When moving to Sweden, acquiring a functional credit or debit card is one of the first things you'll need to do, as it is used as the primary payment method in almost every establishment.
However, picking the right option for you might be tricky as there is a wide range of credible banks in Sweden. This guide will help you understand the different credit card options in Sweden and make an informed decision.
Re:member Flex
Remember Flex is the best credit card in Sweden, with many added benefits.
Bank Norwegian Visa
For anyone looking for a credit card that is useful when traveling, Norwegian Visa is for you.
Resurs Gold
Resurs Gold is another great options as they offer you bonus points on any purchase.
This guide is focused on comparing the best credit cards available in Sweden, with the goal of giving you two simple, but important takeaways:
- How to pick the best credit card for you.
- How to save the most money at checkout with the most significant discounts.
So let's get started.
The 5 Best Credit Cards In Sweden
Best Credit Card Overall
Remember Flex is our #1 choice for a credit card in Sweden as it offers a wide variety of benefits, especially discounts when shopping.
Best For:
Value-driven Customers
Annual Fee:
0 kr
9.74 - 24.74%
Credit Limit:
100 000 SEK
Remember Flex is an all-around great choice for a credit card in Sweden, as they offer a wide variety of benefits, such as discounts, traveling insurance and great payment terms.
The name flex is an indication of the interest rate you might recieve, which is based on your individual profile - something that isn't to common between other credit cards in Sweden. This comes with a massive advantage if you have a good credit history as you might be able to get a very low interest rate.
You can decide to pay the outstanding amount every month through an invoice, or you can split up the payment over the next coming months. Twice a year, you'll also be bale to utilize their "payment-free months" where you do not have to complete the necessary payment of the month even though you've used the credit amount.
Key Features:
Fees & Interest:
The Remember Flex credit card does not come with any annual fees - what you pay for is interest on the borrowed amount (after 56 days) as well as a withdrawal and exchange fee. Other costs might apply in case of late payment.
- Card Type: Mastercard
- Withdrawal Fee: 3.00% (min 35 kr)
- Exchange Fee: 1.75%
Get started with Re:member Flex today.
Best Credit Card For Travelers
Bank Norwegian Visa is our second pick for credit cards in Sweden, as they offer great benefits for anyone who is planning on traveling.
Best For:
Travelers
Annual Fee:
0 kr
19.99%
Credit Limit:
100 000 SEK
Bank Norwegian Visa is the best choice for anyone who travels frequently and wants good payments terms aswell as insurance abroad. On top of that the credit card comes with a bonus system, rewarding you with flight points equal to 0.5% of any transaction.
However, the major appeal of this credit card is their 0% withdrawal fee, both inside and outside of Sweden. This is great as these withdrawal fees might add up over time.
At the end of each month, you'll get the option to pay the entire credit amount or sum of your choice (atleast 3%). If you do not pay of the entire credit, it will be transfered to the next month, but with an interest rate of 19.99% applied.
Key Features:
Fees & Interest:
The Bank Nowrwegian credit card does not come with any annual fees - what you pay for is interest on the borrowed amount (after 45 days) as well as an exchange fee. Other costs might apply in case of late payment.
- Card Type: Visa
- Withdrawal Fee: 0%
- Exchange Fee: 1.75%
Get started with Bank Norwegian Visa today.
3. Resurs Gold
Best Credit Card Overall
Resurs Gold is another useful credit card to have in Sweden, as they offer you bonus points on any purchase which you can use for future purchases.
Best For:
Bonus Points on every purchase
Annual Fee:
245 kr
12.36 - 17.32%
Credit Limit:
150 000 SEK
Resurs Gold is the card for anyone looking for a card in which you can get back some of the value you spend on different transactions. With every purchase, you'll recieve 0.5 bonus points per SEK spent. In turn you'll be able to spend these points in their bonus shop, where you can exchange these points for gift cards and various products. This bonus would come out to about 0.33% of your total transaction value.
Another great feature of Resurs Gold is their incredible flexible payment options, where you are able to:
1. Pay the entire credit amount every month.
2. Split the payment into installments.
3. Utilize their interest-free installments.
4. Pay in advance and recieve 0.5% interest on the amount.
Key Features:
Fees & Interest:
The Resurs Gold credit card comes at an annual fee of 245 kr. Other than that, what you might pay for is interest on the borrowed amount (after 60 days) as well as a withdrawal and exchange fee. Other costs might apply in case of late payment.
