Nexo Card Review The Best Crypto Card Available?

You may have heard about Nexo, but do you know about their card? Keep reading to learn about Nexo's card and if it's the best card for you.

Dean Fankhauser5 min read

Our take

4 out of 5 stars

If you’re shopping for an easy-to-use way to spend the value of your digital assets without actually touching them, the Nexo Credit Card is an excellent option to try.


Are you struggling with the idea of selling off your digital assets to manage a financial emergency or a temporary lapse in your cash flow? Well, we have news for you... you don’t have to!

There’s now a means to avoid the awful feeling of having to unwillingly let go of or spend your crypto due to a temporary situation. If you’ve been around crypto for a while, you already know too well that the value of your crypto holdings could change for the better on a day-to-day basis.

The solution is a crypto credit card that allows you to pay for goods and services using the value of your crypto without touching it. And depending on your preference for physical cards or virtual cards, you can use this card that also offers cashback rewards.

In this review, we unveil all the features and benefits of the Nexo Mastercard, which is also available as a crypto savings account, together with some of its benefits.

What is a Nexo Card?

Nexo Card

Nexo is a simple crypto-backed credit card offered in partnership between crypto lending platform Nexo and Mastercard. The crypto card can be easily used to make online and offline purchases with the tap of your finger.

Unlike a simple crypto debit card, the Nexo credit card enables you to spend your digital assets without selling them at over 40 million merchants worldwide. In addition to the physical card, you can also activate a virtual Nexo card by linking it to Google Pay or Apple Pay.

You can use it to pay for goods and services similar to your regular visa card. Apart from ATM withdrawals being free, users don’t pay annual, monthly, inactivity, or transaction fees for using the card. There’s the chance to earn crypto rewards in Bitcoin or Nexo tokens back on all your purchases.

The Nexo card is a Mastercard, which offers you instant worldwide access and a wide selection of perks and bonuses.

Users have access to all the benefits of Mastercard, and you no longer have to visit your bank physically. The Nexo card can be linked directly with the Nexo account and give access to funds without a bank transfer.


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  • No limits, no lockups, no restrictions, and no tiers

What’s Unique about the Nexo Card?

Generally, crypto rewards cards function just like traditional credit cards. With slight differences based on the card issuers, they use similar underwriting standards like income and credit scores to conclude your approval and available credit lines.

Crypto credit cards are supported by the leading payment processing networks, Visa or Mastercard, and are accepted by all merchants that accept these cards.

The main difference between crypto rewards cards and traditional cards is that users earn crypto rewards in Bitcoin and other tokens instead of airline miles or cashback. This effectively enables users to invest in crypto as they make their day-to-day purchases.

The Nexo Mastercard differs from every other credit card in the market as it encourages users to HODL rather than sell their crypto assets. This is entirely different from the regular cards in the crypto space that allow users to spend their crypto holdings in the form of fiat currency.

How the Nexo Card Works

The Nexo Credit Card is linked to Nexo’s Instant Crypto Credit Lines, meaning that anything you spend is automatically deducted from your available credit line while leaving your portfolio balance untouched.

The card allows you to use your crypto holdings as collateral to spend their fiat currency value anywhere the Mastercard is permitted.

Your crypto credit line can use different assets as collateral. You can spend as much as 90% of the value of your crypto holdings without selling them.

How to Acquire the Nexo Card

Order Nexo Card

First, download the Nexo Wallet app from the Apple Store or Google Play Store. Then order the Card from the comfort of the Nexo Mobile app.

Navigate to the card tab and answer a few questions regarding your personal information, which Nexo needs to confirm your account.

Once you have downloaded the Nexo app, the card issuer does the rest.

Nexo Card Features

Intuitive Nexo App

The Nexo app enables you to create virtual Nexo cards you can use every time you want to experience safer online shopping.

You can use the app’s single tap card freezing function to freeze or unfreeze your Nexo card if it gets stolen or when you suspect some foul play.

The Nexo app also comes in handy for viewing your PIN or changing it at an ATM nearest to you anytime you feel like it.

Cashback Rewards

Nexo rewards you with up to 2% cashback every time you shop and swipe your Nexo card, regardless of how much you spend. Once you purchase, the Nexo platform calculates your rewards and credits them into your Nexo account.

You can choose whether to receive your cashback reward as Bitcoin or Nexo tokens.

You also get up to 0.5% cashback when you purchase crypto as long as you keep at least 1% of your crypto balance in Nexo tokens.

Loyalty Tiers

The amount of cashback is determined by your loyalty tier; the higher your loyalty tier, the more significant the amount of cashback you earn.

