Coutts and Co Silk Credit Card review 2022

Enjoy luxurious gifts and 24/7 expert advice for your travels with this VIP credit card.

Finder rating: ★★★★★

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Representative example: When you spend £1,200 at a purchase rate of 14.71% (variable) p.a., your representative rate is 14.7% APR (variable).

14.7%

Representative APR

0%

Foreign transaction charge

£0

Account fee

Up to 46 days

Interest-free each billing period

Details

IssuerCoutts & Co
NetworkMastercard
Representative APR14.7% APR (variable)
Annual/monthly fees£0
Additional Rewards InfoThank You From Coutts - as spending increases cardholders automatically become eligible for a choice of gifts.
Lounge accessMembership to LoungeKey, access to over 700 airport lounges worldwide. Charged at £20 per person per visit.
Purchases14.71%
Purchases interest-free period (days)46

Review by


Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.

Expert review

A private bank known for its three-century-long history and for being used by the British Royal Family, Coutts isn’t exactly your average financial institution.

However, if you are lucky enough to be part of Coutts’ exclusive club of customers, this credit card’s impressive series of perks is within your reach.

While “gold” credit cards usually charge expensive annual fees that are balanced out by generous reward programmes and wide ranges of perks, Coutts Silk Credit Card comes for free and sticks to high-quality services and luxurious gifts.

Especially suitable for frequent travellers, this card’s benefits include fee-free spending abroad, LoungeKey access and the opportunity to get a series of gift cards to spend in flights, hotels, experiences, food and drink and more.

Coutts’ Concierge Team will advise you and solve problems for you 24 hours a day, be it to deal with accommodation and car hire or to book exclusive dinner reservations and theatre tickets.

Pros and cons

Pros

  • Avoid currency conversion charges when spending abroad
  • Airport lounge access
  • No annual fee

Cons

  • Applicants with low credit scores are unlikely to be eligible
  • Only available to existing customers

Compare Coutts alternatives

Table: sorted by representative APR, promoted deals first

If (as is the case for most of us) a Coutts credit card is out of your reach right now, there are plenty of cards like Coutts credit cards on the market to make you feel like a VIP. American Express offers an impressive selection of cards catering to all sorts of consumers, all with rewards attached, from lounge access to hotel upgrades.

Much more of a luxury option than your average credit card, premium American Express cards come with perks aplenty. Expect to pay an annual fee, but in some cases this will be waived for the first year.
1 - 3 of 3
Name Product Purchases Annual/monthly fees Initial credit limits Representative APR Incentive Link
American Express Preferred Rewards Gold Credit Card
25.3%
Year 1 - £0, Year 2 onwards - £140 per annum
Min. limit £700, max. limit not specified.
61% APR (variable)
New Cardmember offer: Earn 20,000 plus an extra 10,000 Membership Rewards points when you spend £3,000 in your first three months of Cardmembership. Offer ends 6 July 2022. Terms Apply. Spend £15,000 or more during the year and earn an additional 10,000 bonus points each year the card is renewed. Earn 12,000 bonus points per friend/family that uses Referral Programme and successfully applies for a card.
Representative example: When you spend £1,200 at a purchase rate of 25.3% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £140 per annum, your representative rate is 61% APR (variable).
Check eligibility
British Airways American Express® Premium Plus Card
25.3%
£250 per annum
Min. limit £700, max. limit not specified.
102.5% APR (variable)
Earn 25,000 bonus Avios when you spend £3,000 in your first 3 months of Cardmembership. New Cardmembers Only. Earn 3 Avios for per £1 spent directly with BA and 1.5 Avios per £1 spent elsewhere. Terms Apply

Representative example: When you spend £1,200 at a purchase rate of 25.3% (variable) p.a. with a fee of £250 per annum, your representative rate is 102.5% APR (variable).
Check eligibility
The Platinum Card
Finder Award
The Platinum Card
N/A (this product is a charge card).
£575 per annum
Min. limit not specified, max. limit not specified.
N/A (this product is a charge card).
Limited time offer: earn 60,000 Membership Rewards® points when you spend £6,000 in your first 6 months of Cardmembership. Offer ends 1 June 2022. Terms apply. Plus, get up to £100 in statement credits every year at Harvey Nichols (Offer valid for current and new Platinum Cardmembers). Terms Apply.

