Credit Card New Rule: A credit card rule will change from April 1, 2024. If you have also taken a credit card of this bank, then know what it is.
Yes Bank has changed the rules to avail its domestic lounge access. According to the latest report of Live from Lounge Report, the bank said that all its credit card holders will have to spend a minimum of Rs 10,000 in the current quarter to get lounge access in the next quarter. Special benefits are given under lounge access facility. This includes food, WiFi facility, airport lounge access for bathing and rest.
Changes in the rules will come into effect from April 1, 2024. Credit card holders will have to make necessary spends from December 21, 2023 to March 20, 2024 to avail lounge access. Understanding the cost associated with availing lounge access, banks are no longer offering this ‘free’ benefit to customers holding only basic credit cards.
Which cardholders will it be affected by?
This rule change will impact credit cards including Yes Marquee, Yes Select (formerly Yes Prosperity Edge), Yes Reserve (formerly Yes First Exclusive), Yes First Preferred, Yes Bank Elite (formerly Yes Premia) But it is not limited to these. This will also affect BYOC and Yes Wellness Plus cards. Along with this, after HDFC Bank Group got approval from the Reserve Bank of India to increase its stake in Yes Bank to 9.5 percent, Yes Bank shares saw an increase of up to 13% on Tuesday, February 6. After this rally the share reached Rs 25.70.
Adding to the banking sector update, ICICI Bank is also set to implement changes in its standards for availing airport lounge access from April 1, 2024. Customers holding certain cards will now have to spend at least Rs 35,000 in the previous calendar quarter to unlock airport lounge access for the next quarter. Meanwhile, Axis Bank has informed its card members about the changes in ‘Axis Vistara Infinite Credit Card’. According to the report of Live from Lounge, the gold status benefit initially available for the first year will no longer start automatically from the second year.
