Novacard 1.3.0

NOVACARD is a credit card designed to simplify financial management for users.

Unlike traditional credit cards, NOVACARD charges no interest; instead, a straightforward and fixed commission applies only when the card is used.

Getting started with NOVACARD is efficient. You can request your card through the app in less than five minutes, enabling immediate access to a virtual card, while the physical card is delivered to your address within two to three days.

The NOVACARD app operates 24/7, allowing users to manage payments and transfers securely. It provides features for checking account statements, reviewing current balances, and monitoring transaction history. In cases of theft or loss, users can quickly block their cards directly from the app.

Information on commissions:

A commission is charged based on the line of credit used, calculated according to the duration of credit utilization. Users can choose between two commission and payment options:

• Option 1: Commission is calculated in 14-day periods. A charge of $19 MXN applies for each day the credit line is utilized during the period. Users have an additional 14 days from the cut-off date to make a minimum payment of $350 MXN or settle the total credit used. Failure to make the minimum payment by the deadline incurs an additional fee of $19 MXN for each day overdue, along with the regular commission for credit line usage.
• Option 2: Similar to Option 1 in terms of calculation period and cut-off dates, but no commission is charged if the user pays off the entire credit utilized before the deadline. If only the minimum payment of $550 MXN is made on time, a fee of $29 MXN per day applies from the beginning of the period up to the cut-off date. In cases of non-payment by the deadline, a daily fee of $29 MXN is charged until all dues are settled, in addition to the standard commission for credit usage.

Average Annual Cost (including VAT): 155.76%
The Total Annual Cost (CAT) reflects all financing-related costs expressed as an annual percentage, encompassing expenses and commissions associated with credit for informative and comparative purposes.

Card Replacement:
Replacement is free twice per year; subsequent replacements incur a charge of $150 MXN (plus VAT).

NOVACARD prioritizes your privacy and personal data protection by adhering to national laws such as the Federal Law on Protection of Personal Data Held by Private Parties (LFPDPPP) and the Federal Law for Prevention and Identification of Transactions with Illicit Resources (LFPIORPI).

The personal data collected serves only to comply with regulations and process your credit line requests. This includes identification information (name, date of birth, gender, ID documents), contact details (address, email, phone numbers), financial and asset information (income, expenses, credit reports), sensitive data (biometric information, GPS location), and device details.

All collected information is managed under principles of legality, consent, quality, and purpose strictly for assessing your credit line capacity.

Privacy Notice for Clients:
You can review our privacy notice at the following link: https://www.novacard.mx/aviso-de-privacidad/.