Norwegian Finans Holding ASA: Update on the Bank Norwegian credit card
The Bank Norwegian credit card, in cooperation with Norwegian Air Shuttle ASA (NAS) and Norwegian Reward AS, is one of the largest credit card reward programs in the Nordic region, with approximately 1.3 million credit card customers. The program offers CashPoints which may be used for paying air line travels with Norwegian Air Shuttle, in parts or in full.
Following the ongoing NAS restructuring process, NAS has today announced to their customers that holders of CashPoints will not be able to earn and spend CashPoints until after the reconstruction and examinership process.
However, Bank Norwegian customers will continue to earn CashPoints under the existing agreements on purchases made by their Bank Norwegian credit card.
As an alternative, due to the consequences on CashPoints as well as the ongoing effects from Covid-19 and travel restrictions, Bank Norwegian will also offer our customers a choice of temporary cashback. Cashback will be offered on purchases made with the Bank Norwegian credit card. The customers may choose between CashPoints and cashback online or in the Bank Norwegian app. The cashback offer will be available until further notice.
There are no significant changes in the financial exposures to NAS since previous updates, at latest in our general investor presentation from 11 December 2020, published at https://www.banknorwegian.no/Omoss/InvestorRelations and www.newsweb.no.