XP Investimentos to roll out credit card with investment cashback program

Contxto – XP Investimentos is a familiar face within the financial industry of Brazil. And since its IPO debut on the Nasdaq in December of last year, it’s been very busy. Besides making multiple acquisitions, it’s recently dished out more details on an up and coming product. 

Last Monday (20), XP Investimentos announced that in partnership with Visa, it’ll be launching a credit card with a unique cashback program.

At the moment, the card is still under beta testing with some XP Investimentos staff and key partners. However, it will be rolled out to reach more of its customers during the fourth quarter of this year and eventually its entire investor base by early 2021.

XP Investimentos’ credit card

What makes XP’s cashback proposal different from that of other financial institutions? Simply put, it’s built to make investors out of buyers.

Rather than paying back the entire amount, a part of the money goes into an exclusive fund. Meaning, spend more, get part of your cash back, and another share will be invested into an “exclusive” XP fund.

• Related article: XP Investimentos acquires majority stake in fintech Fliper

Moreover, the company will reportedly not charge its cardholders any annual fees. Nonetheless, it will charge its users a “minimal” amount for handling this investment fund.

There is always a catch.

Either way, it is a way for XP to try and make its own credit card stand out from the competition, while also reaping on Brazilians’ rising interest in investing.

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-ML