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View the article online at http://citywire.co.uk/wealth-manager/article/a748983

Adam & Co woos clients with credit card

by Dylan Lobo on May 02, 2014 at 09:30

Adam & Co woos clients with credit card

Adam & Co has launched a credit card which opens a range of possible benefits to its clients.   

To increase its appeal the Adam Black Card will have a unique design inspired by the Grand Thistle Handprint from the Scottish Walpole brand Timorous Beasties.

The benefits include access to the Adam Concierge service, offering everything from help with booking flights and car hire, to running leisure arrangements and chartering a yacht. For those with especially hectic lives, the service also aids sourcing of cleaners gardeners and nannies alongside other domestic needs.   

The card available in sterling with a 45.6% variable APR. For purchases, cash advances and balance transfers the monthly rate is 1.15% and an annual rate at 14.71%.

The credit limit stands at £10,000, although this can be increased if agreed. If a client spends £50,000 in the 12 months after opening an account the benefits can be enjoyed at no cost, otherwise a £200 fee is levied.  

Adam & Co managing director Graham Storrie (pictured) said: 'Following client research and feedback, we decided to enhance our banking proposition and introduce the prestigious Adam Black Card.

'With a number of exclusive benefits, this card has been specifically designed around the needs of our clients and to ensure we continue to offer relevant and market leading products in conjunction with our high quality personal service.'

Adam & Co will hope the card can help keep clients happy after a difficult period has seen its state-owned parent forced to cut investment to the firm during the credit crunch, resulting in a number of job losses.

It also faces a real battle to hold onto clients amid competition from former chairman Ray Entwistle, who has set up his own private bank Scoban, which recently rebranded after receiving a major investment boost.

3 comments so far. Why not have your say?

pensionchap

May 02, 2014 at 10:26

the article doesn't make sense, a £10k credit limit?

45% APR but they'll call your gardener if you want. Everyone offers concierge services these days but what is the benefit of this over say a BA Amex or one of the top credit cards that will be advertised on a comparison site?

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AdamAmexClient

May 02, 2014 at 10:42

As both an Adam client and an Amex cardholder, this seems like an interesting proposition. Amex Platinum Card is £600 pa, Adam Black £200 pa. Pretty similar benefits (albeit without the Amex Reward points), at a third of the cost.

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Guy Usabreak

May 03, 2014 at 09:42

Well done Adam & Co.. Yet another step towards a true private bank and away from the up market retail bank of the past. Fairly low hurdles for truly wealthy people to get this card free too.

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