- Card Type: Mastercard
- Withdrawal Fee: 2.97% (min 35 kr)
- Exchange Fee: 1.97%
Get started with Resurs Gold today and check out all of their plans.
Best Credit Card Overall
Collector Easyliving is another great choice of credit card that offers full insurance when traveling as well as discounts on any purchase in hundreds of different stores.
Best For:
Traveling without cash
Annual Fee:
195 kr (use code "COLLEASY" for 100% off)
17.25%
Credit Limit:
100 000 SEK
Collector Easyliving is another great card for traveling, with many similar traits to the Bank Norwegian credit card with one major exception. Collector Easyliving comes with a 0% exchange fee which is great for anyone traveling and using their credit card for everyday purchases.
However, they do have an 3% withdrawal fee, which adds up if you primarily are using cash when traveling abroad. This means that the Collector Easyliving credit card might be more benefitial for anyone avoiding cash when traveling.
You'll recieve an invoice each month with the used credit, which you can pay in full or decide to pay in installments over the next few months. If you chose isntallments, an interest rate of 17.25% will be applied.
Key Features:
Fees & Interest:
The Collector Easyliving credit card comes at an annual fee of 195 kr (use code "COLLEASY" for 100% off your first year). Other than that, what you might pay for is interest on the borrowed amount (after 56 days) as well as a withdrawal and exchange fee. Other costs might apply in case of late payment.
- Card Type: Mastercard
- Withdrawal Fee: 3.00% (min 45 kr)
- Exchange Fee: 0%
Get started with Collector Easyliving today and check out all of their plans.
5. OKQ8 Visa
Best Credit Card For Fuel Expenses
OKQ8 Visa is a great choice for anyone using their car on a continual basis as they offer a great discount on gas aswell as any other purchase at any of their stations.
Best For:
Gas and Fuel
Annual Fee:
0 kr
14.95 - 16.91%
Credit Limit:
100 000 SEK
The OKQ8 Visa credit card is the best credit card for fuel and traveling by car since they have the most locations in Sweden, as well as the best benefits in terms of discounts. Not only do you get a discount of 0.2 kr/liter when buying gas at any of their locations, but you also get a 2% cashback on any purchase you make inside the station, and a 0.3% cashback on any other purchases outside of their stations.
In terms of payment options you'll be able to pay the full credit each month, or by monthly installments. Two months a year you're able to utilize their payment-free months, where you can pay these of at a later date. You also have the ability to pay in advance, in which cas you'll recieve 0.75% interest rate on any funds.
Key Features:
Fees & Interest:
The OKQ8 credit card does not come with any annual fees - what you pay for is interest on the borrowed amount (after 45 days) as well as an exchange fee. Other costs might apply in case of late payment.
- Card Type: Visa
- Withdrawal Fee: 3.00% (min 35 kr)
- Exchange Fee: 2%
Get started with OKQ8 Visa today and check out all of their plans.
Understanding The Difference Between Types of Cards
Generally, credit cards in Sweden can be divided into two categories: MasterCard and Visa. Which one you choose is often a matter of personal preference, but there are some differences between them that you should be aware of. For example, MasterCard is accepted in more places than Visa, but Visa cards usually have lower interest rates.
If you have an international American Express card (for example) you might run into situations where the establishment does not accept your card. Having a MasterCard or Visa however, will ensure that you can pay using your credit card in almost every situation.
Another important thing to consider when choosing a credit card is whether you want credit card that's separate from your normal bank account. Some credit cards are linked to your bank account directly and can be used as a normal debit card, but the credit limit is usually lower.
Standalone credit cards on the other hand, are not linked to your bank account but have a higher credit limit. This means that you can borrow money and pay it back over time, but you will also be charged interest on the amount you borrow.
How To Get a Prepaid Credit Card In Sweden
If you don't want to get a regular credit card, there are also prepaid credit cards available in Sweden. These work in the same way as debit cards, but you need to top them up with money before you can use them. This might be a good option if you're not sure whether you want a regular credit card or not, or if you want to keep your spending limit low as you do not run the risk of spending more money than you planned.
