Apply for the Silk Bank Credit Card today and earn reward points with every purchase.
Silk Bank Credit Card Benefits, Eligibility, Discounts
If you’re looking to get the most out of your credit card, you’ll want to make sure that you know about all of the available benefits, discounts, and perks available from your provider. Since there are so many credit cards on the market today, it can be difficult to keep track of all the different options that are out there.
What is the Cashback Program?
As a credit card holder with Silk Bank you are entitled to receive cashback points on all purchases made with your credit card. Cashback points can be redeemed online at SilkBank or at any retail store that accepts credit cards.
The amount of cashback points you will receive will depend on a variety of factors including category and location. You may also have special offers such as double points for specific brands or vendors.
For example: if you purchase a pair of shoes worth $1000 your credit card may automatically pay you $50 in cashback points based off that transaction. Cashback rules are subject to change and are at the discretion of Silk Bank Credit Cards
What Are The Interest Rates?
The rates on new purchases are between 14.99% and 20.99% and APR will be based on creditworthiness. If you do have a late payment within your first six months of account opening, your APR will be 21.24% to 27.49%.
The penalty APR is 28.74%. Your rate will also be affected by which tier you are in: Gold at 21.24%, Platinum at 23.24%, or Diamond at 24.99%. You’ll find more information about tiers and rates here .
Is There An Annual Fee?
There is no annual fee to own a credit card with Silk Banking. But there are small fees involved with using your card: There is a $1 activation fee for each card you order and a $2.50 monthly inactivity fee.
That means if you don’t make any purchases within that month, you will be charged a flat rate of $2.50 for every single month that goes by without activity on your account.
Can I Borrow up to 100% of My Credit Limit?
The Silk Bank credit card doesn’t just provide rewards. You can also use it to borrow money in a pinch and pay off your balance with rewards points. That is, as long as you don’t borrow more than 100% of your credit limit. If you do want to take out a loan that large, you’ll need to go through Silkbank directly.
Interest rates will be competitive with other low-risk loans offered by banks and companies like SoFi and Lending Club for borrowers with good credit. Bad or no credit? You’ll have fewer options and higher interest rates from which to choose when shopping around for a loan.
How do I Apply For A Silk Bank Credit Card?
You can fill out a Silk bank credit card application and use it to apply for any of their credit cards. Their website should have an online application for you to fill out. If you’re applying in person or by mail, you can use one of their applications found on their site.
You will need to supply them with some basic information about yourself and your current income. They also require proof of identification when applying; make sure that whatever forms of ID you provide are up-to-date and accurate so that they don’t delay your application process unnecessarily.
Where Can I Get More Information On This Credit Card?
If you are looking for more information on credit cards such as Silk Bank credit card benefits and eligibility, you may have to look in several places. Search engines are a good place to start because they will provide an introduction to several popular sites and detailed answers to common questions.
Most major search engines allow users to find links by using key words or phrases related to your topic of interest. For example, if you searched credit cards it would bring up several sites with some links promising more information about credit cards and links that would lead you back to your starting point.
This is a great way to get started when researching something new. Other ways to learn more about credit cards include visiting banks and financial institutions because they often promote their services online with informative websites meant just for consumers like you. They are designed with easy navigation tools so you can quickly find what you’re looking for, whether it’s getting approved for your first credit card or understanding how interest works with every purchase.
You could also visit general business sites where businesses often offer credit-card options as part of their promotional material; these webpages can help make sense of different offers without having to sign up right away.
Silk Bank Credit Card Apply Online
Applying for a credit card online is simple. In fact, there are two ways to apply for a credit card: You can fill out a paper application and mail it in or you can apply for your new credit card through an online application (aka electronic credit card application). We recommend applying electronically because you get your decision faster and often don’t have to complete as much paperwork.
Apply today with Silk bank and benefit from its great cash back rewards program. Get rewarded with up to 10% cash back on all your purchases! When you sign up for our Prepaid Smart Gold MasterCard® at checkout, we will deposit $150 into your account, plus 5 free bonus membership rewards points just for signing up and another 1 point per dollar charged.
Membership Rewards ® points can be redeemed towards future purchases such as travel, clothing, electronics and more! Plus if you refer a friend or family member who becomes a member of our loyalty program , we will give each of you 500 extra points to spend! Click here to learn more about how you could start earning extra cash by using your credit card with us today.
Silk Bank Credit Card Limit
The higher your credit card limit, the more you can charge and with lower interest. If you have a poor credit history but have enough income to qualify for a card with low or no annual fee and still meet minimum spending requirements of 2 percent of your available credit limit (each month), then go for it.
The rewards will help offset costs. But if you’re behind on payments or maxed out on other cards—or don’t expect to be able to charge more than $1,000 each month—then don’t apply until your situation improves; that way you can avoid getting trapped in an overwhelming debt spiral.
Silk Bank Credit Card Charges
8.95% per purchase to 21.96% per cash advance transaction. The credit card offers a 0.00% introductory rate for 6 months on balance transfers and purchases (except cash advances). There is a 3% transfer fee to move money from one account to another with Silk bank or from any other financial institution into your Silk bank account(s).
There are no annual fees or penalties for closing an unused credit card account within 60 days of opening it. There is a late payment fee of $20 or 5%, whichever is greater, up to $50 if you pay your minimum payment after 5PM PT on its due date.
Silk Bank Credit Card Benefits
The Silk Bank Credit Card offers a number of benefits and discounts for Silk members. These benefits can include cardholder benefits like free upgrades to first class airfare or bonus points for every mile you fly with Silk Air. The credit card also comes with one of Thailand’s largest network of restaurants and service providers, which can make it easier to get reservations or get a discount on things from household products to hotels.
The credit card is available in two different options: a Platinum MasterCard that provides perks including access to airline lounges and a Gold MasterCard without those extra amenities but with more savings opportunities through exclusive member deals and discounts at partner merchants.
Silk Bank Credit Card Discounts
The Silk Bank MasterCard offers discounts to members of certain organizations such as AAA. To redeem your discount you will need to enter your five digit membership number in conjunction with your last name. For example, if you are a member of AAA you would enter: AAA123 TAYLOR.
Please note that other than discounts on gas and car rental services there are no additional rewards or benefits associated with being a Silk Bank customer. Additional fees may apply for some transactions and cash advances on credit cards issued by Silk Bank may be higher than rates charged by other companies or institutions.
Silk Bank Credit Card Eligibility
To be eligible for a Silk Bank credit card, you must meet certain criteria. The bank only offers credit cards to active duty military members and their families. If you or someone in your household is an active member of any branch of the U.S. Military, they can apply for a credit card from Silk Bank.
A military ID is not required to apply; however, it’s one of several ways to prove your identity as a current or former member of our armed forces. You can also use an online verification service offered by Experian called Mini-Self PlusTM (free for basic users). Once approved, you can begin using your new credit card almost immediately.
Overall, Silk Bank’s credit card offers a solid rewards program and a generous sign-up bonus. The $99 annual fee is a bit high—but if you plan to use your card often enough to take advantage of its full suite of features, it may be worth it.
While many cards come with an annual fee between $25 and $50 per year, these typically offer fewer points for every dollar spent or less flexibility in their rewards programs. If you aren’t spending at least that much in each month on your credit card anyway, paying an extra hundred dollars per year might not make sense.