Credicard Zero, a card with no annual fee from the Itaú Unibanco group, surpassed the mark of 1 million units issued in Brazil. Nubank’s competitor became Credicard’s main product in 2018, and already accounts for 37% of the total base. The company attributes success to the strategic decision aimed at positioning the brand in the digital environment.
In a note, Credicard states that the launch of the product was a “response to the change in behavior of customers, who increasingly value practicality, efficiency and transparency”. Credicard Zero is controlled through an application and gained international acceptance in 2018. Currently, the card is used in more than 100 countries. For comparison, Nubank, which has been operating in this market for seven years, reached 25 million customers in June 2020.
According to Credicard, users usually use the zero-annual card mainly to make purchases in supermarkets (about 14%), pay for transport applications (10%) and order fast food (6% spend on fast food).
Since 2019, plastic has had contactless technology, for payment by approximation, and has even won a special limited version, aimed at the gamer audience – the action happened in partnership with Ubisoft to honor the game Assassin’s Creed.
Group reinforced digital strategy with new product in 2020
In June, Credicard announced a new card with no annual fee, which works through an application. Credicard Beta tests new features in its user base, such as how to join via registration on the smartphone app. It allows withdrawals in Brazil, with a fixed amount of R $ 10 per operation. Despite the similarity, Credicard Beta and Zero are totally different products.