Check out everything about the Mercado Pago Card and how to apply for it online to take advantage of all its benefits.
Adverts
Mercado Pago, created in 2003, is a payment platform that processes all Mercado Libre transactions and also acts as a gateway for other companies wishing to use its services.
Its parent company, Mercado Libre, was founded in Argentina in 1999 by Marcos Galperin, shortly after he completed his MBA at the Stanford Graduate School of Business in the United States.
In July 2022, Mercado Pago officially became a digital bank after obtaining a credit line of more than US$ 233 million from Goldman Sachs. This funding boosted the launch of financial products and the offer of credit.
Adverts
Among the first products launched is the Mercado Pago Card, a credit card fully integrated with the platform's application, which was recently reformulated to be even closer to a digital bank independent of Mercado Libre.
The great thing about this card is its advanced credit algorithm, developed by Mercado Pago itself, which adjusts the limit according to the customer's needs, taking into account factors such as history on the platform.
Inspired by the Nubank model, Mercado Pago avoids dependence on traditional credit bureaus such as Serasa and Quod, providing an alternative for customers to regain their financial health.
For Android devices, the Mercado Pago Card already offers proximity payment directly through the app, eliminating the need to use a physical card or even include it in digital wallets.
This innovative technology uses the Visa Token Service, which protects card data through tokenisation.
Read on to find out more about the Mercado Pago Card, how to apply online and get tips to increase your chances of approval.
Quick Index:
What is the Mercado Pago Card?
O Mercado Pago Card is a payment solution launched by Mercado Pago, the financial arm of Mercado Libre, one of the largest e-commerce platforms in Latin America.
This card works in both debit and credit mode (subject to analysis) and is aimed at users who want a practical alternative for managing their finances without needing a conventional bank account.
It is accepted in all establishments that use Visa and is linked directly to the balance in the Mercado Pago digital account, allowing users to make purchases quickly and conveniently.
The card offers Mercado Pago users a way to use their account balance for purchases anywhere in Brazil and the world. In addition, it can be an excellent option for those looking for a card that does not require proof of income and has no annual fees.
How does the Mercado Pago Card work?
O Mercado Pago Card is simple to use and is integrated with the balance available in your Mercado Pago digital account. It offers debit functions, for purchases made in cash, and credit, for those who have passed the analysis and wish to make purchases in instalments. Check out the main aspects of how this card works below:
Debit purchasesWhen you use your card in the debit function, the amount of the purchase is automatically debited from the balance available in your Mercado Pago account, ensuring that you always have control over your spending.
Credit purchasesIf the customer is approved for the credit limit, they will be able to make purchases in instalments, which expands their payment options and allows for greater flexibility in spending.
Contactless payment: The card uses proximity payment technology, which makes everyday transactions quicker and more practical.
WithdrawalsIt is possible to withdraw your Mercado Pago balance from ATMs in the Banco24Horas network. However, withdrawals may be subject to a fee, so it is important to check the amount charged in the Mercado Pago app before carrying out the operation.
General Features
| Features | Description |
|---|---|
| Card Name | Mercado Pago Card |
| Flag | Visa |
| Issuing Bank | Mercado Pago |
| Annuity | Free of charge |
| Cover | National and international |
| Modality | Debit and credit (subject to analysis) |
| Technology | Contactless payment |
| Management application | Mercado Pago App |
| Withdrawals | Available on the Banco24Horas network (fees may apply) |
| Request | Made directly through the Mercado Pago app or via the website |
Advantages
O Mercado Pago Card has advantages that make it an attractive alternative, especially for those who already use the Mercado Pago or Mercado Libre platforms. Below are the main advantages:
No Annuity or Maintenance FeeThe card is completely free of annual fees and maintenance fees, a great advantage for those looking for an economical card.
National and international acceptanceWith the Visa flag, the card can be used in millions of establishments in Brazil and around the world, for both physical and online purchases.
Full integration with the Mercado Pago appThrough the app, users can manage all their transactions, check their balance, pay bills and even top up their mobile phones.
Withdrawals from Banco24Horas ATMsAlthough withdrawals may incur fees, the fact that ATM withdrawals are possible increases the flexibility with which you can use your balance.
