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Credit Card in Norway for Expats: 5 Things You Need to Know

Credit Card in Norway for Expats: 5 Things You Need to Know | localmarket.no PERSONAL FINANCE
(Foto: SpareBank1 Media Group)

You're researching "Credit Card in Norway", and you're exploring which option is best for expats. This list can help make your search easier.

Roughly half a million people moved to Norway between 2013 and 2023. The immigration rate declined this past year. This isn't surprising. Being an expat is difficult, and times are tough right now.

Immigrating to Norway doesn't have to be all that difficult. We're happy to help with a few things. For instance, if you're looking for a credit card in Norway, we can help. We talk about some things you should know about getting a Credit Card in Norway.

1. Meet Requirements

To get a Credit Card in Norway, you must meet certain requirements. The first is that you need to have lived in Norway for at least a year. This is because applying for a credit card requires a Tax Return.

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You also must be gainfully employed at a full-time job. You'll need to pay off the credit card at some point, and the bank won't lend money to someone with no way to pay it back.

2. Explore Your Options

Much like in the US, you have several credit card companies to choose from, so it's important to give your choices careful consideration. Most credit cards will have similar limits, because they're calculated as a percentage of your income.

What might change is the Årsavgift, or the minimum yearly fee you have to pay towards your credit card. You should also look into the benefits each credit card issuer offers.



3. Conversion Rates


While this isn't an issue with the credit card or your personal credit, it's important to know the conversion rate of dollars to Krone. 1 Krone equals $0.097, so 10 Krone is about 1 dollar.


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Knowing conversion rates will help you with many different aspects of life in Norway. You'll be able to calculate how much your salary is and maintain a reasonable budget.


4. Credit Scores Work the Same


Be sure to keep track of when your credit card payments are due. If you miss them, your Credit Score will suffer.


This is especially bad for an expat because you'll probably be making some pretty big purchases in the next few years, like a home, transportation, and other necessities.


5. Common Credit Cards


Many of the biggest credit card companies in the world are based in the US, so you'll see some familiar brand names when selecting a card. Don't be surprised if you find a Master Credit Card in Norway, an American Express Credit Card, or Visa Credit Card.


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These cards will have local names as well. You will likely see Re:member CardInstaBank Card, DNB, Nordea, Sparebank1, Morrow Bank and Bank Norwegian might be your best options. 


Bank Norwegian is a great all-around card. It comes with a 45-day interest-free period, a manageable interest rate, and a higher credit limit. Morrow, meanwhile, is a more expensive card, but travel insurance is included. This is especially useful now because inflation in Norway is hitting record highs.


Getting a Credit Card in Norway as an Expat


You have many options when choosing a credit card in Norway, but there's also a lot to research first. We've discussed a few things you should know about credit cards here, but there's always more to learn.


Read Also: GUIDANCE TO REAL ESTATE MARKET | HOW TO FINANCE HOME BUYING IN NORWAY?


You can learn more by reading our blog. We encourage you to read about us, as well, so you can feel comfortable trusting us to find the best local products.


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