While Nubank offers its customers the possibility to have NuConta and apply for a debit and credit card, the diary is a bank that works only with the latter's offer. In both institutions, you need to pass credit analysis to take advantage of the card service, which can take an average of ten working days on average. Despite similar products, banks have some differentials that can be decisive in consumer choice of service, such as revolving interest charges or the possibility of having a debit card enabled. Next, learn more about the operation of the two digital institutions in questions and answers, listed by the TechTudo.
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Nubank or say? Compare features of digital banks Photo: Rubens Achilles / TechTudo
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1. How do services work?
Nubank is a digital bank that offers its users control of their account and digital cards through the app of the same name. THE fintech It has no physical agencies, so any issues regarding the use of the service must be resolved in the app.
Nubank's flagship product is the Mastercard-branded "purple" card, which has become popular mainly among young people for not charging annual dues. The user can choose to use the physical or virtual card the latter available for consultation within the app. In addition, customers can get discounts on their invoices in case of prepayment. Recently the company launched NuConta, a current account service that also gives the user the possibility to use a debit card. Through the application, you can view bank balance, invoices, make free transfers to other banks and payments.
The digit also positions itself as a digital bank that does not charge annuity or revolving credit interest. To apply for the Visa-branded digital card you do not need to have an open bank account. The service also offers expense tracking through a free application, where you can view and pay invoices, adjust thresholds and payment dates, among other functions. The digit differential is the digioCash service, which allows the customer to transfer part of their credit card limit to a savings or checking account. You can pay the amount up to 12 fixed times and the money is available in the account within one business day.
Both Nubank and Digest offer 24-hour chat services in their applications, so users can resolve issues or issues related to their accounts.
The Nubank Card Licensed by the MasterCard Banner Foto: Divulgao / Nubank
2. How to become a customer?
The biggest advantage of digital banks like Nubank is that I can open an account and order products through apps. This avoids bureaucracies and queues generally associated with physical agencies.
To become a Nubank customer you must be 18 years of age, have a residence in Brazil and have an Android or iPhone (iOS) smartphone. Then you need to request the service and make a registration through the site, application or recommendation of a friend who is a user. The processes for opening a NuAccount or acquiring a credit and debit card are different. Opening an account requires only the analysis of registration data to be released and even people who have been denied or not approved to use the credit card can apply to NuConta. After opening, you can apply for the debit card through the app. On the other hand, to be a credit card user it is not necessary to have a NuConta, but the company carries out a credit analysis of the customer who can only use the service if it is approved.
To become a digio customer simply download the company application, enter personal data, send photos and scanned documents and wait for credit analysis. Within 15 working days, the user will receive a response from the bank about their approval; if it occurs, it will also receive a token to continue with the next step of the request. After completing the registration, the customer must wait another five working days to get the final answer on the use of the service.
The daily bank offers its customers the credit card service without annuity Photo: Divulgao / diaio
Both companies do not charge annuity for credit card service. However, with regard to interest collection, the daily stands out for the absence of revolving credit. Thus, in late payment of the credit card invoice, the user must pay the amount and bear the arrears and installment interest. Nubank and daily rates for these cases are as follows:
- Nubank: fine of 2% on the outstanding + revolving balance (2.75% to 14% per month) + IOF;
- say: 2% fine on the outstanding balance + late interest (10.99%) + IOF.
Remember that NuConta does not have maintenance fees and does not charge for the transfer service between banks. The only fee paid by the user for ATM withdrawals: $ 6.50 per use.
Nubank's application interface is clean and intuitive and offers all services available to NuConta or credit card customers. To find the resources or perform actions regarding the services just touch the phone screen. From the first screen of the app, you can see information regarding invoices and purchases made, organized in chronological order. In other sections of the application you can make payments, transfers and actions related to the credit card such as blocking the card or changing the due date of the invoice. If necessary, the user can request within the platform 24-hour service via chat with bank support.
The digit also has a simple and functional design. In addition to the basic features that help the user to manage their credit card spending, the platform allows you to control finances and perform actions linked to the service, such as card lock or unlock, advance payments and even installment payments. Just like Nubank, the Digiman offers a 24-hour chat through the app to solve possible credit card issues.
Digital app interface show timeline that gathers information about the use of the credit card of the user Photo: Divulgao / diaio
5. What are the main extra functions?
Nubank and Digio apps offer extra services to their users. In the Nubank app, it is possible to consult a location map of the establishments where purchases were made with the digital card, facilitating the management of the use of the service. For customers who have only the credit card, it is possible to activate the debit function in a few steps through the application. There is also Nubank Rewards, a user loyalty program, which can accumulate points by using the card for payments and then redeem them for invoice allowances or exclusive discounts on the purchase of products and services from partner companies.
In the digital application, the customer can pay up to 12 times the digital card bill. It is worth mentioning the possibility of transferring part of the credit card limit to savings or checking accounts through the digioCash program. You can also perform 24-hour mobile recharges, view spending, and enable invoice payment reminders. In addition, the Digio has a referral program: each new indicated and approved user can earn up to $ 15. The differential of the application is the DigioStore function, a kind of marketplace that allows the purchase of products linked to services like League of Legends, Uber and Xbox One all within the app itself.
Nubank Rewards is the operator's own loyalty program Photo: Divulgao / Nubank
Nubank vs. say
|Fees and Annuities||Nubank||say|
|Withdrawal Fee||$ 6.50||–|
|Revolving Credit Interest||2.75% to 14% per month||Don't have|
|Interest on arrears||1.99% to 15% per month||10.99% per month|
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