YES Bank, one of India’s leading private sector banks, recently announced significant changes to its credit card policies, particularly regarding lounge access facilities for its users.
Here’s a breakdown of the updated rules and what they mean for YES Bank cardholders
Minimum Spending Requirement for Lounge Access
Starting July 1, 2024, YES Bank cardholders will need to meet a minimum spending threshold to qualify for complimentary lounge access.
Specifically, users must spend a minimum of Rs 35,000 in the previous quarter to be eligible for lounge access benefits in the subsequent quarter. This criterion applies to accessing domestic lounges only.
Specified Quarters for Meeting Spending Threshold:
The quarters for meeting the spending threshold are delineated as follows:
- March 21 to June 20
- June 21 to September 20
- September 21 to December 20
- December 21 to March 20
Applicability of Revised Structure
The revised structure will come into effect for the quarters starting from July 1, 2024. These quarters are:
- July 1 to September 30
- October 1 to December 31
- January 1 to March 31
- April 1 to June 30
Unchanged Complimentary Lounge Visits
While the spending threshold has been updated, the number of complimentary lounge visits remains unchanged. Cardholders will continue to enjoy these benefits upon meeting the Rs 35,000 spending threshold in the specified quarters.
Eligible Cards Affected by the Changes
The revised rules apply to a range of YES Bank credit cards, including:
- 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
- YES Wellness Plus
Previous Changes and Industry Trends
YES Bank’s recent updates follow its earlier revision regarding domestic lounge access benefits.
Previously, cardholders were required to spend a minimum of Rs 10,000 in the ongoing quarter to qualify for lounge access in the subsequent quarter.
Additionally, it’s worth noting that other banks like State Bank of India, Axis Bank, and ICICI Bank have also revised their credit card rules. These revisions encompass various aspects such as reward points accrual, lounge access programs, and annual fee waiver exclusions.
Conclusion
As YES Bank adapts its credit card policies to align with evolving market dynamics, it’s essential for cardholders to stay informed about these changes to maximize their benefits.
