RuPay credit cards are everywhere these days, with every bank and fintech trying to grab a slice of your daily UPI spends. Yes Bank recently partnered with the fintech app Kredit.Pe to launch the ACE Credit Card, and the main hook is hard to ignore: up to 5% cashback on UPI transactions on a lifetime free card.
On paper, that is one of the highest reward rates we have seen for UPI. But before you jump on the offer, you need to look closely at how the reward system actually works. The card relies entirely on Kredit.Pe’s closed ecosystem, meaning you earn and burn your cashback strictly on their terms.
Let’s break down the features, the reward mechanics, and whether those redemption hoops are actually worth the hassle.
Fees and Charges
| Fee / Charge | Details |
| Joining Fee | Nil (Lifetime Free) |
| Annual Fee | Nil (Lifetime Free) |
| Welcome Benefit | ₹1000 cashback credited to the Kredit.Pe wallet upon activation |
Because it is issued as a lifetime free card right out of the gate, it is an easy addition to your setup if you just want a dedicated card for UPI payments without worrying about annual renewal targets.
Reward Structure
The reward system is split into two parts: the high-value cashback you get for UPI and the standard reward points you earn for regular card swipes.
UPI Transactions (via Kredit.Pe App)
This is the primary reason to consider this card. To get these rates, you must scan and pay using the Kredit.Pe app. If you link the card to other apps like PhonePe or GPay, you will miss out on the accelerated cashback.
- Base Rate: 3% cashback on all UPI merchant transactions with no upper cap.
- Milestone Rate: 5% cashback on UPI transactions once your total monthly UPI spend crosses ₹25,000.
BoB Eterna
Lifetime FreeStandard Card Spends (Yes Rewardz)
For online shopping or physical swipes at stores, the card follows the standard Yes Bank reward points system.
- Online Transactions: 8 Reward Points for every ₹200 spent, which gives you a 1% reward rate.
- Offline Transactions: 4 Reward Points for every ₹200 spent, translating to a 0.5% reward rate.
- Select Categories: 2 Reward Points for every ₹200 spent, dropping the return down to a 0.25% reward rate.
Kiwi RuPay Card
Lifetime FreeRedemption and Value
This is where things get a bit restrictive. Unlike most cards that give you statement credit or flexible points, the cashback earned here is locked into the Kredit.Pe ecosystem.
The Cashback Balance
The money you earn from UPI payments is credited to your Kredit.Pe wallet. You cannot use this to pay off your credit card bill directly. Instead, you have to use it within the app for specific purposes.
- Amazon Pay: Up to 2% discount
- Swiggy: Up to 5% discount
- Zomato: Up to 5% discount
- Myntra/BigBasket: Up to 5% discount
What is the best way to redeem the cashback?
If you are wondering what to do with this locked balance, buying digital gold is easily your best bet. You can already get good discounts on brand vouchers using other credit cards or reward platforms, so spending your Kredit.Pe cashback on them does not make much sense. Putting that money into digital gold turns your rewards into a real asset, giving you the best overall value.
If you prefer immediate utility and gold does not interest you, redeeming for select gift vouchers is a decent backup plan. The utility bill option should generally be your last option, as the flat ₹10 cap per transaction limits how much you can actually save.
Yes Rewardz Points
The points earned on non-UPI spends follow the standard Yes Bank redemption catalog. You can use these for flight bookings, hotel stays, or products through the Yes Rewardz portal, though the value per point is generally lower than the UPI cashback rate.
Important Caveats
There is a specific rounding rule for small UPI payments that you should keep in mind. For transactions between ₹10 and ₹50, the rewards are calculated based on multiples of ₹10. For example, a ₹49 payment will earn rewards based on ₹40 rather than the full amount.
Additionally, standard exclusions apply across the board. You will not earn rewards or cashback on rent payments, wallet loads, insurance, or government-related transactions. Fuel spends are also excluded from rewards, though you do get the standard 1% surcharge waiver.
Other Benefits
- Fuel Surcharge Waiver: You get a 1% waiver when you spend between ₹400 and ₹5000 at any petrol pump.
- Forex Markup: The card charges a discounted fee of 2.75% plus GST when you make international transactions.
Final Thoughts
The Kredit.Pe Yes Bank ACE Card is not meant to be your main credit card. If you want simple cashback that directly lowers your monthly bill or perks like free airport lounges, you should look elsewhere. The rewards you get for regular swiping are just okay.
But, if you make a lot of UPI payments and are happy turning those rewards into digital gold, this card is a fantastic deal. Getting 3% to 5% back on UPI is huge for a free card. You just have to be okay with using their specific app to scan and pay. It is definitely worth keeping in your wallet, as long as you use it strictly as a backup card just for your daily UPI spends.
Alternatives to Consider
If locking your cashback into digital gold or gift cards does not sound appealing, here are a few other UPI credit cards that might be a better fit for your wallet.
Tata Neu Infinity HDFC Cards:These are arguably the most popular UPI cards right now. You earn NeuCoins for every UPI payment, which you can easily spend on groceries through BigBasket, ordering food on the Neu app, or even booking flights. It gives you a lot more everyday utility than the Kredit.Pe ecosystem.
Kiwi RuPay Credit Card: If you just want direct cash, the Kiwi app is a great alternative. You still have to use their specific app to make your daily UPI payments, but the rewards you earn can be instantly converted into actual money and sent straight to your linked bank account.
Jupiter Edge CSB Bank Card: This is another solid lifetime free option that works smoothly with the Jupiter app. It gives you flat cashback on your UPI spends and rewards you in a very simple, fuss-free way without forcing you to buy specific assets or vouchers.