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Shop smarter online with a credit card

Finns are known for being quite careful with their money. They think before they spend and put part of their income aside in a savings account for a rainy day. In addition to this savings buffer, many Finns also have another reliable way to introduce more flexibility to their finances but they are hesitant to use it. Why should you take advantage of your credit card?

The benefits of credit cards are often overshadowed by the discussion around debt

When you use a credit card responsibly, it’s a great way to manage your finances and shop safely – especially online. It also offers better consumer protection than many other payment methods.

“The benefits of credit cards are often overshadowed by the discussion around debt. We want to highlight the advantages of paying with a credit card – especially now that more and more people are shopping online,” says Tuomas Autero, Head of Consumer Cards at Nordea.

Online payments have been growing in popularity in recent years. According to a study by Posti (July 2020), nearly 60% of Finns make purchases online once a month, about one-third every week and most people think their online purchases will increase in the future. Online shopping is secure and smart when you pay attention to the reliability of the website, purchase protection and strong authentication.

If you lose your card - card complaints and reporting a lost card

If you detect any card purchases or cash withdrawals you do not recognise in your account transactions or on your credit card invoice, block your card and make a card complaint immediately. You can only make a card complaint about transactions that have been debited to the card. An authorisation hold does not entitle you to a card complaint. Read the instructions below on how to block your card and make a card complaint.

Read more of card complaint

Take control of your finances with a credit card

Paying on credit gives you protection in case of a dispute or bankruptcy. If you don’t receive a product you ordered online, the product doesn’t meet your expectations or the seller goes bankrupt before the delivery, you’re in a better position to claim a refund than if you had made the payment directly from your bank account or through an invoice. You can file a claim with your bank about the card transaction if you can’t agree on the delivery of the product with the seller. 

“Card payments are often overlooked among all other options in an online shop if the buyer is not aware of the benefits of paying on credit. If any problems arise, a credit card offers much better consumer protection,” says Olli Penttinen, Country Lead for Nordea Connect.

A credit card can bring added flexibility and security to your finances

Nordea Gold gives you a 30-day interest-free period*. You can raise your credit limit, change your monthly instalment percentage or take up to two instalment-free months a year. Your credit card gives you more flexibility with your daily finances if a household appliance suddenly breaks or you have irregular income that varies from month to month, for example. Besides using a credit card to cover repairs or unexpected expenses, it can also help with your planned purchases.

*The annual percentage rate of charge calculated on a Nordea Gold Mastercard credit of 1,500 euros is 16.5% (for customers with a service package, November 2020).

“People often say they don’t want to get into debt. But the primary purpose of a credit card is to give you an interest-free payment period. Instead of fixed monthly instalments, you decide on the repayment schedule if you don’t want to pay off your purchases on the first due date,” Autero says.

Purchase Protection insurance included in Nordea Gold also provides additional protection for your purchases. It covers accidental damage up to 180 days from the date of purchase.   When you pay your purchases with the credit facility of your Nordea Gold card you are covered by statutory protection in case the merchant breaches the contract.

In addition to Nordea Gold, you can add to the flexibility and security of your finances with other cards, such as Nordea Credit. Read more about the features of Nordea Credit card here.

You can compare different cards here.

Travel with confidence

The pandemic brought travelling to a halt and many people are eagerly waiting to explore the world again. Especially now there are a lot of uncertainties around international travel in many countries but in other times, too, it’s smart to be prepared for the unexpected.

“You should always pay for your flights and accommodation with a credit card. If you have paid at least 75% of your travel costs with the credit facility of your Nordea Gold card, you will be covered by travel insurance. When you pay your purchases with the credit facility of your card it also helps you get a refund on your plane tickets in case the airline goes bankrupt before or during your trip,” Autero says.

The travel insurance is valid for up to 3 months and remains valid even if your credit card is lost or stolen. You can block a lost card permanently or temporarily in mobile bank. If you block your card permanently, you will receive a new digital card on your phone quickly. This means you will be able to use your card even when you don’t have the physical card with you.

How to pay safely online

  • Check that the URL starts with “https” and displays a padlock icon in the browser bar to ensure the website is secure. 
  • Read the delivery and service terms and conditions of the online shop carefully. If the website doesn’t have any information about the seller, doesn’t allow returns or charges exceptionally high costs, buy the product from another shop. 
  • If you haven’t bought anything from the same online shop before, pay with credit so that your purchases will be covered by statutory protection in case the merchant breaches the contract. Secure websites use verified solutions such as Visa Secure and Mastercard Identity Check for encryption and authentication of card purchases. This is done to verify the identity of both the buyer and the seller when a transaction is made. 
  • Start using strong authentication. Nordea customers can use either our code app or code calculator for strong authentication. They replace the previously used code cards and make online shopping safer. 
  • If you don’t receive a product or a service you bought online, contact the seller first. If you can’t settle the matter with them, file a card complaint with your bank and request a refund. 

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