Nexo Card Review
For the first time, you can use your cryptocurrency holdings to spend money with the Nexo Card, the world’s first crypto-backed credit card. The platform, Nexo, was developed in 2018 by a group of fintech and crypto pioneers who anticipate that blockchain technology will revolutionize the financial services industry.
People are impressed by the fact that the Nexo credit card and Nexo debit card offer 2% cash-back rewards on all purchases without requiring the purchase and storage of a proprietary token for an extended period.
Still, there is a catch: Nexo users can only get this credit card if they borrow fiat dollars against their cryptocurrency holdings. The card, therefore, can be a viable choice for those who want to access the value of their cryptocurrency holdings without selling the underlying assets. In addition, the Nexo app offers various helpful functions for cardholders. Let’s explore this further in this Nexo credit card review. Let’s go!
Key Facts About Nexo Card
| Key Features | |
| Uses | Spend and save your cryptocurrency |
| Cashback | Up to 5% cashback |
| Charges | No charges |
| Compatibility | Can work anywhere MasterCard is available |
What Is a Nexo Card?
The Nexo Card, also known as MasterCard Nexo is a card that is linked to your cryptocurrency holdings and can be used to make regular purchases while earning up to 5% cashback in cryptocurrency. The card is now available in over 200 countries and territories, having been released only in several regions.
A monthly withdrawal limit of $10,000 is available, and a number of features make it easy and convenient to use. For example, it allows you to earn 2% in NEXO or 0.5% in BTC on every purchase. The card also offers a number of other benefits, including a Credit line rating that starts from 0% APR, no monthly or annual fees, and a number of security features.
In this Nexo review, the card also has no minimum monthly repayments, meaning you can use it as much or as little as you like. Within 12 months, you must repay the full amount borrowed. It is also integrated with Apple & Google Pay. For the Nexo card, countries that are eligible include the UK and the EU, etc.
Nexo wallet
This is a universal digital asset wallet that supports many digital currencies and allows users to store, send, and receive digital assets. The mobile wallet is compatible with iOS and Android smartphones and can store more than forty different types of digital currency.
The wallet has many features that make it simple to use, and it was created with the user in mind. You can, for instance, keep tabs on your account balance and recent transactions, receive alerts when prices change, and access market data in real time. You can also read up on our BlockFi vs Nexo comparison.
How to get my Nexo card?
To receive a Nexo Card, you must first register for an account on the Nexo website.
- Go ahead and put the Nexo app on your mobile device.
- Make your card purchase with the Nexo app.
- Get started using Apple Pay or Google Pay with your virtual Nexo Card. You can order one if you’d rather have a tangible Nexo Card.
Eligibility
Here is the criteria you need to fulfil to receive a Nexo account:
- Required age is 18 or older.
- Be a legal resident or citizen of the European Economic Area (EEA).
- You are not allowed to have ever had your Nexo account disabled.
- The Necessary Paperwork
What you need for identification
- Place of residence and contact information.
- Form of official identification, such as a driver’s license or passport.
- Take a selfie with your valid government ID.
- Proof of residence such as an energy bill or bank statement.
How does it work?
The Nexo.io Mastercard and the NEXO token are not closely related. The Nexo prepaid card service is solely related to Nexo in two ways. Customers can first receive their rebates from Bitcoin or NEXO tokens. Additionally, Nexo.io users can use Nexo as collateral for crypto loans, and there are other benefits to using Nexo on the Nexo.io platform. The NEXO token is mainly concerned with the lending and borrowing features of the platform.
If you have a Nexo Wallet, you can get a physical Mastercard linked to your digital wallet via the Nexo Card. The amount charged to the card each time it is used to make a purchase is automatically removed from the user’s available balance in their digital wallet. Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Nexo are just some of the cryptocurrencies that can be used to fund your wallet.
Steps For Activation of Nexo Card
To activate your Nexo card, you must first download the Nexo app, launch it, and then navigate to the Card menu.
Click the “Activate Card” button, and your digital card will be issued to you in a matter of seconds.
The third step, following the selection, would be to enter some identifying information about yourself, such as your first and last names, date of birth, country of origin, and so on. Step four involves entering an address to have a Nexo card shipped. The next thing after entering the shipping information is to include a photo of a valid government-issued photo ID.
Following these steps, your card will be shipped to its destination within 7-10 business days. Email or text message links can also be used to activate the card. One can begin utilizing his Nexo card once it has been activated. Devices such as smartphones and tablets can enter the card’s user area. In this scenario, add the app to Apple Pay or Google Pay, then choose Add to Wallet and proceed with the on-screen prompts. Apple Pay and Google Wallet are now available for use.
Supported Currencies
According to Nexo, the Nexo card is compatible with 39 currencies.
Some of the supported crypto currencies include BTC, ETH, NEXO, XRP, USDT, USDC, USDP, TUSD, BUSD, DAI, BCH, LTC, EOS, BNB, XLM, PAXG, LINK, TRX, ADA, DOT, DOGE, UNI, AXS, MATIC, GALA, SUSHI, CRV, AAVE, APE, 1INCH, MKR, MANA, SAND, FTT, HT, LDO, ENS, SWEAT, GRT, COMP, GMT, SNX. There are also limited assets options like RUNE, SOL, AVAX, USTC, LUNA2, LUNC, FTM, АТОМ, KSM, NEAR, OP, ETHW, GMX. You can make more findings on the Nexo website as this information is susceptible to change.
