Business

XP launches a credit card and plans to manage BRL 1.4 trillion

Instead of the traditional cashback, the new credit card offers "investback", which allows a return of a purchase percentage that can be used to invest in the XP platform

Photo: XP/Courtesy
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  • Issued under the Visa banner, the international card is exempt from annual fees and, according to XP, has a lower interest rate on revolving credit than those practiced by the market;
  • XP’s chief executive, Guilherme Benchimol, says that in 2021 the company may also launch its digital account and debit card.

Brazilian investment platform XP launched its credit card on Wednesday as part of its strategy to diversify the offer of financial services to expand the relationship with customers and double the resources under its management to BRL 1.4 trillion.

The credit card offers a reward system for purchases made with it. Instead of the traditional cashback, the new product offers “investback”, which allows a return of 1% on all purchases and between 2% and 10% on purchases made in the marketplace. The resources can be used to invest in the platform.

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Issued under the Visa banner, the international card is exempt from annual fees and, according to XP, has a lower interest rate on revolving credit than those practiced by the market.

XP’s chief executive, Guilherme Benchimol, says that in 2021 the company may also launch its digital account and debit card.

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“The new banking products will enable us to bring XP more customer resources that are deposited with other institutions,” says Benchimol. “With that, we will be able to double the resources under our management.”

Translated by LABS.

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