Brazil-based neobank Nubank has launched a credit card for teenagers aged 16 and 17, providing a safe way to learn financial basics and manage spending responsibly.
The Nu Card for under-18-year-olds with the credit feature has its limit set by the amount saved by the customer in a Money Box/’Caixinha’, a savings and money management tool, allowing teens to learn about credit and build a positive history without losing control of their finances. If the bill isn’t paid, the amount is automatically debited from the Card’s Money Box. The launch highlights Nubank’s commitment to providing safe options for minors.
Relying on 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 provide access to the customer’s credit account for the minor in the app. This access will then enable the customer to view the profile icon and the Account for Under-18 option.
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 optimally will soon be part of the experience.
Teaching responsibility from early ages
According to the bank’s officials, 47% of young customers have active Money Boxes. Therefore, the new credit card promotes early planning and responsibility.
With the new feature, young people will be able to experience the dynamics of credit in a controlled way, using the card for online purchases and digital service subscriptions, for example.
The new credit card feature will be gradually offered to eligible customers aged 16 to 17. Guardians will be notified by email about their availability. Additionally, the Nu Account for under-18s without the credit option is available for children starting at age 6.
