S-Pankki Is S Group's Own Bank
S-Pankki is a bank jointly owned by S Group and LähiTapiola. Its accounts have replaced the co-ops' savings accounts, and today S-Pankki also offers a wide range of everyday banking services. These include several payment card products.
Co-op Membership
Using S-Pankki's services does not require S Group co-op membership, but with membership, the bank's services cost less. Using the bank without membership isn't really sensible, as you can join the co-op for a small fee, even under €100. In addition to cheaper banking services, members can collect S-Bonus and enjoy other co-op member benefits.
S-Pankki Visa Cards
S-Pankki offers four cards: S-Etukortti Visa Debit and Credit, plus the standard Visa Debit and Credit cards. Only co-op members can apply for Visa cards that include the integrated S-Etukortti. These cards have no monthly fee. Thanks to their low costs, they're a good fit as students' first cards. Other customers are eligible only for paid Visa Debit and Credit cards without the S-Etukortti feature.
When paying with a debit card, the amount is charged directly from your own S-Pankki account and with a credit card, purchases are billed afterwards . Using the payment-time feature, you get an average of 30 days of interest-free time, after which purchases are charged to your credit card. After the interest-free period, you pay interest on any unpaid part of the bill. You can combine debit and credit on the same physical card; at checkout, you choose which feature to use. With contactless payments, the debit side is used by default.
When you pay with a debit card, there are no fees beyond the card's monthly charge. Co-op members pay no monthly fee. When you pay with a credit card, you must pay a €2 billing fee in addition to any interest, even if you pay the bill by the due date. As a result, using the credit feature with S-Pankki is never cost-free, and the effective annual rate is always above 0. Because S-Pankki's credit card is never interest-free, it's hard to recommend.
Benefits of S-Pankki Visa Cards
S-Pankki's Visa cards are elementary. They don't include extras like insurance or lounge access. The cards also don't support Google Pay or Apple Pay. These Visa cards are therefore ordinary payment cards with no luxury.
Bonus Program
For co-op members, S-Pankki cards are helpful, because you can use them as an S-Etukortti to collect S Group bonuses. You can earn a bonus of 0-10% on your total purchases, paid later to your S-Pankki account. S-Pankki Visa cards also give a 0.5% payment method benefit in S Group stores. Of course, you can also collect the bonus without a Visa card using a regular S-Etukortti.
Questions and Answers
- What is the difference between S-Pankki's Visa card and the S-Etukortti Visa?
- Co-op members can apply for the S-Etukortti Visa, which includes the S-Bonus card. The card's service fees are also lower than those of a regular S-Visa card.
- Is the S-Visa Credit free to use?
- The card is not free to use, a mandatory fee applies, even if you pay by the due date.
- Should you get S-Pankki Visa Debit?
- Co-op members should definitely get the fee-free S-Pankki Visa Debit. Others should join the co-op before using S-Pankki's services.
- Should you get S-Pankki Visa Credit?
- S-Pankki Visa Credit is a minimal card product. It also has a mandatory billing fee. For this reason, the card is not recommended for anyone.
Bottom Line: Is S-Pankki Visa Worth It?
Co-op members should definitely apply for at least the S-Etukortti Visa Debit, since this card has no ongoing fees and can be used as an S-Etukortti to collect bonuses and redeem benefits. You can also apply for the S-Etukortti Visa Credit as a backup, but it isn't recommended due to the mandatory billing fee. No fee is charged if the card's credit side isn't used during the billing period. Debit and credit can be combined on the same physical card.
Without S Group membership, S-Pankki cards offer little added value but still incur fees. Therefore, if you're becoming an S-Pankki customer, you should also join S Group. As a result, S-Pankki's service fees are lower.
If you're considering S-Pankki Visa Credit, take a look at the Morrow Bank Mastercard or the Bank Norwegian Visa Card. These cards are genuinely free to use with no billing fee if you pay the statement in full by the due date. They also offer significantly better perks and stronger rewards programs.