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Credit Cards in Norway for a Great Cashless Experience

It can  sometimes be pretty natural to feel excited and anxious about moving to a new place. It becomes worse if it is all about relocating to a new country with a whole different culture and customs which takes deliberate effort to sink in. The same experience never ceases when one moves to Norway.

The immediate feeling  when arriving in Norway can be a mixture of joy and anxiety as one pictures how to blend into the society . Whether you are in Norway for work, fun, study, or research, keep in mind that Norway is among the richest countries in the world due to its oil and gas resources plus great fishing industry. With the mention of riches, work and earning comes the next question of spending and transactions. Here is where the knowledge of credit cards in Norway becomes a necessity. 

Having a Credit card in Norway well blends with the country’s economic prosperity

Norway credit card

Apart from being rich, Norway also ranks among the best countries to live in. It registers the lowest levels of crime rates hence very safe. This is according to the United Nations Human Development report. How many people are coming and others are still making plans to come to Norway. It is normal, making friends the first time can be really difficult but once you do, it will greatly feel like a part of something.

There’s always so much to be written about Norway but here we unpackage the centrality of having a credit card in the country. Those who have lived in Norway can testify that it’s very difficult to randomly pick money on the streets. At first, one may not understand why picking money isn’t so easy in a country that ranks as rich. The secret is that people in Norway don’t handle cash anymore; they have gone cashless and you will just have to follow suit. 

Travelling or moving around while carrying loads of cash can be both hectic and risky. However, the digital and online revolution got you covered. Something about credit cards being able to let you buy and cover for all your expenses in Norway without cash is a blessing. 

No handling cash in Norway; Going digital with cards is the new Swag

While in Norway you can be able move around without cash and yet still manage to pay your bills, purchase things you may need. In Norway, credit cards are widely accepted just like it is in other countries. The digital payment solutions that have presently clouded the global ceiling, are connected to credit cards and have grown very popular in Norway. In addition its many advantages with a credit card. You can get discounts, no fess on use, no yearly fee etc. Some card issuers even offer an app solution where you can se all the shops you get discounts at. You can also get discount vouchers from that is aimed at the Norwegian market.

Being in possession of a credit card gives you a better way to manage your finances in case of a cash crisis. A credit card gives you the ability to access funds, purchase, and repay the amount used at a later stage. What makes it even more interesting is the fact that credit cards are widely accepted and offers you great financial freedom if managed accordingly. For a beginner I will help you by defining what a credit card is.

Credit cards allow you to borrow and spend on the go

Any credit facility that allows you as a customer to borrow funds within a pre-approved credit period is what is called a credit card. A credit card can also be defined as a tangible card that people use to make purchases, pay bills, or even withdraw cash. But all these features and mandates from the card, is basically defined by the type of credit card in your possession. Can also be looked at in the sense of a short-term loan.

Your freedom of access however tends to be on check by the available credit card limit set by your credit card issuer. It is the disposable amount within which you cannot exceed access to that is referred to as your credit limit. So, for a credit card company to determine your credit limit, they will have a background check on your credit score and your income.

A credit card usually contains information about your card number, your name, your signature, date of expiry, and a CVC code. However, you need to be aware that some credit cards may have more information in addition to the ones stated above depending on the credit card and the card issuer. 

Recent intricacies around Credit Card use in Norway 

The credit card market was greatly affected in 2020 when international travels were consequently banned due to COVID-19. Most Norwegians when abroad or even within Norway like to pay for goods and services using a credit card. They are never worried about having enough money during their holiday so they enjoy it to the fullest. Norwegians are able to settle every payment at one go once they are back home. 

But with the travel restrictions, the popularity in the use of credit cards slowed down a bit in terms of current value transactions and volume. The good news is the world was able to open up again and everything is coming back to normal. The use of credit cards in Norway is still the order of the day and everybody enjoys the utilisation of such a degree of technology.

Common use of credit cards in Norway

In Norway, credit cards can be used to either make online purchases, pay bills, or make instore purchases. When you use a credit card for any of the above, your credit card details are forwarded to the merchant’s bank. The bank will then get authorization from the credit card network to carry on with the transaction. Your credit card company must be in a position to verify your information and then proceed to either approve or decline the process. 

