1️. Background Recap: Earlier in 2024, Yes Bank revamped its credit card lineup, introducing the new Yes Reserv and Marquee cards, along with refreshing designs and enhanced features. These changes boosted interest in Yes Bank’s credit cards, offering more perks to customers.
2️. Recent Changes Hit Customers Harder: However, these benefits appear to have been short-lived. Yes Bank has been gradually increasing spending requirements and adding new restrictions to some popular benefits. The latest updates, especially around airport lounge access, are a big letdown for many.
3️. New Spending Requirements for Lounge Access: Starting April 1, 2025, Yes Bank has raised the quarterly spending requirements for lounge access across its cards:
- Yes Marquee/Reserv: ₹1 Lakh
- YES First Preferred/YES First Business: ₹75,000
- ELITE+, SELECT, BYOC, Wellness Plus, YES Prosperity Business: ₹50,000
While the number of complimentary lounges remains the same, these higher spending requirements could affect cardholders who previously accessed lounges with less spending.
4️. Changes to YES Rewardz Points Redemption Beginning December 1, 2024:
- Reward point redemptions for flights and hotels are now limited to 70% of the total invoice value.
- Monthly caps on point redemptions are also introduced:
- Marquee: 3,00,000 points
- Reserv: 2,00,000 points
- Other Cards: 1,00,000 points
These caps and restrictions may impact frequent travelers who relied on points for maximum redemptions.
5️. Increase in Finance Charges Yes Bank has also increased finance charges, effective December 1, 2024:
- Many Yes Bank credit cards, including First Preferred, Business, ELITE+, SELECT, and others, will now have a finance charge of 3.99% per month (47.88% per annum).
6️. What This Means for Yes Bank Cardholders: These changes reflect a shift away from the previous value proposition of Yes Bank credit cards. Higher spend requirements, capped rewards, and increased finance charges are likely to influence current users and potential applicants to reconsider their choices.