Yes Bank CC miss selling

[desaik231]

Hello Guys,

I had applied for the Yes Bank Credit Card through channel partner who gave me false assurance of life time free card and gave me paid on.

Now I want to understand few things:

1. If i dont activate my card in 30 days at all will I get to pay up the fees for it?

2. bank customer support team has said it was legitimate method to procure card so fees is legitimate i am liable to pay it up. what can i do against that?

3. Will RBI obusmend portal help in my case to recover fees if i pay it up in order to prevent cibil

 

[Patil007]

Hello Guys,

I had applied for the Yes Bank Credit Card through channel partner who gave me false assurance of life time free card and gave me paid on.

Now I want to understand few things:

1. If i dont activate my card in 30 days at all will I get to pay up the fees for it?

2. bank customer support team has said it was legitimate method to procure card so fees is legitimate i am liable to pay it up. what can i do against that?

3. Will RBI obusmend portal help in my case to recover fees if i pay it up in order to prevent cibil

Every Bank's agent do this. Tell us it is LTF and later it is paid and we can do nothing about it except closing the card.

Do not activate card, They will close after 30 days as per RBI guidelines.

I don't think they will recover fee, as many bank take fee after one year.

SBI takes fee in first statement itself.

 

[anish1516]

If you dont activate the card you dont have to pay anything. Check with cc once.

 

[Lakshya Mahani]

My father had the same experience. I was told to spend 15k in 90 days in order to avoid paying joining fee. After 10 months, I told customer executive that i was told that the card is LTF, kindly convert this card into LTF or close this card as i had nothing to loose, she made my card LTF. Now only using the card only for lounge access.

 

[anonymuos]

HDFC did the same for my Business MoneyBack. Offered me as pre-approved offer lifetime free (₹0, no joining fee, no issuance fee) with 1.88 L limit and then said in email spend 20K in first 90 days to make it LTF or attach a bill to SmartPay. Would have been easily achievable for me but I said to close the card since I had not activated it. Because they were not upfront about it, it was misselling. Within hours, a senior customer service officer said it will be converted to LTF within 90 days, no spends of 20K or SmartPay required. But I had taken all screenshots of the LTF offer shown to me during card application and sent them that as evidence, besides all the earlier WhatsApp messages about "LTF, no strings attached".

 

[ltf4ever]

Hello Guys,

I had applied for the Yes Bank Credit Card through channel partner who gave me false assurance of life time free card and gave me paid on.

Now I want to understand few things:

1. If i dont activate my card in 30 days at all will I get to pay up the fees for it?

2. bank customer support team has said it was legitimate method to procure card so fees is legitimate i am liable to pay it up. what can i do against that?

3. Will RBI obusmend portal help in my case to recover fees if i pay it up in order to prevent cibil

if you don't activate within 30 days, then the card will be closed by bank according to RBI rules.

rbi will help you recover the fees, because fees are collected 1 year in advance by many banks. if you close the card, they cannot charge you fees for a product that you close at the start of the year.

before closing the card, if you have any proof of ltf offer, please send the proof to rbi first.

 

[desaik231]

Thank you so much for response. I have filed complaint to RBI lets see now

Dear Mr. DESAI,



Greetings from YES Bank Ltd.



This is with reference to your e-mail dated November 15, 2022 regarding YES Bank Credit Card.



We wish to inform you that on basis of our investigation, we understand that there was no false commitment made by our sales team regarding Life Time Free credit card.



According to our records, you have applied for the credit card through online option (Digital Channel) and you have selected a prized card. The details regarding applicable charges are mentioned on the online application portal, when the customers apply for the credit card, only when the customer accepts the terms and conditions the application form can be submitted for processing.



We regret to inform you that we will be unable to reverse the Card Membership Fees as the Fee is valid and legitimate.



Further, we wish to inform you that as per our records your card has been closed

 

[desaik231]

thsi was the response received fro bank

 

[jayks]

If you don't have audio recordings of the agent fooling you then there is no recourse for you unfortunately.

 

[desaik231]

Quick update:

Apparently renetion team has more pressure than the customer support team. I got a call from Yes Bank Retention guys who cleared two thing to me.

1. If card is losed before due date all charges are waved off no cibil impact will take place

2. Since card will not activate in 30 day they will have report back to RBI which they dont like it hence they wanted to offer me Joining fee reversal if i spend 20k by 4th December.

should i consider this offer?

 

[naddy0711]

It's very easy just to call customer care and tell them, I have been promised to get LTF, and close it if it's chargeable. and share the CC Agent's Mobile number with they will reverse the commission he earned by misleading you. And you don't have to pay any charge. In some cases, they can offer you LTF to continue the relationship

 

[desaik231]

No they are giving me only conditional reversal

 

[mukundstud]

Quick update:

Apparently renetion team has more pressure than the customer support team. I got a call from Yes Bank Retention guys who cleared two thing to me.

