Nubank's credit analysis uses not only criteria but also information from several public databases. Furthermore, all of these analyses generate a score that the institution uses to distinguish between customer profiles.
Currently, all citizens over 18 who register with Nubank have access to a digital account. Customers then acquire a debit card for purchases and withdrawals. However, obtaining a credit card from this institution requires a credit check.
Nubank's credit analysis is based on information from several public databases, as well as internal criteria. Furthermore, a score is calculated from all these tests, which the institute uses to distinguish between customer profiles.
Despite these criteria, the digital bank states that it constantly reviews its approval criteria for consumption and analysis. The fintechs also point out that if a person has requested an analysis but has not been approved, it is recommended that they resubmit the request after three months, as the situation may have changed.
It's always evolving. Nubank has been constantly announcing new features since the launch of Nuconta, the virtual card, and the rewards program. Nubank's digital account allows customers to make deposits into the account, and that amount will earn money.
So far it is not possible to withdraw the money, but it can be used to pay the card bill or to pay electricity, water and utility bills, for example.
The digital card is intended for people who haven't yet received their card in the mail but can now use it to make purchases online. Or even for people who want more security when shopping online, a different security number is generated for each purchase.
When you apply for a Nubank credit card, your credit limit may not be as high as you expected. However, over time, this limit will increase, and we expect it to increase quickly.
There are two ways to grant a credit limit increase on your Nubank credit card. Nubank itself will issue it, often with estimates, as the card moves. The second way is for a customer to ask on their phone how much they want the increase, and within seconds, a positive or negative response arrives on their phone and email.
Nubank credit card: what is the approval process?
As for the application process, many people are waiting in line for a proposal. According to Fintech, different criteria are used, but the most important are financial history, whether the person has a clean credit history, and whether they have a clean credit score.
For most of us, getting approved wasn't difficult. A few days later, confirmation arrived. Most importantly, Nubank doesn't require any proof of income. However, they do ask for cell phone photos of your personal documents and a self-portrait.
Anyone who receives a Nubank card will also receive invitations to become a Nubank member, which increases the chances of someone else being accepted.
In fact, there are no additional fees, except for the Nubank Rewards fee, but only those who choose to join the points program pay it. Keep in mind, however, that the card has above-average interest rates for those who don't pay their bill on time or at all. The same applies to card withdrawals.
Regarding the salary cap, we found the company to be flexible. Raises are accepted from time to time. The cap may come as a surprise, as no proof of income is required.
The Nubank app couldn't be left out of our Nubank review. The app is very intuitive and easy to use, with all the information easily found. It was recently updated, improving the user experience by separating the card, account, and rewards. For security reasons, you must authenticate your phone once through the app.
How to get your Nubank credit card?
Early adopters can apply for a Nubank card through the official website or through the app (Android and iOS).
To do so, simply enter your CPF and fill in basic information such as:
- Name;
- address;
- email address;
The proposal is then sent to the bank for analysis, where the bank evaluates the possibility of issuing a credit card.
If approved, the customer must continue the process through the Nubank app, selecting:
- pre-approved total limit;
- the best date to close the account;
- a password for the card.
A digital signature will also need to be sent via the mobile phone screen to confirm the details.
Once these steps are completed, the card will be produced and sent to the address indicated in the profile.
Additionally, it is also possible for the user to request a Nubank card through an invitation from a friend.
The goal of this option is to increase customer engagement, as requesting a Nubank card by invitation reduces the waiting time for analysis.
To do this, simply select 'Request an invitation' in the app and select the contact who uses Nubank.
Alternatively, if the customer already has an invitation, simply click on the link sent and download the application to complete the application.
How do I unlock my Nubank credit card?
After receiving the physical Nubank card at the registered address, you need to unlock the functionality.
Recommending friends can be done through the application in a simple way.
To do so, simply launch the app and click "Unlock Card." You'll be asked for card details for recognition.
Just confirm and the modality will be available for use.
Very simple and easy, following the step by step your NUBANK will be available for use.
