Advanzia Bank

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  Advanzia Bank SA
logo
Country LuxembourgLuxembourg Luxembourg
Seat Munsbach (municipality of Schüttringen )
legal form Société Anonyme
BIC ADVZLULLXXX
founding 2005
Website www.advanzia.com
Business data 2018
Total assets 1,492 million euros
Employee 163
management
Corporate management

Roland Ludwig
Frank Hamen

Seat of the bank in Munsbach

The Advanzia Bank SA is a direct bank based in Munsbach ( Luxembourg ). It has had a banking license in Luxembourg since 2005 and is therefore also active in other countries and is majority owned (as of May 2020: 60.00%) by Kistefos AS, Oslo (Norway), which is wholly owned by Christen Sveaas. The bank's main product is a free MasterCard gold credit card.

Products

The Advanzia Bank offers credit cards as Mastercard under its own brands and as various co-brandings in Germany, Luxembourg, France, Austria and Spain, as well as an “Advanziakonto” overnight money account .

particularities

In contrast to German banks, because the company is based in Luxembourg, no Postident procedure is required to open an account ; it is sufficient to send a copy of your ID by e-mail . Withdrawals can only be made to an account from which deposits have already been made. For European customers, a tax report is sent to the tax office. Regardless of this, the interest income for bank customers with unlimited tax liability in Germany must be declared and taxed in the German tax return.

Deposits are protected by the Luxembourg deposit insurance fund ( AGDL ) up to an amount of 100,000 euros. Monthly statements for credit card and overnight money accounts are sent to customers by e-mail and can also be accessed via their personal online account. Customers who have not given an email address or who have deleted it will receive an invoice by post. The credit card bill is not withdrawn from the account, as is the case with most German credit card companies, but must be transferred by the customer himself ( revolving credit ).

criticism

This article or the following section is not adequately provided with supporting documents ( e.g. individual evidence ). Information without sufficient evidence could be removed soon. Please help Wikipedia by researching the information and including good evidence.

Advanzia Bank applies the following, rather unusual contractual conditions:

  • The minimum deposit in the call money account is 5,000 euros. From a deposit of 5,000 euros, interest is paid on the entire balance from the first euro. If the deposit falls below this amount, no interest will be credited.
  • For cash withdrawals with the credit card, 19.94% p.p. applies from the date of the transaction until the outstanding amount is repaid. a. (1.49% per month) interest.
  • If the customer transfers less than the total amount when the credit card bill is due or pays after the due date, the bank will charge 19.94% p. a. Debit interest from the transaction date to the repayment of the outstanding amount. In the event of delays or payments below the total amount, this can lead to a disproportionately high interest charge, because the interest is suddenly no longer calculated from the due date on the outstanding amount, but retrospectively from the transaction date on the entire transaction amount, i.e. also on the part paid on time.

The Advanzia Bank has been criticized again and again for this. On June 1, 2011 , the district court of Singen (Hohentwiel) saw an unreasonable disadvantage for the customer in the debit interest calculation if the payment term was exceeded by only a very short period of time or only a slightly lower amount was transferred, and thus interest was charged from the day of the transaction be asked. In order to take this criticism into account, the Advanzia Bank refrains from calculating debit interest if it is only a slightly late settlement (3-5 days after the due date) or an erroneous and minor underpayment (e.g. rotated number) acts.

In recent years, the overnight money offer has received the financial test quality rating from Stiftung Warentest “permanently good”, which relates exclusively to the level of the interest rate.

Web links

Individual evidence

  1. ↑ Entry in the BIC directory at SWIFT
  2. ↑ advanzia.com: Advanzia Annual Report 2018 , accessed on October 18, 2019
  3. ↑ Active Investments | Kistefos. Retrieved on May 19, 2020 (nb-NO).
  4. ^ Website of the "Association pour la Garantie des Depots Luxembourg"
  5. ^ District court Singen / Hohentwiel, Az. 11 C 167/10
  6. ↑ Interest test by Stiftung Warentest In: Finanztest 01/2014, p. 37 and test.de from December 17, 2013.

Coordinates: 49 ° 38 ′ 21.3 "  N , 6 ° 16 ′ 12"  E