Nubank launches feature to add money to the account using credit card limit

São Paulo, January 24, 2024 – In line with the goal of giving people more options to have control over their financial decisions, Nubank announces a new feature to add funds to the account using the credit card limit. The hiring process is quick, 100% digital, and the requested funds are instantly available in the account. The idea is to offer more convenience, speed, and flexibility to customers and help them consolidate their expenses in a single place. The new feature will be gradually rolled out to the user base.

“This product also promotes flexibility, as it offers another option for those who do not have access to loans. The goal is to provide more security to our customers when their account balance is low and in establishments that do not accept credit card payments. It is an additional alternative and expanding financial possibilities”, says Livia Chanes, CEO of Nubank in Brazil. Since the funds added to the account come from the credit card limit, the feature helps provide another form of liquidity for the customer.

In the initial tests conducted with the product, a use case that stood out was for customers who typically made multiple credit card transactions via Pix each month and chose to replace them with this feature – paying interest and taxes on the transfer of the funds to the account, rather than for each Pix transaction.

The installment option for the feature to add funds to the account with the credit card can be done in up to 12 installments, with an average interest rate of 8.5% per month. Like other installment products the company offers, it is possible to make early payments and receive interest discounts.

To hire the service, Nubank customers simply need to access the card section and select the “Charge it all to the credit card” option, where they will find the “Add funds to the account” option. Then, they just need to choose the desired amount, select the number of installments, and confirm the transaction.