Review on Nexo Card by Benaiah A. Akinlade
Nexo Card: Providing a healthy competition for crypto cards
Nexo Credit Card allows you to spend your crypto in real life transactions. The card is supported by MasterCard and it can be used online, stores, and to withdraw money from any ATM.
To use the card, you only have to swipe your card, insert in the ATM or POS terminal just like any other bank card
The card has a mobile app, where you can perform different activities on the card:
1. You can freeze the card if lost or stolen
2. You can monitor your transactions and
3. You can change your PIN.
Every time you make purchases with the card, you get a 5% cashback which is automatically added to your Nexo wallet at the end of the transaction. Also there is no extra fee for making point-of-sale payments with your Nexo card. The card also offers free foreign exchange transactions.
Nexo converts your Cryptocurrencies to collateral and supplies you with a fiat loan that you can pay back with ease. Your loan value reduces as long as crypto appreciates in value while the value increases when crypto falls.
Pros
- There is no extra charge on purchasing with the card
- There is no card maintenance charge
- The card is easy to use like any other ATM card
- The 5% cashback system is impressive
- The card use is based on a loan system
- Loan is easy to pay back as long as crypto value appreciates
- The card is easily synchronized with your wallet
Cons
- Loans can become very expensive to pay back if crypto value falls
