Is the Nubank Credit Card good? Find out if it's worth applying for

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Well, if you are looking for this answer, this content will answer all your questions. We have listed the main objections of consumers and other details about the card.

In the text below you will learn exactly about:

What is Nubank?

Nubank is simply the first fintech, or startup if you prefer, to become a so-called “unicorn”, that is, a company that reached 1 billion dollars in market value.

But that's not all, as the institution, by offering a credit card with no annual fee and generous limits in 2015, consolidated itself as one of the most interesting options on the market, even taking space from large banks.

The company even won award for best bank in Brazil in 2019 in a survey carried out by Forbes, and to this day Nubank continues to reinvent itself.

The “little purple one”, as it is affectionately nicknamed by customers, has increasingly started to add more banking services that can be done via cell phone, and this has attracted more consumers.

The bank grew and is now present in practically all of Latin America and in mid-2021 the institution took its boldest step and carried out an IPO, so today Nubank is a publicly traded company on the Stock Exchange.

Even with all this evolution in this space of just over 7 years, Nubank continues to improve and offers more and more benefits to its credit card users, as we will see in today's content.

Is the Nubank credit card good? Is it worth it?

In the beginning, Nubank was a credit card that was relatively easy and quick to acquire, and this was the trump card that attracted many customers, however, at the time it was basically a simple credit card.

Today, the app already provides practically all banking services, with liquid investment options that yield more with savings, benefits clubs such as Nu Rewards and even the opportunity to buy company shares.

Customer service could be a weak point, Nubank managed to resolve it well, and their customer service via chat is fast and efficient.

Another major advantage of the bank, especially in relation to its more traditional competitors, is that the loans offered by Nubank have much more affordable interest rates.

Therefore, our conclusion is that it is worth having a Nubank credit card, as long as you take advantage of the other services as well. Oh, it is worth mentioning that currently the approval process may not be as fast as it was in the past, but it is still worth applying for yours, after all, until today it has zero annual fees.

How does the Nubank credit card work?

Nubank's entire premise was to eliminate the vast majority of bureaucracy that traditional banks impose on their customers, and in fact, requesting a credit card with a generous limit in a few clicks on your cell phone was something they brought to the market.

This was done by betting mainly on technology, and even with all the company's growth in recent years, the bureaucracy involved in opening an account at Nubank is virtually non-existent.

The institution's customer service is extremely efficient and completely online, via chat, email or telephone, with a specialist and human team ready to assist you.

What started as a simple credit card with no annual fee, today also offers a digital account service with no fees and returns above savings, the Nubank Rewards benefits program with points that do not expire, transparent personal credit with attractive interest rates, accounts for companies, investments and a debit function on your card.

How is it possible to pay installments in advance?

Initially, when paying installments in advance, the customer receives a discount on the payment and also releases the card limit.

The most interesting thing is that with this adjustment you have more autonomy to avoid debt.

In other words, at the time of purchase, if you regret the installment plan, you can resolve this with this service.

Everything is done online through the app, just enter the number of installments you want to pay in advance. The discount amount is volatile and changes according to demand and the number of payments received on the day.

How does the travel notice work?

First of all, when you travel abroad, you need to activate the travel warning. But don't worry, this can be done directly in the App.

In fact, you don't need to inform your destination, or the amount of time you will be outside the country.

Exchange Rate Variation x Nubank Card

Well, as mentioned at the beginning, Nubank does not charge currency fluctuations for international payments. That is, the dollar is frozen on the day the purchase is processed.

Thus, at the same time the amount is converted and charged in reais, our local currency.

Is it possible to make top-ups and donations with the Nubank credit card?

Another important point to highlight is regarding prepaid cell phone top-ups and donations. With the card, you can do this instantly using your smartphone and credit limit.

Nubank card limit

Nubank performs a credit analysis to release the card limit, but they are generally generous, and as you spend money with the card, the limit can increase.

You can request this directly in the bank app and even ask for a limit extension for a one-off purchase.

Remember that this may or may not require analysis, it varies from case to case. In addition, Nubank is also a credit card that approves even with a low score!

Can someone with bad credit apply for a Nubank credit card?

Originally, the bank did not provide credit cards for those with bad credit, however, in 2021 a new card was launched that allows those with bad credit to make purchases in installments.

This new function comes in the form of a card with no pre-approved limit and to have the limit released, the customer needs to reserve an amount in their account, which will be unavailable for use while the customer makes purchases on credit. 

This way, the money set aside remains in your account and is only separated from the remaining amount to cover the installment expenses on the card.

Nubank Rewards: what is it?

In short, Nubank Rewards is the institution's rewards program. However, you need to pay a monthly fee to participate. Recently, the membership fee was R$$19.90 per month.

Each real spent on purchases corresponds to one point. The sum of these points can only be used as a discount on the invoice.

In other words, no airline miles or special discounts at other establishments.

Therefore, purchasing this package is only worthwhile if your limit is high and if you are going to use the card quite frequently.

How does installment payment work?

If, during the negotiation of a purchase, the store owner does not offer the number of installments that fit your budget, you can resolve this problem in the following way:

You make the purchase in cash, and then in the app you choose the number of installments you want to pay!

The consumer contracts the service via cell phone, without needing the store's approval. However, the amounts must be above R$$20.00 and the invoice must be open.

If the Nubank credit card is good, then the interest rate must be one of the lowest?

Basically that, but it all also depends on your credit analysis and financial health at the time. The revolving interest rate charged by the institution varies from 2.75% to 14%.

On the other hand, if the consumer goes over budget or has a financial mishap, it is possible to pay the bill in installments. However, the interest charged is 7.75% per month.

IOF is charged on all international purchases and withdrawals, recently this fee was 6.38%.

Advantages of the Nubank credit card

In the beginning, the main and perhaps only advantage of the Nubank credit card over others was that it had no annual fee, but as the company grew, it now offers many more benefits, such as:

Disadvantages (but don't be discouraged!)

No air miles;

The points program is paid;

There are fees for making cash withdrawals from the digital account.

I've decided that the Nubank credit card is right for me, how do I apply?

If you've come to the conclusion that the Nubank credit card is right for you, then now is the time to apply. First of all, to join you need an invitation.

This can be done in two ways: the first is by filling out a registration form on the website. The second is by receiving a recommendation from a friend.

After this step, just wait for the response regarding the released limit that is sent to the registered email. In the meantime, you can use the Nuconta and the debit card, which are released immediately.

Finally, it became clear that yes, the Nubank credit card is good, but it is not perfect, like no other.

The big question is that we have seen that in just a few years of history, the financial institution has been increasingly improving its products and still maintaining the essence of not having bureaucracy, therefore, we can say that it is a good option to acquire a credit card that meets your needs.

Learn more about Nubank on the website ➔
By: Jonathan updated ago 6 months back