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With an American Express reward card you earn points on almost everything you purchase. With pure reward cards, instead of just cashback, you build up points for all the spending you do and these can be exchanged for exclusive rewards including flights, hotels, gift cards and more.
1 - 3 of 3
Name Product Purchases Annual/monthly fees Initial credit limits Representative APR Incentive Link
American Express Rewards Credit Card
25.3%
£0
Min. limit £500, max. limit not specified.
25.3% APR (variable)
As a new Cardmember, earn 10,000 Membership Rewards® points when you spend £2,000 in your first 3 months of Cardmembership. Earn 1 point for every £1 spent thereafter.
Representative example: When you spend £1,200 at a purchase rate of 25.3% (variable) p.a., your representative rate is 25.3% APR (variable).
Check eligibility
The American Express Nectar Credit Card
25.3%
Year 1 - £0, Year 2 onwards - £25 per annum
Min. limit £700, max. limit not specified.
30.7% APR (variable)
Earn 20,000 bonus Nectar points when you spend £2,000 in your first 3 months. Earn a minimum of 3 Nectar points for virtually every £1 spent at Nectar partners, and 2 Nectar points for virtually every £1 spent elsewhere.
Representative example: When you spend £1,200 at a purchase rate of 25.3% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £25 per annum, your representative rate is 30.7% APR (variable).
Check eligibility
American Express Preferred Rewards Gold Credit Card
25.3%
Year 1 - £0, Year 2 onwards - £140 per annum
Min. limit £700, max. limit not specified.
61% APR (variable)
New Cardmember offer: Earn 20,000 plus an extra 10,000 Membership Rewards points when you spend £3,000 in your first three months of Cardmembership. Offer ends 6 July 2022. Terms Apply. Spend £15,000 or more during the year and earn an additional 10,000 bonus points each year the card is renewed. Earn 12,000 bonus points per friend/family that uses Referral Programme and successfully applies for a card.
Representative example: When you spend £1,200 at a purchase rate of 25.3% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £140 per annum, your representative rate is 61% APR (variable).
Check eligibility
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With an American Express cashback card you’ll be able to enjoy cashback on almost everything you purchase.
1 - 2 of 2
Name Product Purchases Annual/monthly fees Initial credit limits Representative APR Incentive Link
American Express Platinum Cashback Everyday Card
25.3%
£0
Min. limit £700, max. limit not specified.
25.3% APR (variable)
New cardmember offer: Get 5% cashback on your purchases (up to £100) for the first three months of Cardmembership and an extra £20 bonus cashback. Offer ends 6 July 2022. Terms and minimum spend apply. Spend £0 to £10,000 and receive 0.5% cashback on all purchases. Spend over £10,000 and receive 1% cashback on purchases.
Representative example: When you spend £1,200 at a purchase rate of 25.3% (variable) p.a., your representative rate is 25.3% APR (variable).
Go to site
American Express Platinum Cashback Card
25.3%
£25 per annum
Min. limit £700, max. limit not specified.
30.7% APR (variable)
New cardmember offer: Get 5% cashback on your purchases (up to £125) for the first three months of Cardmembership and an extra £35 bonus cashback. Offer ends 6 July 2022. Terms and minimum spend apply. Spend £0 to £10,000 and receive 0.75% cashback on all purchases. Spend over £10,000 and receive 1.25% cashback on purchases.
Representative example: When you spend £1,200 at a purchase rate of 25.3% (variable) p.a. with a fee of £25 per annum, your representative rate is 30.7% APR (variable).
Check eligibility
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American Express has teamed up with BA to enable you to earn Avios on your day-to-day spending. You can use your Avios to buy flights, hotel stays, car hire and more.
1 - 3 of 3
Name Product Purchases Annual/monthly fees Initial credit limits Representative APR Incentive Link
British Airways American Express® Credit Card
25.3%
£0
Min. limit £700, max. limit not specified.
25.3% APR (variable)
Earn 5,000 bonus Avios when you spend £1,000 in your first 3 months of Cardmembership. New Cardmembers Only. Earn 1 Avios for virtually every £1 spent. Spend £12,000 annually and get a travel companion voucher when redeeming Avios for a BA reward flight. Terms Apply
Representative example: When you spend £1,200 at a purchase rate of 25.3% (variable) p.a., your representative rate is 25.3% APR (variable).
Go to site
American Express Preferred Rewards Gold Credit Card
25.3%
Year 1 - £0, Year 2 onwards - £140 per annum
Min. limit £700, max. limit not specified.
61% APR (variable)
New Cardmember offer: Earn 20,000 plus an extra 10,000 Membership Rewards points when you spend £3,000 in your first three months of Cardmembership. Offer ends 6 July 2022. Terms Apply. Spend £15,000 or more during the year and earn an additional 10,000 bonus points each year the card is renewed. Earn 12,000 bonus points per friend/family that uses Referral Programme and successfully applies for a card.
Representative example: When you spend £1,200 at a purchase rate of 25.3% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £140 per annum, your representative rate is 61% APR (variable).
Check eligibility
British Airways American Express® Premium Plus Card
25.3%
£250 per annum
Min. limit £700, max. limit not specified.
102.5% APR (variable)
Earn 25,000 bonus Avios when you spend £3,000 in your first 3 months of Cardmembership. New Cardmembers Only. Earn 3 Avios for per £1 spent directly with BA and 1.5 Avios per £1 spent elsewhere. Terms Apply

