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.
|Card Name||Nexo Card|
|Rewards||Yes - Up to 2% in crypto|
|Virtual Card||Yes - Apple Pay & Google Pay|
|Mobile App||Yes - iOS & Android|
|Available in USA||No - European Economic Area (EEA) only|
Are you struggling with selling off your digital assets to manage a financial emergency?
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. Depending on your preference for physical or virtual cards, you can use this card to make purchases and get cashback rewards.
This review unveils all the features and benefits of the Nexo crypto credit card.
What is a Nexo Card?
The Nexo Card is a crypto-backed credit card you can use to make online and offline purchases. Unlike a crypto debit card, the Nexo credit card allows you to spend your digital assets without selling them.
The Nexo Card is linked directly to your Nexo account for it to work. The Nexo Card partnership with Mastercard offers you worldwide access to many perks and bonuses.
The card is available for use in both physical and virtual forms. You can use the virtual card with Google Pay and Apple Pay.
How does Nexo Card Work?
Nexo offers each user an Instant Credit Line – the ability to borrow funds instantly using crypto as collateral. The Nexo Credit Card is tied to this Instant Credit Line.
This means that anytime you use the card for purchases, Nexo is lending you funds behind the scenes while leaving your crypto balance untouched. You can spend as much as 90% of the value of your crypto holdings without selling them.
Your crypto credit line can use different assets as collateral. At this point, you are asking how this arrangement benefits you.
Benefits of the Nexo Card
- You retain ownership of your crypto assets – The Nexo Card provides an alternative to selling your crypto assets, allowing you to benefit from a future increase in their price.
- You avoid paying taxes – Selling your crypto or spending it through a debit card incurs a “taxable event”. You can avoid such tax if you spend with the Nexo card because your crypto is not sold when you make purchases.
- No Minimum Repayments & No Fees – There are no monthly fees incurred when you use the card. Also, Nexo does not require you to make any minimum monthly repayments.
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 enables users to invest in crypto as they make their daily purchases.
The Nexo Mastercard differs from every other credit card in the market as it allows users to retain ownership of their crypto assets. This is entirely different from other crypto cards that allow users to spend their crypto holdings.
How to Acquire the Nexo Card
First, 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 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 cards you can use whenever 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 foul play.
The Nexo app also comes in handy for viewing your PIN or changing it at an ATM nearest you anytime you feel like it.
Nexo rewards you with up to 2% cashback every time you shop with your card, regardless of how much you spend. Once you purchase, the Nexo platform calculates your rewards and credits them to your Nexo account.
You can choose to receive your cashback reward as Bitcoin or Nexo tokens.
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 Security
According to the Nexo card’s website, the platform employs state-of-the-art “military-grade 256-bit encryption”. The firm's website says it uses fraud monitoring mechanisms at all times.
Nexo Card Fees
Apart from the interest on the credit line you’re given, you don’t incur any additional fees when using the Nexo card. The chargeable fees are strictly imposed on the credit line.
There is a 0.5% fee on foreign transactions. You will be charged when you have exceeded your monthly free limit.
On the Nexo Card page, you can get further directions on using the card by chatting with an expert. A help center also provides support articles that might answer any of your questions.
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.
It is important to note that the Nexo Card is available only for European Economic Area (EEA) citizens.
Nexo Card Pros
- 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 a regular Mastercard
- Single-tap card freezing
- 2% cashback on all purchases
- Virtual cards for safer online shopping
Nexo Card Cons
- Users can only borrow on the Nexo platform
- Still in an early access phase
- Mastercard has fewer outlets than Visa
Is The Nexo Card Good 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 whenever the card balance gets low.
On the other hand, if you want 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 card is ideal 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.
- The cards allow you to retain ownership of your assets while spending their value.
- 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.
- You can choose between Bitcoin and Nexo tokens to receive 2% cashback rewards.
If you’re looking for an easy-to-use way to spend the value of your digital assets without actually touching them, the is an excellent option to try.