YES Bank Alters Lounge Access Policies For Credit Card Holders, Sets New Spending Threshold; Details

YES Bank has introduced significant alterations to its complimentary lounge access privileges associated with its credit cards, signalling changes that will come into effect from July 2024. Under the new guidelines, cardholders will be required to maintain a minimum spending threshold of Rs 35,000 in the preceding quarter to qualify for complimentary lounge access benefits.

The revised structure outlines specific quarters for meeting this spending criterion, which includes March 21 to June 20, June 21 to September 20, September 21 to December 20, and December 21 to March 20. Users who fulfil this requirement will be entitled to lounge access benefits in the subsequent quarter.

It’s important to note that while the spending threshold has been increased, the number of complimentary lounge visits remains the same, provided the minimum spending threshold is met. However, these alterations are applicable only to accessing domestic lounges.

The credit cards affected by these changes include YES Marquee, YES SELECT (formerly YES Prosperity Edge), YES Reserv (formerly YES First Exclusive), YES First Preferred, YES Bank ELITE (formerly YES Premia), YES BYOC, and YES Wellness Plus, as reported by Live from Lounge.

This announcement follows a prior statement from YES Bank, indicating a revamp of its domestic lounge access benefits effective April 1, 2024. Under the previous arrangement, card members were required to expend a minimum of Rs 10,000 in the ongoing quarter to qualify for lounge access in the subsequent quarter.

Meanwhile, other major credit card issuers in India are also implementing notable modifications to their usage policies starting April 1, 2024. ICICI Bank, for instance, will require customers to spend a minimum of Rs 35,000 in the preceding calendar quarter to unlock one complimentary airport lounge access for the subsequent quarter. This change applies to various ICICI Bank credit cards, including the Coral Credit Card and MakeMyTrip ICICI Bank Platinum Credit Card, among others.

Axis Bank has also announced changes to its Magnus Credit Card, set to take effect from April 20, 2024. These revisions include adjustments to reward earnings, lounge access programs, and annual fee waiver exclusions. Spends on insurance, gold/jewellery, and fuel categories will no longer qualify for reward points. Additionally, benefits such as complimentary concierge services and airport meet and assist services will be discontinued.

The adjustments made by YES Bank, ICICI Bank, and Axis Bank reflect a broader trend in the credit card industry in India, where issuers are refining their policies to better align with changing consumer behaviours and market dynamics. As competition intensifies, credit card companies are seeking to optimize their offerings while ensuring sustainable profitability. These changes may impact cardholders differently, underscoring the importance of staying informed about the terms and conditions associated with credit card usage.

Shravani Sinha Goodreturns
source: goodreturns.in