Rio, in collaboration with YES BANK and NPCI, has introduced the YES BANK Rio RuPay Credit Card, a UPI-enabled product that combines credit benefits with UPI functionality. This innovative card enables users to make seamless purchases at over 100 million merchant locations across India.
Key Features Yes Bank Rio Rupay Credit Card
- Credit Limit: Up to ₹5 lakh.
- Rewards and Offers: Personalized rewards and exclusive deals accessible through the Rio app’s “Know Your Offers” feature.
- Wide Appeal: During its beta launch, 60% of applications came from Tier 2 and Tier 3 cities, highlighting its popularity in semi-urban areas.
- Eligibility: Available to salaried or self-employed individuals aged 21–60 years, with a minimum monthly salary of ₹25,000 or an annual ITR of ₹5 lakh. Existing YES BANK credit cardholders are not eligible.
- Fees: Lifetime free, with no joining fee.
Also read | CREDIT CARD CONSUMER PROTECTION LAWS: 6 KEY RBI CREDIT CARD RULES YOU SHOULD KNOW
Charges on Specific Transactions
While the card offers substantial benefits, certain transactions incur additional fees:
- Utility Payments: Amounts exceeding ₹15,000 per month are charged 1% plus GST, capped at ₹3,000 per month.
- Education Fees: Payments via third-party apps like CRED or PhonePe will attract a 1% fee plus GST from October 2024, capped at ₹5,000 per calendar month.
- Fuel Transactions: Purchases over ₹10,000 per transaction will incur a 1% fee plus GST, capped at ₹5,000 per month (e.g., a ₹20,000 fuel spend incurs a ₹200 charge plus taxes).
User Benefits
The card’s UPI integration caters to younger users and individuals in semi-urban areas, simplifying daily expense management. Its zero joining fee and waivable annual charges lower barriers to entry, making it an attractive option for a wide range of users.
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