Paying Gas, electricity, and other utility bills using YES Bank credit card to get costlier from May 1, 2024
YES Bank has revised certain features of all its credit cards except the 'private' credit card variant. For some variants of the bank's credit cards, the changes are limited to the fuel surcharge category. For all other variants except 'private', these changes are related to the calculation of the spend threshold for waiver of the annual fee and joining fee. There is also a change in terms of an additional charge for utility transactions. All of these revised changes are applicable from May 1, 2024.
«These changes shall adversely affect all YES Bank credit card holders except those with the super-premium Private credit card variant,» says Ankur Mittal, CTO and co-founder, of Card Insider, a credit card comparison website.
Also read: Axis Bank stops redemption of credit card reward points earned by these customers.
Here's what has changed for YES Bank credit card holders from May 1, 2024
A new 1% extra charge on utility transactions
According to the YES Bank website as of March 29, 2024, «A charge of 1% will be applicable on all utility transactions in a statement cycle.»
According to Mittal, «Yes Bank is the first credit card issuer in India which shall implement a 1% charge on utility transactions from 1 May 2024.»
According to Sumanta Mandal, founder of TechnoFino, «This is a major devaluation. When you pay extra or get fewer rewards than earlier, we call it devaluation. Suppose your electricity bill is Rs. 5000. If you pay now using a YES Bank credit card, it will cost you only Rs 5000, but after 1st May