Total control of financesBecause the card is directly linked to the Mercado Pago balance, it makes it easier to control spending, as debit expenses are limited to the available balance.
SecurityThe card offers all the security guarantees of the Visa flag, including proximity payment technology and protection in the event of loss or theft.
Disadvantages
Although Mercado Pago Card has many benefits, it is important to consider some points that may be less advantageous depending on the user's profile:
Withdrawal feeUnlike some digital cards, the Mercado Pago Card charges a fee for withdrawals from Banco24Horas ATMs. This can be an inconvenience for those who need frequent access to cash.
Credit Under Analysis functionThe credit function is not automatic for all customers. The user has to go through a credit analysis to obtain the credit limit, which can be a disadvantage for those looking for this function straight away.
Dependence on Mercado Pago Account BalanceBecause the debit card is linked to the Mercado Pago balance, you have to transfer money to the account every time you want to use the card, which can be a limitation for those who don't receive frequent payments on the platform.
Limited ServicesCompared to traditional banks, the Mercado Pago Card has a more restricted range of services, with no options for personal finance, insurance or other banking products.
How do I apply for a Mercado Pago Card?
Request the Mercado Pago Card is a simple and quick process that can be done directly through the Mercado Pago app. See step by step:
- Access the Mercado Pago App: Open the application on your mobile phone and log in to your account.
- Select the Card OptionIn the main menu, look for the "Mercado Pago Card" option and click on it to start the process.
- Check AvailabilityIn some cases, the card may be on a waiting list. If this is the case, you can register your interest and you will be notified when it becomes available.
- Wait for the Credit AnalysisIf you want the credit function, Mercado Pago will analyse your financial profile to set the credit limit.
- Wait for deliveryAfter approval, the card will be sent to the address registered in your Mercado Pago account. Delivery times may vary depending on the region.
Exclusive Benefits
In addition to the advantages mentioned above, the Mercado Pago Card offers some exclusive benefits to its users:
Discounts and Offers on the Free MarketAs part of the Mercado Libre ecosystem, the Mercado Pago card offers special discounts and exclusive conditions on products sold on the platform.
Top-ups and Bill Payments with Mercado Pago Account BalanceWith the card linked to the balance in the Mercado Pago account, users can make mobile phone top-ups and bill payments directly through the app, using the available balance.
Expense Control and Digital InvoicesFor users of the credit function, Mercado Pago offers digital invoices and spending control via the app, which helps with financial planning and prevents overuse of credit.
Final considerations
O Mercado Pago Card is a modern and economical alternative for those looking for a credit and debit card with no annual fee and full integration with the Mercado Pago app.
With it, the user has total control over their balance and transactions, making it easier to manage their finances.
Despite some limitations, such as the fee for withdrawals and the need to be analysed to release the credit function, the card caters well for those looking for practicality and no fees in a digital financial product.
If you're already a Mercado Pago user, the card can be a natural extension to make your purchases easier and take advantage of discounts on Mercado Libre.
For those who don't yet use the platform, the Mercado Pago Card is an excellent gateway to a financial service with low bureaucracy and many day-to-day facilities.
Itaúcard Blue Card: how to apply for yours
Find out how to apply for this card and take advantage of all its features and benefits!
Continue reading →Frequently Asked Questions
How do I unblock my Mercado Pago Card?
Unblocking can be done directly in the Mercado Pago app, after the card has been delivered.
Can I use my Mercado Pago card for international purchases?
Yes, the card has international coverage and you can use it in any establishment that accepts the Visa flag.
Is there an annual fee for the Mercado Pago Card?
No, the Mercado Pago Card has no annual fee.
How does the credit function of the Mercado Pago Card work?
The credit function is released upon analysis and, if approved, you can make purchases in instalments and have access to a pre-defined limit.
How do I make withdrawals with my Mercado Pago Card?
Withdrawals can be made through the Banco24Horas network, using the balance available in the Mercado Pago account. Remember that there is a fee for each withdrawal.
How do I request an increase in my Mercado Pago Card credit limit?
You can request an increase in your limit in the app, but Mercado Pago will analyse your profile again to decide whether or not to grant the increase.
Does the Mercado Pago Card have a points programme?
Currently, the Mercado Pago Card does not offer a points programme, focusing instead on annual fee waivers and practical transactions.
