Nexo · Credit
Nexo Card review
A Mastercard offering switchable Credit and Debit modes with up to 2% crypto cashback and no monthly/annual card fees, for eligible European users.
Overview of the Nexo Card
The Nexo Card is a unique crypto credit card issued by Nexo, offering users a blend of traditional credit card functionality with the flexibility of crypto assets. Operating on the Mastercard network, the card is currently available in selected European countries, including the EEA and the United Kingdom. Unlike traditional credit cards, the Nexo Card offers a dual mode system: Credit Mode and Debit Mode, which can be switched seamlessly within the Nexo app. This versatility allows users to manage their finances more effectively, whether they prefer to spend directly from their crypto holdings or use the card as a credit instrument.
One of the standout features of the Nexo Card is its cashback rewards program, which is tied to the user’s Loyalty tier. This tier is determined by the ratio of NEXO tokens held in their portfolio, rather than a staking mechanism. This approach provides an interesting alternative to traditional staking-based rewards systems.
How the Nexo Card Works
The Nexo Card operates on a custodial model, meaning that Nexo manages the custody of your assets. Users can top up their card with a variety of cryptocurrencies, although the specific chains supported are not detailed by the issuer. The card supports both Apple Pay and Google Pay, making it convenient for users who prefer mobile payments.
In Credit Mode, users can spend up to a certain limit based on their crypto holdings, while in Debit Mode, funds are deducted directly from their Nexo account balance. This flexibility is a key advantage for users who want to manage their spending and crypto investments in one place.
For those interested in earning rewards, the Nexo Card offers up to 2% crypto cashback on purchases. However, it’s important to note that achieving the highest cashback rate requires a Loyalty tier of Platinum, which in turn necessitates holding a significant amount of NEXO tokens and maintaining a digital asset balance of over $5,000. Lower tiers offer reduced cashback rates, as detailed in the rewards section.
Rewards and Fees
The Nexo Card’s cashback rewards are tiered, with the following structure:
- Platinum: 2% cashback in NEXO or 0.5% in BTC
- Gold: 1% cashback in NEXO or 0.3% in BTC
- Silver: 0.7% cashback in NEXO or 0.2% in BTC
- Base: 0.5% cashback in NEXO or 0.1% in BTC
It’s crucial to understand that the top cashback rate of 2% is only available to Platinum tier users, who must meet the aforementioned balance and NEXO holding requirements.
The Nexo Card boasts no monthly, annual, or inactivity fees, which is a significant advantage for users looking to avoid common credit card charges. However, foreign exchange (FX) fees are applicable and vary depending on the day and region. For EEA/UK/CH users, the FX fee is a relatively low 0.2% on weekdays, but it increases to 0.7% on weekends. For users outside these regions, the FX fee is a higher 2% on weekdays and 2.5% on weekends.
ATM withdrawals are free up to a monthly allowance that varies by tier (e.g., Platinum users can withdraw up to €2,000 / £1,800 per month). Withdrawals above this limit incur a 2% fee, with a minimum charge of €/£1.99.
Who the Nexo Card is For
The Nexo Card is best suited for users who are already engaged with the crypto ecosystem and are looking for a card that offers flexibility and rewards. The card’s availability in selected European countries means it is not accessible to a global audience, which is a limitation for international users. Additionally, the requirement for a higher Loyalty tier to access the best cashback rates and fee structures may not be ideal for those with smaller crypto holdings.
For users who frequently travel or make international transactions, the varying FX fees could be a concern. However, for those within the EEA/UK/CH region, the low weekday FX fees are a notable benefit.
Overall, the Nexo Card is a strong option for users who value cashback rewards and the ability to manage their crypto and spending in one place, provided they meet the necessary balance and holding requirements.
Fees & costs
| Fee | Amount |
|---|---|
| Annual / issuance | No monthly, annual, or inactivity card fees |
| FX / spend fee | Weekdays: 0.2% (EEA/UK/CH), 2% (rest of world); Weekends: 0.7% (EEA/UK/CH), 2.5% (rest of world) |
| ATM withdrawal | Free ATM withdrawals up to a monthly allowance that varies by tier (e.g. Platinum up to €2,000 / £1,800 per month); 2% fee (min €/£1.99) above the free allowance |
| Top-up / load | — |
| Staking / lockup | None (Loyalty tier is based on NEXO portfolio ratio, not staking) |
Pros & cons
Pros
- Dual Credit/Debit mode switchable in-app
- No monthly, annual, or inactivity card fees
- Low FX fees for EEA/UK/CH (0.2% on weekdays); Apple Pay and Google Pay supported
Cons
- Availability limited to selected European / EEA + UK countries
- Top cashback (2%) and best fee tiers require higher Loyalty tier (NEXO holdings) and a $5,000+ balance
- Higher FX fees (up to 2.5%) outside EEA/UK/CH and on weekends
Supported crypto
Coins:
Chains:
Our take
Interesting if you want to spend against your crypto without selling — but understand the liquidation risk of the credit mode.