select Credit Card?
Ans: You can redeem your rewards through the dedicated reward redemption portal, where you can choose from shopping vouchers, travel tickets, and more.
2) What is the foreign currency markup, and how does it benefit me?
Ans: The preferential 2.75% markup is lower than most credit cards, helping you save on international purchases.
3) How can I get the membership fee waived?
Ans: Spend ₹10,000 within the first 30 days of card activation or ₹1 lakh in a year to have the fee waived.
4 )Is the Yes Bank Select Credit Card ideal for frequent travelers?
Ans: Yes, with complimentary lounge access, golf privileges, and a lower foreign currency markup, it's a great choice for frequent travelers.
5) What happens if I lose my card?
Ans: You are protected with a lost card liability cover of up to ₹3 lakh, ensuring your finances are safe in such events.
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Author - Abhishek Sonawane
Abhishek Sonawane, an MBA graduate from the prestigious Indian Institute of Management Visakhapatnam (IIMV), brings over ten years of experience in the finance domain. His extensive background includes various roles in financial management and strategy, providing him with a comprehensive understanding of the financial landscape. Abhishek’s expertise and dedication to financial education make him an authoritative voice in personal finance, helping readers make informed financial decisions.