What is a payroll credit card?

What is a payroll credit card? read the text and discover the main details of this card.

The payroll credit card is a little different from traditional models. It stands out for being more advantageous and aimed at a specific group.

In today's article, you'll find more details about this card and learn how to apply for yours.

So, keep reading this article to learn more. See our index below:

• What is a payroll credit card;
• How this card works;
• What are the advantages;
• Who can apply;
• Required documentation;
• How to apply
• Conclusion.

What is a payroll credit card?

The payroll credit card is an exclusive model for INSS retirees and pensioners, and public servants.

How does this card work?

The payroll credit card works like a regular card; you use your credit limit to pay for your purchases in installments and then pay the bill.

However, it has some differences, for example, the minimum amount of the card bill is deducted directly from the benefit or salary payroll.

Just like the payroll loan, the card also has a assignable margin, in this case, it is 5% of the benefit value.

In other words, the installments on your payroll card bill cannot exceed 5% of the value of your benefit/salary.

In fact, these 5% will be automatically deducted from the payroll.

If your invoice exceeds this amount, the amounts can be paid via a single payment slip or added to the next invoice with interest (revolving credit).

The interest rate on revolving credit for a payroll credit card is 3% to 4.5% per month.

In addition, users of this card can still withdraw up to 70% of their credit limit, but the amount also falls under the consignable margin rule.

This means that the 5% are for card expenses: bill and cash withdrawals.

Now that you've discovered what is a payroll credit card and how it works, see the main advantages below.

What are the advantages of a payroll credit card?

A payroll credit card can be up to 5x more economical than traditional cards. This is because interest rates are lower, thanks to the secure nature of the transaction.

The bank guarantees that the minimum invoice amount will be paid, which is automatically deducted from the benefit, and is therefore able to offer better payment terms.

The interest rate depends on each institution, however, there is a ceiling set by law, therefore, it cannot exceed 2.70% per month.

The second advantage to highlight is that there is no SPC or Serasa check, meaning even those with bad credit can apply for this credit card.

Furthermore, it is less bureaucratic and easy to approve.

With this card, you can pay for your purchases in installments in the same amount as the loan.

The term ranges from 72 to 84 months. Some institutions can extend it to 120 months. Imagine making a purchase and being able to pay in installments over such a long term, right?

Finally, it's worth noting that you can also have a great limit with your payroll credit card.

This is because it can reach up to 1.6x your benefit/salary. Some institutions can release even more than that, for example, Banco Pan, which releases up to 2x.

Well, we're sure that when someone asks you what is a payroll credit card, you will already know how to answer perfectly what it is and how it works.

Now, see below that you can request one.

Who can apply for a payroll credit card?

The payroll credit card can be requested by a person with a fixed income and/or a link with Social Security, they are:

• INSS retirees and pensioners;
• Federal, municipal or state public servant;
• Private network employee.

Some institutions do not offer this option to private sector employees, only to INSS retirees and pensioners, and public servants.

The rules, interest and approval criteria are defined by each agreement, each with its own methods.

However, the value of the assignable margin and payment method do not change, regardless of the institution.

Documents required for hiring 

Normally, the contract is very simple, not many documents are required, just:

• Identification document (RG or CNH);
• CPF;
• Proof of income (pay slip or INSS consignment statement).

Documents must be up to date, for example, the ID card cannot be more than 10 years old and, if possible, with the CPF number already included.

How to apply

If you are eligible to apply for this card and want to know where to apply, you need to look for a partner institution that offers this product.

There are many options, among the best known, we find, for example:

• Banco Inter payroll card;
• Banco Pan;
• Cetelem;
• Daycoval;
• Agibank;
• BMG Bank.

Go to the website of the institutions you want and look for this item and request yours.

The Cetelem Bank card can only be requested in person or by WhatsApp, but on the website you can find the card information and the number to use to request it.

Conclusion

A payroll credit card is an advantageous and easy-to-obtain option, but you still need to be careful and use it wisely.

When choosing an institution, choose one that offers the lowest interest rate and has the most affordable fees, or none at all.

So, did you enjoy learning about a payroll credit card?

Finally, be sure to read our text “Why take out a payroll loan?”