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Eurocard
The Eurocard Personal Card isn’t the first credit card many would want in their wallet. However, the Eurocard Mastercard is promoted as a replacement for the Diners Club card, discontinued in Finland in 2019, which offered a very comprehensive and fairly affordable airport lounge benefit. For that reason, many leisure travellers wonder whether Eurocard could replace it.
We tried Eurocard by getting the card ourselves. In this review, we explain the card’s features and whether it actually benefited us on our trips.
Issued by Swedish SEB
In Finland, Eurocard is issued by the Swedish bank SEB. The same bank previously issued Finnish Diners Club cards. Eurocard focuses mainly on corporate cards under the same brand, but the Eurocard Personal Card is, as the name suggests, a consumer credit card.
SEB doesn’t offer standard banking services in Finland, but Finns can access SEB’s investment services. The bank has a branch in Finland.
Eurocard Gold (Personal Card)
The consumer card is called the Eurocard Personal Card. Previously, it was mostly called Eurocard Gold, but the name may have felt too promising even to the bank. The current name doesn’t set expectations for the card’s features. In other Nordic countries, it is still marketed as Eurocard Gold, and the same name is still used in Finland occasionally.
Eurocard is a genuine Mastercard. The annual fee is 50 euros, so it’s not free, unlike many competing cards at the same level. You don’t pay interest on purchases if you pay the invoice by the due date. After that, purchases are on credit at a current nominal rate of about 7 per cent. That can be considered very good. The APR doesn’t end up high either because Eurocard has no account management fee. Still, our advice is not to let payments roll to credit, because borrowing on credit cards is expensive, regardless of the card.
Eurocard has no preset spending limit. That doesn’t mean you can make unlimited purchases. The card has an adaptive spending limit based on the customer’s repayment capacity. There is, however, a cap on total credit set between 1,000 and 10,000 euros.
Avoid using the revolving credit feature, as borrowing on credit cards costs almost as much as consumer loans.
Eurocard Personal Card Features
Annual Fee
The Eurocard card has a 50-euro annual fee regardless of usage or credit limit.
Adaptive Spending Limit
Eurocard has no preset spending limit. However, the card has a variable limit that the customer doesn’t know. This can cause challenges when you don’t know how large a purchase the card will cover. If you’re planning a big purchase, it’s wise to contact SEB customer service in advance to confirm it will go through.
Custom PIN Code
You can choose your own PIN at the end of the application process.
Travel Insurance
Like many other credit cards, Eurocard offers complimentary travel insurance. The insurance covers, among other things, missed departures, delayed baggage, and medical expenses for travel-related illnesses and injuries. The insurer is Chubb European Group Limited.
The insurance is valid when almost all travel-related expenses are paid with the card. Typically, credit cards require payment of only about 50–70 per cent, but Eurocard requires payment of all costs with the card. Only then is the insurance valid, covering the cardholder and their spouse.
A nice plus is that the insurance is also valid in Finland when a trip is more than 50 kilometres from home. With many similar cards, the insurance is valid only abroad.
The travel insurance also has no deductible for expenses caused by accidents or illnesses. For baggage, the deductible is 125 euros. You can remove the deductible by paying an additional 10 euros per year. Overall, the terms appear comprehensive and favourable for many customers.
Lounge Visits
Many may consider applying for Eurocard solely for its lounge benefit. Unfortunately, the perk isn’t powerful.
The lounge benefit is valid only in Belgium, England, Sweden, Finland, Switzerland, and Denmark. Even in these countries, it’s available only at the largest airports.
You don’t get free entry; each visit costs about 15 - 40 euros, depending on the lounge. The cheapest lounges are in Copenhagen. Payment must be made with Eurocard.
At Helsinki Airport, the card only gets you into the Aspire Lounge, with a 25-euro entry fee when paid with Eurocard. That’s slightly cheaper than, for example, a 32-euro voucher bought via the Lounge Pass service.
Expensive Cash Withdrawals
Cash withdrawals with the Eurocard card are expensive. The service fee is 3% of the withdrawal amount. There’s also a possible 2% currency conversion fee. Withdrawing cash with the card is therefore quite costly.
