YES Bank has implemented a restriction on the frequency of rental transactions that can be conducted using their credit cards.
A Logo of the Yes Bank is seen on the head office building in Mumbai, India on 03 September 2019. (Photo by Himanshu Bhatt/NurPhoto via Getty Images)
Yes Bank announced that from 16th August 2023, rental charges will be revised. Under the updated policy, YES Bank Credit Cardholders will now have a specific limit on the number of rental transactions they can make within a defined period, ensuring a more controlled and secure usage of credit cards for rental payments. This change aligns with the broader industry trend of credit card issuers taking measures to manage potential risks associated with rental payments, safeguarding both the bank and its customers from potential financial vulnerabilities.
Rental transactions made with your Yes Bank credit cards are subject to certain terms and conditions. Firstly, the number of rental transactions allowed in a calendar month is capped at 3. Additionally, a charge of 0.75% of the transaction value will be applied from the 1st transaction onwards.
Both the add-on and primary credit cards will incur these charges, and they will also be applicable to all wallet transactions made with the credit card. On all rental and wallet spends, a charge of 0.75% of the total transaction value or Rs.1, whichever is higher, will be levied.
Changes In Rent Payment Terms of Other Card Issuers:
ICICI Bank:
- ICICI Bank has implemented a convenience fee of 1% on rent payments made using Credit Cards.
- This change was implemented starting from October 20, 2022.
- For more detailed information, please refer to the relevant section on the ICICI Bank website.
HDFC Bank:
- HDFC Bank has introduced a cap on the reward points that can be earned on rent payments using their credit cards.
- Basic credit cardholders can earn a maximum of up to 500 Reward Points per month on rent payments.
- Premium credit cardholders, such as HDFC Infinia cardholders, can earn a maximum of up to 2,000 Reward Points on rent payments per month.
- To learn more about this change, visit the specified link on the HDFC Bank website.
Axis Bank:
- Flipkart Axis Bank Credit Card and Ace Credit Cardholders are no longer eligible to earn cashback on rent payments.
- This change was implemented in April 2022 and is applicable as of that date.
- For additional information, you can find relevant details on the Axis Bank website.
