RIO DE JANEIRO, BRAZIL – Nubank, Brazil’s largest fintech, today announced the launch of a new card in premium mode, the ‘Ultraviolet’. Made of metal, “three times heavier and stronger than plastic cards,” the product allows 1% cashback that automatically grows by 200% of the CDI rate and never expires.
The card is digital with no numbering, just the customer’s name, and company logo. For the bank, the change is not only visually tidier but also provides greater security, preventing third parties from copying the data without the customer noticing. If necessary, it is possible to query the last four digits of the physical card in the application. To make purchases online, simply activate the virtual card.
The card has the benefits of Mastercard Black, such as travel insurance, access to VIP lounges at airports, protected purchases and guarantees. It is free from a monthly spending average of R$5,000 (US$1,000) with the credit function and/or from R$ 150,000 invested in Nubank or Easynvest by Nubank.
In other cases, there is a monthly fee of R$49, which is automatically debited through the card statement. According to Nubank, the monthly fee with Ultraviolet is about 40% cheaper than the average of black cards from traditional banks, which is R$84 per month.
“Because we value transparency and want to ensure access, the card has no minimum income requirement and only goes through traditional credit analysis for approval.”
The product will be released gradually over the coming months, starting with those who are already customers. Prospective customers can sign up for a list and will be notified directly when the card is available.
In a statement, Nubank co-founder Cristina Junqueira said the current model is outdated. “We built Ultraviolet for the customer who is looking beyond the old premium concept and wants something that combines their own values of what success means,” she said. According to the same release, the new card helps consolidate Nubank’s entire product portfolio.
On social media, the launch has been the target of criticism. Comments point to a lack of innovation compared to what other financial institutions, both digital and traditional, already offer, and that only a small portion of customers will be served, as they are wealthier.