What Olé Consignado does

Olé Consignado is a payroll-deducted credit card product operated by Banco Santander (Brasil) S.A. (ticker SANB3), targeting Brazilian federal, state, and municipal public servants and INSS (National Social Security Institute) retirees and pensioners. The brand is also known as Cartão Consignado Santander and was previously marketed as Cartão Consignado Olé. It is distributed through a sub-brand portfolio that includes the Cartão Consignado de Benefícios, which layers life insurance and funeral assistance onto the core card for eligible conveniums. The legal and operating entity is Banco Santander (Brasil) S.A., incorporated in Brazil with CNPJ 90.400.888/0001-42 and headquartered at Av. Presidente Juscelino Kubitschek 2041/2235, Vila Olímpia, São Paulo.

The product is built on a digital credit card platform integrated with Brazilian payroll and benefit deduction systems and Santander's core banking infrastructure. Technical features include automatic monthly deduction of installments directly from salary or benefit payments (consignação em folha), immediate cash withdrawal of up to 70% of the approved credit limit upon card approval (before the physical card arrives), automatic conversion of revolving balances into fixed monthly installments for INSS cardholders following IN 158 regulations, and card issuance on the Visa network for domestic and international acceptance. Servicing is delivered through Santander's omnichannel stack — digital self-service at oleconsignado.com.br, the Santander iOS/Android app, physical branches, and phone support — with insurance distribution handled by Santander Corretora de Seguros, Investimentos e Serviços S.A. under partnership with Zurich Santander Brasil Seguros e Previdência S.A.

The revenue model combines interest income from revolving and installment balances (priced within government-set convenium ceilings that cap yield), a R$9.00 card reissuance fee for loss, theft, or damage, ATM withdrawal fees, and commissions on bundled life and funeral insurance. The product carries zero annual fee and zero issuance/maintenance fees, positioning it as a low-cost credit vehicle for fixed-income borrowers who struggle to qualify for traditional cards. Distribution is institutional rather than sales-led in the conventional sense: origination depends on convenium agreements with government employers and the INSS that enable automatic payroll/benefit deduction as both a repayment mechanism and an origination channel. At the time of the source capture, the product is operating for existing customers but is not available for new contracts, indicating a run-off posture within Santander Brasil's broader card portfolio.

Name

Olé Consignado

Legal name

Banco Santander (Brasil) S.A.

Website

https://oleconsignado.com.br

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

101–250 employees

Short description

Olé Consignado is a payroll-deducted credit card from Banco Santander Brasil for Brazilian public servants and INSS retirees, featuring zero annual fees, automatic salary deduction, and immediate cash withdrawal up to 70% of the approved limit.

Ownership category

akta.pro rank

Product category

Consigned Credit Cards (Payroll-Deducted Consumer Credit)

NAICS

Credit Card Issuing (522210)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Government Benefit & EBT / Social Program Cards (FSAMANAF)

Keywords

• Payroll deduction credit
• Consigned credit cards
• Payroll-linked lending
• Retiree financial services
• Public sector credit

Headquarters

HQ city

Belo Horizonte

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income: Revenue from revolving credit balances and installment purchases, with interest rates below traditional credit cards due to reduced risk from payroll deduction.
2. Card Reissuance Fees: R$ 9.00 fee charged for card reissuance due to loss, theft, damage, or misuse.
3. ATM Withdrawal Fees: Fees charged for cash withdrawals at self-service terminals.
4. Insurance Products: Life insurance and funeral assistance products offered through Zurich Santander Brasil Seguros e Previdência S.A.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Olé Consignado is a consigned credit card product brand under Banco Santander (Brasil) S.A., offering payroll-deducted credit cards to Brazilian public servants (federal, state, and municipal) and INSS retirees and pensioners. The cards feature automatic payment deduction from salary or social security benefits, zero annual fee, lower interest rates than traditional credit cards, and immediate cash withdrawal of up to 70% of the approved limit. Supplementary offerings include bundled life insurance and funeral assistance via Zurich Santander, and access to the Esfera rewards program.

Product overview

Olé Consignado operates as a Santander brand offering consigned credit card products for Brazilian public servants and INSS retirees/pensioners. The portfolio consists of two core products: the Cartão Consignado Santander (standard consigned credit card with zero annual fees and payroll deduction) and the Cartão Consignado de Benefícios (benefits consigned card with life insurance and funeral assistance). Both products feature automatic payment deduction from payroll, reduced interest rates, and immediate cash withdrawal capability. The offering is supplemented by the Esfera loyalty program for discounts and rewards.

Differentiator

Problem solved

Functional benefit

Brands

• Cartão Consignado de Benefícios: A variant of the Olé Consignado card offering extra margin and exclusive benefits for INSS beneficiaries.

