Nubank, one of the world’s largest digital financial services platforms, announces a new credit card feature exclusively for young people between the ages of 16 and 17. The Nu Card for under-18-year-olds with the credit function has its limit defined by the amount saved by the customer in a Money Box/”Caixinha” (a savings/money management feature), allowing teens to learn about credit and build a positive history without losing control of their finances. If the bill is not paid, the amount is automatically debited from the Card’s Money Box. The launch reinforces Nubank’s commitment to offering safe options for minors.
Parental Control and Young Autonomy
Legal guardians will be able to closely monitor the use of the young person’s credit card through the Parental Control feature. This existing feature allows for the monitoring of the Nu Account for Under-18 and will now also grant access to the customer’s credit transactions. To use it, the guardian must be a Nubank customer, have requested the account for the minor in the app, and then access the profile icon and the option “Conta para menor de 18 anos” (Account for under-18).
Young people will be able to manage their own card autonomously, without needing to use their parents’ data or passwords, and will also see their money earn returns. Furthermore, educational missions to teach practical ways to save money and use credit intelligently will soon be part of the experience.
Encouraging Responsibility from an Early Age
“The choice of Money Boxes to define the credit limit reflects a behavior already consolidated among Nubank’s young customers. 47% of this group have active Money Boxes. It is a safe way to start these young people’s credit journey, encouraging planning and responsibility from an early age,” says Felipe Sotto-Maior, senior segment manager.
With the new feature, young people will be able to experience the dynamics of credit in a controlled manner, using the card, for example, for online purchases and digital service subscriptions. “Our under-18 customers are engaged and are part of a generation that was already born accustomed to digital financial services. With a straightforward experience, Nubank widely meets the expectations of this audience,” Felipe adds.
The new credit card feature will be gradually offered to eligible customers aged 16 and 17, and guardians will be notified by email about its availability. The Nu Account for under-18 (without the credit option) is available for children starting at age 6.
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