YES Bank launched a new credit card 'FinBooster' in partnership with BankBazaar.com, which allows credit worthiness tracking for customers. The co-branded credit card is built around credit fitness tracker and will support customers in improving their score on the basis review of factors impacting their credit score, according to a recent statement shared by YES Bank.
The tracking of credit score will be done through an intuitive CreditStrong app subscription (credit fitness report), which is complimentary for the cardholder for the first year.
"The most recent edition of the BankBazaar Aspiration Index revealed that while close to 90 per cent people knew what credit score was, less than 70 per cent could accurately point out the impact of their financial habits on their credit scores. This was the gap we saw among 22-45-year-old salaried professionals,'' said Mr Adhil Shetty, CEO - BankBazaar.com.
''If we consider the wider population that uses cards, the misconception around credit score is much higher. With the YES BANK-BankBazaar FinBooster card, we are trying to bridge that gap by arming users with a card that doubles-up as an advisor on credit health and management,'' added Mr Shetty.
The credit card offers never expiring rewards points with no capping on the accrual. Customers can earn accelerated rewards points on online dining, grocery and apparel purchases which can be easily redeemed for more than 250 catalogue products.
The credit card will allow customers to share reward points with their family and friends - passing on the benefit to their near and dear ones.
"....Finbooster in partnership with BankBazaar is another step in our endeavour to enhance customer experience while strengthening our credit cards portfolio.
Designed to promote credit health, the card empowers customers to boost their credit worthiness while continuing to earn rewards points through everyday spends across brands and merchants,'' said Mr Rajanish Prabhu, Head - Credit Cards and Merchant Acquisition.
On Friday, October 29, shares of YES Bank settled 0.47 per cent higher at Rs 12.80 apiece on the BSE.