As stated by Nexo's official blog post, “With the Nexo Card, you can experience two modes in one sleek package. Just toggle between Credit and Debit Mode at any time and spend your way.”
Crypto lender Nexo has introduced Dual Mode functionality to the Nexo Card, giving clients the flexibility to switch between credit and debit modes at will.
The credit mode on the Nexo Card allows users to fund their purchases using fiat loans, with their crypto assets acting as collateral. The credit lines for these loans start at 0% APR, and clients have the option to repay the loan at any time without worrying about minimum monthly repayments.
Meanwhile, clients can use the debit mode on their Nexo Card to settle transactions with over 100M merchants using their GBP, EUR, or USD holdings. The debit mode also offers the added advantage of accumulating up to 9% interest on users’ spending balance.
Unfortunately, the Nexo Card is only available to residents of the European Economic Area (EEA). Moreover, users who wish to apply for the Nexo Card will need to submit their identity verification details in addition to maintaining a minimum portfolio balance of $50.
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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