Review of the YES First Preferred card from Yes Bank
If you see the words credit card, golf, concierge, priority and complimentary in a single sentence, chances are that you are probably reading about a high end credit card and more specifically, the YES FIRST Preferred Credit Card! A credit card that offers exclusive benefits, privileges and rewards for those who want nothing the best, the YES FIRST Preferred Credit Card ticks all the right boxes.
Before we delve deeper into the review, let us reiterate that this is a premium credit card with eligibility fixed at a minimum Gross Salary (Annual) or Annual Income of INR 18 Lakhs, which translates into a Net Monthly Income INR 1.2 Lakhs, which is definitely on the higher side. Interestingly, YES bank offers this premium card against fixed deposits as well. With the interest in secured credits on the rise, this is touted as a brilliant move by banking experts.
Yes Bank Preferred
- 15000 Rewards Points on 1st transaction
- Priority Pass membership with 4 free lounges
- 25% off BookMyShow bookings
Chances of Approval:
- Welcome privilege of 15000 Reward Points on first transaction. To avail this offer, the first transaction should be completed within 3 months of issuance of card.
- Priority Pass membership with 4 complimentary lounge access. The Priority Pass membership is restricted to the primary card holder.
- A flat 25% discount on all movie bookings made through BookMyShow. The total discount that can be availed under this offer is capped at Rs.250 per month
Other benefits and features
- The YES FIRST Preferred Credit Card rewards handsomely for high spending on the card. Users who spend Rs 7.5 Lakhs or more in each anniversary year stands to win a Bonus 20,000 Reward Points. Please note that 1 Reward Point = INR 0.25
- For every Rs.100 spend on the card, you will earn 8 reward points.
- For each YES PayNow registration made using the card, you get 1000 Reward Points
- YES bank offers dedicated concierge services for card holders that will assist in car rentals, hotel and travel reservation, Flower & Gift Delivery, Emergency Towing Assistance, Roadside Repair Assistance etc
- For transactions made at fuel stations between INR 400/- to INR 5,000/-, the fuel surcharge will be waived off.
- The ‘Instant EMI’ feature on the YES BANK Credit Card is available for transactions above Rs. 2500 at interest rates of 12% p.a to 15% p.a.
Fees and other charges
When you compare the YES FIRST Preferred Credit Card with other premium cards in this category, the annual charge of Rs.2500 seems very reasonable. Keeping in mind that SBI charges as high as Rs.4999 on their premium card, the YES FIRST Preferred Credit Card is a pocket friendly premium credit card that rewards users handsomely. Also, the welcome offer of 15000 reward points which translates in to Rs.3750 effectively cancels out the joining fees.
A glance over the other rates also shows that YES bank has made special efforts in ensuring that this credit card doesn’t burn holes in your pocket. It has the lowest interest rate of 1.2 % per month. Further, the preferential Foreign currency mark-up fee of 1.75% is way lower than the average rate in this category, which is 3.5%.
The bottom line
The premium category credit cards are a highly competitive segment and it only makes sense that the YES FIRST Preferred Credit Card offers all major perks and benefits at reasonable rates. As a bank trying to conquer some market for itself, YES bank has done a spending job in bringing some incredible benefits under one basket and that too at a reasonable annual fee of Rs.2500. The eligibility of Net Monthly Income INR 1.2 Lakhs seems a bit unreasonable because there ought to be many individuals who earn less but would definitely want to enjoy the benefits offered by the YES FIRST Preferred Credit Card.
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