Yes Bank Credit Card Eligibility
YES Bank is one of the largest private sector banks in India and is known for the wide range of credit cards they offer. The credit cards offered by YES Bank have amazing features that are exclusively designed to meet the diverse needs of their cardholders.
Some of the benefits offered by YES Bank credit cards are an excellent welcome gift, accelerated rewards program, fuel surcharge waiver, preferential interest rate on revolving credit, complimentary insurance coverage (On few cards), EMI facility, and cashback offers. To get a YES Bank credit card, you must meet the eligibility criteria set by the bank. The eligibility criteria differ from one card to another. Kindly get in touch with YES Bank or explore their official website to get the eligibility criteria for each card.
Eligibility Criteria to apply for a YES Bank Credit Card
|Minimum age of the applicant
|Maximum age of the applicant
||Self-employed or salaried individuals
|Minimum monthly income*
||Rs.40,000 ( The minimum monthly income criteria for YES Prosperity Edge Credit Cards can be more)
*The minimum monthly income eligibility criteria differ from card to card. Please get in touch with the bank to check the YES Bank official website for more information.
Factors that affect your YES Bank credit card eligibility
There are many factors that affect your YES Bank credit card eligibility criteria. Some of the factors are as follows:
- Age: Your age can affect your credit card application eligibility. While issuing a credit card, lenders look for credit score and a good credit history, if you are too young and do not have a credit history, lenders will not be able to assess if you are a responsible borrower. In this case, your credit card may be rejected or you will get a basic credit card with a low credit limit. If you are planning on applying for a credit card, consider establishing your credit history first.
- Income: The minimum income criteria set by the bank is one of the most important eligibility criteria you must meet. Your credit card application will be rejected your monthly income is less than the minimum income set by the bank. Therefore, it is very important to explore various credit cards available in the market and choose the one that suits you.
- Gross monthly debt: When credit card providers check your credit score, they will be able to see your existing lines of credit. If your monthly debt amount is high, it will affect your credit card application negatively. Most lenders calculate the Debt-to-Income (DTI) ratio where the total debt amount is divided by the total monthly income. If you have a high DTI ratio, your credit card application may be rejected as it indicates that you may be not capable of paying your future payments.
- Credit score: One of the first things a credit card provider will do as soon as you submit the application form is to check your credit score. A credit score may range anywhere between 300 to 900. All lenders prefer applicants with high credit score of 750 and above. A low credit score indicates that you do not have a good credit history and decreases your creditworthiness. Before applying for a credit card, check your credit score. You can get a free copy of your credit report every year from each of the credit reporting agencies in India, namely Equifax, TransUnion, and Experian. If you have a low credit score, apply for a credit card only after your score has improved.
- Multiple applications: It is very important to compare various credit cards available in the market to choose the right one that suits your requirements. However, if you apply for multiple credit cards you like, the lenders will be able to see all the hard enquiries made by you. This will make you look like a needy borrower in the eyes of the lenders. Therefore, while applying for a credit card, finalise on one card and apply for it. Do not apply for another credit card while one credit card application is being processed.
How to improve your YES Bank credit card eligibility
If you feel that you are not meeting the eligibility criteria set by the bank to apply for a credit card or if your credit card application was rejected, there are many ways you can improve your credit card eligibility. Some of the ways you can improve your credit card eligibility are as follows:
- Watch your credit score: You can improve your credit card/loan eligibility by increasing your credit score. Lenders give a lot of importance to your credit score. If you have a low credit score, consider closing your existing loans, paying your bills on time, or clearing your existing credit card balance. When you make healthy financial changes, your credit score will improve. After you have closed any line of credit, check your credit score after a month for the updated score. Apply for a credit card after your credit score increases.
- Do not default on your payments: When your credit card application is being processed, make sure you pay all your bills on time. Your credit card provider will be able to see if you default on your payments and might reject your application if you are not a prompt payer.
- Say no to multiple credit card applications: As mentioned earlier, avoid making multiple hard enquiries while you have submitted a credit card application with one bank. This will make you look like a desperate borrower.
Some other ways you can improve your credit card eligibility are as follows:
- Maintain a good Debt-to-Income ratio.
- If you have an existing credit card, maintain a good credit utilisation ratio and pay your bills on time.
- Avoid cheque bonuses, late fees, and penalties on all your active lines of credit.
- Consider increasing your income and reducing your total debt to get better credit card deals.
Top YES Bank credit cards
Some of the most popular credit cards offered by YES Bank are:
- YES First Preferred Credit Card
- YES Premia Credit Card
- YES Prosperity Edge Credit Card
- YES Prosperity Rewards Plus Credit Card
- YES First Business Credit Card
- YES Prosperity Cashback Plus Credit Card
If you are planning to apply for a YES Bank credit card, you can talk to one of the bank’s executives by dialing 1800-103-1212. If you are an existing customer, you can apply for a YES Bank credit card through your netbanking account. Alternatively, you can apply for a credit card online on the YES Bank official website or you can visit a bank branch in person.
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