Having a credit card is a dream for many people, however, having your name on the SPC/Serasa (Brazilian credit bureaus) can delay that dream for many months! If this is your case, don't worry, check out the best credit card option without a credit check!
Through credit protection agencies, customers' scores are evaluated based on their debts, bank transactions, and asset settlements; therefore, a low score and a negative credit history are very damaging!
In this way, we will look at the best credit card options without credit checks, which evaluate other external factors; the credit score being one of them;
What is a score?
A bank score is a credit rating that ranges from 0 to 1000 points; it corresponds to the score/chance of a client paying their bills within a 1-year period; being one of the crucial factors when analyzing credit for credit card applications, financing, or bank loans
Therefore, if you have a negative credit history and need a credit card without a credit check, having a good credit score is the first step; with a low score, the chances are almost nil!
How to increase your credit score?
If you have a low credit score and want to increase it, you need to complete certain tasks over a specific period to successfully complete the evaluation. These tasks consist of basic things like: paying off debts, using your CPF (Brazilian tax identification number) through purchases and issuing invoices, and finally, carrying out financial transactions using the CPF of the account holder
Although there is nothing official regarding the increase in the score, the factors above are the most used by specialists during these analyses; on average, after 3 months of performing these activities, the credit limit is approved
Now that we understand how credit analysis works, let's look at the main no-credit-check credit cards that exempt customers from having a clean record with credit protection agencies;
Simple box
This no-credit-check credit card is more focused on older customers, up to 75 years old, who need to make purchases more conveniently and with interest rates well below market standards
The simplified teller machine is geared towards retirees and pensioners of the INSS (Brazilian National Social Security Institute); it is accepted not only in Brazil but also abroad and carries the Elo card brand
Furthermore, the Caixa Simples credit card bill, without any credit check, is deducted directly from the retiree's paycheck, and the customer is also exempt from annual fees;
Pan Card
The Pan card is available even for those with a negative credit history, and does not require any consultation with SPC/Serasa (Brazilian credit bureaus), and even includes the option of bank withdrawals, similar to a debit card;
It can even be requested online and is ideal for public servants and retirees/pensioners of the INSS (Brazilian National Social Security Institute); offering options for payment orders and direct deposit into a bank account
Its advantage is its limit of up to twice the retiree's salary, not to mention the interest rates, which are 4 times lower than those of conventional loans;
Olé Card
Although the Olé card is available without a credit check, depending on the model, additional checks with credit bureaus may be required; it is a VISA card and can be applied for online, making it excellent for public servants and retirees
It is accepted throughout Brazil and allows cash withdrawals from the card at any 24-hour ATM
Conclusion
All the cards mentioned above fall into the category of no-credit-check credit cards and can be requested by anyone; however, they are primarily aimed at INSS (Brazilian National Social Security Institute) employees and pensioners, but anyone can apply for them!