- The credit card will be launched without annuity rate and offering cashback
- It can can be use not only in Latin America but in any other country
- The credit card will allow users to pay for their purchases by using the contactless method in physical stores
After the announcement of investments to improve logistics in Latin America earlier in June, MercadoLivre has now a new financial improvement for Brazilian clients. In a partnership with Itaú bank and Visa, Mercadolivre launches a new international credit card, according to InfoMoney. It will be available for purchases not only in Brazilian physical stores but also for both international and Brazilian e-commerces.
For end users, the credit card offers two main benefits: the clients will be free of annual fee charges and, the most important, cashback will be offered. It means that the card provides the returning until 10% of the total value of purchases made in the 970 official stores of the MercadoLivre platform. The cash will be returned for the user as a credit in the credit card invoice and there is a limit of BRL 50 for cashback in each purchase.
“The project that we developed together handle with a strong expectation from the public and contribute with the credit card sector goals of getting 60% of representative in Brazilian families until 2022“, said Rubens Fogli, director of Itaú bank, in an interview for InfoMoney.
Read more about MercadoLivre: “Mercado Livre overcomes Twitter in market value“
Besides that, the card is the first product of Itaú bank with contactless technology, which allows users to made purchases by just approximating the card to the card reader, and an exclusive app will be created just for this new card. The main features will be the management of virtual cards for unique purchases, recurrent payments, invoice information, and customer support.
According to the Visa press office, the card will be first released only for a select basis of clients of MercadoLivre. Those who don’t receive an invitation will be able to request one in MercadoLivre platform and the inquiry will be analyzed by a specific team.