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YES BANK has launched an invite only YES PRIVATE PRIME CREDIT CARD for affluent and ultra HNIs in India. The Yes Private Prime Credit Card promises its card members curated benefits across travel, lifestyle, hospitality, dining, entertainment and wellness.
Some of the notable benefits of this card include unlimited domestic and international airport lounge access, domestic and international airport lounge access for guests, get a free one on movie tickets and 50% off and complimentary on event tickets at BookMyShow. Golf rounds are included.
The Yes Private Prime Credit Card is available on the Mastercard World Elite platform. This card borrows its design from the Yes Private credit card and features an all black design with a white mural on the face of the front card. While the card’s minimalistic design makes it attractive, it lacks a premium feel. The metal form factor would have given it a premium feel and would have made it more attractive to the affluent and ultra HNI.
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 getting invited for this card.
fees
Yes Private Prime Credit Card comes with the following charges:
- Joining Fee : Rs. 20,000 + GST
- Renewal Fee: Rs. 10,000 + GST
The renewal fee is reversed at the expense of Rs. 20 lakhs within the first 12 months from the renewal of the card.
Properties
Yes Private Prime Credit Card boasts of features and benefits that complement the lifestyle of the affluent and ultra HNIs. Let’s look at each of these benefits in detail.
Welcome and Renewal Benefits
- Welcome Benefits:
- Oberoi e-gift voucher worth Rs. 9,000 on recovery of joining fee
- 10,000 reward points on first transaction within 90 days of card setup date
- Renewal benefit of Oberoi e-Gift Voucher of Rs. 9,000 on recovery of renewal fee
It is interesting to note that the welcome and renewal benefits do not fully cover the fee, unlike some other premium credit cards. You will end up losing Rs. 4,600 on joining and Rs. 2,800 on renewal assuming 18% GST.
Reward Points
- 1 reward point = Rs. 1
- 2 reward points per Rs. 100 on household expenses, 2% reward rate
- 3 reward points per Rs. 100 on international spend, 3% reward rate
Note that there is no reward point on fuel consumption. Also the reward points on insurance premium payment are limited to 20,000 in one anniversary year i.e. Rs. 10 lakh will be eligible for reward points only.
airport lounge access
Yes Private Prime Credit Card offers 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 visits 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 visits per calendar year (1 per quarter)
- List of airport lounges can be found Here
Lounge membership provides access to 1,100 airport lounges worldwide which is slightly less than Priority Pass which provides access to 1,300 airport lounges worldwide. Plus it’s nice to see that the Yes Private Prime credit card offers predictable access to airport lounges which is not so common.
golf program
The Yes Private Prime Credit Card not only gives you access to domestic golf, but also your guests which is quite exciting.
- Home golf access through the Mastercard World Elite India Golf Program
- 12 rounds of complimentary green fees in a year Not more than 3 rounds of complimentary green fees in a calendar quarter
- 4 complimentary green fees for guests, not more than 1 complimentary guest green fee in a calendar quarter
- 12 complimentary golf lessons each year should not exceed 3 lessons in a calendar quarter
- Access to the TPC Private Club program for TPC golf courses around the world
entertainment
- Buy 1 1 movie ticket Get 4 free tickets in a calendar month with a maximum limit of Rs. 250 per ticket on BookMyShow
- 50% off on event tickets including experiences, events, plays and sports, up to Rs. 1000 per calendar month on BookMyShow
insurance coverage
- Air accident cover Rs. 1 crore in case of death due to flight accidents.
- Emergency hospitalization protection up to Rs. 1 crore on medical emergencies, while traveling abroad.
- 15 lakh in case of accidental death of the primary cardmember with credit shield up to Rs.
other benefits
- Forex Markup: 1.75% + GST
- Fuel surcharge waiver for transactions between Rs. 400 and Rs. 5,000
- Access to a network of over 10,000 of the world’s leading medical experts
- Low interest rate on revolving credit
- 1.2% per month (14.40% p.a.) for cardholders having Yes Bank savings account
- 1.99% per month (23.88% p.a.) for cardholders who do not have Yes Bank savings account
- 3 free add on cards for your spouse, parents, children (aged 18+) or siblings
drawbacks
Yes Private Prime Credit Card is indeed a feature packed credit card though it does have some drawbacks listed below:
- Low Reward Rate: The default reward rate of 2% for premium cards is relatively low. Alas, the Yes Private Prime credit card should offer higher reward rates to compete with HDFC Infinia and Diners Club Black credit cards.
- Fewer Redemption Options in Rewards Catalog: Their rewards catalog is very limited with very few options to redeem. If they can offer Amazon/Flipkart vouchers, that would be great.
Decision
Yes Private Prime Credit Card is a diluted version of the existing Yes Private Credit Card with lower annual fee. The benefits and features of both credit cards are similar, and so I am not sure whether a new card is needed. Yes Bank may not find any buyer for Yes Private Credit Card due to high annual fee and it is an attempt to attract the affluent and ultra HNIs of India.
Yes Private Prime Credit Card tries its best to give a tough competition to the existing super premium credit cards in India but lags badly due to low reward rate. The high reward rate would have gone a long way in making this card attractive and unique. Sadly, with its current offering, the Yes Private Prime credit card fails to mark it and I would suggest staying away from this card if you are in the market for a super premium credit card.
What do you understand by Yes Private Prime Credit Card? How has been your experience with Yes Bank Premium Credit Card? Let me know in the comments below.
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