Fees & Taxes
Nexo says there are no fees associated with using the card, either during transactions or on a recurring or inactive basis. There’s also a Nexo interest rate calculator option. You can check it out on their website.
Limits
Depending on the coins in your wallet, the minimum amount you can withdraw will be different. No crypto balance is required in your account before you begin earning interest.
Nexo Card Features
The Nexo.io Mastercard doesn’t come with a ton of bonuses because it just offers 2% cash back on all purchases. This rebate offer needs to be considered alongside Nexo as a whole. As a matter of fact, the customer is basically incurring interest costs whenever funds are transferred to the card.
The Nexo.io Mastercard offers a 2% cashback bonus, but the majority of its perks are accessible through the companion smartphone app. The app gives users complete power over their card, with features including quick card freezing in the event of loss or theft, the option to produce virtual cards for use in online transactions that provide more anonymity and protection, and real-time alerts on all card-funded transactions.
Instant access to funds from loans secured by cryptocurrency holdings is perhaps the biggest benefit for the type of person who utilizes this card. As soon as the loan is approved, the user can put that money to use, rather than having to wait for it to be deposited into their bank account (which could take days). Instead of selling your cryptocurrency and potentially incurring capital gains taxes, you can take out a loan against it and use the proceeds to pay off your debt.
How To Make Payment With Nexo Card
Nexo’s credit card, the Nexo Card is tied to the company’s Instant Crypto Credit Lines. Using blockchain technology, your digital assets serve as security for a loan, with the amount of the loan withdrawn automatically from your Available Credit. Depending on your loyalty tier, the interest rate on your loans will be anywhere from 0% to 13.9%, and you may make payments whenever it’s convenient for you.
How to earn rewards using Nexo Card
A Nexo card user is automatically enrolled in the Nexo Loyalty Program after making a purchase through the Nexo platform. Each tier of this program comes with its own special perks and advantages. More benefits become available as your level increases.
The first step is to use your Nexo crypto card to make a transaction or withdraw money from an ATM. After that, you’ll begin amassing reward points, which can later be redeemed for cash or other goods. Although, the Nexo card USA option is unavailable. You can also check our previous reviews for Youhodler vs Nexo earning rewards.
How to keep your Nexo Account safe?
When using the Nexo platform, users must adhere to a number of rules designed to protect their cryptocurrency. Two-factor authentication is used for login, which is a highly secure method.
Insurance against theft or hacking is just one of the many services Nexo provides. Check out the Nexo website if you want to learn more.
Nexo Card Alternatives
 Spectrocoin Card Editor's Score:
Annuel fee €1.15 Crypto Rewards 0% Promo Offer 0% |  BlockFi Rewards Visa Signature Credit Card Editor's Score:
Annuel fee 0% Crypto Rewards 1.5% Promo Offer 3.5% |  Binance Card Editor's Score:
Annuel fee 0% Crypto Rewards 8% Cashback Promo Offer Up to 1,000 BUSD in Rewards |
Other card options that you can opt for include the following:
- Wirex: You can get up to 8% cash back when using your Wirex debit card to make purchases in stores and online. Neither people in New York nor Hawaii can get it.
- Crypto.com: If you put money on your card using fiat currency or cryptocurrency, you can get up to 5% cash back on all purchases. In addition, rebates are available on eligible streaming service subscriptions like those from Netflix and Spotify. The FDIC only insures accounts and cards denominated in US dollars.
- Revolut: As a global fintech company, Revolut provides its customers with FDIC-insured deposit accounts, ten free monthly international transfers, and commission-free cryptocurrency trades up to $200,000 per month on its Premium plan. There is no federal deposit insurance for cryptocurrency accounts.
Other alternatives include BlockFi Credit Card, SpectroCoin Visa Debit Card, and Binance Card. These are one of the top Crypto loan sites that provide cards for their users.
Conclusion
In this Nexo card review, we can say Nexo Card is widely recognized as a leading cryptocurrency credit card. Not only are there no transaction costs associated with using a Nexo card or getting cash from an ATM, but the company also offers a free card.
In addition to its core functionality, Nexo provides a plethora of additional features designed to streamline and improve the user experience.
Table of Contents
 | Rudolph Taylor is Editor-in-Chief at Coinlive.io which is located at Wymondham in Norfolk, United Kingdom. His main job is writing about cryptography to keep his readers updated on current trends and industry news in detail. Rudolph has been able to achieve this in the past few years by providing well-structured write-ups. |
Frequently Asked Questions
The Nexo card is a digital asset storage solution that provides access to traditional credit card services. Neither making purchases with the card nor getting cash out of an ATM will cost you anything.
No, it is not available in the USA. Nexo stopped accepting new U.S. customers as of February 2022, when the SEC issued guidance on earning products.
The Nexo Card does not require a money deposit. Your Nexo, on the other hand, is linked to instant crypto credit lines. Steps for adding cryptocurrency to your Nexo wallet: You can access your Nexo account by signing in. Verify your identity by filling out the required paperwork. To see which digital currencies are accepted, scroll down this page. The cryptocurrency you wish to deposit will be displayed, and you can select Top Up to the right of it.
As a Mastercard, the Nexo Card can be used at over 90 million physical and virtual locations across the globe.
You can use your Nexo card without worrying about security. The Nexo website boasts that the platform is protected by military-grade 256-bit encryption and that it monitors for fraud around the clock, every day of the year. Nexo made this decisive move for the sake of its customers' financial and transactional security.