The season of credit card devaluations is coming on us thick and fast, as most banks will try and cut costs. We already have had the HDFC Bank 10X SmartBuy being devalued from June 1, 2020, and now we have news from Yes Bank Credit Cards, which would be changing credit card features in the coming months. Yes Bank had already seen a credit card earning rates devaluation back in April 2019.

Yes Bank Credit Cards will be further seeing many feature changes from July 1, 2020, onwards.

1. Yes Bank is changing the reward points structure. While earlier points were awarded in the denomination of INR 100 earnings, now they will be in the denomination of INR 200 earnings. I don’t think this is just a rewording but more a sleight of hand. That means if you spend INR 500, you get points for the first INR 400 spent now and not the complete INR 500. This is my inference of the situation, but if I am wrong, happy to change it.
   • YesFirst Exclusive: Instead of 6 Reward Points/INR 100 spent, you get 12 Reward Points/INR 200 spent.
   • YesFirst Preferred: Instead of 4 Reward Points/INR 100 spent, you get 8 Reward Points/INR 200 spent
2. Accelerated reward points earning is also similarly going to change to INR 200 multiples on Travel Agencies and Tour Operators, Domestic Airlines and Dining
   • YesFirst Exclusive: Instead of 6 Reward Points/INR 100 spent, you get 12 Reward Points/INR 200 spent.
   • YesFirst Preferred: Instead of 8 Reward Points/INR 100 spent, you get 16 Reward Points/INR 200 spent.
3. Points redemption value will also change on July 1, 2020.
   • On the YesFirst Exclusive, so far you could get INR 0.25 value on all redemptions, including flights and hotels and gift cards. Here on, you will get a value of INR 0.25 for flight and hotel redemptions and a lower redemption value of INR 0.15 for everything else such as vouchers. You still have time till June 30 to place an order at the INR 0.25 value though.
   • Similarly, on the YesFirst Preferred card as well, the value of the points is going down for non-travel expenses. I could not ascertain a value since I don’t personally hold the card.
4. Lounge Access Benefits reduction
   • On YesFirst Exclusive card, till so far, you got lounge access via the PriorityPass as well for domestic and international. Here on, you would only be able to use the PriorityPass for international lounge trips for free and domestic lounge access will be charged. However, Lounge Access by using your credit card domestically continues unchanged.
   • On YesFirst Preferred card, till so far, you got four lounge access via the PriorityPass as well for domestic and international. Here on, you would only be able to use the PriorityPass for international lounge trips for free and domestic lounge access will be charged. However, Lounge Access by using your credit card domestically continues unchanged at three visits per calendar quarter.

Bottom line

These are big changes coming. However, there is only so much you can expect from a card which was given out like candy and mostly for free. The only advice I have for you is to look at your reward points and redeem them before June 30, 2020, because you never know how this goes from there. Remember, most Yes Bank Vouchers come in physical delivery so just be careful about that aspect too.

What do you think about the new round of feature changes on the Yes Bank Credit Cards?

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