Cards this week: YES Bank launches Pi, Phi credit cards, cashback update on RuPay-JCB cards

YES Bank has partnered with ANQ, a Bengaluru-based financial services provider, to introduce two credit cards - Pi and Phi co-branded cards, aimed at Indian consumers. 

While YES Bank-ANQ Pi credit card is a digital-only card that offers credit on UPI for domestic transactions, providing users with convenient and secure payment options, YES BANK ANQ Phi Credit Card is a physical card catering to both domestic and international purchases.

“This strategic partnership aims to bridge the gap between traditional banking and the fintech industry, offering innovative solutions to meet evolving consumer needs,” the companies said in a joint statement.

Here are the top features:

1. YES Bank ANQ Pi Credit Card is a digital-only card that offers seamless credit on UPI for domestic transactions.

2. There is no joining fees.

3. Users can earn 8 reward points on UPI transactions above Rs 2000, while also gaining access to RuPay Platinum Benefits for added perks.

4. Card offers more rewards on UPI spending, enhancing the value of every transaction.

5. Users can convert purchases into EMIs.

6. YES Bank ANQ Phi Credit Card can be used for both domestic and international purchases.

7. There are no joining fees.

8. This card offers rewards for dining, travel and others, allowing users to maximise their benefits with every spend.

9. Users can enjoy fuel surcharge waivers and international lounge access, adding further value to their card usage.

10. With the ability to earn 24 reward points on selected categories for spends of Rs 200 and 4 reward points on other spends of Rs 200, this card offers unparalleled reward potential.

11. The Phi card provides users with a comprehensive and rewarding payment solution for all their needs.

"The Pi card, a virtual RuPay card, provides seamless credit transactions on UPI, offering unparalleled convenience and versatility, while Phi card, powered by the Mastercard network, promises limitless rewarding experiences both online and offline, worldwide," says Anil Singh, Country head of Credit Cards and Merchant Acquiring, YES BANK.

RuPAY cards

1. RuPay has announced a special cashback offer for all its international RuPay JCB debit and credit cardholders.

2. RuPay JCB debit and credit cards users can avail of 25% cashback on purchases made at retail stores in eight countries — Indonesia, Malaysia, Singapore, Sri Lanka, Thailand, Vietnam, Spain the USA. RuPay has joined hands with with JCB International Co. Ltd for this special offer.

3. This offer will be valid from May 1, 2024, to July 31, 2024.

4. NPCI said the cashback initiative is part of RuPay and JCB's broader strategy to expand their footprint in the global payment market, aiming to build a more extensive network and introduce more such lucrative offers in the future. Their commitment to improving customer satisfaction and incentivizing international spending remains a top priority. 

Users should note that international debit and credit card payments will attract tax collected at source (TCS). Under the TCS rules, if someone spends more than Rs 7 lakh on their debit card abroad in a year, they have to pay a TCS of 20%. 

The credit cards are not included under Liberalised Remittance Scheme (LRS). So, there will be no TCS on international credit card payments.