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Nexo Card: Complete Tutorial 2024
Just toggle between Credit and Debit Mode at any time and spend your way
Nexo Card: Complete Tutorial 2024
Introduction
Introducing the Nexo Card, a revolution in the cryptocurrency sector. After personally testing this innovative card, we are ready to guide you through its distinctive features. From practical and intuitive use to tangible benefits like cashback, the Nexo Card has proven to be an essential tool for any crypto enthusiast. Discover in this tutorial how the Nexo Card works and how it can transform your approach to cryptocurrencies.
What is the Nexo Card and How Does It Work?
The Nexo Card is a versatile card that can be used as both a credit and debit card. Once you have your Nexo Card, you can choose the usage mode directly from the Nexo app.
Credit Card Mode:
The Nexo Card functions as a credit tool linked to the Credit Line of your Nexo account. Each transaction involves an automatic deduction from the Available Credit, guaranteed by your digital assets, converting the amount into a USD loan. The interest rate on the loan is variable and depends on the user’s loyalty level. The Nexo credit card offers considerable flexibility, allowing loan repayment at any time without fixed monthly installments.
Debit Card Mode:
In debit card mode, you can make instant payments using FIATx assets (EURx, GBPx, and USDx) deposited in your Savings Wallet, thus avoiding the generation of a crypto-backed loan on your Credit Line. This mode allows you to fully exploit the potential of Nexo's flexible term savings generated by the platform's Earn function. In the future, Nexo plans to introduce the ability to make debit card purchases using stablecoins and cryptocurrencies.
Acceptance and Cashback
The Nexo Card is accepted by over 90 million merchants worldwide. It offers cashback ranging from 0.5% to 2% and can be linked to services like Apple Pay and Google Pay. Additionally, the Nexo Card is available in both physical and virtual formats, making it immediately usable without waiting for shipping.
How to Apply for the Nexo Card
To apply for the Nexo Card, you must first sign up for Nexo and meet certain balance requirements:
- Virtual: at least $50
- Physical: at least $500 with a Gold loyalty level
To apply for the virtual card:
- Open the Nexo app and log in to your account.
- Go to the Card tab and click on "Activate Your Nexo Card".
- Verify your phone number.
- Choose your card’s currency.
- Confirm the order.
To order the physical card:
- In the Card tab, select "Order Nexo Card".
- Confirm your details and delivery address.
- Order the physical card (delivery time: about 4 weeks).
Reloading the Nexo Card
The Nexo Card does not need reloading as it is not a prepaid card. To use the Nexo Card in credit card mode, ensure you have a sufficient "Available to Borrow/Available Credit" balance in your Nexo account. This balance is based on the cryptocurrencies or stablecoins you have as collateral in your account.
Nexo Card Cashback
Using the Nexo Card allows you to earn cashback up to 2%, depending on your loyalty level:
- Base: 0.5% in NEXO tokens or 0.1% in BTC.
- Silver: 0.7% in NEXO tokens or 0.2% in BTC.
- Gold: 1% in NEXO tokens or 0.3% in BTC.
- Platinum: 2% in NEXO tokens or 0.5% in BTC.
Nexo Card Costs and Limits
The Nexo Card has no monthly, annual, or inactivity fees. Transaction and withdrawal limits vary based on loyalty level, with a monthly maximum of €60,000 / £54,000 and a daily maximum of €10,000 / £9,000. Additionally, foreign transactions up to €10,000 / £9,000 per month are available without currency exchange fees.
Conclusion
In conclusion, the Nexo Card impressed us with its dual credit and debit functionality, flexibility, and lack of fees. With further improvements, it could become even more competitive.