Devaluations are a part of every credit card’s journey. But, sometimes they can be very harsh especially if they are because of a crisis. Yes Bank credit cards are among the least rewarding cards in the market today. But, they still hold good for the occasional merchants and spend offers. In this post, we check out one of the entry-level credit cards from the Prosperity range. Here is a review of the Yes Bank Prosperity Rewards Plus credit card and its rewards & benefits. In Yes Bank’s offerings, Prosperity Rewards Plus is above the normal Prosperity Rewards variant.
Fees and Charges
All Yes Bank credit cards (except the Private) are issued as Lifetime Free (LTF). The product/application pages mention an annual fee but we can apply through agents to get it LTF.
|Joining Fee||Rs 399 plus taxes or NIL|
|Joining Fee Reversal||Spend Rs 10000 within 90 days|
|Renewal Fee||Rs 399 plus taxes or NIL|
|Renewal Fee Waiver||Spend Rs 50000 in a membership year|
Yes Bank credit cards have two different reward rates depending on the category. Almost all of our major spending come under the ‘slow’ reward rate. The return in the below table is assuming that rewards will be redeemed for flights. More details are in the ‘Rewards Redemption’ section.
The return rate is too low to even consider using this card for any transactions. Only cases where this might be useful when there is some spend or merchant offer.
|TYPE OF SPEND||REWARD POINTS||RETURN|
|Transport, Utilities, Groceries, Supermarkets, Insurance, Education, Govt. Services, Tolls, and Convenience Stores||2 RP/Rs 200||0.25%|
|Other Spends||4 RP/Rs 200||0.5%|
We have a milestone-based reward as well. We get 12000 bonus RP on Rs 3.6 Lakhs worth of spend in a membership year. This is a 0.8% return when redeemed for flights.
The milestone reward is the confusing part. The lower variant Prosperity Rewards gets 10000 bonus RP on Rs 1.8 Lakhs spend. So, we spend double the amount and get only 20% more bonus RP. :/
We have many options for reward redemption. The best value is against flight redemption.
|Flights and Hotels||25 paise per RP|
|Gift Vouchers||10 paise per RP|
|Air Miles (Club Vistara/InterMiles)||10 RP = 1 Mile|
- Foreign Currency Markup: 3.4%
- 1% fuel surcharge waiver for transactions between Rs 400 and Rs 5000
We had a time when Yes Bank credit cards were very rewarding. But with all the changes, their credit cards are now among the least rewarding cards in the market. Pick up an entry-level card and it will have a reward rate better than their Prosperity range of credit cards.
Even if you get/have this card, we recommend getting one of the entry-level cards on this list to get a better return on your spending.