Products and services

• Cartão Consignado Santander A payroll-deducted credit card for Brazilian federal, state, and municipal public servants and INSS retirees and pensioners, offering automatic payment deduction from salary or benefit, zero annual fee, lower interest rates than traditional cards, and immediate cash withdrawal of up to 70% of the approved limit. International acceptance is enabled via the Visa network.
• Cartão Consignado de Benefícios A benefits consigned credit card offering extra margin and exclusive benefits for INSS beneficiaries and specific public servant convoys, with bundled life insurance and funeral assistance underwritten by Zurich Santander Brasil Seguros e Previdência S.A. and distributed through Santander Corretora de Seguros, and differentiated installment conditions.
• Programa Esfera (Rewards) Santander's loyalty and rewards program bundled with Olé Consignado cards, providing cardholders with discounts, offers, and exclusive benefits across partner merchants.

Quantifiable outcome

• Cash withdrawal up to 70% of approved limit available immediately upon card approval

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• Zurich Santander Brasil Seguros e Previdência S.A.coreStrategic or Co-development PartnerInsurance partnership providing life insurance (Seguro de Vida) and funeral assistance (Auxílio Funeral) benefits to cardholders. The insurance is guaranteed by Zurich Santander Brasil Seguros e Previdência S.A. (CNPJ 87.376.109/0001-06, SUSEP registration 0507-0) and distributed through Santander Corretora de Seguros, Investimentos e Serviços S.A. (CNPJ 04.270.778/0001-71). This partnership enhances the product's value proposition for INSS beneficiaries and public servants.
• Santander Corretora de Seguros, Investimentos e Serviços S.A.coreChannel Partner/ Reseller/ DistributorInsurance broker subsidiary of Santander that distributes life and funeral insurance products to Olé Consignado customers. Registered with SUSEP (202019222), the broker facilitates the sale of insurance products bundled with the credit card offering.
• INSS (Instituto Nacional do Seguro Social)flagshipStrategic or Co-development PartnerGovernment convenium partnership enabling automatic benefit deduction for retired and pensioned INSS beneficiaries. The partnership follows IN 158 regulations and provides automatic bill partitioning after the first revolving period, with installments limited to the consignable margin.
• Federal, State, and Municipal Government EmployersflagshipStrategic or Co-development PartnerConvenium partnerships with government entities enabling payroll deduction for public servants. These partnerships are essential for the consigned credit business model, allowing automatic monthly installments deducted directly from government salaries.
• Visa InternationalcoreTechnology or IntegrationCard network partnership providing international acceptance for the Olé Consignado card. Customers benefit from Visa's global acceptance network and the Vai de Visa rewards program with exclusive benefits.

Recent moves1 record

Expansion highlights3 records

Direct peers

• Banco Pan: Brazilian bank with a strong focus on consigned credit and payroll-linked products, including credit cards targeting INSS beneficiaries and public servants.
• Banco do Brasil: Major Brazilian bank issuing the Ourocard Consignado and similar payroll-deducted credit cards for public servants and INSS retirees, with a comparable convenium-driven distribution model.
• Bradesco: Major Brazilian retail bank with consigned credit card offerings aimed at INSS retirees and public sector employees, distributed via similar employer and INSS convenium agreements.
• BMG: Niche Brazilian bank historically specialized in payroll-linked and INSS consignado credit, including credit cards, making it a focused direct competitor in the consigned card niche.
• Caixa Econômica Federal: Brazilian federal bank offering consigned credit cards to INSS beneficiaries and public servants via payroll/benefit deduction, directly competing with Olé Consignado in the same target segment.
• Itaú Unibanco: Largest private Brazilian bank offering consigned credit cards and payroll-linked credit products to public servants and INSS beneficiaries through employer/institution conveniums.

Regional players

• Banrisul: Regional Brazilian bank concentrated in Rio Grande do Sul, offering consigned credit cards to state public servants and INSS beneficiaries with comparable payroll deduction mechanics.

Emerging players

• C6 Bank: Emerging Brazilian digital bank that has been expanding into consigned and payroll-linked credit products, overlapping with Olé Consignado's segment via a more digital-first GTM.

Broad incumbents

• Visa: Global card network whose rails power Olé Consignado's international acceptance. Visa's broader consumer card products compete indirectly for share of wallet on the same cardholder.

Others

• Zurich Santander Brasil Seguros e Previdência: Insurance partner that bundles life and funeral coverage into Olé Consignado; comparable insurance-led distribution models adjacent to the consigned card value proposition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/oleconsignado
• LinkedInlinkedin.com/company/oleconsignado

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Olé Consignado