1. If card is losed before due date all charges are waved off no cibil impact will take place

2. Since card will not activate in 30 day they will have report back to RBI which they dont like it hence they wanted to offer me Joining fee reversal if i spend 20k by 4th December.

should i consider this offer?

I also felt victim of the same false promise by a YES Bank CC Agent. I thought to share my exprience on this forum, but am not being able to get much free time to make posts and replies. The agent promised me a Lifetime Free YES FIRST Preferred credit card on call, but made me apply for paid YES Prosperity Edge Card on the online portal. I asked that it is not a card promised to me, but the agent said that I will get YES First LTF card in he end. So I proceeded with the application. Later on that night, I got a mail from YES Bank regarding my application on YES First Credit Card(I am attaching a screeshot of it). I even confirmed with the agent on her whatsapp no. later on about the LTF Preferred card, and every time, she assured me that I will indeed get it. She even sent me a brochure of LTF YES First Card on the chat, which I am also attaching with the post. Even on the bank verification call, I asked the official if I was getting LTF Preferred card, but the official said that he will not be able to tell the card variant I am getting, and should trust the agent. At last, after the wait of about 2 weeks, I got the delivery of the card, and was infuriated that I got YES Prosperity Edge, which was the same card the agent made me apply on the portal.

I called the customer care on the same day to confirm if the card I got is LTF or not. As I feared, the customer care agent told me that my card was paid. I instantly asked her to close my card and explain her the issue. She told me to hold the card for some time and do not use it, as the joining fee is charged 90 days after the approval of card. She raised a complaint on her system about misselling of credit card by the agent and asked me to wait for one or 2 weeks as my card can even become LTF on the basis of my complaint. I agreed. 2 or 3 days later, I got a call from the same agent, and she apologised for the inconvenience. But she was still asking me to use that card and told me that my card fees will be waived if I will achieve certain amount of spends. It was anyways written on the card's offical TnC, but I told her that I want my card as unconditional LTF. She told me that she will try, and hung up the call. And 1-2 days after that, I got a mail from YES Bank that I am pacified with my card variant and fees based on the concerned staff's feedback.

The very next day, I wrote a mail to the YES Bank to close my card. Later on, I found that it is a pain to make YES Bank close the CC. I did not get a reply of the first mail. Then, I wrote a second mail, to both customer care, and card closure team, asking them to close my card and mentioning the RBI Rule of closing card within 7 days of writing mail. The next day, I got a mail from card closure team that they are proceeding with my card closure request and have deactivated my card. Then I patiently waited for my card to be reported as closed for nearly 2 months. But its status for not updated to be 'Closed' even then. I wrote a reminder mail to them, metioning the penalty for delaying the closure of the card. The next day, I got a mail from the bank that my card has been deactivated, and the next month, YES Bank reported my card as 'Closed' on the date, which was exactly 2 months after the date of the first mail I wrote to them, requesting my card closure.

I did not take the pain of extracting the delay penalty from them, as I was not charged a single penny on the card. I am thinking of writing one more mail to them, requesting the NOC for the successful closure of my card.

Hope my experience will help you and others in dealing with YES Bank Credit Cards.

 

[desaik231]

Just tk be clear you paid no fees and there was no cibil impact right?

 

[mukundstud]

Just tk be clear you paid no fees and there was no cibil impact right?

Yes. Paid NO Fees. Also, NO impact on CIBIL

 

[CardCraftsman.]

My father had the same experience. I was told to spend 15k in 90 days in order to avoid paying joining fee. After 10 months, I told customer executive that i was told that the card is LTF, kindly convert this card into LTF or close this card as i had nothing to loose, she made my card LTF. Now only using the card only for lounge access.

Which cc?

 

[Lakshya Mahani]

Which cc?

Yes Prosperity Edge.

 

[vaibhav111]

Quick update:

Apparently renetion team has more pressure than the customer support team. I got a call from Yes Bank Retention guys who cleared two thing to me.

1. If card is losed before due date all charges are waved off no cibil impact will take place

2. Since card will not activate in 30 day they will have report back to RBI which they dont like it hence they wanted to offer me Joining fee reversal if i spend 20k by 4th December.

should i consider this offer?

it totally upto you, try not to activate cc in 30 days and if retention call again say make it LTF or i won't use the card simple, there have been no cibil hit so you got nothing to loose and if said yes then email will be send which will be proof cc is actually LTF

 

[alanabraham]

I had applied for Yes Bank credit card directly from bank's website and got unconditional LTF Yes Prosperity Edge credit card. While applying on the website it was clearly mentioned as Lifetime Free. I never apply through any agents and always apply directly through official bank websites.

Which means LTF offer is going for Yes Prosperity Edge Card?

You applied via C2C or income docs? Only VKYC?

 

[alanabraham]

Only VKYC.... salaried individual and was offered LTF during selection of card.

So uploaded salary slips?