YES Bank has introduced the all-new YES Bank EMI Credit Card. The credit card promotes the buy now, pay later feature. However, it will address the issue of a cash crunch that may arise at any time. Furthermore, it is for you if you do not want to pay the full amount of any purchase at once. Hence, your transactions will be automatically converted into flexible EMIs. Moreover, the EMI tenure of YES Bank EMI Credit Card ranges from 3 months to 12 months. In addition, the credit card comes with benefits like Insurance, Automatic EMI Conversion, Fuel Surcharge, Cashback, Zero Documentation, and many more.
Dive deeper into this article to understand in depth the YES Bank EMI Credit Card.
Benefits and Features of YES Bank EMI Credit Card
YES Bank is a pioneer in the field of innovation and that’s why it keeps on bringing new banking services. Further, a shortage of cash may lead us to take a step back from purchasing our favourite items. However, the Yes Bank EMI Credit Card is launched as an innovative factor in that field. Hence, this all makes it one of the Best Credit Cards that you should try. I. It is a credit card that has been specifically designed to offer an EMI facility and easy repayment.
Below are the benefits and features you can avail of the YES Bank EMI Credit Card:
Automatic EMI Conversion
The Transaction will automatically convert into flexible EMIs. Further, you didn’t have to hassle by doing it yourself.
Get up to 1% cashback for all transactions. Moreover, the maximum cashback is capped at INR 500 per month.
Enjoy 3% cash back for all spends on YES Cart.
The EMI Credit Card provides accidental death insurance to all its primary cardholders.
Fuel Surcharge Waiver
Across all the fuel stations in India you will get a 1% fuel surcharge waiver.
Password for IVR Transaction
Easily generate OTP for IVR Transactions for your EMI Credit Card. However, you just need to SMS ‘YESIVR with the last 4 digits of your YES Bank Credit Card. Further, send it to 9212738927 from your registered mobile number.
The YES EMI Credit Card comes with flexible EMI repayment tenure. However, the tenure ranges from 3 months to 12 months.
Eligibility Criteria of YES Bank EMI Credit Card
Every bank has set its own set of credit card eligibility for customers. It is thus important to make sure that the application process goes smoothly. Meanwhile, YES Bank has also created a set of eligibility criteria for its Yes EMI Credit Card.
Read down to understand the eligibility criteria you need to obtain the YES EMI Credit Card:
- Age: The minimum age required to get the Yes EMI Credit Card is 21 and the maximum is 60 years.
- Occupation: Both salaried and self-employed individuals can apply for the Yes Bank EMI Credit Card.
- Income: Salaried individuals should be earning around INR 25,000 per month. However, on the other hand, Self-employed individuals should have an Income Tax Return of INR 5 Lacs and above.
YES Bank EMI Credit Card: Fees and Charges
You can get the credit card by paying a nominal charge for joining fees. However, in comparison to that you will get a bulk of the benefits that are explained above.
The fees structure for the EMI Credit Card is as follows:
|Joining Fee||INR 499|
|Annual Fee||INR 499|
(However, the annual charges can be waived by spending INR 1,20,000 on retail spending within 12 months)
|Interest Rate on Revolving Credit||3.5% per month|
|Cash Advance Fee||2.5% or 500 which is higher|
|Late Payment Charges||- For an amount less than INR 100 or equal to it no late payment fee would be charged.|
- Amounts ranging from INR 101 to INR 500 you have to pay up to INR 150.
- Up to INR 500 would be levied for amounts between INR 501 to INR 5000.
- You have to pay INR 750 as a late payment fee for amounts between INR 5001 to INR 20,000.
- If the amount is greater than INR 20,000 then INR 1000 will be charged.
|Interest-Free Period||50 Days|
|Minimum Amount Due||Either 5% of total payment due as per the current statement|
or 200. Hence, it depends on whoever is higher.
|Over limit Fee||Either 2.5% of over limit amount or 750, which is higher|
|Outstation Cheque Processing Fee||INR 25|
|Re-issue Card||INR 100|
|Foreign Currency Conversion Charges||3.50%|
|Foreign Currency Markup||3.5%|
|Payment Return Charges||INR 350|
|Interest Rates||12% to 15% per annum|
How to Check the Status of Your YES Bank EMI Credit Card Application?
To check the status of your YES EMI Credit Card application, follow these steps:
- Visit the official website of the Yes Bank EMI Credit Card.
- After clicking the link, enter your phone number.
- Enter your “Application Form Number” or “Application Reference Number” now.
- Press the submit button.
YES Bank will notify you of the status of your application in a shorter time. In the meantime, if you don’t want to go through the above steps, you can contact customer service. As a result, it is one of the simplest ways to find out about the status of your application. Therefore call the Yes Bank Credit Card Customer Care Number at 1800-103-1212. In addition, include the 13-digit unique application reference number sent to your mobile phone.
Auto EMI Conversion – Terms and Conditions
YES Bank has established certain rules and regulations that customers must follow when converting their EMIs. Furthermore, you must comply with them in order to reap the greatest benefits.
Here are the Terms and Conditions prescribed by the bank:
- A transaction of up to INR 5000 can be converted into an EMI. However, to use the EMI facility, you must spend a minimum of INR 5000.
- You are not eligible for this facility if you use it for Cash withdrawals, card fees, and other charges.
- If you buy gold or jewellery, or use it in gambling or dating services. Nevertheless, you will be unable to use the EMI facility due to Yes Bank’s policy.
- The transaction will be converted into EMIs within 5 working days
- Additionally, the bank will determine whether or not the transaction meets its eligibility criteria.
- The EMI will be calculated using an annual interest rate ranging from 16% p.a. on a monthly reducing balance.
- For all automatic EMI conversions, a processing fee of up to 1% will be charged.
- On the card statement, you can see all of the amounts and charges that have been incurred.
- In addition, GST will be applied to the processing fee.
- If you select “Merchant EMI” during the transaction. The bank, however, will not process the automatic conversion into EMI.
- If you do not pay the outstanding balance by the due date. Moreover, in that instance, banks can also temporarily stop automatic EMI conversion in that case.
- During the entire EMI period, no requests for billing cycle changes will be considered.
- Every month, on the same date as the first installment, the EMI amount will be charged.
What is the YES Bank EMI Credit Card EMI Rate and Period?
Here is a detailed chart of the EMI rate and tenure you will receive based on the transactions:
|Transaction Value||EMI Rate and Period|
|For transaction value ranging from INR 5,000 to INR 10,000||EMI Tenure for 3 months at 16% per annum|
|Transaction value between INR 10,001 to INR 20,000||You will receive a 6-month EMI at a rate of 16% per year.|
|If your budget ranges from INR 20,000 to INR 500,000||12 months EMI at 16% per annum|
The YES Bank EMI Credit Card is an excellent EMI alternative. However, instead of relying on other financial services, you can now purchase a specific credit card for EMI. What you must understand is that it is an EMI credit card that is specifically designed to provide suitable EMI. Furthermore, you can gain several advantages from here. The best part about this card is that you get a long repayment period. Besides that, it does not pressurise you to repay the debt as soon as possible. So you can sit back and relax, buy your favorite items, and pay them off in 3 to 12 months.