Coutts & Co Silk Credit Card review
- Representative example:
- When you spend £1,200 at a purchase rate of 19.99% (variable) p.a., your representative rate is 20% APR (variable).
- Foreign transaction charge
- 0%
- Account fee
- £0
- Interest-free each billing period
- Up to 46 days
Our verdict
Enjoy luxurious gifts and 24/7 expert advice for your travels with this VIP credit card.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
- 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
Details
Product overview
| Issuer | Coutts & Co |
| Network | Mastercard |
| Representative APR | 20% APR (variable) |
| Annual/monthly fees | £0 |
| Additional Rewards Info | Thank You From Coutts - as spending increases cardholders automatically become eligible for a choice of gifts. |
| Lounge access | Membership to LoungeKey, access to over 1100 airport lounges worldwide. Charged at £24 per person per visit. |
| Purchases | 19.99% |
| Purchases interest-free period (days) | 46 |
| Potential costs | 9.6Excellent |
| Extras | 5.3Standard |
| Overall Finder Score | 5.8Standard |
Fees and charges
| Minimum monthly payment | 5% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 5% of the outstanding balance. |
| Annual/monthly fees | £0 |
| Foreign usage charge (EU) | 0% |
| Foreign usage charge (rest of world) | 0% |
| Cash advance fee | 3% (min. £3) |
| Late payment fee | £0 |
| Duplicate statement fee | £4 |
| Exceeding limit fee | £0 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application requirements
| Minimum Age | 18 |
| Availability | Available to existing customers |
Compare Coutts alternatives
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.
Finder Score for credit cards
To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyFinder Score for credit cards
To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyFinder Score for credit cards
To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyFinder Score for credit cards
To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyRepayment 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 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250 and you'll incur a fee of £7.50.
The interest rate on this part of your balance will be 19.99% (chargeable from the day of the transaction – the card's usual "up to 46 days interest-free" grace period won't apply).
How much does it cost to use the Coutts & Co Silk Credit Card abroad?
Non-sterling transactions are subject to a 0% charge. For example, if you spend 200 euros (£170.17), it'll cost you around £0.00 in fees.
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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