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How does Neon work? Know Digital Credit Card Without Annuity | Productivity

Neon is a digital bank that offers its users convenience in opening accounts and using services such as digital and virtual credit cards. Its differential compared to traditional card operators is the absence of fees and monthly fees, such as annuities or registration fees, similar to the operation of Nubank. Being a fully digital bank, Neon does not have physical agencies and the entire process of opening accounts in the institution is done online through the application.

The digital credit card works in the same way as the traditional one and the difference is in the user's greater control over their rates through the bank app, besides the fact that all services and maintenance are performed digitally. To open your account, I need valid documentation and an Android or iPhone (iOS) phone. Check out the top Neon digital credit card related questions answered by dnetc.

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Neon digital accounts can be managed through a mobile app. Photo: Divulgao / NeonNeon digital accounts can be managed through a mobile app. Photo: Divulgao / Neon

Neon digital accounts can be managed through a mobile app. Photo: Divulgao / Neon

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1. What and how does the Neon digital credit card work?

Neon offers the user a fully digital bank account. To open one, I must be 18 or older, have an updated ID or CNH, valid Social Security number, and an Android or iPhone (iOS) phone. With this in hand, the consumer must download the app and register. The bank will make an analysis of the data, which should last about seven business days.

To open an account with Neon, a user must register with the bank app Photo: Reproduo / Maria DiasTo open an account with Neon, a user must register with the bank app Photo: Reproduo / Maria Dias

To open an account with Neon, a user must register with the bank app Photo: Reproduo / Maria Dias

Among Neon's digital account linked products are the physical card and the virtual card, which are already available when opening an account without the need for credit approval. This way, the amount of money available in the account can be used for purchases with the physical card, which should only be used on machines; or the prepaid debit and credit function with the virtual card, which can be accessed through the Neon app and used for online purchases, services and subscriptions.

If desired, the user may also apply for the Neon digital credit card, which is international and free of charge. Upon approval, the credit function is unlocked on the same physical card that the user received when opening the account. The user also gets a second virtual card for online services, and his purchases go to the same invoice as the physical version.

2. What features does the card offer?

Among the main features offered to the consumer of the Neon digital credit card are the zero annuity and the absence of any other type of digital account linked monthly payment. While awaiting the arrival of the physical card, the user may use its virtual version. The card can also be used on international territory.

Neon makes physical and virtual card available to its clients Photo: Reproduction / Maria DiasNeon makes physical and virtual card available to its clients Photo: Reproduction / Maria Dias

Neon makes physical and virtual card available to its clients Photo: Reproduction / Maria Dias

The great advantage of virtual cards is that they are safer to shop online. In addition, the bank does not have physical agencies, which saves users time to resolve any outstanding issues related to their cards.

3. How does the digital account work?

The digital account differs from the traditional account mainly for its practicality. To open one on your behalf, the user can perform the process over the Internet in the case of Neon, it is only possible to apply for a digital account through the bank's mobile app.

The user can solve any problem related to his digital account in the Neon app. Photo: Reproduction / Maria DiasThe user can solve any problem related to his digital account in the Neon app. Photo: Reproduction / Maria Dias

The user can solve any problem related to his digital account in the Neon app. Photo: Reproduction / Maria Dias

Because they are not tied to a physical agency, digital accounts also often bring savings to consumers as they do not charge dues or maintenance fees like Nubank. There are no card issuance fees, as digital accounts offer virtual versions of the object that can be used for online purchases and subscriptions. Neon's digital account also offers benefits such as the free first withdrawal, transfer and billet of the month to its users.

4. What are Neon's rates and fees?

The rates charged by Neon are for bank transfers, withdrawals and other services. Photo: Reproduction / Maria DiasThe rates charged by Neon are for bank transfers, withdrawals and other services. Photo: Reproduction / Maria Dias

The rates charged by Neon are for bank transfers, withdrawals and other services. Photo: Reproduction / Maria Dias

Neon does not have annuity fees or monthly fees linked to account opening or to products such as the credit card. However, services such as TED transfers, bank slips or withdrawals on the Banco24Horas network are charged from the second use in the month. The rates are as follows:

  • R $ 2.90 for the issuance of bank deposit for deposit;
  • R $ 3.50 for transfer via TED;
  • R $ 6.90 for withdrawal at Banco24Horas network.
  • 4% + IOF for international purchases.

6. How does the loyalty program work?

Neon has a loyalty program called Neon +, which exempts us from fees according to your credit card charges. To activate it, I need to use the physical or virtual card on ten purchases within a 30 day period. Upon reaching this number, the user will be able to enjoy free transfers to other banks and unlimited deposits for the next 30 days but only after analysis by the application.

Neon + is the loyalty program that gives discounts on user fees Photo: Reproduo / Maria DiasNeon + is the loyalty program that gives discounts on user fees Photo: Reproduo / Maria Dias

Neon + is the loyalty program that gives discounts on user fees Photo: Reproduo / Maria Dias

Purchases worth activating Neon + are as follows: physical card debit, online digital card, streaming monthly fees (such as Netflix and Spotify), transportation races (such as Uber and 99), and food app orders ( like iFood, Rappi, and Uber Eats).

7. Does Neon have a waiting list?

For those who want to open a digital account in Neon, do not need to waitlist, as can happen in other digital banks. However, the bank makes a cadastral analysis that may take seven days to open the account. At the request of the digital credit card, the term increases to 30 days. The use of the service depends entirely on the approval of the cadastral analysis.

8. What are the differences and similarities with Nubank?

Both Neon and Nubank are 100% digital banks. Unlike traditional banks, which are migrating their services to this new category, both have already been born with the premise of delivering to the user a fully digital account opening experience. The two institutions also do not charge annuities or monthly fees from their users and in both it is possible to request virtual cards. Both Neon and Nubank offer loyalty programs to their users.

The biggest difference between the two banks is in the ease of becoming a customer: while Nubank usually has a queue, its competitor guarantees the process to the consumer within seven days. Although Neon initially only offered the debit mode and Nubank starts its operations solely with the credit function, both financial institutions already operate with both types of service. NuConta, which enables the Nubank user to have the debit function on their card, was recently announced by the bank.

NuConta customers can withdraw money and pay with debit Photo: Paulo Alves / dnetcNuConta customers can withdraw money and pay with debit Photo: Paulo Alves / dnetc

NuConta customers can withdraw money and pay with debit Photo: Paulo Alves / dnetc

Digital credit card turns fever in Brazil: is it worth having one? See the dnetc Forum.

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