Banks have released payment from the new convenience card

Banks can now offer a new INSS convenience card; the businessman comments on the impact of the measure on the economy and points out the precautionary measures that must be taken by the insured

10/7/2022 – Pay attention to your salary, and of course, take out a loan only if absolutely necessary

Banks can now offer a new INSS convenience card; the businessman comments on the impact of the measure on the economy and points out the precautionary measures that must be taken by the insured

Pensioners and INSS (National Social Security Institute) pensioners can now count on a new resource at banks across the country. The salary compensation card has been available since September 19 and is subject to assessment by each financial institution to prevent over-indebtedness, according to Febraban (Brazilian Bank Federation).

The benefits card works like a credit card, has a direct payroll discount and gives access to payouts, life insurance and funeral assistance – in the minimum amount of R$ 2 thousand each – with discounts in affiliated pharmacy chains. .

The INSS insured’s margin was increased in August through Law 14.431, which allowed up to 40% of benefits to be paid on a loan, 35% on a payday loan and another 5% on a payday credit card. Now add another 5% with the convenience card, for a total of 45%.

At the beginning of September, Febraban reported that the banks BMG, Master, PAN, Santander, Daycoval and Facta were the first financial institutions to offer the new card to municipal policyholders.

João Adolfo de Souza, owner of João Financeir – a news portal focused on information for INSS users – positively evaluates the offer of the new benefits card for pensioners and pensioners deducted from the salary.

“The new benefit card, if used properly, can be useful for policyholders who need money and don’t want a loan with such high interest,” he says.

“Currently,” he continues, “the rate on the benefits card is 3.06%. Compared to other interest credit lines, it is cheap, especially compared to personal loans and overdrafts,” he points out. “This new card can free up amounts for cash withdrawals as well as credit purchases,” he adds.

Beware of scams and overindebtedness

In João’s analysis, committing up to 45% of the benefit with a payday loan is an acceptable percentage compared to other contracts that have a higher commitment margin.

Despite this, he points out that users need to be especially careful with scams and scams. After all, since they have an available margin, many insured people end up having problems with forwarding loans without consent. “Therefore, keep an eye on your salary and, of course, take out a loan only if absolutely necessary.”

Data from Seras show that the number of dependents over the age of 60 rose from 10.7 million people in April 2021 to 11.4 million in the fourth month of this year, an increase of 7%. According to the agency, the default increased in all age groups.

The card should start the economy

In the analysis of owner João Financeiro, the measure should help heat up the economy with immediate consequences for the market. “More than 36 million users will be able to apply for a card taking the withdrawal amount and others for the purchase limit, which should certainly boost the Brazilian economy.”

According to the projection of ABComma (Brazilian Association of Electronic Commerce), e-commerce should only reach a turnover of R$ 91.5 billion in the second half of the year.

At the same time, data from the IM Globo “Consumption Survey 2nd semester 2022” (Globo Market Intelligence) reveals that by the end of the year, 34% of respondents intend to spend on clothes and shoes, 32% on food and drinks, and 26% on education.

For more information, just access: https://www.joaofinanceira.com.br/blog/ or watch videos on the subject on the YouTube channel: https://www.youtube.com/joaofinanceira.

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