Representative example: When you spend £1,200 at a purchase rate of 25.3% (variable) p.a. with a fee of £250 per annum, your representative rate is 102.5% APR (variable).
Check eligibility
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Repayment options

You can make manual repayments through Coutts & Co's app, by logging in to your online banking or over the phone (020 7753 1000). Alternatively, you may wish to set up a direct debit.

A direct debit protects you from forgetting to make a repayment and either damaging your credit score, or losing any promotional rates as a result (although there's no penalty fee for late payments to worry about, there are still plenty of other good reasons not to miss a payment).

You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.

Choose from the following direct debit options for your monthly repayments:

Minimum amount Fixed amount Fixed percentage Full amount

How to apply for the Silk Credit Card

Coutts is well-known for the high standards it sets to accept new customers. If you try to apply online, you'll be asked about your annual income and total assets, and if you don't have either a £1 million to invest or an annual income of at least £500,000, you'll just get a message that suggests an alternative banking option.

If you do manage to become a customer and you can't wait to have Coutts Silk Credit Card in your wallet, you can speak to your financial adviser or call Coutts' customer service.

Frequently asked questions

Can I withdraw cash using the Coutts & Co Silk Credit Card?

Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.

The cash advance fee on the Coutts & Co Silk Credit Card is 2% (min. £1.5). For example, if you withdraw £50, you'll incur a fee of £1.50. Withdraw £250, and you'll incur a fee of £5.00.

The interest rate on this part of your balance will be 14.71% (chargeable from the day of the transaction – the card's usual "up to 46 days interest-free" grace period won't apply).

What is the minimum payment on the Coutts & Co Silk Credit Card?

Each month you must pay at least 5% of your balance at that point or £5.00 – whichever of the 2 figures is greater. So if you had, say, £90.00 outstanding, you'd pay £5.00, and if you had £400.00 outstanding, you'd pay £20.00.

Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money which can lead to persistent debt.

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Our experts score rewards credit cards to determine their value against similar products on the market. We look at a number of important factors, like welcome bonuses, introductory and ongoing earn-rates, any caps or restrictions on the points you can earn, plus the potential costs involved with running the card both in the short and longer term.

You can read more about our scoring criteria on our credit card methodology page.

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