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Bad news related to the Pão de Açúcar (PDA) card and other cards in the Itau! As reported in the bank to ppfrom November 7, none of its cards will offer distribution zero when making purchases in foreign currency.
Connection to pp
See Itaú’s full statement about the end below distribution zero:
“In accordance with the known practice in the credit card market, Itaú Unibanco informs that as of 11/7/2023 the cards Pão de Açúcar, Extra, Assaí, Compre Bem, Ponto, Magazine Luiza, CVC, Polishop, Marisa and Ipiranga will now charge an exchange spread in the amount of 5.8% for operations carried out in foreign currency. The rate will be the same as other card portfolios of Itaú Unibanco, such as Latam and Azul. Customers are already being notified of these changes.
It should be noted that, according to a message sent on 10/17/2023, customers with Pão de Açúcar Itaú Mastercard Black and Pão de Açúcar Itaú Visa Platinum cards now earn 3 points per dollar spent on international purchases. With this change, the points program for both products is as follows:
- $1 USD = 5 points for purchases at Pão de Açúcar and Extra
- 1 USD = 3 points on international purchases*
- $1 = 2 points on other purchases”
Fees for purchases abroad
When buying foreign currency in Brazil, there are mainly 2 fees: the IOF, which is charged by the Brazilian government, and a rate charged by the financial institution that carries out the transaction, called distribution.
It is worth remembering that, as we announced in this article, the IOF is falling and is expected to be zero by 2029. Thus, the tax, which until this year was 5.38%, will become:
2024: 4.38%;
2025: 3.38%;
2026: 2.38%;
2027: 1.38%;
2028: 0%
Cards without distribution zero
How distribution It is a fee charged by a financial institution for the purpose of profiting from transactions, whether it is optional or not. Therefore, some Itaú cards such as PDA, Assaí, Compre Bem, CVC, Extra, Ipiranga, Magazine Luiza, Marisa, Polishop and Ponto do not have this rate.
However, after some speculation, Itaú has confirmed that a 5.8% fee will be applied to all these cards from 7 November.
Comment
Breaking news for Itaú customers who still kept their cards because of the advantage distribution nil, with the highlight of the Pão de Açúcar, which was once one of the favorites to accumulate points. It should be noted that the changes will take place from November 7, so anyone who has planned a trip before that date will be able to take advantage of the discount.
Do you usually use any of these cards for foreign currency purchases?
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