Review: Morrow Bank Mastercard for Travellers
The content on this page includes affiliate links. While clicking on these links won't cost you anything extra, we may earn a modest commission from any purchases.
Morrow Bank Mastercard is a competitor to Bank Norwegian´s Visa. Both cards have similar features. Even though the Morrow Bank credit card is not targeted at travellers, frequent travellers can benefit significantly from it. Please read our review to familiarise yourself with the Morrow Bank Mastercard as we share our experiences.
Covered in the Article
Morrow Bank Mastercard
Morrow Bank Mastercard is a credit card from a Norway. It's not the first credit card that comes to mind, but it easily beats traditional and more expensive credit cards from competitors. We reviewed Morrow Bank Mastercard to find out if it suits travellers living in Finland and Sweden.
We compared the card, especially against Bank Norwegian Visa, which has similar features.
Available in Finland and Sweden
Morrow Bank credit card is available in Finland and Sweden. This review was written based on the card advertised in Finland, but Morrow Bank Mastercards in other countries are similar.
Morrow Bank Mastercard is a credit card. You don´t need to pay the full invoice on the due date, but the remaining part will incur interest. We recommend paying the bill in full to avoid expensive interest.
Morrow Bank Mastercard does not have a debit feature. On debit cards, transactions will be charged or reserved from a bank account in real-time. Morrow Bank Mastercard is a pure credit card.
Credit cards have some benefits over debit cards. You can easily pay hotel and car rental deposits with a card, and the money won´t be taken, even temporarily, from your bank account. With a Mastercard from Morrow Bank, you also have 50 days to pay your purchases without interest. Typically, credit cards also offer more perks than debit cards.
Comes from Norway
Morrow Bank is an online bank from Norway. The bank is very similar to Bank Norwegian, which markets a Visa card in the Nordic countries. Morrow Bank specialises especially in consumer loans, but the bank also has a Mastercard in its product portfolio.
Credit Card for Daily Use
The Morrow Bank Mastercard is also suitable for daily use. The card does not have an annual fee, and you have, on average, 50 days to pay the bill without any interest. However, the interest rate is high if you fail to pay the bill on time.
We recommend not using the credit feature of any credit card because the credit will become almost as expensive as short-term loans. However, take advantage of the interest-free period to collect all your daily spending into a single bill.
The credit limit of a Morrow Bank Mastercard can be as high as 10,000 euros, but the exact limit depends on every customer. However, not many people can be granted this high-limit ceiling. A few thousand euros limit is enough for daily spending.
While travelling, you need a high enough credit limit for big deposits that car-hiring offices and hotels charge.
Also for Immigrants
Immigrants in Nordic countries may not have a credit card yet. Morrow Bank is a good choice for your first credit card for multiple reasons.
The card is free and not dependent on a local bank. It has multiple free and valuable features, so the card gives value to a newcomer in the country. Buying the same services separately would be expensive. Applying for a Morrow Bank Mastercard is also simple, and the entire process can be completed online in just 5 minutes.
Before applying for a Morrow Bank credit card, you should have a bank account in a local bank and a debit card for it. Your chances of getting approved become much higher if you have lived in the country for a long time and have a stable income that is high enough.
Not Tied to Any Traditional Bank
The card is not tied to any local bank. Everyone over 23 years old without negative marks in their credit history can apply for a card on Morrow Bank´s website. You can sign the application electronically as we did with Nordea's authentication tools. After approval, you can choose a PIN code freely, and the card will be delivered to your home address within a week.
Morrow Bank is an online bank.
Morrow Bank Mastercard Features
No Annual Fee
There are no recurring fees if you use the card wisely. That means the card does not have a monthly or yearly fee, and no interest is charged when the bill has been fully paid before the due date. With bad spending habits, i.e. delayed bill payments, the card will become expensive due to high interest rates.
If you don´t pay the bill by the due date, the interest rate of the credit can be even more than 19%. You are also asked to pay interest on ATM withdrawals. Even though the fee list states that withdrawing cash is free of charge, it is not the whole truth. You need to pay interest from the withdrawal date until the bill has been paid. the currency conversion fee is 1,75%, but this is common among banks. Using the Morrow Bank Mastercard for withdrawing cash is not recommended. Instead, Bank Norwegian Visa is better for that purpose. Other than this purpose, the Morrow Bank Mastercard is a great choice.
Freely Chosen PIN Code
Almost every bank allows you to choose your card's PIN code freely. That is the case with Morrow Bank, too. After your application has been approved, you can select a PIN code yourself.
Support for Apple and Google Pay
Apple and Google Pay integrations are nice extras to any payment card. You don't need a physical card, but you can make purchases safely using your mobile phone. It does not matter if you forgot the wallet as long as you still have your phone with you.
Bonus Program
The best feature of the Morrow Bank Mastercard is the bonus program. Morrow Bank offers 2% cash back on online purchases and 1% on in-store transactions. The bonus you collect is money that can be used to pay your future bills.
The bonus is calculated as points. Every 10 points is equal to 1 euro. From 100€ purchases made on the internet, you will earn 20 points, and from traditional stores, you will earn 10 points. This is equivalent to 2 euros and 1 euro in cash back, respectively.
Compared to Bank Norwegian´s Visa card, the bonus system of Morrow Bank is much better. You will earn bonus points faster and can spend them on anything, not just flights. Currently, Bank Norwegian also offers monetary cash back, but only 0.5%.
Morrow Bank's bonus system has a few limitations. You are not allowed to earn more than 2,000 points per year, which means 200 euros worth of cashback money. You will earn bonus points only from purchases/transactions made costing over 5 euros at once, so purchases (below 5 euros) will not entitle you to points.
