Thousands of Nubank customers could lose their cards

The situation at Nubank worries millions of customers

One of the largest digital banks in Brazil, nubank He worried millions of customers would lose their credit cards. According to one of the founders and CEO of the financial institution, David Velez, the situation is alarming.

The situation concerns the interest cap on revolving credit cards. According to the CEO, the situation is detrimental to the financial system and users will lose their cards because the operation will no longer be profitable.

The development of the situation stems from the fact that Nubank has reached 80 million customers. However, the potential maximum interest rate increase can hurt the bank. During an interview with Valor Econômico, Velez said that if this happens, the cap will promote losing cards by tens of millions more effectively.

The CEO also said that although the interest rate policy in the revolving market seems well-intentioned, it could cause major problems in the industry. The principal said he understood the concern about high interest rates, but said there were other alternatives in addition to the ceiling.

We are actively trying, along with other banks, to suggest some other options. But, in my opinion, the solution is to have more competition – which is what the central bank has been doing – and on the other hand, it’s a macroeconomic issue. The high interest rate comes directly from the very high level of inflation, which is now under control, but is something beyond the control of financial institutions. Nubank CEO stated.

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How does a Nobank account work?

To access all the bank’s benefits, you just need to download the bank’s application on your cell phone, be it IOS or Android, and follow the complete steps step by step.

First, press “Start”. Then the financial institution will ask for your personal data. Fill in the required data. Now click accept and continue, and that’s it. Upon completion of the registration, you can enjoy all Banco Digital services.