Originally published at: https://www.mawazna.com/blog/all-you-need-know-about-silk-bank-credit-cards/
Silk Bank is a private bank located in Pakistan that is continuing to grow. It offers traditional banking services along with Shariah-compliant Islamic banking that is known the Emaan Brand (Emaan Islamic Banking). The service offered by Silk Bank reaches across the whole of Pakistan while their services include bank account, loans and credit cards in particular. They offer two types of credit cards - the Silk Bank Gold Credit Card and the Silk Bank Platinum Credit Card. Read on to find out more about each one.
1- Silk Bank Gold Credit CardThis credit card is perfect for those who want to take advantage of a range of benefits such as cashback, Discounts and balance transfer.
BenefitsThis card offers many benefits such as 0.25% cashback on all retail spends. This makes it perfect for those who carry out a lot of shopping and want to take advantage of getting something back for using the card. For those who have an outstanding balance on another card can take advantage of transferring the balance to their Silk Bank Gold Credit Card.
Users can also receive huge discounts at many different stores such as Puma, Tommy Hilfiger and TransAsia. The list is extensive but there are many discounts to take advantage of.
There is also a Treasure Chest benefit that comes with the card, which gives users the ability to take advantage of a number of offers on electronic items, food and travel while the 0% instalment plan offers 0% interest on the purchase of certain items such as watches, golf and iPhones.
For those who travel the world, the global offers could also open the door to savings that could be made on a range of service such as hotels, health clubs and dining.
Fees and ChargesThis card comes with an annual fee of PKR 4,000 [at the time of writing in Jan 18] while supplementary fees are PKR 500. The chip maintenance fee will cost users PKR 1,000 and the cash withdrawal fee is PKR 1000. If you use the card abroad, then any transactions will cost an additional 3.5% and should you miss a payment there is a late charge of PKR 2000. Should you spend over you limit, there is a charge of PKR 2000.
Interest RatesThe card comes with a minimum monthly payment of 5% or PKR 500, depending on which is the highest. There is also a monthly rate of 3.5% and a cash advance rate of 42%. As mentioned, the balance transfer rate sits at 0% for the first 12 months.
2- Silk Bank Platinum Credit CardThe Silk Bank Platinum Credit Card provides users with access to a lifestyle that is rich with luxury thanks to the many discounts available on shopping, travel and dining along with cashback and discounts.
BenefitsThe Platinum Credit Card offers a significant 0.25% cashback on all retail purchases made in Pakistan but for those who travel, they can take advantage of a cashback rate of 0.5% on retail purchases.
The card has a zero% feature which makes it possible to transfer an existing credit card balance to the Silk Platinum Credit Card with a 0% fee for the first 12 months. Discount can be found in places such as FoodPanda, Bella Vita, DHL and Center Flora but the complete list is far more extensive.
The Treasure Chest benefit will provide users with access to offers that are renewed every quarter. The offers can range from Samsung Mobiles, PEL Home Appliances and a Honda Bike although the offers do change. There is also the option to make the most of the 0% Instalment plan that gives users the ability to purchase certain items without paying interest.
Fees and ChargesThe card comes with an annual fee of PKR 4,ooo and there are supplementary fees of PKR 500. Users will be required to pay a chip maintenance fee of PKR 1,000 and should you choose to withdraw cash with the card, there is a withdrawal fee of PKR 1000. Should you miss a repayment, then you will have to pay a late payment charge of PKR 2000 and should you go over your limit then you will have to pay a charge of PKR 2000. If the card is used abroad for any transaction, then there is a fee of 3.5% that will be payable.
Interest RatesA minimum monthly payment of 5% or PKR 500 has to be paid depending on which is higher while a monthly rate of 3.5% is also applicable. Should users want a cash advance, there is a fee of 42% with balance transfers coming with a 0% rate for a period of 12 months.
Joint Benefits that Come with both CardsBoth cards come with the following:
- Silk Protect – This feature will offer complete peace of mind as it will protect loved ones if you pass away or are diagnosed with a terminal illness. All outstanding balances will be waivered as part of this featur
- Supplementary cards – Users can apply for up to five additional cards for family and friends that come at no extra cost.
- SMS and E-Alerts – All users will be alerted by SMS or email of all transaction that take place on their card.
- Withdraw Cash – It is possible to withdraw up to PKR 25,000 from all Silk Bank ATMs in Pakistan.
- Worldwide Acceptance – Silk Bank Credit Cards can be used at 28 million locations around the world.
- Security – All cards are given additional security through the Verified by Visa feature but also the fact that they have security chips which means that a pin is required before making any payments.
ConclusionBoth the Gold and Platinum Silk Bank Credit Cards are perfect for those who like to make the most of great features, discounts and cashback. These cards are ideal for those who make purchases around the world or just in Pakistan due to the fact that they can be used worldwide and the security features ensure that users can make purchases with complete peace of mind.
“Mawazna Karein Apne Liye, Apno key Liye”