The ICA Bank Credit Card offers cheaper and safer purchases. When using the card for purchases at ICA and Apoteket Hjärtat, users can earn a bonus of up to a specified amount.
This guide focuses on the ICA Bank Credit Card application process, helping you take full advantage of its benefits. Follow these clear steps for a smooth application experience.
What is the ICA Bank?
ICA Bank is part of ICA Gruppen, a large Swedish retail company. Established in 2001, it provides financial services to simplify customers' everyday banking.
These services include bank accounts, loans, credit cards, and insurance, all accessible through digital platforms and ICA stores.
Key offerings:
- Credit Cards: ICA Bank offers credit cards that allow you to earn bonus points on purchases at ICA stores.
- Loans: It provides personal loans and other forms of credit.
- Insurance: The bank also provides home and travel insurance.
- Customer Support: Available via apps, websites, phone, and certain ICA stores in Sweden.
ICA Banken credit Card Plus Key Points
ICA Bank Credit Card Plus is designed to offer key benefits for customers in Sweden. It provides value with added bonuses and insurance coverage.
- 2% Bonus on ICA Purchases: Earn up to 2% bonus when shopping at ICA stores.
- Comprehensive Insurance: Includes all-risk coverage, extended warranty, and flood insurance.
- Free International Withdrawals: Withdraw money abroad without any extra fees.
About ICA Banken Bankkort Plus
The ICA Bank Credit Card offers both affordability and security for purchases. Users can receive up to 2% bonus on purchases at ICA and Apoteket Hjärtat. Additionally, home electronics purchases are protected by all-risk insurance, and flood insurance has been included since 2024. This card is designed for Swedish users looking for a comprehensive credit card option.
Card Details:
- Annual fee: SEK 324
- Maximum credit limit: SEK 100,000
- Interest rate: 14.70%
- Effective interest rate: 15.73%
- Interest-free period: 60 days
- Card type: MasterCard
- Cash withdrawal fee: 0%
- Currency conversion fee abroad: 1.25%
- Paper invoice fee: SEK 30 (SEK 0 for e-invoice)
- Reminder fee: SEK 60
- Late fee: SEK 100
- Overdraft fee: SEK 100
- Samsung Pay compatible: Yes
Insurances
The ICA Bank Credit Card in Sweden offers a variety of insurance options to cardholders. Here’s a breakdown of what’s available:
Available Insurance:
- Travel Insurance: Covers unexpected incidents during trips, including medical emergencies and lost luggage.
- Comprehensive Insurance: Provides broad coverage for various scenarios.
- Cancellation Protection: Ensures coverage if travel plans need to be canceled due to unforeseen circumstances.
- Excess Protection: Helps with the deductible costs on other insurance policies.
Not Available:
- Payment Protection
- Delivery Insurance
- Price Guarantee
- Key Insurance
- Refueling Insurance
- Event Insurance
- Hole-in-One Insurance
- ID Protection Insurance
Bonuses
The ICA Bank Credit Card offers the possibility of earning a double bonus on purchases made at ICA and Apoteket Hjärtat.
While there is no special or unique bonus beyond the regular ICA membership bonus, customers who use multiple ICA Bank services can activate this double bonus.
To qualify for the double bonus, you must meet one of the following conditions:
- Hold a mortgage or private loan with ICA Bank
- Contribute at least SEK 500 per month in savings
- Have a minimum of SEK 50,000 in a savings or fund account at ICA Bank
- Deposit your salary, CSN, or pension into an ICA Bank account
The standard bonus rate is 1 point per SEK when making purchases at ICA or Apoteket Hjärtat. Additionally, you earn 20 extra points for every purchase made using the ICA Bank Credit Card.
Bonus Limitations
Bonus points are reset monthly, and a bonus check is paid out if at least 1000 points are accumulated for two consecutive months. To receive a monthly bonus, you must collect at least 2000 points, which results in a SEK 25 payout.
If more points are collected, such as 2800, the excess 800 points will be forfeited after the bonus is issued.
Eligibility Criteria to Apply for the ICA Bank Credit Card
Applicants must meet specific eligibility criteria to apply for the ICA Bank Credit Card in Sweden to ensure the application process goes smoothly.
