See banks that already offer the new INSS payroll card

At least three banks are already offering the new INSS (National Social Security Institute) payroll-deductible benefit card, which went into effect last Monday (19). The new modality is available to retirees, pensioners and other beneficiaries, who can commit up to 5% of their social security income to the credit.

The payroll benefit card works like a credit card, despite not having credit in the name. There is no annual fee and it is possible to withdraw cash up to 70% of the card limit. It is also mandatory to have life insurance, free funeral aid and assistance, discount at pharmacies and up to 40 days to pay the bill.

The banks that offer the card and have informed the Sheet the contracting conditions are BMG, Pan and Olé, from the Santander Brasil group. BXBlue will start offering it, but there is no date yet. Master, Daycoval and Facta also offer, according to Febraban (Brazilian Federation of Banks), but they did not respond to the report.

Caixa Econômica Federal and Bradesco said they are studying offering the credit modality. Itaú Unibanco stated that it does not offer the card and there is no provision for offering it either. Banco do Brasil did not respond.

As it is a payroll loan, which has a direct discount on the social security benefit, this type of card has interest controlled by the INSS. In this modality, the maximum rate is 3.06% per month, but the bank can charge less if it wants.

Interest can reach 4.70%

There are, however, contracts in which the citizen can pay higher interest, if there is an agreement with some other institution. This is the case of the card offered by Banco BMG, whose rate varies from 3.06% to 4.70%. This interest is charged only when the minimum invoice amount is paid, according to the institution.

The bank informs that the card is available from Monday only to policyholders in São Paulo and Minas Gerais. For this, it is necessary to look for an institution affiliated to the BMG.

For retirees and pensioners, the card offers a 15% to 80% discount at pharmacies, free life insurance, with coverage for natural and accidental death, national or international purchases, loyalty program points and withdrawals of up to 70% of the value of the total card limit, without charging fees, in addition to a limit of up to three times the benefit amount.

How is the hiring

At Santander, the contract is made through a bank correspondent of Santander Olé, by a Santander branch or by Crediperto, which belongs to the same group, in a digital way, through facial biometrics and SMS.

The minimum amount of the card bill is deducted directly from the benefit, limited to the percentage of the assignable margin of 5%. Anything that exceeds this minimum must be paid by bank slip. If the entire bill is not paid, interest of 3.06% is charged on the next month’s account.

Among the benefits are free life insurance and funeral assistance, in the amount of R$ 2,000, valid for two years, in addition to discounts at partner companies of the Esfera Santander rewards club.

Banco Pan did not inform the contracting conditions. In a note, it only said that it offers the card, without annuity and with a direct discount on the INSS payroll.

At BXBlue, hiring will be done online, on the institution’s website, by email or social networks. According to the company, interest rates will be announced at the launch, scheduled for early next month. The card will be exempt from annuity, according to the rules of the legislation. There will be a monthly draw of R$ 2,000.

How does the INSS payroll loan work?

The INSS consigned credit is controlled by the CNPS (National Social Security Council). The hiring limit was increased from 35% to 45% of the benefit this year. Now, the beneficiary can commit 35% with a payroll-deductible personal loan, 5% with a payroll-deductible credit card and 5% with a payroll-deductible benefit card.

As the installments are discounted directly on the benefit, interest rates are usually the lowest on the market. Even so, the retiree or pensioner needs to be careful with indebtedness.

“Even with lower fees than common credit cards, we always recommend that our customers, when using their card for purchases or withdrawals, pay the full amount of the invoice, after deducting the minimum amount. credit consciously and avoid default and over-indebtedness”, says Sandoval Martins, vice president of BMG.

Cíntia Senna, financial educator at Dsop, says that it is necessary to educate and guide the insured to avoid indebtedness. “The main point is not just to release a possibility, but to educate and teach these people about how it works, how it should be used,” she says.

About the card, she says that, before hiring, it is necessary to research other possibilities. “We see that there are other possibilities in the market where you don’t necessarily need to compromise the direct gain, at source.”