Credit cards in Norway offer quick access to cash. However, before we decide to take advantage of this offer, it is worth considering whether we really need it. In many cases, it may be enough to use a consumer loan - you should wait longer for the decision to grant it, but it is a cheaper solution.
Credit cards in Norway - for everyone?
Credit cards are a way to raise funds quickly. They are dedicated to those people who have temporary liquidity problems, but have to pay their bills quickly, for example. However, remember not to fall into a debt spiral - credit cards in Norway usually have high interest rates, usually around 20-30%. Although it depends on the bank's offer.
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Additional services
Credit card banks in Norway are nevertheless trying to encourage their customers to use these products. They tempt primarily with additional services, wanting to offer much more benefits than the mere possibility of quick access to the necessary cash.
Some financial institutions offer, for example, the possibility of travel insurance if you pay at least 50% of the cost with a credit card. They also encourage them by offering preferential conditions for the use of other insurance packages - sometimes it is even a completely free year. It can also be, for example, a 25% discount in cooperating stores - provided that the purchases will be paid for with the card.
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Interest-free period
In some cases, credit cards in Norway may have a so-called "Interest-free period". It is a reward for those clients who always pay off their debts on time. However, exceeding this deadline results in the charging of very high interest. In some cases, they can be as high as 30%.
Choice, card or consumer credit?
Credit cards in Norway are a product dedicated primarily to those who need periodic quick access to additional funds on their account. Despite the fact that some banks tempt with additional services, a consumer loan remains a much cheaper solution in the vast majority of cases. For comparison - the interest rate on cards fluctuates around 20-30%, while in the case of a consumer loan it is approx. 5%.
