As crypto cards slowly but surely take over the market, you’re certainly looking to learn more about what they have to offer. In this article, we look closely at Nexo Card review it as it is currently one of the most popular crypto credit options available.
Although we’ll dig into more detail regarding this card’s features later on, what sets Nexo Mastercard apart from other crypto debit cards is the 2% cashback you can earn on spending, up to 12% interest rates on stablecoins, and 36% interest on other cryptos. Moreover, you can get crypto loans with 0% interest rates.
If all that sounds like something you’d be interested in, we recommend you keep reading for more!
Nexo Crypto Card is Best for
Nexo Mastercard is a flexible crypto lending solution, so many people can benefit from having it. Nevertheless, it’s best for:
- People interested in investing in a solid and reliable crypto card;
- Users looking to incorporate a solution where they can keep their digital assets safe;
- Individuals searching for a cryptocurrency card that also offers regular debit card features;
- People searching for a Mastercard with no monthly maintenance or withdrawal fees.
What are Nexo Card Advantages
This crypto payment card1 has quite a few advantages. Here are those we found most interesting.
Make the most of your crypto
Unlike other cryptocurrency offers, Nexo Mastercard lets you keep your assets rather than sell them. That’s possible thanks to several essential features that come with it.
For instance, users can earn up to 0.5% in BTC or up to 2% in NEXO. As the credit line starts from 0% APR and it integrates with Apple and Google Pay, making the most of your crypto is straightforward.
Use your crypto as collateral
When using Nexo Mastercard, you can use your assets as collateral while spending fiat currencies. This feature is available at numerous merchants worldwide, making the payments much more flexible.
Furthermore, you can use your crypto as collateral for a credit line since Nexo Card allows you to spend up to 90% of your crypto value without selling it.
Forget about the Nexo Card fees
Nexo Mastercard doesn’t come with any minimum monthly payments or fees. Therefore, you can forget about paying annual, monthly, ATM withdrawal, or inactivity fees while using this issuer.
Although these fees represent small amounts when looking at them individually, they can quickly add up to more significant sums. The absence of these fees makes a world of difference.
Take control of your tax liabilities
Most cards for keeping your digital assets convert those assets into fiat currencies once you sell them. When that happens, a taxable event triggers, and you must pay a tax on your spending.
Luckily, a simple solution can help you avoid these taxable events. Since Nexo Mastercard enables you to spend without selling your crypto, you won’t pay taxes for any purchases.
Are there any disadvantages?
As you can see, it packs some outstanding features. Nevertheless, it still comes with some drawbacks we need to mention.
Only for platform users
The biggest downside is that it is exclusive to existing platform users. You can get this offer if you’re already using the platform. However, if you aren’t interested in making the most of your crypto by borrowing fiat currencies based on your crypto assets, this Mastercard may not be the best choice.
Still relatively new
It is still a relatively new platform, as are all its products. Therefore, Nexo Mastercard is still in an early access phase, meaning the company still needs to develop, improve, or perfect many features. Besides, this offer isn’t a popular choice yet, and few people know about it.
What Makes It Different
Even though Nexo Mastercard is a newer solution, it offers some unique features you won’t find anywhere else. That makes it different from other credit and crypto cards. You can learn more about its unique properties below.
Crypto Cashback rewards
Not many similar providers offer cashback rewards. With Nexo Mastercard, you can earn up to 0.5% in crypto rewards in Bitcoin or up to 2% in NEXO. Furthermore, cardholders can snatch some of the highest rewards when making purchases or withdrawing money from ATMs.
High APY for savings
With a Nexo Savings Account, you can earn high interest on all your crypto savings. That’s because it offers much higher interest rates than many similar companies. They can reach even 18%.
Nexo Mastercard provides excellent benefits to travelers. For instance, more than 90 million merchants worldwide accept this card. When it comes to foreign transaction fees, you can save up to $20,000 each month. In addition, users get ten free ATM withdrawals per month with a generous withdrawal limit of $10,000.
How Does the Nexo Card Compare to Other Crypto Offers?
Nexo vs Upgrade Bitcoin
These two cards are among the most popular crypto debit and credit cards on the market today. Both cards offer benefits such as no transaction fees, rewards, and additional perks. However, Nexo stands out in one key area – it allows you to keep your crypto, rather than sell it. This makes it easier to keep track of your assets while still enjoying the benefits. It also offers competitive credit line rates starting at 5.9% APR, and rewards of up to 2% in NEXO or up to 0.5% in BTC. Upgrade Bitcoin Rewards Card also offers competitive rates on its rewards program, but may not be ideal for those who want to maintain their digital holdings without having to sell them. It all depends on your individual needs and preferences.
Nexo vs Gemini
Nexo and Gemini offer a range of options for cryptocurrency users. The Nexo Card is currently only available in the United States and most European countries, while the Gemini Credit Card is recently launched in the US. Both cryptocurrency cards have no annual fees. Gemini provides rewards in Bitcoin, Ethereum, GUSD, or any of the 60 available coins. Nexo Mastercard features 2% NEXO and 0.5% Bitcoin rewards. While Nexo does not charge for debit card purchases, Gemini does have a % fee for each purchase. In terms of features, both offer competitive options for cryptocurrency users and have their own unique advantages depending on individual needs.
Nexo vs BlockFi Bitcoin
Nexo and Blockfi Bitcoin Rewards are two popular choices for users looking to get crypto rewards. Both providers offer crypto back rewards and no hidden fees, but BlockFi Visa has the edge with its higher BTC rates during the initial intro period. Nexo offers a wider range of coins, interest rates, fiat and crypto options for trading compared to Blockfi. Furthermore, it also has its own native token in the cryptocurrency market called NEXO and offers instant loan decisions with APR from 0% to 13.9%. On the other hand, Blockfi offers quick deposits but decisions on loans take up to 24 hours. Ultimately, both cards offer great features for crypto enthusiasts.
Nexo is an innovative product that offers users some of the best advantages. No fees, using crypto as collateral, and managing your tax liabilities are the main features of this card. Moreover, you can earn outstanding cashback rewards and travel perks.
On the other hand, it’s vital to mention Nexo Mastercard is only available to platform users, which is its most significant downside. Still, it could be the perfect solution if other products and features are your cups of tea.
Frequently Asked Questions
- Nexo and Mastercard launch ‘world first’ crypto-backed card, Reuters.