Soon after your transaction is approved by your credit card issuer, the payment is made to the merchant. After such a payment has been done, you will realise that there is a reduction in your credit card’s available credit limit. The more you spend, the more your available credit limit keeps reducing. 

At the end of a billing cycle, your credit card company will present you with a statement indicating all your transactions for the month. The statement will necessarily include your new and the previous balance, your due date of payment, and the minimum payment due. Paying your bill in full by the due date will build your credit card score and ultimately increase your credit card limit. 

Understanding how Personal Credit Operates in Norway 

Credit cards are widely accepted in Norway at the shops, attractions, hotels, travel companies, restaurants, and even supermarkets and stores. The holders of Mastercard, Visa and Eurocard credit cards should not have anything to worry about. You are able to pay a vast majority of places however, there are still some smaller venues that may not accept your credit card. But it is becoming much less common in Norway presently.

Getting a Credit Card as a Foreigner in Norway

Once you are settled in Norway, it is very possible to make an application to obtain a credit card. Using credit cards to make day to day transactions is something that has become very pretty common in Norway. So, if you don’t come by this fashion, you may be quickly regarded as being old fashioned. Apply for a credit card so long as you meet the minimum criteria and keep up with the pace in Norway.

Credit cards remain to be a very necessary tool that would help you in the management of your personal and household finances. However, a lot of caution should be taken to avoid building up unnecessary debts. An accumulated debt history is not good for your financial health and progress especially in Norway.

How long you have lived in Norway is important when getting  a credit card

If you have lived in Norway for at least one year, then you have the opportunity of applying for a credit card. This holds for as long as you are in full-time employment and have no cases of pending bills. It is very common for a Norwegian card issuer to ask you to present your full year’s tax return. Literally, for you to obtain a credit card in Norway if you are a foreigner, may take up to two solid years.

Additionally, since Mastercard, Visa, and Eurocard are widely accepted in Norway, you can obtain a credit card in your country of origin. However, your credit card must have some pretty good terms and conditions attached that will favour you when using it internationally. It will also save you lots of stress as you get settled. 

The Norwegian Credit Card

Moving never comes across as an easy thing especially if one isn’t really already for it. What’s very critical is putting  all the necessary measures in place including financial needs. However, the most important thing is how to make your daily payments in a convenient and reliable manner. Now that cash transactions are slowly losing grip in Norway, there must surely be a way out. The only common payment system is through a credit card.

But before indulging in the use of accredit cards, you must ensure to have access to all the necessary information about credit cards. Note that by using a credit card in Norway, you will not pay fees applicable when exchanging money or even paying through a travellers’ cheques.

When it comes to using a credit card, sometimes your credit card issuer may charge you a bank fee or a commission. The Norwegian credit card hands you over the control over your personal finances as I had earlier stated. Just be on the watch not to get so carried away and accumulate so much wealth on your head.

Re:member Credit Card in Norway give a great sense of financial security

With a Re:member Credit Card in Norway, you are always having an authentic back-up reserve for unexpected expenses. You are also entitled to a variety of benefits and offers when you use your Norwegian credit card. The most common one is an interest-free payment period up to 45 days and this way you get to save some money. Such benefits are mostly associated with the Norwegian credit card known as a re:member.

Get yourself a Norwegian re:member credit card that will always give you a back-up reserve and a buffer for your unexpected expenses. Moreover, you get an entitlement to at least NOK 150,000 credit limit. There are no annual charges for the card. A re:member credit card comes with travel and cancellation insurance when a minimum of 50% of the travel cost is paid using your credit card.

None of your purchases while in Norway or abroad are charged. You will also get to enjoy a 25% discount if you make more than 200 online store purchases through your re:member credit card scheme. Did you know that a re:member credit Norwegian credit card has an effective interest rate at 25.4%. enjoy your seven available insurances by selecting any one free of charge in your first year.

Degree of Popularity of Credit Card in Norway

When you are coming to Norway, come when you are already aware of how popular the use of credit cards is here. If you already hold a credit card, then you have absolutely nothing to worry about. The use of credit cards in the order of the day in Norway and most Norwegians are finding the use of credit cards very convenient for their daily purchases and payment of bills.