Credit Score Requirements
A solid credit score is essential for obtaining the ICA Bank Credit Card. This score reflects financial reliability and credit history.
Regularly monitoring credit can improve the chances of approval.
Resolving any financial issues before applying is advisable to increase the likelihood of success.
Age and Income Criteria
Applicants must meet the legal age requirements and have a stable income source to qualify for the card.
Income levels demonstrate an applicant's ability to manage credit responsibly.
Meeting the age criteria ensures legal compliance and financial readiness.
How to Apply Online Correctly for the Amazon Mastercard
The ICA Bank Credit Card online application process in Sweden is simple and efficient.
- Visit the Official Website: Visit ICA Bank’s official website to access the credit card application page.
- Complete the Application Form: Enter all required personal and financial information.
- Submit Required Documents: Upload necessary documents to verify identity and financial status.
- Review and Submit: Double-check the information for accuracy before applying.
- Wait for Approval: Once submitted, the application is reviewed, and the result is sent via email.
Insurance and Travel Benefits
The ICA Bank Credit Card offers several useful insurance benefits for cardholders in Sweden. Here's how they apply:
All-Risk Insurance
When home electronics or white goods are purchased using the ICA Bank Credit Card, five-year all-risk insurance is automatically included.
This coverage protects against sudden and unexpected incidents, such as coffee spilling on a DVD player or a TV falling.
Extra Warranty
Cardholders get an additional one-year warranty on home electronics and white goods, which complements the standard warranty provided by retailers.
This extra warranty can be valid for up to 3 years from the date of purchase.
Food Insurance
If a cardholder is on sick leave or becomes involuntarily unemployed for 30 consecutive days, they can claim compensation through the food insurance feature.
The amount is based on an average of card purchases made at ICA and Apoteket Hjärtat in the last three months, and the payout equals twice this average.
Travel Benefits
The ICA Bank Credit Card also includes travel insurance, covering Cancellation Protection, Rental Car Excess, Towing and assistance, Missed Connecting Flight, and Baggage Delay. At least 75% of the trip must be paid using the card to activate the insurance.
Additionally, no withdrawal fee is charged for withdrawing money abroad, which is a significant benefit for cardholders, especially in countries where card payment is less common than in Sweden.
Interest Rates and Fees
The ICA Bank Credit Card features the following interest rates:
- Purchases: 14.70% APR
- Cash Withdrawals: 14.70% APR
- Balance Transfers: 14.70% APR
Credit
The ICA Bank Credit Card offers 60 interest-free days and a standard interest rate of 14.70%. The credit limit can reach up to SEK 100,000.
When the invoice is received, you can pay the full amount or a smaller portion. The minimum payment required is 3% of the utilized credit. If not paid in full, any remaining balance will incur interest charges.
For example, an effective interest rate of 15.73% applies to a SEK 10,000 balance repaid over 12 months. The ICA Credit Card Plus functions as both a bank card and a credit card:
- Bank Card (Direct Account): When used at ICA or Apoteket Hjärtat, it acts as a bank card, withdrawing funds directly from the linked account. Cash withdrawals also do not incur credit charges.
- Credit Card (Billing Account): The card operates as a credit card for other transactions. Purchases are billed monthly and can be settled in full or through installments.
Contact for Inquiries
Contact ICA Banken Ab directly for inquiries about the ICA Bank Credit Card. Use the following details for support and information:
- Company Name: ICA Banken Ab
- Organization Number: 516401-0190
- Address: Svetsarvägen 16, 17141 Solna, Sweden
- Phone: 033474790
Reach out for assistance with applications, account questions, or technical support. The team is available to provide prompt and effective service.
Disclaimer: Ensure to verify all details with ICA Banken Ab before making any decisions related to the credit card.
Conclusion
The ICA Bank Credit Card offers a straightforward application process, making it an excellent option for those looking to maximize rewards in Sweden.
This card provides various benefits, such as cashback rewards and no annual fees, appealing to savvy cardholders.
Understanding the interest rates, eligibility criteria, and account management features will help make the most of this card. The ICA Bank Credit Card is a valuable addition for frequent shoppers in Sweden.
