Yes Bank to make changes to credit cards from April 1: Check new lounge access rules

In a recent development, Yes Bank has undergone a revamp in its domestic lounge access benefits, according to the latest update from the LIVE from Lounge report. The bank has officially communicated that, for all its credit cards, cardmembers are now required to expend a minimum of ₹10,000 in the ongoing quarter to qualify for lounge access in the subsequent quarter, the report said.

As this modification takes effect on April 1, 2024, 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.

Recognising the cost associated with providing lounge access, banks are no longer extending this "free" benefit to customers merely holding a basic credit card.

This policy change will have an impact on various credit cards, including but not limited to 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.

Simultaneously, shares of Yes Bank experienced a surge of up to 13% on Tuesday, February 6, reaching ₹25.70, following the Reserve Bank of India's approval for the HDFC Bank Group to increase their stake in the bank to up to 9.5%.

Adding to the banking sector updates, ICICI Bank is set to implement a change from April 1, 2024, in the criteria for availing complimentary airport lounge access.

Customers holding select cards will now need to spend a minimum of ₹35,000 in the preceding calendar quarter to unlock one complimentary airport lounge access for the subsequent quarter.

Meanwhile, Axis Bank has communicated changes to its 'Axis Vistara Infinite Credit Card' to its card members.

As per reports from Live from Lounge, the Gold Status benefit, initially offered for the first year, will no longer be automatically granted from the second year onward.