The use of credit cards to purchase goods and services in Norway is a legally accepted means of payment. The Norwegian government has equally made some regulations available to ensure the safety and reliability of credit cards. For instance, the Norwegian government has come up with measures such as a credit bureau and measures to make unsecured loans less exploitative.

How do you Check for a Credit Card Eligibility in Norway?

Another definition of a credit card that I might have not stated at the beginning is a credit card being a simple form of a short-term loan. In fact, a lot of similarity exists between being issued with a credit card and taking a loan. So, don’t appear bothered or even surprised when they perform some screening on your financial background before giving you a credit card in Norway.

What a credit card does is to allow you to borrow funds that you use in performing your various transactions. What you must ensure to do as a credit card holder in Norway, is to ensure you are honouring all the conditions made available at the time you signed up for your credit card. All that will be required of you is to pay back all the money that you borrowed, interests accumulated if any, and the surcharge.

Your Credit Card Borrowing Limits in Norway 

When  issued with a credit card by a Norwegian issuer, it will likely have some sort of a credit limit. It means that you may not be able to access funds from your credit card beyond this set limit. What really gets to determine your credit limit is your credit score or credit rating. For you to be able to attain a higher credit limit you must always ensure that you make your payments on time without failure. This helps in building your credit score.

A credit score is the criteria of compiling all your data on your financial performance for the period you have lived in Norway. The longer your duration of stay, the more data that will be captured and made available to your potential credit card issuer. Your credit card company will need this information before making a decision whether to accept you as a client. All you need to do is to prove your credit worthiness as you stay in Norway.

Avoid Embarrassment and Disappointments, Know your Credit Score

Based on the fact that your creditworthiness is the main thing standing between you and the achievement of your goal, you need to probe first. You wouldn’t like to show up for your credit card application at your credit card company without having any idea on where you stand. 

Your creditworthiness determines whether you’ll be issued with a credit card or not. There is no way that you will be able to present a credit background which is not yours or one that is dishonest. It must always be genuinely your information since the financial institutions have their own way of sharing your credit performance. 

One thing you need to know is that an extreme low credit score will simply earn you a credit card denial. On the other hand, your credit rating will also help determine your credit limit. A higher credit rating fetches you more credit limit. However, each and every credit card issuer in Norway has their own factors that they consider before they are able to give a credit card.

Where does your Credit Report  come from in Norway?

Your credit portfolio carries all the data concerning your financial performance throughout your stay in Norway. This is what indicates how much debts you have on your head, your promptness in paying your bills, about your work, and residential details. All the financial institutions that you have probably transacted with in Norway have your credit report with them.

Such reports remain securely stored and updated monthly. Other such institutions will go as far as alerting the credit referencing agencies on your responses to credit facilities. In Norway, each time you fail to pay your credit, the credit referencing agencies get a notification. With such a report, your rating is likely to drop massively. 

But to be able to check on your credit rating, look into the Norwegian Credit Register where you will be able to have access to your credit score. This is good for you before making any applications for a credit card in Norway.

Credit Card Issuers in Norway

Various institutions in Norway are able to issue you with a credit card. There are about 11 card issuing banks in Norway for your credit card applications. Most Norwegian banks issue Visa, Mastercard, and AMEX credit cards. The cards have specific special branding for security purposes. The credit cards’ configuration automatically has a default as the Norwegian currency Krone (NOK).

Do Foreign Cards Work in Norway?

Yes, foreign credit cards work in Norway though there are some stores or supermarkets that may not accept your foreign credit card. But by and large,  no need to be anxious or worried as a significant number of outlets and stores will make do with  your foreign credit card. So, you have a chance of finding whatever it is that you need at a place where the card works.

Besides, the store operators will let you know earlier whether they accept your foreign credit card. They are always very alert and forthright to give this information to avoid putting their customers in compromising situations.  This way you escape a lot of distress that comes with such disappointments. But even if a store operator in Norway doesn’t clarify on that, you could also make an inquiry beforehand. 

Your foreign credit card should however be able to work in Norway smoothly. The only requirement would be that the card is from the main credit card networks. For example, Visa and Mastercard. You will also be able to withdraw money using your foreign credit card in Norway.