We are updating how we manage overdrafts to align with European regulations. These rules require banks to provide clearer information about credit limits, so we are now communicating the limits used to monitor overdrafts on your First Card accounts.
This is about transparency and customer protection. We are making visible what has always existed internally. There are no changes to your card, pricing or how you use First Card.
We are sending the information out in batches. If you belong to a group of companies some may receive this information before others do.
A credit limit has always been set when you became a customer. It reflects your company’s overall use of First Card. Previously, this limit was used internally, but it was not communicated. Regulations now require us to make this information visible to customers. Nothing about your card usage has changed.
No. This is not an additional amount you can spend. Your spending limits, card terms, and day-to-day use of your First Card remain exactly the same.
The credit limit reflects your company’s total engagement with First Card and is used by Nordea to monitor overall exposure and overdraft usage. It is now being communicated for transparency.
An overdraft occurs when you spend or owe more than your agreed credit limit.
A default means that you have not met your financial obligations, for example by not paying on time or by remaining over your limit for a longer period.
We monitor overdrafts to ensure responsible credit use and to comply with regulatory requirements. If a situation with unpaid amounts continues for a prolonged period (90 days) it will be classified as a default. This is standard practice across all banks under European regulations.
Temporary overdrafts, for example due to seasonal spending, will not lead to default as long as payments are made on time.
No action is required. This communication is for information only, to explain that the limit exists and is used as part of how Nordea monitors overdrafts.
The credit limit is set by Nordea based on your company’s usage and credit risk. It takes into account factors such as spending patterns and the number of active cards, and it is reviewed regularly.
The limit can be reviewed and adjusted by Nordea over time. If needed, you can contact your advisor to discuss your situation.
No. This change does not affect your credit rating. It is simply making visible an internal limit that has always existed and is used for monitoring purposes.