Coutts World Card review and its 49% interest rate?

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RCHoglan
 
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Coutts World Card review and its 49% interest rate?

Postby RCHoglan » Tue Nov 09, 2010 3:15 am

The Coutts World card Mastercard is a invite only credit card for customers with one million in a banking account. My mum received an application and the Coutts World card benefits are quite impressive. Then I visited the webpage and it states a typical 49.1% APR variable for the World card. I then eye the other Coutts credit card rate schemes are 28% for Gold, 17.5% for Classic and 9.5% for the Currency. What is the reason for the World card Mastercard to have such a higher rate? Would a past or current Coutts World Card holder care to share a review?


Keysmasher
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Postby Keysmasher » Tue Nov 09, 2010 11:49 am

I think the APR is at such a ridiculous rate because it's actually a "charge card." I believe all charge cards come with high APRs, but they are just honest about it. Anyways, the APR is useless since your "mum" will pay the balance in full every month.

The Coutts World Card is a charge card which embraces a wide range of benefits. These include a high monthly spending limit, concierge service, worldwide annual travel insurance and access to over 600 executive airport lounges.

-http://www.coutts.com/private-banking/banking-services/cards/coutts-world-card/

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Mogul of Pineapples
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Postby Mogul of Pineapples » Wed Nov 10, 2010 1:19 am

It looks like Keysmasher has the answer but I wonder why this Coutts World card even has an APR in the first place since it is a charge card. Is that something done in other countries?

Here Amex charge cards don't have an annual fee because the payments are expected to be due on time. If not paid on time you're in trouble.

When you say the benefits are impressive, can you elaborate? If the APR is a sticking point I'm sure there are other premium UK credit cards and charge cards that have similar benefits.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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RCHoglan
 
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Postby RCHoglan » Thu Nov 11, 2010 2:58 am

I think the APR is at such a ridiculous rate because it's actually a "charge card." I believe all charge cards come with high APRs, but they are just honest about it. Anyways, the APR is useless since your "mum" will pay the balance in full every month.


She will pay in full but for the life of me I still don't understand why it would be that high of a rate scheme to begin with. Would that be done to strongly discourage carrying a balance?

When you say the benefits are impressive, can you elaborate? If the APR is a sticking point I'm sure there are other premium UK credit cards and charge cards that have similar benefits.


There are few like it and the Coutts World card has no annual fee if spending is £50,000 or higher each year. This is the only card I know like this that will waive the fee. The benefits are comparable to the American Express Platinum charge card but better. The Coutts World card provides emergency medical coverage during travel and continental car breakdown insurance. I would very much love to hear from a current cardholder for a review.

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Cucumber
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Postby Cucumber » Fri Nov 12, 2010 4:21 pm

I don't think AMEX charge cards have an interest rate. I asked before what happens if you pay outside the due date and was told the due date is flexible but if you pay really late the account will be closed or sent off to collections.
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Postby C.G.B McClure » Sun Dec 19, 2010 9:56 pm

Early Morning to you all. Although I am not a cardholder, my father is and reading the above posts does highlight a complete lack of real knowledge surrounding this card.
One myth to dispel is that although it is an invitation, the basic premise is that most Coutts members are offered one at some point, normally moving on from a gold card. I was told it was automatically linked with any customer of the bank that spent over a certain threshold a year.
Secondly, the range of base insurance is quite fantastic. Firstly, even though I am at university, I am fully covered on winter sports insurance under his card. We have never used any of the "concierge" services, they seem not to put too much emphasis on that.
Perhaps the best benefit is the Priority Pass membership. It truly pays for itself, as we do alot of flying as a family, and many small airports have a lounge. The ones I have been to recently (Mumbai, Lisbon, Heathrow, Dubai, Luton, Geneva, Nice etc) all have free drinks and some food, ranging from poor (Luton) to excellent (Mumbai, of all places)
Finally, it (more the account than the card) wields enormous power. Whenever we need to exchange money on short notice, it can literally be done in hours and delivered to our door. As you always talk to a personal manager, it a short and easy call "hi ..., can you transfer this to here." and its done. No complicated checks, just a simple code and its done.
Oh and the APR rate is irrelevant providing you settle as a debit ever month. Most Coutts credit card owners do (I know two others that do the same)
I hope this has shed some light on the matter. I will be happy to answer any questions. Any questions in particular on my credibility can't be proven easily, I'll try and think of a way!

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Postby Money card » Mon Jul 04, 2011 10:01 pm

Cucumber wrote:I don't think AMEX charge cards have an interest rate. I asked before what happens if you pay outside the due date and was told the due date is flexible but if you pay really late the account will be closed or sent off to collections.


American express premium cards don't have any interest charges, they have late fees. but no interest.



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