XP yesterday announced the launch of the brand's credit card, which is still in the testing phase. According to the partner and chief operating officer of the group, Bruno Constantino, the product inaugurates a new type of service, "investback", similar to "cashback", but with return linked to an investment fund.

XP's idea, according to the CFO, is to maintain the product's alignment with the platform's “DNA”. Therefore, instead of returning part of the expense in cash, as in cashback, the new card system will deposit the portion received back by the user in an exclusive fund.

The portfolio, according to Constantino, "will be simple, with daily liquidity, therefore with a large part of the resources invested in government bonds". XP has not yet defined the administration fee or the intended performance of the application.

"Whenever we talk about cards, we talk about expenses and we wanted to bring the investment component close to disbursements and have a different 'mindset'," says Constantino. XP's CFO also explains that the company wants to offer more options in the “investback” later on. "Over time, we can evolve and target other closed funds with specific characteristics, such as social security."

The new card is being developed together with Visa, will have no annual fee and will be restricted to active customers, that is, those with investments in the brokerage. The product will be Visa Infinity International. "There will be a dynamic limit, defined according to the client's use and investments."

In the testing phase that it is currently in, the credit card was issued only to selected employees and self-employed agents, in a total of one thousand users. Although they have not yet defined the revolving rates and service fees, Constantino says that “they will certainly be lower than those charged by any bank”.

According to the XP CFO, the forecast is that in the fourth quarter the product will be effectively open to the public. "Our goal is to make the card available at the beginning of the fourth quarter, in October," says Constantino.

In parallel, XP has developed the functionalities of its retail bank, such as the digital account and payment services. According to the partner, the forecast is that the facilities will also be available in the fourth quarter to customers. Only debit services will stay for 2021, says Constantino.

With the debit function next year, the project to create the XP bank is consolidated: “then you complete these banking products and financial services”, ponders the company's CFO. According to Constantino, when the offer of banking services is complete, the group's customers may leave aside the banks of which they are account holders. "We believe that any and every XP client should be 100% in here, if there is something that the competition does cheaper, we will look at it and have the humility to adjust it."