Yes Bank has launched invitation only Yes Private Prime Credit Card for affluent and ultra HNIs in India. Yes Private Prime Credit Card promises curated benefits across Travel, Lifestyle, Hospitality, Dining, Entertainment and Wellness to its card members.
Some of the notable benefits of this card are unlimited domestic and international airport lounge access, domestic and international airport lounge access for guests, buy one get one free on movie tickets & 50% discount on event tickets at BookMyShow and complimentary golf rounds.
Yes Private Prime credit card is available on the MasterCard World Elite platform. This card borrows its design from Yes Private Credit Card and features all black design with white mural on front card face. Though the minimalistic design of the card makes it attractive, it lacks a premium feel. The metal form factor would have given it a premium feel and made it more attractive to affluent and ultra HNIs.
Eligibility Criteria
Yes Private Prime Credit Card is an invitation only credit card and Yes Bank has not disclosed the criteria for the invitation. However a high NRV with Yes Bank will go a long way in securing an invite for this card.
Fees
Yes Private Prime Credit Card comes with following fees:
- Joining fee: Rs. 20,000 + GST
- Renewal fee: Rs. 10,000 + GST
Renewal fee is reversed on spends of Rs. 20 Lakhs within 12 months prior to the card renewal.
Features
Yes Private Prime Credit Card boasts features and benefits which complement the lifestyle of affluent and ultra HNIs. Let’s look into each of these benefits in detail.
Welcome & Renewal Benefits
- Welcome benefits:
- Oberoi E-Gift Vouchers worth Rs. 9,000 on realization of joining fee
- 10,000 Reward points on first transaction within 90 days of card setup date
- Renewal benefit of Oberoi E-Gift Vouchers worth Rs. 9,000 on realization of renewal fee
It’s interesting to note that the welcome and renewal benefits don’t fully cover the fees unlike some other premium credit cards. You will end up losing Rs. 4,600 on joining and Rs. 2,800 on renewal assuming GST of 18%.
Reward Points
- 1 reward point = Rs. 1
- 2 Reward points per Rs. 100 on domestic spends, 2% reward rate
- 3 Reward points per Rs. 100 on international spends, 3% reward rate
Note that no reward point accrue on fuel spends. Also reward points on insurance premium payments are capped at 20,000 in an anniversary year, i.e. insurance premiums of upto Rs. 10 Lakhs will only be eligible for reward points.
Airport Lounge Access
Yes Private Prime Credit Card provides unlimited access to domestic as well as international airport lounges.
Domestic Airport Lounge Access
- Unlimited access to primary and add-on card members
- 4 complimentary guest visit accesses per calendar year (1 per quarter)
- List of airport lounges can be found here
International Airport Lounge Access
- Complimentary Lounge-Key membership for Primary and each Add-on Cardmember
- Unlimited access to primary and add-on card members
- 4 complimentary guest visit accesses per calendar year (1 per quarter)
- List of airport lounges can be found here
Lounge Key membership provides access to 1,100 airport lounges worldwide which is little less when compared to Priority Pass which provides access to 1,300 airport lounges worldwide. Also it’s nice to see that Yes Private Prime Credit Card provides guess access to airport lounges which is not so common.
Golf Program
Yes Private Prime Credit Card not only gives you access to domestic golf, but also to your guests which is quite exciting.
- Domestic Golf access via Mastercard World Elite India Golf Program
- 12 rounds of complimentary green fees in a year not exceeding 3 rounds of complimentary green fees in a calendar quarter
- 4 complimentary green fee for guests not exceeding 1 complimentary guest green fee in a calendar quarter
- 12 complimentary golf lessons every year not exceeding 3 lessons in a calendar quarter
- Access to TPC Private Club Program for TPC golf courses worldwide
Entertainment
- Buy 1 Get 1 movie ticket free upto 4 free tickets in a calendar month with a maximum cap of Rs. 250 per ticket at BookMyShow
- 50% off on Event tickets including Experiences, Events, Plays and Sports up to Rs. 1000 every calendar month at BookMyShow
Insurance Coverage
- Air Accident Cover of Rs. 1 Crore in case of death due to flight accidents.
- Emergency hospitalization protection of upto Rs. 1 Crore on medical emergencies, while travelling overseas.
- Credit Shield upto Rs. 15 Lakhs in case of accidental death of the Primary Cardmember.
Other Benefits
- Foreign Currency Markup: 1.75% + GST
- Fuel surcharge waiver for transactions between Rs. 400 and Rs. 5,000
- Access to a network of more than 10,000 of the world’s leading medical experts
- Lower interest rate on revolving credit
- 1.2% per month (14.40% annually) for cardmembers holding a Yes Bank Savings Account
- 1.99% per month (23.88% annually) for cardmembers who do not have Yes Bank Savings Account
- 3 free add on cards for your spouse, parents, children (above 18 years of age) or siblings
Drawbacks
Yes Private Prime Credit Card is indeed a feature packed credit card, however it suffers from some drawbacks as listed below:
- Low reward rate: The default reward rate of 2% is relatively low for a premium card. I wish Yes Private Prime Credit Card should have provided a higher reward rate to compete with HDFC Infinia and Diners Club Black credit cards.
- Less redemption options in reward catalog: Their reward catalog is very limited with very few options to redeem from. If they can introduce Amazon/ Flipkart vouchers, it would be great.
Verdict
Yes Private Prime Credit Card is a diluted version of existing Yes Private Credit Card with a lower annual fee. The benefits and features of both the credit cards are similar, and hence I am not sure the need of a new card. Maybe Yes Bank is not getting any takers for Yes Private Credit Card due to high annual fees and this is an attempt to attract affluent and ultra HNIs of India.
Yes Private Prime Credit Card tries desperately to give competition to existing super premium credit cards in India, but falls behind miserably due to lower reward rate. A higher reward rate would have gone a long way in making this card attractive and stand-out. Sadly, with its current offering, Yes Private Prime Credit Card fails to make it mark and I would suggest to steer away from this card if you’re in the market for a super premium credit card.
What do you think of Yes Private Prime Credit Card? How has been your experience with premium credit cards of Yes Bank? Let me know in comments below.
