7 New Credit Cards From YES Bank Cover All Demographics
YES Bank, which is the fifth biggest private bank in India, recently launched its broad range of cards in India with seven new credit cards on its 12th anniversary of commercial operations. These credit cards are launched in association with MasterCard in order to increase the bank’s retail banking offerings and business as well as to provide one answer for all the monetary requirements of its consumers.
The seven new credit cards from YES Bank, which is India’s fastest growing bank, are divided into two different categories. One is the Yes First range and the other is the Yes Prosperity variety. Under the Yes First range, there are two credit cards and under the Yes Prosperity variety, there are five credit cards. The former range of cards is for customers with high net worth.
All the credit cards of YES Bank are designed keeping in mind the varied financial requirements of credit card consumers. The bank aims to cross sell its credit cards via segmented acquisition programs and to its existing loyal customers.
The senior president of business and retail banking of YES Bank, Pralay Mondal, says that these credit cards are launched in order to extend the retail business of the bank. He says that YES Bank offers the lowest interest rates on its credit cards and the highest interest rates on its savings accounts in the banking industry. He adds that by the fiscal year of 2020, YES Bank will be one of the top three credit card providers in India, with a market share of 15 to 18 per cent.
However, when talking about the current time in 2016, HDFC Bank Ltd. is leading the charts with 7.28 million. It has 24.50 million credit cards in India at present. ICICI Bank is the next in line with 3.65 million and then is SBI Bank with 3.62 million.
The Market Says Yes
Further, Mondal says that the market share of credit cards is skewed that serves as an opportunity for them. The existing credit card penetration is 2% in India and it is anticipated to reach 5 per cent in the following five years. This increment of 3 per cent offers huge growth opportunities for new credit card players like YES Bank itself. He also says that YES Bank is coming into the credit card sector, when all the stakeholders, including the government, regulators, as well as the customers, are driving the electronic process.
Moreover, it is calculated that all cash transactions will fall from 80 per cent in 2015 to 60 per cent in the year 2020. Mondal adds, referring to risk management, that if the underwriting procedure is done properly, then the portfolio quality of both the customers from outside the bank as well as the bank customers will be the same.
When talking about their new credit cards, all the seven credit cards are distributed across different variants of cash back, rewards, and premium lifestyle propositions. They offer the best features in the industry with lowest interest rates beginning from 1.2 per cent per month, for which customers with high net worth are eligible.
On the other hand, the industry average is 3.4 per cent of interest per month on credit cards. Plus, YES Bank has the lowest foreign currency mark-up that starts from 1.75 per cent for its new credit cards. The credit cards have a highly beneficial rewards structure with no expiry date reward points.
Full Of Features
Some of the unique benefits of the new credit cards of YES Bank are:
- Powerful rewards program with lots of benefits, such as annual bonus rewards, accelerated reward points, and a dedicated reward redemption portal
- Best interest rates beginning from 1.2% monthly
- Fuel surcharge waiver
- Robust perks and offers based on the extensive partnerships and alliances of the bank, such as JetPrivilege, BookMyShow, and Taj Group
- Lowest foreign currency mark-up beginning from 1.75%
- Lifestyle benefits and offers like golf privileges and airport lounge access extended under the MasterCard program
- No expiry date of reward points
- NFC enabled credit cards to make contactless payments
You can apply for any of the new credit cards of YES Bank through the bank’s website or one of its branches nearby.