Use of a credit card – how does a credit card work?

Do you make the most of your credit card and use it wisely? Read how a credit card works.

What is a credit card?

A credit card is a payment card that enables the cardholder to make purchases against a credit facility granted by a credit card company. Besides being a payment instrument, many credit cards today provide protection for products and journeys you buy or insurance for yourself and your family during travel. A credit cards offers flexibility and help in unexpected situations.

A credit card is often combined with a debit card, which means that you can use the same card for paying from your bank account or by credit. The card’s credit facility differs from the debit facility in that any payments you make by credit will be billed from you afterwards. If you pay by debit, the payment will be immediately charged from your bank account. If you pay by credit, you can repay the credit used by making monthly payments that suit you.

Each month, you'll receive a credit card bill for your credit card payments. You can decide to pay it with a single payment or in instalments. If you pay the bill with a single payment, you’ll avoid having to pay credit charges for it. Your interest-free billing period is up to 35 days.

Read more about OP’s credit cards

Paying with a credit card

You can use a credit card in the same way as a debit card to pay for your purchases – both in stores and online – always staying within your credit limit.

When paying with a combination card, i.e. a debit and credit card in one, you need to choose the credit side at a store’s payment terminal. This means that the payment will be charged to the credit facility instead of your bank account. When making online purchases, make sure that you enter the credit card details correctly. A combination card shows both a credit card number and a debit card number.

On OP’s combination cards, the credit card number is on the front of the card. The card’s security code (three-digit CVC number) is next to the signature field on the back of the card.

The debit card number is in the lower edge on the back of the card, immediately followed by the card’s three-digit security code, or CVC.

Read the instructions for secure online payments

Why is it a good idea to pay on credit?

Free insurance for your purchases

As an OP cooperative bank owner-customer, you will get free insurance for products purchased with an OP credit card with credit or debit facilities. Product Protection Insurance will cover the products against breakage or theft for for 180 or 365 days up to 2,000 euros. The Product Protection Insurance deductible is 75 euros.

Read more about Product Protection Insurance

Safe online shopping

Credit cards are a safe way to pay online, too. If, for example, you never get a product you have bought online or it is defective, you can receive compensation from the credit card company. This also applies to journeys: if you use your credit card to pay for a flight and the airline goes bankrupt before your journey, the credit card company will compensate the cost of your airline ticket.

Flexibility to various life situations

A credit card offers flexibility to your daily life. With a credit card, you can pay larger purchases in instalments that suit your finances, for example. When paying by credit card, you also get an interest-free payment period of 35 days on average.

Transfer of credit to account

You can transfer money from your credit card to your bank account. At and on OP-mobile you can transfer the credit facility of your OP Classic, OP Gold, OP Platinum or OP Duo to your bank account.

Transfer credit from your credit card in the service

  1. Log into the service
  2. Select Omat kortit (My cards)
  3. Select the card from which you wish to transfer credit
  4. Scroll on the page to Luottotili (Credit account)
  5. Select Siirrä luottoa tilille (Transfer credit to your account)

Transfer credit in the service

Transfer credit from your credit card on OP-mobile

  1. Log into OP-mobile
  2. Go to Accounts and cards
  3. Select the card from which you wish to transfer credit
  4. Select the Bill page on which you will find the credit transfer feature
  5. Select Transfer credit to your account

Paying a bill on credit

To pay a bill on a credit card, transfer credit to your bank account in the service or on OP-mobile within your credit limit.

Credit card’s minimum monthly payment

When you pay with a credit card, you can decide how you wish to repay the credit used. You can either pay the entire outstanding balance without interest or repay the balance in monthly payments that suit you. If you choose the monthly payments, you repay the balance and pay interest and possible service fees.

You need to pay at least the minimum payment per month for the credit you have used. On OP-Visa and OP Duo cards, the minimum payment is determined on the basis of the outstanding balance. The minimum payment is 2% of the outstanding balance on the billing date or at least 30.00 euros. If you have applied for the credit after 1 December 2021, the minimum repayment accounts for 3% of the outstanding balance. As the outstanding balance decreases, so will the minimum payment.

Product Protection Insurance is issued by Pohjola Insurance Ltd. The cards are granted by OP Retail Customers Plc.


How to start using your new card?
Four easy steps how to start using a new card. Read more!
Henkilö tekee luottorajan korotushakemusta puhelimella OP-mobiilissa.
How to change your credit card limit yourself
You can increase the credit limit easily and free of charge in the service or on OP-mobile.