YES Bank has tweaked its existing credit card rules and made some changes in lounge access facilities for its users. The bank has said from July 1, 2024, cardholders will be required to spend a minimum of Rs 35,000 in the previous quarter to qualify for complimentary lounge access in that quarter.
As per the updated rules, the specified quarters for meeting this spending threshold are March 21 to June 20, June 21 to September 20, September 21 to December 20, and December 21 to March 20 of a particular financial year. If users fulfill this criterion, then only they will get lounge access benefits in the subsequent quarter. These modifications pertain to accessing domestic lounges only.
From July 1, 2024, the revised structure will be applicable to the quarters — July 1 to September 30, October 1 to December 31, January 1 to March 31, and April 1 to June 30.
It is important to note that the number of complimentary lounge visits have been kept unchanged, contingent upon meeting the spending threshold of Rs 35,000 or more in the specified quarters.
The new rules will be applicable on 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, a report said.
Last month, Yes Bank revised its domestic lounge access benefits, and informed the card users that they are now required to spend a minimum of Rs 10,000 in the ongoing quarter to qualify for lounge access in the subsequent quarter.
The bank said individuals must make the required expenditure in the period spanning December 21, 2023, to March 20, 2024, to avail the lounge access benefit in April/May/June 2024.
Not just Yes Bank, many other banks, such as State Bank of India, Axis Bank and ICICI Bank, have revised their rules.
Like, SBI Card has said that accrual of reward points on rent payment transactions will be discontinued for certain credit cards effective from April 1, 2024. ICICI Bank has revised its rules on credit cards, such as the Coral Credit Card, MakeMyTrip ICICI Bank Platinum Credit Card, and others. Axis Bank has revised its terms and conditions applicable on Magnus Credit Card from April 20. These revisions include adjustments to reward earnings, lounge access programs, and annual fee waiver exclusions.
