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Best Cashback Credit Cards in Norway

21. May 2024

Written by

Kristian

Reviewed by

Frederik Nielsen

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Example: The variable credit interest rate is 28.77% (April 2024). The annual fee is NOK 0. Utilizing a credit of NOK 12,000 and repaying through 12 payments over 12 months, the effective interest rate is 28.77%. The total amount to be repaid is NOK 13,726.

Cashback credit cards in Norway offer a simple and effective way to earn rewards on your everyday spending. Whether you’re shopping for groceries, filling up the tank, or dining out, these cards return a percentage of your expenditures back to you.

We will explore the top cashback cards available, focusing on their benefits and how they can align with your spending patterns. Choosing the right cashback card allows you to optimize your earnings on everything from groceries to fuel to dining out. Discover how these cards can boost your financial efficiency, offering real rewards that accumulate with your everyday spending.

What is a Cashback Credit Card?

A cashback credit card is a credit card that offers cardholders a return on their spending. When you make purchases using a cashback card, a percentage of the amount spent is credited back to your account. This feature differentiates cashback cards from other types of rewards cards, which might offer points or miles instead.

The cashback you earn is essentially a rebate on your purchases. The rate at which you earn this cashback can vary by card and by the type of purchase. For example, some cards offer a flat rate on all purchases, while others provide higher cashback rates on specific categories like groceries, fuel, or dining.

Here are the benefits of cashback credit cards:

• Earning Rates: These can vary widely. Some cards offer a single rate on all purchases, while others have tiered rates depending on the spending category or the amount you spend.
• Redemption Options: Cashback can typically be redeemed as a statement credit, directly reducing your credit card balance. Some cards also allow redemption for gift cards, merchandise, or even as a deposit into a bank account.
• Sign-up Bonuses: Many cashback cards offer initial bonuses for new cardholders, such as earning extra cashback in the first few months or after spending a certain amount.
• Annual Fees: Some cashback cards come with annual fees, while others do not. The best card for you will depend on whether the benefits and cashback you earn outweigh any fees.
• Interest Rates: Like other credit cards, cashback cards come with interest rates that apply if balances are carried over from month to month. It’s important to balance the benefits of cashback earned with any potential interest charges if you don’t pay the balance in full.

Types of cash back credit cards

Cashback credit cards come in various formats, each designed to cater to different spending habits and preferences. Understanding these types can help you select the best card for your lifestyle. Here’s a breakdown of the primary types of cashback credit cards available in Norway.

Flat Rate Cashback Cards

Flat rate cards are the simplest type of cashback credit cards. They offer a consistent cashback rate on all purchases, regardless of the category. For example, a card might offer 1.5% back on every purchase you make. This straightforward approach is ideal for those who prefer simplicity and predictability in their rewards, without the need to track spending categories or sign up for special offers.

• Pros: Easy to understand and use; no need to track spending categories.
• Cons: Might not offer the highest possible cashback on specific categories like groceries or dining.

Tiered Cashback Cards

Tiered cashback cards offer different cashback rates based on the purchase category. For instance, a card might offer 3% back on groceries, 2% on fuel, and 1% on all other purchases. This type is beneficial for those who spend consistently in specific categories, allowing them to maximize their rewards based on their spending habits.

• Pros: Higher cashback rates on popular spending categories.
• Cons: Requires more attention to maximize benefits based on spending patterns.

Rotating Categories Cashback Cards

These cards offer higher cashback rates in specific categories that change periodically, typically every quarter. For example, you might earn 5% on grocery stores in one quarter and 5% on gas stations the next. Cardholders usually need to activate or opt-in to these rotating categories to earn the bonus rates.

• Pros: Potential to earn high cashback rates in varying categories throughout the year.
• Cons: Requires active management to enroll in and track the changing categories to maximize cashback.

How to apply for a cash back credit card

Applying for a cashback credit card in Norway is a straightforward process that can help you start earning rewards on your purchases. Here’s a step-by-step guide to ensure a smooth application:

1. Research and Compare: Start by researching different cashback credit cards available in Norway. Compare their cashback rates, bonus offers, annual fees, and other relevant features to find the one that best suits your spending habits.
2. Check Eligibility Criteria: Before applying, ensure you meet the eligibility requirements for the card. This typically includes age, income, and credit history criteria.
3. Gather Necessary Documentation: Prepare the documents required for the application, which may include identification, proof of income, and proof of residency.
4. Fill Out the Application Form: Go to the issuer’s website and complete the online application form. You’ll need to provide personal and financial information, such as your name, address, income details, and employment information.
5. Review Your Information: Double-check the information you’ve entered in the application to ensure it’s accurate and complete. Any errors or omissions could delay the processing of your application.
6. Submit the Application: Once you’ve reviewed your information, submit the application. The credit card issuer will then assess your creditworthiness, which typically involves a credit check.
7. Wait for Approval: After submitting your application, there will be a waiting period while the issuer reviews your application. If additional information is needed, they may contact you.
8. Receive and Activate Your Card: If your application is approved, you’ll receive your cashback credit card by mail. Follow the instructions provided to activate it, and start using it to earn cashback on your purchases.