Nexo is a leading platform for digital assets, offering lending and borrowing services. These features enable its users to earn passive income without selling their crypto assets.
The company also offers the Nexo Card, a unique crypto card that can switch between debit and credit modes, now available in the UK. It will allow users from the British Islands to spend crypto assets on real-world products and services without having to sell or exchange them.
Nexo Card Overview
The Nexo Card is the next step in the financial evolution, aiming to eliminate the need for a traditional bank account. Users can deposit crypto assets to their Nexo account and easily spend them on real-world purchases with the flexible crypto card.
One of the card’s standout features is its dual mode. In the debit mode, users can spend the assets on their account, or they can borrow funds against their assets and turn the card into a credit card.
Depending on the mode, it’s possible to earn up to 2% cash back on purchases or pay interest for the credit line starting from 2.9%, making this a competitive option compared to standard cards issued by traditional banks.
Nexo Card Features and Benefits
Aside from its unique dual credit/debit mode, the Nexo Card also offers traditional banking features like cashback rewards and interest on the used credit line.
How Credit and Debit Modes Work
Depending on your needs, you can seamlessly switch between the credit and debit modes with a single tap in the Nexo mobile app.
The debit mode allows you to spend your available assets that are held on the Nexo platform. You can spend stablecoins, cryptocurrencies, and FiatX assets like EURx, USDx, and GBPx. Thanks to a simple drag-and-drop feature, it’s easy to prioritize which assets will be spent first.
The credit mode is for users who don’t want to spend their assets. Instead, you can borrow funds against your holdings at an interest rate starting from 2.9%. The repayment is flexible without credit checks, allowing users who aren’t eligible for traditional banking cards to get access to a card they can use globally.
Nexo Card Lets You Earn While You Spend
Using the Nexo Card in its credit form comes with cashback rewards of up to 2%. This is automatically credited to the account, incentivizing regular use. However, to get the highest rewards, you need to join Nexo’s Loyalty program. You need a portfolio balance of $5,000 to unlock the cashback feature.
Additionally, the unspent balance of both the credit and debit modes earns up to 14% annually, which is paid out daily. This far outweighs the cost of your credit line, which starts from 2.9% annually.
Fees, Spending Limits, and Eligibility
The Nexo Card is designed to be competitive with its counterparts from both traditional finance and the crypto space.
Users enjoy free ATM withdrawals with up to €2,000 / £1,800 per month, depending on loyalty tier. After that, each withdrawal comes with a 2% fee with a minimum of 1.99 EUR/GBP. There are no monthly, annual, or inactivity fees, but users must have at least $50 in their Nexo account to activate the card.
Additionally, the card charges foreign transaction fees, which depend on the day of the week. On weekdays, foreign transactions cost 0.2% for EEA/UK/CH currencies and 2% for other currencies, while on weekends, the fee is 0.7% for EEA/UK/CH currencies and 2.5% for other currencies.
The card is available in virtual and physical form. Users who want the physical card enjoy no shipping fees. But to order the physical card, users must have a Nexo account balance of more than $5,000.
The Nexo card is available only to citizens and residents of selected European countries, including the EEA, and now the United Kingdom. Users must also complete ID verification to gain access to the card.
Getting Started with the Nexo Card
For everyday use, the Nexo Card is no different than any other popular credit or debit card. Since it’s Mastercard-branded, hundreds of millions of merchants globally accept it as a payment method.
Activating and Using Your Card
Getting the card is easy. All you have to do is download the Nexo mobile app and select the “Card” tab. Select “Activate Card” to get your virtual card. You need to have a minimum of $50 in your account to activate it.
You can now add your card to your Apple Pay or Google Pay via the “Add to Wallet” tab. On the “Card” tab, you can order a physical card if you have at least $5,000 in your account balance. Fill out your shipping details and tap “Confirm”.
Managing your card is seamless via the app, allowing you to drag and drop your assets to prioritize which one to spend first. You can choose stablecoins, cryptocurrencies like BTC and ETH, or FiatX currencies.
Now that everything is set up, use the card online or at real-world stores that accept Mastercard.
Safety Features and Risk Controls
When using the card in its credit mode, assets are stored as collateral within the Nexo platform. Nexo uses a combination of custodial partners like Ledger Vault and Fireblocks to keep users’ assets secure. This keeps your crypto assets safe from hacks and various other attack vectors.
Similar to traditional cards, Nexo also allows its users to freeze their cards within the Nexo mobile app. The card can be deactivated through the app, which will prevent any unauthorized use in case your card is stolen or lost.
Where the Nexo Card Fits Among Competitors
The Nexo Card is a unique addition to the crypto banking space, but how does it compare against other cards?
Nexo Card vs Leading Crypto Cards
The Coinbase Card offers two cards: a Visa prepaid card and a Coinbase One card. The first one is similar to the Nexo debit card mode, but it comes with up to 1.5% cash back. The Coinbase One card earns up to 4% back, but it costs $49.99 annually. However, if you live anywhere but the US, you’re out of luck, as both cards are only available for customers who live in the US.
Wirex is another crypto card offering up to 8% in cryptoback, but it has lower fee-free ATM withdrawal limits of up to $200. This card is a debit card, meaning you spend assets available in your account. It’s available in multiple countries globally, including Argentina, Australia, and EU countries.
Crypto.com also offers its own crypto card with up to 6% cash back, depending on loyalty tier. To get the card, you must be a loyalty member and live in the US.
Compared to these cards, the Nexo Card stands out for its dual mode, as none of these cards can serve as a credit card. Moreover, users get up to 14% annual percentage yield on unused assets in their accounts, a feature that Nexo’s competitors lack.
Pros & Cons of Using the Nexo Card
Depending on your goals as a Nexo Card user, there are some pros and cons to consider.
Pros
- Dual-mode card with credit and debit card features
- Cashback rewards for the credit mode
- Earn up to 14% annual percentage yield on unused assets
- Low interest rates for the credit card mode from 2.9%
- Seamless card management via the Nexo mobile app
- No annual or inactivity fees
Cons
- The card is only available for citizens and residents in EEA countries and the UK
- Getting the physical card requires that you have at least $5,000 in your account
- Market volatility may affect borrowing power in the credit mode
How UK Users Can Get the Nexo Card in 2025
Citizens of the UK and EEA countries can get the card by downloading the Nexo mobile app. Select the “Card” tab and then “Activate Card” to get your virtual card. To start, you must have at least $50 in your account, and you must verify your ID.
To get the physical card, you must have at least $5,000 in your account balance. In the same “Card” tab, order your physical card and fill out your shipping details.
There are no shipping fees. Once you get your physical card, manage it via the Nexo mobile app, where you can switch between the debit and credit modes.
Visit Nexo’s official website to learn more and apply for the Nexo Card.
