Livelo launches loyalty index as Brazilians treat points like household savings

Livelo's First ILF Reading and the Survey Behind It

Livelo, the loyalty network created a decade ago by Banco do Brasil and Bradesco, has released the first reading of its Índice Livelo da Fidelidade (ILF), a proprietary benchmark designed to track how Brazilians perceive, use and incorporate loyalty points into their financial lives. The index debuted at 75.8 points out of 100, which CEO André Fehlauer says signals an “advanced stage of maturity” for the loyalty market.

The launch is backed by a survey called “A Economia Comportamental dos Pontos,” designed by LAB Humanidades of AlmapBBDO and fielded by Instituto On The Go. It interviewed 1,250 people aged 18 to 60, 70% of whom use loyalty programmes. Among users, 87% see points as a form of real economy, 87% treat accumulation as a savings resource for the family budget, and 79% consider their points balance as real as the balance in their current account.

Fehlauer, who joined Livelo in 2021 after more than eight years at Smiles, says the numbers confirm a cultural change: points have become a financial decision factor, not an afterthought. More than 80% of consumers now scrutinise their card statement to track points, and 82% said they had moved debit, Pix or cash payments to credit cards specifically to earn more points. That, he argues, has made points perhaps the most important factor in choosing a credit card.

Alongside cards, Livelo has been broadening earning sources through e-commerce partnerships and its B2C subscription product, Clube Livelo. The ILF is built from three components: the Consumption Power Index (72.5), the Behavioural Influence Index (77.6), and the Trust and Transparency Index (77.4). Fehlauer says the results surprised positively, but also show the sector still has room to improve its perception.

Why the Loyalty Sector's Maturity Claim Matters for Banks and Issuers

Where Livelo sits in the fight for bank customers

The main commercial message in the index is that loyalty is no longer a marginal card benefit but a tool for banks seeking “principalidade” — the primary relationship with a customer. Fehlauer's claim that points may be the most important card choice factor is consistent with the 82% migration figure: if consumers shift payments to credit cards to earn points, issuers that make point earning visible and generous can win transaction volume and daily engagement. But this is an interpretation; the survey measures attitudes rather than actual card switching.

The shift from card perk to household budget tool

The figures support Fehlauer's maturity thesis: 87% of loyalty users say points help the family budget, 80% say points help with financial organisation, and 79% consider their points balance as real as a checking account balance. Even so, the index is vendor-designed and should be read as directional, marketing-grade evidence rather than neutral industry data. The sample is modest, limited to ages 18 to 60, and 70% already use loyalty programmes, so positive attitudes are partly self-selected.

What the weakest component reveals

The lowest sub-score is Consumption Power at 72.5, below the overall 75.8. That suggests consumers still hesitate to treat points as a liquid asset of value, even as they use them for savings and payment decisions. For Livelo and competitors, that gap is both a risk and an opportunity: the sector has not fully convinced users that points are as flexible or durable as money, which may explain why trust and behavioural influence score higher than raw perceived value.

What Livelo's Data Should Prompt Card Issuers and Loyalty Operators to Do

• Card issuers should make points visibility a product feature, not a footnote. The finding that more than 80% of consumers check card statements more rigorously to track points, combined with 82% migrating payments to credit for points, suggests clear points dashboards and earning rules can directly support customer acquisition and primary relationship goals.
• Banks pursuing customer primacy should treat loyalty as a core retention lever. Fehlauer argues points are now perhaps the most important card choice factor; issuers that integrate loyalty into salary-portability, Pix and daily account usage could capture more of the payment migration the survey describes.
• Loyalty operators can focus on the weakest ILF component. The Consumption Power Index scored 72.5, below the overall 75.8; operators wanting to improve perception should build products that let points be used more flexibly or transparently as a store of value, not just an accumulation score.
• E-commerce and subscription platforms should evaluate points partnerships. Livelo's own diversification through Clube Livelo and e-commerce earning shows that the market is moving beyond card-linked accrual; a transaction platform that lacks a points earning proposition may miss the payment shift described in the survey.
• Analysts should treat the ILF as a proprietary, vendor-backed metric. Livelo commissioned the survey and owns the index; the first 75.8 reading is useful for direction, but should not be treated as independent sector data until methodology and future editions are published.