Maximum cost of credit of OP credit cards

We have renewed our monitoring of total costs of new credit cards. If the costs of your credit card exceed the so-called cost cap during the year, we will refund you the excess amount. We are automatically monitoring the accumulation of the costs. That is to say, we take care to ensure that the costs of credit cards remain at a reasonable level.

What is the cost cap all about?

The new so-called cost cap is applied to credit card agreements made as of 1 September 2019. Based on the credit limit, a maximum cost is set for credit cards under the Consumer Protection Act. 

We automatically monitor the total costs of credits on your behalf. A maximum of EUR 150.00 per credit per year is charged. These costs are also subject to a maximum amount tied to the credit limit.

This improvement benefits especially those of our customers who often transfer credit to their account or withdraw cash from a credit card at an ATM. Our goal is to keep the costs of all credits reasonable for all our customers.

The Consumer Protection Act also sets a 20% maximum interest rate cap on credits and loans. This new regulation will not affect the interest rates of our credit cards as the nominal interest rate of all OP credit cards remains below the interest rate cap.


Which costs are taken into account in the cost cap?

When calculating the cost cap, the costs known to the lender and payable by the cardholder due to the credit relationship are taken into account as costs of credit. These include, for example, the card’s monthly charge, the account service charge, charges for transferring credit to account and costs incurred by withdrawing cash from credit at an ATM both at home and aboard.


Why does the bill show a refund and how does the refund process work?

If the costs of your credit card exceed the cost cap during the year, we will refund you the excess amount.
This excess amount will be refunded either during the same billing period or, at the latest, the next one. Your credit account will be refunded, meaning that the refund will show both in the credit account’s transactions and your bill.