How good is bank’s credit card?

Bank Good Finance’s credit card is a card that is completely exempt from annual fees, gives you up to 45 days interest-free credit and has a credit limit of max USD 100,000.

It also benefits you who often fly with Norwegian because its Cashpoints can be converted into air travel and it is excellent, but how good is the card really? Is it really the perfect credit card for the trip abroad? And is it right for you? You will soon know that for now, we at Across Lender will show you everything that is worth knowing about the Norwegian card.

Credit card info

bank

  • Credit limit: Up to USD 100,000.
  • Interest-free credit: Up to 45 days.
  • Effective example interest rate on deferred payment after the interest-free period: 21.93% at USD 15,000 for 12 months.
  • Annual fee: 0 USD.
  • Purchase of goods in Sweden and abroad: USD 0.
  • Withdrawals at ATMs in Sweden and abroad: USD 0 (but keep in mind that there are ATMs abroad that charge a fee regardless of what you have too short).
  • Withdrawals from a Swedish or foreign bank: USD 0 (but for such withdrawals, interest rates start ticking, as do everyone else: picking up money from the ATM).
  • Fee for paper invoice: USD 45.
  • Currency surcharge for use of the card abroad: 1.75%.

Yes, this looked really good until we reached the final point. It is perfect with cards that have no annual fee and that have no fees when using the card, but it is not perfect with a currency surcharge of 1.75%. In practice, this means that you pay 1.75% on all your purchases and withdrawals abroad.

It is certainly not uncommon for currency surcharges (there are many cards that have both currency surcharges and fees when used abroad), but it is still a bit of a shame because it would have been the perfect card otherwise.

A 1.75% currency surcharge means that you pay USD 17.50 for every thousand dollars you spend abroad. It is certainly not an astronomical amount of money and given that the card has an interest-free credit for up to 45 days and no annual fees and withdrawal fees, it is quite okay anyway. After all, it won’t cost you more than USD 175 if you spend USD 10,000 during a trip.

Late fees

If you do not pay your invoice on time, you will have to pay a delay fee of USD 95 plus a penalty interest rate of 24%, and if you receive a reminder, you will pay USD 60 more in the reminder fee, but this is what most credit cards look like.

Credit card interest rates and withdrawal limits

Credit card interest rates and withdrawal limits

The credit card has an interest-free credit of 45 days, which in practice means that if you pay for everything you have used when you receive your invoice, you will not pay a single cent in interest. Otherwise, the effective interest rate is 21.93%.

The card has a withdrawal limit of USD 10000 / day for withdrawals abroad and 5000 USD / day for withdrawals in Sweden, but of course, you can shop with the card as much as you want as long as you stay within your credit limit.

And last but not least about the card’s cashpoints

money

Like all other sensible credit cards, Norwegian has a bonus system where you get a lot of points when you use the card. Here’s how Bank Good Finance Cashpoints work:

  • Each cash point corresponds to a Norwegian USD, which at the time of writing (July 2017) is almost as much as a Swedish USD.
  • If you buy a flex ticket at Norwegian, you get 10% of the ticket price in cashpoints. If the tickets cost a total of USD 5,000, this means that you will receive 500 cash points, ie a value of USD 500 that you can use when buying new tickets.
  • If you buy Low fare tickets you get 4% in points, which will be 250 cash points if you trade for USD 5000.
  • Each time you use the card in-store you get 0.5% in cash points on merchandise purchases up to USD 100,000.

For example, if you have 1000 cashpoints and buy a ticket for 2000 USD, you only have to pay 1000 USD from your own pocket and use your points to pay the rest.

Pros & cons of the card

Now we will make a brief summary of Bank Good Finance’ cards by looking at the card’s advantages and disadvantages.

Benefits

  • Interest-free credit for up to 45 days.
  • High credit limit of USD 100,000 (if your credit rating is good enough).
  • No annual fee.
  • No withdrawal fees.
  • Generous bonus system that benefits you who often fly with Norwegian.

Drawbacks

  • Currency surcharge of 1.75% when using the card abroad.
  • The effective interest rate is quite high (currently 21.93%) after the interest-free period.
  • Bank Norwegian charges a fee of USD 45 for each paper invoice they send out.
  • Norwegian’s bonus system only benefits you who fly with Norwegian because the points can only be used for air travel purchases.
  • You must be at least 23 years old to receive this card.