Credit Cards in Finland

Credit Cards in Finland

If there is something memorable for anyone who has visited Finland is its cashless systems. You walk into a store, do your shopping and when it is time to check out, the card machine is ready to do the work. You just need to swipe or just hold it over the contactless machine. That’s how easy shopping experience in Finland can be. The use of cards would mean that if you get a credit, it should be in the card form which is why having a credit card means a lot.

In Finland, credit card gives users a seamless way to access their borrowings and spend it stress free. Actually, nobody needs to even know that the plenty Euros you are using to buy that luxury iPhone 13 pro max is actually borrowed money. You see the boss like image credit cards in Finland gives?

A short up-close about Finland

Finland is plentiful in thrilling winter sports scenes and breath taking scenery. Even though it is a place full of fun, it is outrageously expensive. Anyone visiting or residing here must be ready to spend money mercilessly. For a smooth living, support your cash with a credit card for more amusement in Finland. Not only can you acquire the card for personal use, but also for business purposes.

What is a credit card? It is a card issued by financial institutions or banks, to lend money. Furthermore, it earns interest that is repayable within the agreed period. A credit card attracts payable interest charges and, at the same time, can attract rewards and discounts. Credit card limits depend on the borrower’s credit history and score. Cases of bad credit scores call for zero chances of getting the card.

Basic Requirements to Get a Finnish Credit Card

Just like in the United Kingdom, the process of getting a Finnish credit card is simple and less demanding. Bring an identification card proving you are over 18 years old to get started. Besides, creditors using OP as their main bank are preferable. While it is crucial to carry proof of regular income, credit history and scores are equally important. For instance, you can produce a pay slip with a steady income. Besides, foreigners interested in the application must produce a permanent residence permit to show long-term residency in the country.

In rare cases, the credit issuer might insist on a security deposit to guarantee the borrower’s trustworthiness. Overall, qualifications for credit card approval are solemnly reliant on a steady income and a good credit history. However, remember also that you need to be a Finnish resident.

The Commonly Used Credit Cards Finland

Finland is remarkably closer to becoming a cashless state due to the frequent use of credit and debit cards in payment. Until now, ninety-two percent of adult residents in Finland make payments electronically. The use of credit cards such as MasterCard, Visa, American Express, Diner’s Club, and Euro cards are popular and acceptable in the country. To be precise, Visas and MasterCard are popular above all. Expect to use the credit cards anywhere in places like hotels, restaurants, departmental stores, and larger shops accept credit cards, if not for the local regions.

Credit Card Providers in Finland

Nordea is one of the companies offering Mastercard credit cards. These cards are secure and easy to use. Besides, they can enable you to withdraw cash while in Finland or any other country. Through the card, you can make global purchases from the comfort of your home.

Moreover, Aktia Credit offers Finnish residents financial flexibility. This is by allowing them to pay for large purchases in installments. As a new user, you can get up to 45 days of interest-free payment period. The card enhances safety measures when traveling through leisure insurance.

S Pankki offers Finish residents with affordable S-Etukortti Visa. The good thing about this card is that for the cooperative stores, there are no monthly or annual charges. Additionally, when making an online purchase with this credit card, your purchase is secured. After having your credit card for a certain period, the company allows you to apply for an increase since its limit is 10, 000 euros.

Lastly, you can also get a credit card from Bank Norwegian. With this credit card, you can get lots of benefits including cash points and insurance. Also, it enhances security for its card issuers. The bank has security systems that monitor card transactions all the time. The security systems also work toward preventing fraud.

Things to Consider Before Taking Credit Cards

As a Finnish resident, there are some things you should consider before taking a credit card. One of them is the Annual Percentage Rate (APR). APR refers to the cost of borrowing on the card in case you fail to pay the whole balance every month.

Apart from APR, you need to consider the minimum repayment and annual fees. The minimum fee is charged in case you fail to pay off the balance every month. On the other hand, the annual fee is charged yearly for using the card.

The advantages of Using Credit Cards in Finland

First, a credit card offers rewards and discounts. As much as credit repayment deducts interest charges, it also attracts several rewards and discounts to users. For instance, the Finnair Visa card award up to two Finnair Plus awards on every purchase. Accumulative points, therefore, can make other purchases.

Secondly, credit cards help in making credit payments. Life is full of surprises. For a monthly budgeter, an emergency on house repairs before the end month can be stressful. Wondering where to borrow? Come to think of a credit card. Swipe your credit card, withdraw some cash, and fix the mess. In short, a credit card is a solution to urgent money for emergencies.

Furthermore, using credit cards helps build a credit history and scores. For instance, when you frequently use your credit card and pay promptly, it shows how responsible you are. In that case, the credit bureaus will update a positive credit history and award good credit scores. Good credit reports consequently allow you to take larger and unsecured loans in the future. For instance, Finnair Visa Cards write updates on the cardholder’s credit report.

Lastly, credit cards offer insurance coverage to cardholders. Credit cards offer personal accident cover and comprehensive travel insurance. Nordea Finnair Plus MasterCard includes comprehensive travel insurance, valid when you pay for your trip abroad entirely with your credit facility. Such events improve the credit scores of the user.

In summary, a credit card is not for impulse purchases alone; it also provides financial security for unplanned expenses for Finns. Despite the expenses the credit card covers, the credit holder is responsible for making repayment for the pre-set period. To enjoy using your credit card, use it frequently and repay the charges promptly.