**Disclaimer: YES Bank Credit Card is not a Bajaj Markets product. Offers would be from partner Banks/NBFCs only
With a YES Bank credit card, you get access to numerous benefits and rewards. However, before you apply for a credit card, you must ensure that you meet all the eligibility requirements. If the bank feels your application doesn’t meet the set criteria, it can just as easily reject it. It is, therefore, important to be aware of the various factors that contribute to YES Bank credit card rejection and check the YES Bank credit card eligibility criteria required before applying.
The Bank may or may not provide an exact reason for YES Bank credit card rejection. In case it does not, here are some of the common reasons for which your application can be declined:
No stable employment
Low credit score
Employment in a delisted organisation
Age limit criteria not met
Residential address mapped to the defaulter list
Ownership of multiple credit cards
Issues in the credit report
Frequent requests for credit cards
If your YES Bank credit card application is rejected, it could be because of one or more of the reasons mentioned below:
If you have unstable employment and find yourself changing jobs too often, the bank might not consider you to be a dependable borrower and reject you.
If your monthly income is lower than ₹25,000 (which may vary from card to card), the bank may decline your request.
The higher the credit score, the higher is your creditworthiness. So it is important to ensure your credit score is not low when applying for a credit card.
If your company is a private establishment not mentioned in the bank’s list of approved employers, YES Bank may consider your job to be unsecured and, thus, reject your credit card application.
If your age doesn’t fall within the prescribed limit, i.e. 21 to 60 years, YES Bank may reject your application for a new YES bank credit card.
If your address is mentioned in the defaulter list, your YES Bank application is quite likely to get rejected.
If you own multiple credit cards as per your credit report, the bank may consider you as a credit-hungry borrower and reject your application.
Late payments, defaults, discrepancies, and terms such as ‘Settled’ or ‘Written-off’ on your credit report work negatively and can lead to the rejection of your application.
If there are too many hard inquiries for credit cards on your credit report in a short period of time, the bank might not consider you capable of handling your finances without additional funds and reject your application.
Yes, if your application for a new credit card from YES Bank is rejected, your credit score might take a hit as the bank will do a hard inquiry to assess your credit profile.
As long as you meet the eligibility criteria for the particular YES Bank credit card you are applying for, getting approval is easy. Work on maintaining a good credit history, a low debt-to-income ratio, an excellent credit score, etc., to improve your chances of approval.
To be eligible for a YES Bank credit card, you must meet the salary requirements for the particular credit card. If you fail to do so, your credit card application can get rejected.
No, there are no special, ‘no rejection’ credit cards offered by YES Bank. However, if you meet the eligibility criteria, the chances of your YES bank credit card application getting approved are higher.
If your YES Bank credit card application is rejected, it means that you did not meet the eligibility requirements. The next steps would be to review your application for errors, check your credit rating, reduce existing debt, ask the bank to reconsider, and then wait for at least six months before your re-apply for a credit card.