The maximum amount of 0.5% cashback is achievable by users who join the Premium Loyalty tier. However, you must hold at least 10% of your crypto portfolio balance in Nexo, which can be purchased from within the Nexo platform.

Nexo Card Tax Benefits

Most other crypto rewards cards allow you to spend Bitcoin or other cryptocurrencies, meaning you incur fees and taxes as it’s deemed you sold those crypto assets.

That’s because, just like stocks, cryptocurrencies are only taxed in most jurisdictions when they’re sold.

By contrast, using the Nexo card gives you a way to enjoy tax benefits as you leverage on the value of your cryptocurrency funds which theoretically remain intact.

Nexo Card Security

According to the Nexo card’s website, the platform employs the state-of-the-art “military-grade 256-bit encryption”. The firm's website says it uses fraud monitoring mechanisms 24/7/365 to ensure that its users’ funds are safe.

Nexo Savings Account

Apart from the cashback you earn from purchases, you can earn interest using Nexo’s savings account from 34 cryptos, including 5 stablecoins. Interest rates are up to 36% depending on the selected crypto, and up to 12% for stablecoins.

Nexo Interest Rates

Interest rates are calculated daily, and funds are transferred into your Nexo account. You’re free to withdraw your tokens any time you want to, and there’s no need to maintain a set minimum amount to participate in earning interest.


You can use your crypto holdings as collateral to avail crypto loans. The funds are instantly accessible as soon as the loan is granted.

As a Nexo cardholder, you don’t have to wait for days once your loan has been approved.

Supported Crypto Tokens

The Nexo network accepts several high-market cryptocurrencies as collateral. These include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Monero (XLM), Binance Coin (BNB), and NEXO. BNB and NEXO are both stablecoins.

Nexo Card Fees

Apart from the interest on the credit line you’re given, using the Nexo card doesn’t incur any additional fees. The chargeable fees are strictly imposed on the credit line and are relatively fewer than with traditional credit cards or crypto debit cards.

Users who withdraw their cryptocurrency only pay brokerage fees and no transaction fees. And similar to your traditional bank account, users pay reasonable fees on the Nexo card’s savings account as they don’t pay account maintenance fees.

Customer Support

According to the Nexo card’s website, a customer care team is available 24/7 to assist users with any investment advice. The site proposes three ways of reaching the customer care team, including via email, live chat, and text message.

Where Can You Use Nexo Credit Card?

The Nexo card is accepted at any location that processes Mastercard. According to the company’s website, this translates to over 40 million outlets globally. The card also processes at least 45 fiat currencies that don’t require foreign currency exchange fees.

Nexo Card Pros are

  • Zero card fees
  • Intuitive Nexo app
  • Compliant with most financial authorities
  • Instant loans without credit checks
  • Connected to Apple pay
  • No minimum monthly payments
  • Works like regular Mastercard
  • Single tap card freezing
  • 2% cashback on all purchases
  • Virtual cards for safer online shopping

Nexo Card Cons are

  • Users can only borrow on the Nexo platform
  • Still in an early access phase
  • Mastercard has fewer outlets than Visa

Is the Nexo card a Good Fit for you?

Whether the Nexo card is ideal for you depends on how you want to access the value of your digital assets. The Nexo card offers some tax benefits for users who borrow using their crypto holdings instead of selling them any time the card balance gets low.

On the other hand, if you are the kind of person who wants to spend from your available crypto balance and access their associated dollars, you need a simple crypto debit card instead. That’s because they convert your crypto into fiat with every transaction.

The Nexo platform collateralizes your crypto to give you a fiat loan. This is how it works; the moment you swipe your card, an oracle on the platform confirms whether you have sufficient to cover your expenditure. The oracle automatically executes the loan and settles your transaction in fiat instantaneously.

The Nexo card is ideal for you if you’ve ever desired a credit card that offers crypto rewards and doesn’t bother with your credit history. Your staked collateral reduces any risk of default and makes the card available for use.

You can also repay your “loan” in either fiat or crypto. Most importantly, the firm runs a dynamic credit line, meaning the value of your collateralized crypto increases relative to the market value.

Our Final Take

Dubbed the first crypto-backed credit card that allows you to spend your crypto without selling them, the Nexo card comes with many benefits associated with credit cards.

However, the card eliminates the burden of monthly, annual, and foreign transaction fees.

You can swipe your physical Nexo card or use your virtual Nexo card in over 40 million locations where Mastercard is accepted, and you’re good to go.

You can choose between Bitcoin and Nexo tokens to receive your 2% cashback rewards. The only serious drawback is that you can only earn interest in Nexo tokens.

If you’re shopping for an easy-to-use way to spend the value of your digital assets without actually touching them, the Nexo Credit Card is an excellent option to try.

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