Besides these limitations, the bonus system of Morrow Bank is still one of the best on the market, and it is suitable for people wishing to earn pure money back, not only free flights. In short, Morrow Bank's bonus system is good for anyone.
Insurances
Another definite good feature of Komplet Bank's credit card is the insurance included free of charge.
Travel Insurance
The travel insurance is valid when at least 50 per cent of the total travel expenses have been paid by a Mastercard from a Morrow Bank. This is a similar requirement to Bank Norwegian's Visa. The insurance covers the whole family, making it better than Bank Norwegian´s travel insurance. In exchange for the family, you can ensure 3 of your travel mates, but they must travel on the same route as you. When your family is travelling, there's no need for you, as the cardholder, to travel with them.
The travel insurance has a 100 euros excess for a sickness or an accident. Your belongings are also insured, but the terms are not as good as separately paid insurance. We recommend buying high-quality travel insurance from your own company, even if your payment card offers free insurance. The insurances will complement each other.
The travel insurance of Morrow Bank is provided by Gouda. It is valid for trips lasting up to 60 days.
Excess of Collision Damage Waiver
The excess rental car insurance is valuable for a traveller. It is included in Morrow Bank´s travel insurance free of charge. The insurance covers up to 1,000 euros of the collision damage waiver´s excess. The insurance is also valid when renting other vehicles like boats, scooters or Segways.
Bank Norwegian has a similar product, but it comes with an extra fee.
Purchase Security Insurance
Purchase security insurance protects your purchases against theft and damage.
The insurance is valid for up to 90 days and exceeds 50 euros. For the insurance to be valid, you need to pay for the product with a Morrow Bank Mastercard.
Identity Theft Insurance
Identity Theft is when someone uses your identity, like your name and personal identification number, without your permission. For example, they can apply for loans in your name, which causes complicated issues. Morrow Bank Mastercard offers identity theft protection that covers up to €10,000 in legal costs resulting from identity theft.
Experiences of Morrow Bank Mastercard
We decided to apply for a Morrow Bank Credit Card to understand the product better.
Applying for a Card
We placed an application on Morrow Bank's website. Anyone older than 23 can apply for a card if they have their finances under good control. We needed to fill in personal information into a simple online form and provide details about our monthly income and current financial status. Immediately, we received an initial approval with a credit limit.
After the initial decision, we needed to complete the application with a salary slip and give information about the political status. The whole application process took only 5 minutes.
In a few days, we got the final approval for our email. After a few more days, the card arrived at our home. The process, from the application phase to receiving the card, took only 1 week.
If you forget to deliver the requested extra information, Morrow Bank will contact you through email and SMS multiple times.
The application can be made only in Finnish for applicants of Morrow Bank credit cards residing in Finland.
Morrow Bank Mobile App
You can easily check your card's status from the Morrow Bank Mobile App. The app can be downloaded from regular app stores/galleries and installed in a few minutes.
Using the app is simple. After a strong authentication is made during the first use, you can log in to the app with a passcode or a fingerprint. The Morrow Bank mobile app lets you see transactions and other real-time data. Also, all your invoices are visible. If you lose your card, it can be temporarily locked through the app.
Should I Apply?
Morrow Bank Mastercard is an excellent product as a free credit card. You should not use the credit feature because it is expensive.
The card includes high-quality and free insurance. The most significant benefit is the bonus program, as it returns real money as cash back. The money is not tied to any special purpose, as with Norwegian Cashpoints. With Norwegian Visa, you may earn a little more payback, but you can use them only for the flights of Norwegian Air Shuttle.
There are also some cons. You won´t get any bonus for purchases less than 5 euros. Cash withdrawals from ATMS are not free, but you need to pay a 1,75% currency conversion fee and the interest until the payment date of the bill. Luckily, the many other benefits of the Morrow Bank Mastercard exceed these few cons.
Rating
Morrow Bank credit card offers multiple valuable but free features. For example, the card offers many insurance options and a good bonus program. Therefore, we rate this as a 5-star credit card.
Common Questions
- How much does a Mastercard from Morrow Bank cost?
- The card does not have any recurring fees. However, there will be costs for cash withdrawal, currency conversion and interest. If the bill is paid late, the card's credit is expensive.
- What insurance does the Morrow Bank Mastercard include?
- The card includes travel insurance, purchase security insurance and identity theft insurance. The travel insurance also covers the excess of a rental car's collision damage waiver.
- Are cash withdrawals free of charge?
- Yes, they are, but you must pay interest immediately from the withdrawal date until the bill is paid. Currency conversion costs 1,75% of the total amount of cash withdrawn.
- How many bonus points do I get from purchases?
- Purchases made online give a 2% bonus, and purchases made at cash registers give a 1% bonus. There is no bonus for purchases under 5 euros.
- How can I spend the bonus?
- You can pay (a part of) your next invoice with the accumulated bonus.
- Is the Morrow Bank Mastercard good for a traveller?
- Morrow Bank Mastercard is perfect for a traveller because it has good travel insurance and a bonus program.
- Do we recommend the Morrow Bank Mastercard?
- Since the card is free, applying for it won't harm you. After that, you need to decide if the card suits your lifestyle.
Bottom Line
You can easily apply for a Morrow Bank Mastercard online. The card has many valuable features, and with the right way of use, the card is free. The card is a nice extra in a traveller's wallet. Significantly, the excess coverage of a rental car is a good perk.
There are multiple credit cards on the market. Morrow Bank's credit card is not targeted at travellers, but travellers can still benefit from its many features. The Morrow Bank Mastercard is also a good choice for daily spending due to its bonus program. By using the card correctly and paying invoices on time, there will be no extra costs for the consumer.
Add Comment
Comments