Lately, a wave of change has eaten into premium credit card features, with banks like HDFC Bank, Axis Bank, and ICICI Bank, among others, cutting back the once-lavish lounge access privileges. This has left a large number of credit cardholders at a loss.

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Recent statistics provided by Dreamfolks, a prominent player in airport services, point to a notable trend. In the July-September 2023 quarter, 2.73 million individuals availed lounge services through their setups, compared to 2.63 million in the April-June 2023 quarter. This data suggests a steady reliability on these facilities despite the evolving landscape.

However, the surge in lounge access costs emerges as a pivotal factor, precipitating these cutbacks, as said by industry experts. A Live from a Lounge analysis underscores this financial strain. Two years ago, the average cost for banks per lounge visit stood at approximately ₹600. Fast forward to the second quarter of FY24 (July-September 2024), this cost skyrocketed to ₹990, signalling a staggering 60% surge within a mere 24 months. Banking industry insiders reveal that lounge access costs rose from 0.10% to 0.25% of the product cost, compelling the benefit adjustments.

In light of these transformations, here are some credit cards as per Paisabazaar, offering the best lounge access benefits as of November 2023:

SBI Elite Credit Card

This card charges an annual fee of ₹4,999. Alongside its airport lounge access benefits — providing up to six complimentary international visits and eight domestic visits per year—it offers a welcome gift voucher worth ₹5,000, 5x rewards on dining, grocery, and department store spends, and free movie tickets worth ₹6,000 annually.

HDFC Diners Club Privilege Credit Card

This card comes with an annual fee of ₹2,500 (waived off on spending ₹3 lakh in the previous year). This card offers 12 complimentary lounge visits across airports in India and abroad for both primary and add-on card members. Additionally, it provides complimentary annual memberships for Amazon Prime, MMT BLACK, Times Prime, and Dineout Passport, among other rewards and perks.

Axis Bank Select Credit Card

The annual fee stands at ₹3,000. With this card, users can enjoy up to six complimentary international and eight domestic lounge visits annually. Apart from lounge access, this card rewards users with bonuses like 20% discounts on BigBasket purchases, 40% off on Swiggy, and six complimentary rounds of golf yearly.

SBI Prime Credit Card

The card levies an annual fee of ₹2,999, waived off on spending ₹3 lakh in a year. It extends four complimentary visits to international Priority Pass Lounges and eight domestic lounge visits annually. Additionally, it offers milestone benefits such as e-gift vouchers, bonus reward points, and vouchers for achieving specific spending thresholds.

YES FIRST Preferred Credit Card

This card stands out with an annual fee of ₹999, which can be waived off on spending ₹2.5 lakh in a year. The card provides four international and eight domestic lounge visits per year, alongside rewards like eight points per ₹100 spent on most categories, 2x rewards on travel and dining, and four complimentary rounds of golf annually.

ALSO READ | Five super-premium credit cards available in India

(Edited by : Shoma Bhattacharjee)

First Published:Nov 21, 2023 5:48 PM IST