Norwegian Credit Card

Norwegian Credit Card

November 18, 2020 Off By Ludvig Hoel

Moving to Norway can be very challenging, especially if you’re not prepared for it. While it’s undoubtedly a great decision, you need to make sure that you consider all the necessary measures. One of the most critical things is finance management, which will help you to make important payments conveniently. However, you are completely free to open your Norwegian bank account. But you’ll need to fulfill the required criteria in order to get a fully functioning bank account. Moreover, in Norway, cash transactions aren’t commonplace. According to European payment council statistics, Norway has the least cash usage.

Importance of Credit Cards

Once in Norway, you can get almost all the products and services from all the major establishments, supermarkets, gas stations, restaurants, and hotels using credit or debit cards. Mastercard, Visa, and Eurocard are widely accepted. But it’s advisable to know all the pros and cons of using a credit card in Norway for your payments. Using a credit card saves you the money that you’ll have to pay otherwise while paying by your traveler’s checks or exchanging money. However, you might have to pay your bank for their services fee or commission.

A credit card also provides you with full control of your household and personal finances. But it’s also equally important to keep track of your spending because you don’t want unnecessary debts by excessive use.

The popularity of Credit Cards

According to the global economy 2017 statistics, more than 70 percent of people in Norway had credit cards. Since then, the average has increased, and Norwegians are considered the global leaders in using credit cards. It means that you’ll definitely need to have a credit card to get institutionalized efficiently. Additionally, the Norwegian Government has also announced some safeguards in order to make credit card usage reliable and safe. Moreover, the government has also made the unsecured consumer loans tighter and also introduced a credit bureau for law enforcement.

Credit Card Eligibility and Credit Ratings

Getting your credit card issued in Norway is almost similar to taking a personal loan. Therefore, the financial institutions that issue the credit card perform due diligence before issuing any credit card. Once you receive your Norwegian credit card, it will allow you to perform various transactions by borrowing funds. In return, you’ll need to honor your agreement by paying back the borrowed funds to keep your credit card working. The money that you’ll pay will also have interests and surcharge included.

How to Get Your Credit Card in Norway?

In order to get your credit card in Norway, you’ll need to submit your requirements that meet your minimum criteria. But if you cannot apply for a credit card in Norway, if you don’t have at least a year’s tax return. It means that you’ll have to live in Norway for at least one year before you can apply for your credit card. Moreover, you also need to have a Norwegian bank account. In other words, the very first step is to fulfill the requirements of opening a bank account in Norway before you can get a credit card. Again, in order to get your credit card, you must have creditworthiness and documents that prove your full-time employment.

As mentioned earlier, you need to provide credit card issues in Norway with one complete year’s tax return; in practice, it usually takes up to two years. There are over 11 credit and debit card issuing banks in Norway, and they issue the cards under 15 various IINs (Issuer Identification Numbers) or BINs (Bank Identification Number). You can get Amex, Mastercard, or VISA debit or credit cards in Norway. These cards are issued with Norway’s default currency NOK or Krone.

Borrowing Limits

Your borrowing limit directly depends upon your current credit rating. The Norwegian credit card issues first analyze your credit rating and set your borrowing limits accordingly. On the basis of that pre-set limit, you’ll be able to purchase goods or withdraw cash. So, if you want to have higher borrowing limits, you’ll need to maintain a higher credit rating. You can also improve your credit score before applying for a credit card in Norway.

Your Credit Rating

You must get all the information regarding your credit status before you consider applying for credit card registration. Keep in mind that your creditworthiness determines a couple of the following factors.

First, the credit card issues analyze if you’re eligible for the credit card or not. If you have a very low credit rating, your application will be rejected.

Second, your credit score helps the credit card issuer to set a specific borrowing limit. The higher the credit score, the more you’ll have your borrowing limit. Moreover, the borrowing limit also depends upon the conditions specific to the credit card issues.

Credit Report Sources

Your credit report illustrates all the facts and information regarding your previous financial performance. It contains all the history of the transactions that you performed in Norway. Moreover, it also provides information regarding your paid and unpaid debts, your punctuality to 0pay the debts along with your residential address. The financial company in Norway which you transact updates your credit report on a monthly basis.

Various Norwegian financial institutions inform the credit reference agencies regarding your responses to credit facilities. If you pay your debts after the due dates or fail to pay them all together, these credit referencing agencies simply decrease your credit score. At any point, if you want to check your credit rating in Norway, Norwegian Credit Register is an ideal place for you.

Norwegian Credit Cards Conditions

Depending upon your credit card issuer, you’ll have a maximum allowable limit. But in practice, this allowance is not applied in the same manner for all the clients, and your personal credit limit is defined based on your monthly or annual income. The most common practice among all the credit card issuers is that they offer credit limits up to 10 to 15 percent of your annual income. It means that if you earn 100,000 KR annually, you’ll most likely have a credit limit of 10,000 KR. It can also be slightly higher as the Norwegian credit card market is very competitive. The credit card issuers include online banks, consumer finance specialists, and traditional banks.

Foreign Credit Cards

If you have a credit card that’s not offered by any Norwegian credit card issuer, you’ll be able to use them to get services and goods. It’s also equally possible that some stores might not accept that. That’s why most of the stores and operators offering services and goods mention the list of credit cards they accept. It allows you to keep yourself from any distressing situation. Moreover, if you don’t find the list of credit cards, you can always ask for it beforehand. Usually, all the big stores, malls, and other establishments accept credit cards from any major networks such as VISA card and Mastercard. You can also find many ATMs near you that allow you to withdraw money from your master cards.

Using Credit Cards in Norway

Once you get your credit card, you’re just one step away from using it. It’s advisable to know about how a credit card works before you consider buying specific services and goods. Just like a regular credit card or debit card, you need to remember your PIN code all the time. You can also write it down somewhere safe if you don’t trust your memory. It’s also very important that you don’t keep your written PIN code and credit card in the same place. It will keep you from any type of financial loss, even if you lose your credit card along with your wallet or purse.

Norway is undergoing many technological advancements that are making credit card usage even efficient and easier. Additionally, the world is also moving towards contactless payments because of the convenience it offers.

What if You Lose or Misplace Your Credit Card?

Getting a credit card in Norway allows you to purchase all the necessary items that you require for living. But it comes with a cost by making you more vulnerable to financial loss. If you lose or misplace your credit card or even if someone gets your PIN code, you might end up in a lot of trouble. At the same time, contactless payments offer a lot of conveniences, where you only need to swipe your credit card to make payments. That’s why it’s critically important to make sure that your credit card and its details are safe.

If you find yourself in a position where you realize that your credit card is lost, the very first thing is to inform your credit card issuer. You can get the emergency contacts of your credit card issues from its official website. The credit card issuer will ask you some questions in order to ensure that you’re the actual card owner.  Once you provide the required information, the credit card issuer will immediately secure your lost card by blocking it. Moreover, you’ll also get a new one as a replacement if you want.


Moving to a new place, especially Scandinavia, is exciting yet challenging at the same time. This article covers all the information that you need for your financial management. We hope that you will find this information helpful and makes the whole process easy and seamless.