Yes Bank has made changes to its credit card reward program, effective December 1, 2024. The changes include capping the redemption of Yes reward points for booking flights and hotel accommodation at 70% of the total invoice value or a specified number, depending on the credit card held. The limits vary by credit card type. Additionally, Yes Bank has introduced changes to its fees and charges, including:
* Auto-debit return charges of 2% of the net payable amount or Rs. 450, whichever is higher;
* Late payment charges, ranging from 10% to 50% of the total outstanding amount;
* Finance charges on revolving credit, calculated at 3.99% per month (an effective annual rate of 47.88%).
The bank has also increased the quarterly spends required to unlock complimentary domestic airport lounge access to up to Rs. 1 lakh, effective April 1, 2025. The changes aim to reduce misuse of complimentary lounge access and generate additional revenue for the bank. The changes are similar to those introduced by other banks, such as HDFC Bank and ICICI Bank, which have also linked complimentary lounge access to credit card spends.