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How Credit Card Rewards Work in Brazil

By PointsExplainedLast reviewed

Find the regulamento

Look for the points or cashback terms on the issuer's site or app. Your issuer must give you a way to consult the rules of any rewards program linked to the card (Resolução BCB nº 96).

Check how spending is converted

See whether points are counted per real or per US dollar, and which exchange rate and date the issuer uses for the conversion.

Read the exclusions

Check which transactions don't earn: bill and boleto payments, cash withdrawals, taxes, interest, fees and refinancing all appear as exclusions in published terms such as BTG Pactual's.

Check what happens after you earn

Note where points or cashback go, whether redemptions are capped, and whether expiry follows a partner program's rules.

Work out value per point

Divide the cash price of the reward you want by the points it costs, and compare the result with a cashback alternative and with the card's annual fee.

Where this comes from

Sources

The documents this guide relies on. If one has changed since we read it, the document is right and this guide is out of date.

  1. Resolução BCB nº 96, de 19 de maio de 2021 — contas de pagamento, texto vigente (Banco Central do Brasil)

    Issuers must provide ways to consult the rules of benefits and rewards programs linked to a credit card (art. 6, § 3º).

    bcb.gov.br · Accessed
  2. BTG Pactual — Regulamento do Programa de Fidelidade BTG Pactual

    Example per-dollar mechanic: eligible transactions on the amount actually paid are summed in reais, converted to USD at the bank's rate on the bill closing date (which may differ from PTAX) and multiplied by the card-variant factor (cl. 4.6-4.6.3); excluded transactions, including bills and boletos, withdrawals, taxes, interest and charges, fees, insurance and bill refinancing (cl. 4.5); installment purchases earn in proportion to each installment paid (cl. 4.1 iv); transfers only to partner accounts in the client's own name (cl. 6.3), not cancellable once requested (cl. 6.6), validity of transferred points follows partner rules (cl. 6.9).

    cdn.btgbank.com · Accessed
  3. Nubank — Termos e condições do Pacote Nubank+ (vigência 26/12/2025)

    Example cashback terms: exclusions (cash withdrawals, reversed transactions, taxes, late interest, financing); installment purchases generate cashback on the total once; redemption options (pay the bill, account credit, Caixinhas, miles, partners) cannot be changed once chosen; monthly redemption cap per mode; Nubank may change cashback rules; cashback reversed with the transaction and offset if already redeemed; boleto and Pix payments excluded from cashback.

    nubank.com.br · Accessed
  4. Banco Central do Brasil — FAQ: Quais tarifas podem ser cobradas pelo serviço de cartão de crédito?

    Issuers may charge an annual fee (anuidade) if provided for in the contract.

    bcb.gov.br · Accessed
  5. Banco Central do Brasil — FAQ: Pagamento de boleto com cartão de crédito

    Paying a boleto with a credit card may carry a fee in addition to IOF.

    bcb.gov.br · Accessed
  6. Livelo — Transferência para parceiros

    Livelo is a program whose points can be transferred onward to airline and hotel partner programs (cross-reference to the programs guide).

    livelo.com.br · Accessed
  7. Smiles — Regulamento do Programa Smiles (válido a partir de 17/06; vigente desde 11/12/2023)

    Smiles is GOL's miles program and accepts transfers of points from financial partners (cross-reference to the programs guide).

    smiles.com.br · Accessed
Questions

About this guide

Why do some Brazilian cards earn points per dollar when I spend in reais?

Some issuers convert your spending in reais into US dollars before applying the earn rate. BTG Pactual's regulamento, for example, uses the bank's own dollar rate on the bill's closing date, which it says may differ from the Banco Central's PTAX rate. Under that mechanic, the number of points for the same spending in reais depends on the exchange rate.

Do I earn points when I pay a boleto with my credit card?

It depends on your card's rules. BTG Pactual's published regulamento excludes bills and boletos paid with the card from earning, and Nubank's Nubank+ terms exclude boleto and Pix payments from cashback. The Banco Central also notes that paying a boleto with a credit card may carry a fee in addition to IOF.

Can cashback be taken back?

Under Nubank's Nubank+ terms, if a transaction is reversed, the cashback earned on it is reversed too; if it was already redeemed, it is offset against cashback you earn later. Check your own card's terms for its rule.
Keep reading

Brazil's Points and Miles Programs: How Transfers and Expiry Work

Building Credit in Brazil: Cadastro Positivo, Registrato and Your First Card

Your Rights as a Credit Card User in Brazil