Nubank's credit analysis uses not only criteria , but also information from various public databases. Furthermore, all these analyses generate a score that the institution uses to distinguish between customer profiles.
Currently, all citizens over 18 years of age who register with Nubank have access to a digital account. Customers thus acquire a debit card to make purchases and withdrawals. However, to obtain a credit card from this institution, it is necessary to pass a credit check.
Nubank's credit analysis is based on information from various public databases, as well as internal criteria. Furthermore, a score is determined from all these assessments, which the institute uses to distinguish between customer profiles.
Despite these criteria, the digital bank states that it constantly reviews the approval criteria for consumption and analysis. 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 constantly announces new features since the launch of Nuconta, the virtual card, and the rewards program. The Nubank digital account allows customers to make deposits into the account, and that amount will earn money.
Currently, it's not possible to withdraw the money, but it can be used to pay credit card bills or to pay electricity, water, and utility bills, for example.
The digital card is intended for people who have not yet received their physical card in the mail, but who can already use it to make online purchases. Or even for people who want more security when shopping online; a different security number is generated for each purchase.
When you first 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 think very quickly.
There are two ways to get a credit limit increase on your Nubank credit card. Nubank itself will issue it, often with estimates, based on card usage. The second way is when a customer asks via their mobile phone how much they want an increase, and within seconds a positive or negative response arrives on their phone and email.
Nubank credit card: what is the approval process like?
Regarding the application process, many people are waiting in line for a proposal. According to the Fintech company, different criteria are used, but the most important factors are financial history, and whether the person has a clean record and credit score.
For most of us, getting approved wasn't difficult. A few days later, the confirmation arrived. Very positively, Nubank doesn't ask for any proof of income. However, they do ask for mobile phone photos of your personal documents and a selfie.
Anyone who receives a Nubank card will also receive invitations to become a Nubank member, which increases the chances of another person 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. However, keep in mind that the card has above-average interest rates for those who do not pay their bill on time or even do not pay it at all. The same applies to card withdrawals.
Regarding the credit limit, we found the company to be flexible. Increases are accepted from time to time. The limit might come as a surprise, since no proof of income is required.
The app couldn't be missing from our Nubank review. The app is very intuitive and easy to use; all the information is easily found. It was recently updated, improving the user experience by separating the card, account, and rewards. For security reasons, you need to authenticate your mobile phone once through the app.
How do I get my Nubank credit card?
Early adopters can request a Nubank card through the official website or via the app (Android and iOS).
To do this, simply enter your CPF (Brazilian tax identification number) and fill in basic information such as:
- Name;
- address;
- email address;
The proposal is then sent to the bank for review, where the bank assesses 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.
In addition, 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, since requesting a Nubank card via 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, they can simply click on the link provided and download the application to complete the process.
How do I unlock my Nubank credit card?
After receiving the physical Nubank card at the registered address, it is necessary to unlock the functionality.
Friend recommendations can be made through the application in a simple way.
To do this, simply open the application and click on the "Unlock card" option. The card details will be requested for recognition.
Simply confirm and the option will be available for use.
It's very simple and easy; by following the step-by-step instructions, your Nubank account will be ready to use.