Getting a prepaid credit card with a Swedish bank is usually much easier than getting a normal credit card. Since you're not asking for a big credit limit, there is less paperwork to fill out as well as fewer credit checks. The whole process of applying for a credit card can be done online, and once accepted the card will be delivered to your home address within a few days.
Requirements For Getting a Credit Card
Every provider of credit cards in Sweden will have some requirements for you to be able to apply and receive a credit card. On top of this information, a credit check will be conducted in conjunction with the application. Because of this, there will never be 100% certainty that your application will be approved.
Here are some of the more general requirements that you always need to folow in order to get a credit card in Sweden.
- You need to be at least 18 years old.
- You need a Swedish personal ID as well as being registered as a living in Sweden.
- You need to have a steady income (usually you will need to earn at least 100,000 SEK per year).
- Your credit score should be good. Any outstanding invoices or payment defaults with Kronofogden will automatically reject your application.
If you meet these requirements, there are still some things that the individual bank might require from you, so it's always best to check their website before applying.
Now that you know a bit more about the different types of credit cards in Sweden, it's time to choose the one that's right for you!
How To Open a Swedish Bank Account
Opening a bank account in Sweden is relatively easy if you know where to look. Simply reach out to the desirable bank of your choice and ask them to open an account for you.
As long as you have a valid ID (like a swedish ID-card or a passport) they should be able to help you out. Internet banking has become very popular in Sweden, and chances are you'll be able to complete this whole process online at your own convenience. Once your bank account is open you also have the ability to see transactional history and your bank balance directly online.
What type of fees and costs might occur with a credit card?
Yearly Fee: When you have a credit card there will be both annual and monthly fees. For most cards, the annual fee is around SEK 600, but for some cards it can be as high as 2000 SEK.
Invoice Fee: With each invoice you might have to pay a smaller fee, usually around 0-50 SEK.
Exchange Fee: If you use your credit card to make a purchase in another currency than Swedish Krona, there will be an exchange fee. This is usually between 0 and 4% per transaction.
Withdrawal Fee: There are also usually costs associated with withdrawing money from an ATM, and these range from SEK 20-40 per withdrawal. If you make a withdrawal abroad, the fee is often even higher.
Minimum Payment: If you only make the minimum payment on your credit card every month, you will be charged interest on the remaining balance. This interest can be quite high, so it's always best to try and pay off your entire balance each month.
Over Limit Fee: If you spend more money than your credit limit allows, you will be charged an over limit fee.
Interest: If you don't pay off your entire credit card balance each month, you will be charged interest on the remaining balance. The annual interest rate is usually around 15%, but it can be as high as 35% depending on your choice of card.
Different Types Of Credit Cards
- Bonus Cards:
A bonus card is a credit card that gives you benefits and rewards for using it. These can include cashback, discounted prices on certain items, or bonus points that can be redeemed for various rewards.
- Gold Cards:
A gold card is a credit card that usually has a higher credit limit and better benefits than a regular credit card. These cards often come with annual fees, but the benefits can be worth it if you use your card regularly.
- Traveling Cards:
A traveling card is a credit card that is designed specifically for travelers. These cards usually have no foreign transaction fees, so they are ideal for making purchases while abroad. They also often come with travel insurance and other benefits that can be useful when you're on the road.
- Gas Cards:
A gas card is a credit card that gives you discounts on gasoline purchases. These cards are ideal for people who drive regularly or for businesses that use a lot of fuel. These types of cards are usually distributed in cooperation with specific gas providers such as OKQ8 or Preem.
- Food Cards:
A food card is a credit card that gives you discounts on purchases at certain grocery stores or supermarkets. These cards are ideal for people who do most of their grocery shopping at one specific store.
- Shopping Cards:
A shopping card is a credit card that gives you discounts on purchases at certain retail stores. These cards are ideal for people who do most of their shopping at one specific store.
Wrapping Up
The bottom line is that there are many different credit card options in Sweden, so it's important to do your research and find the one that best suits your needs. With a credit card, you'll never have to worry about being stranded without money when you're in Sweden.