The Nexo Card is a crypto-linked payment card offered by Nexo that combines debit-style spending and crypto-backed credit in a single card. It is designed for users who want the option to spend digital assets directly or borrow against them at the point of purchase, while managing balances, rewards, and risk from the Nexo app.
Overview
The Nexo Card operates on the Mastercard network and is issued by DiPocket UAB, an electronic money institution licensed in Lithuania. The product supports two selectable spending modes, Credit Mode and Debit Mode, that can be switched in-app. In practice, this lets a user choose between using available balances for purchases or drawing from a collateralized credit line backed by eligible digital assets.
CryptoSlate previously covered the rollout of Nexo’s dual-mode card concept and its positioning in mainstream payments. See CryptoSlate’s report on the dual-mode Nexo Card for background.
Card Type and How It Works
- Debit Mode: Purchases are funded from selected balances in the user’s account. Nexo supports spending stablecoins, cryptocurrencies, and FiatX balances such as EURx, USDx, and GBPx, with conversion handled at the time of the transaction. Users can prioritize which assets to spend first from within the app.
- Credit Mode: Purchases draw from a crypto-backed credit line, allowing cardholders to access liquidity without selling their assets at checkout. The amount available depends on collateral and applicable loan-to-value parameters, and interest is charged based on the user’s credit terms and tier.
Supported Assets and Funding
The Nexo Card is tied to balances held within the Nexo ecosystem, including major cryptocurrencies and supported stablecoins. The platform’s loyalty system is anchored to holdings of the NEXO token, and the rewards currency can be selected between NEXO and Bitcoin. Assets held in the account may also be used as collateral in Credit Mode, which can affect both available credit and ongoing yields, depending on how the platform treats collateralized balances.
Rewards and Benefits
Nexo positions cashback as a Credit Mode benefit and ties rates to its loyalty tiers. Cashback eligibility, rates, and payout currency depend on account status, including maintaining a portfolio balance above a published threshold and meeting loyalty requirements.
- Platinum: 2% cashback in NEXO, or 0.5% cashback in BTC
- Gold: 1% cashback in NEXO, or 0.3% cashback in BTC
- Silver: 0.7% cashback in NEXO, or 0.2% cashback in BTC
- Base: 0.5% cashback in NEXO, or 0.1% cashback in BTC
Nexo also markets card controls and convenience features, including instant card freezes in-app and support for Apple Pay and Google Pay in supported jurisdictions.
Fees and Limits
Nexo states there are no monthly, annual, or inactivity card fees. The card includes tier-based allowances for ATM withdrawals and applies foreign exchange fees based on region and whether a transaction occurs on a weekday or weekend. Users should also account for potential third-party fees charged by ATM operators or merchants.
- Free ATM withdrawals (monthly allowance by loyalty tier): Base €200 or £180; Silver €400 or £360; Gold €1,000 or £900; Platinum €2,000 or £1,800
- ATM fee after allowance: 2% per additional withdrawal, with a minimum fee of 1.99 EUR or GBP
- FX fees (weekday): 0.2% for EEA, UK, and Switzerland transactions; 2% for rest of world
- FX fees (weekend): 0.7% for EEA, UK, and Switzerland transactions; 2.5% for rest of world
Nexo also publishes purchase and withdrawal limits that can vary by region, account status, and tier, and it promotes higher limits for its private-client segment.
Acceptance, Eligibility, and Regions
The Nexo Card is currently marketed as available to citizens and residents of selected European countries, including the European Economic Area and the United Kingdom, subject to identity verification with supported documents. Once issued, it can be used at merchants globally wherever Mastercard is accepted, including online and in person, with access to cash withdrawals at ATMs subject to the card’s limits and fees.
Nexo distinguishes between virtual and physical issuance. The virtual card can be activated after meeting a published minimum account balance requirement, while the physical card requires a higher balance and an elevated loyalty tier.
Risks and Considerations
- Borrowing and liquidation risk: Credit Mode creates an outstanding loan balance. If collateral value falls or required collateral thresholds are not maintained, Nexo may take actions consistent with its credit terms, including collateral liquidation.
- Market and rewards volatility: Cashback paid in crypto can fluctuate in value after payout. The loyalty tier requirements and reward structures may change over time.
- Regulatory and product constraints: Availability is jurisdiction-dependent, and Nexo has faced regulatory scrutiny around certain products. See CryptoSlate’s coverage of Nexo’s U.S. settlement for related context.
- Consumer protections: The card is issued via an e-money institution. E-money and crypto balances generally have different protections than bank deposits, and users should review the applicable terms for their region.
