YES Bank has modified its current credit card policies and changed the ways in which its customers can visit lounges. According to the bank, starting from July 1, 2024, cardholders would need to spend at least Rs 35,000 in the preceding quarter in order to be eligible for free lounge admission during that quarter.
The revised regulations specify that this expenditure threshold must be met during the following quarters of a given fiscal year: March 21 to June 20, June 21 to September 20, September 21 to December 20, and December 21 to March 20. Users will only be eligible for lounge access rewards in the upcoming quarter if they meet this requirement. These changes only apply to domestic lounge access.
The updated structure will take effect for the quarters of July 1 through September 30, October 1 through December 31, January 1 through March 31, and April 1 through June 30 starting on July 1, 2024.
It is noteworthy that the quantity of free lounge visits has remained constant, provided that the spend requirement of Rs 35,000 or more is fulfilled within the designated quarters.
According to a report, the new guidelines will be implemented for YES Marquee, YES SELECT (formerly known as YES Prosperity Edge), YES Reserve (previously known as YES First Exclusive), YES First Preferred, YES Bank ELITE (previously known as YES Premia), YES BYOC, and YES Wellness Plus.
Yes Bank updated its domestic lounge access privileges last month, telling cardholders that in order to be eligible for lounge access in the following quarter, they must now spend at least Rs 10,000 in the current quarter.
The bank stated that in order to receive the lounge access benefit in April, May, and June 2024, customers must make the necessary expenditures between December 21, 2023, and March 20, 2024. Not only has Yes Bank changed its policies, but so have several other banks, including ICICI Bank, Axis Bank, and State Bank of India.
For example, SBI Card has announced that, as of April 1, 2024, the accrual of reward points on rent payment transactions for certain credit cards would be halted. The Coral Credit Card, the MakeMyTrip ICICI Bank Platinum Credit Card, and other credit cards are now subject to new regulations from ICICI Bank. Effective April 20, Axis Bank has updated the terms and conditions that apply to the Magnus Credit Card. Revisions to lounge access programs, yearly fee waiver exclusions, and reward earnings are among them.