For low-cost cash withdrawals, we recommend the Bank Norwegian Visa Card together with the Curve Pay.
Chargeback Protection
The Eurocard Personal Card includes chargeback protection. If the card is misused or, despite a purchase, the customer doesn’t receive the agreed product or service, the issuer may refund the money. Almost all credit cards offer similar protection.
Apple Pay and Google Pay Support
Eurocard doesn’t support Apple or Google Pay. Almost all payment cards support these services, so this is a significant shortcoming for Eurocard.
No Rewards Program
Eurocard doesn’t offer a rewards program like many competing products.
Mobile App
You can track card activity with the Eurocard app. The app helps keep transactions and receipts organised. Similar apps or web services are common among card issuers today, so while not unique, this feature is useful.
In the Google Play store, the app is rated average. There are relatively few reviews, which may suggest the app isn’t widely used. The app does its job as an expense-tracking tool. You can also access card-related information via Eurocard’s website after authentication.
Application Process
Anyone over 24 with at least 32,000 euros in annual income and no payment defaults can apply for the Eurocard Personal Card. The income threshold is surprisingly high given the card’s limited features.
You can apply on Eurocard’s website. The online form is easy to fill in and can be signed with online banking credentials. Once the approval decision is made, SEB sends a letter home to choose a PIN. Using the code included in the letter, you can set your own PIN via SEB’s automated phone service. After choosing the PIN, the card was mailed home surprisingly quickly.
Our Experience With Eurocard
We ordered an Eurocard at the time to replace the Diners Club card. The lounge benefit in particular appealed to us, and the first year was free during a campaign. After we received the card, we found it rather unnecessary. The lounge benefit was limited, and the card wasn’t worth using otherwise. We may not have used the card at all, so our hands-on experience was minimal.
Is Eurocard Worth Applying For?
The Eurocard Personal Card isn’t a bad credit card, but its features are limited. Still, you pay a 50-euro annual fee, and the income requirement is high. These points don’t support applying for the card.
Its best feature is the travel insurance, which is valid only when all travel expenses are paid with the card.
Don’t apply just for the lounge benefit, as it’s mainly valid only in the Nordics. If you often travel via the main Nordic airports, the card can be a nice addition to your wallet. Travelers elsewhere should consider competing free cards like the Bank Norwegian Credit Card and the Morrow Bank Card.
Only after lounge access? Check Finnoy Travel’s article on Helsinki Airport lounges and affordable ways to buy entry.
Our Rating
The Eurocard Personal Card is a fairly standard Mastercard. The card’s lounge benefit is limited and valid at only a few airports. The card includes travel insurance, but it also charges an annual fee. There’s no rewards program, and it doesn’t support Google or Apple Pay.
Given the price and features, we rate this a three-star card.
Questions and Answers
- Who Issues the Finnish Eurocard Personal Card?
- The Swedish bank SEB. Issues with the Eurocard Personal Card
- Who can get the Eurocard Personal Card?
- A Finnish resident aged 24 or older with an annual income above 32,000 euros can get. a Erocard. There must be no credit or payment defaults.
- Is Eurocard’s lounge benefit good?
- The lounge benefit is reasonable but valid only at a few airports, mainly in the Nordics.
- What does the Eurocard Personal Card cost?
- The Eurocard Personal Card costs 50 euros per year.
- Does the Eurocard Personal Card have a rewards program?
- The Eurocard Personal Card does not offer a rewards program.
- Does the Eurocard Personal Card include travel insurance?
- The card includes comprehensive, high-quality travel insurance. All travel expenses must be paid with the card for the insurance to be valid.
- Are the Eurocard Personal Card and Eurocard Gold the same product?
- To our understanding, they are the same product. The name varies by country.
Bottom Line
When we applied for our Eurocard Gold, we got the first year free. Over the year, we realised we didn’t need the card for anything. It didn’t offer any benefit that other cards wouldn’t have offered better or more affordably. For that reason, we stopped using the card after the free year.
We can recommend the Eurocard Personal Card to those who travel regularly via Nordic airports. In that case, you get small savings thanks to discounted lounge prices.