Product Review – Silk Bank Platinum Visa Credit Card

Product Review – Silk Bank Platinum Visa Credit Card
March 19, 2016 Mrs. K Compare

product-review-infograph-silk-bank credit card - Product Review Infograph Silk Bank - Product Review – Silk Bank Platinum Visa Credit Card

Silk Bank Platinum Visa Credit Card has been launched for those individuals who are just rising the ranks in the corporate world. Unfortunately, the card doesn’t offer many aspirational benefits that are aligned to its target market.

We called their contact center to find out how much one needs to be earning to qualify for a Platinum card and what some of the qualifying criteria’s were. To our despair, we were unable to ascertain this as the phone banking agent only had generic requirements pertinent to making an application for a basic credit card. We were told that there was no way we could find out till we made an application about whether or not we would qualify for a Silk Bank Platinum credit card.  Silk Bank requires you to have a minimum salary of PKR 30,000 a month as an employee at an approved company on their panel, furthermore, they have varying income levels for people working at different types of companies (ie multinational, local, private limited, etc). At the moment they aren’t offering credit cards to those who are self-employed business or professional persons.

Now that we have the eligibility criteria out the way, you can see how we have rated the Platinum Credit card across APR/BTF Rates, Fees/Waivers, Salient Discounts and lastly Travel benefits.

APR & BTF Rate:

Silk Bank Platinum Visa Credit Card has the annual percentage rate of 42% per annum which comes to 3.50% per month. The credit card offers a balance transfer facility which comes with the annual percentage rate of 33% that can be calculated at 2.75% per month. Our team has rated Silk Bank Platinum Visa Credit Card as WEAK on the following criteria due to  better rates being offered by other credit card providers in Pakistan.

Fees and Waiver:

Silk Bank Platinum Visa Credit Card has annual charges of PKR 8,000 and PKR 2,000/- for chip maintenance fee. The Silk Bank Platinum Visa Credit Card has been rated POOR as it charges an annual fee at par with other Platinum Credit Card providers for a fraction of value added benefits offered on similar cards.

Salient Discounts:

Silk Bank Platinum Visa Credit Card has the variety of discounts available for its members which are offering up to 50% off on various outlets all over the country. Silk Bank Platinum Visa Credit Card has a GOOD discount alliance program for its customers. This seems to be its only claim to fame, other than this there really aren’t any other ‘Platinum’ benefits found on the card.

Travel Benefits:

Silk Bank Platinum Visa Credit Card has been rated POOR since it doesn’t really offer any travel benefits offered by other Platinum Credit Card providers in Pakistan.

Loyalty Program and Benefits:

Silk Bank Platinum Visa Credit Card has a WEAK a reward program for its customers being compared to other Platinum card providers. It only offers the Priority Pass which comes with renewal charges of PKR 2,000 and USD 35 per visit at an international lounge, even though Priority Pass only charges USD 27 per visit.

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About Silk Bank

On March 31, 2008, a Consortium comprising of IFC, Bank Muscat, Nomura International and Sinthos Capital led by senior bankers Mr. Shaukat Tarin and Mr. Sadeq Sayeed acquired 86.55% stake in Silkbank for around $213 million. Under the new leadership, the Bank shifted to focus on Retail, SME, and Consumer financing.

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Disclaimer: The above review is non-sponsored. The views expressed in this article is of the Karlocompare.com.pk content team and does not represent the bank and/or its employees. Application requirements, features, fees, may be subject to change depending on the bank’s policy and regulatory requirements from time to 101meds time.

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