Review on Nexo Card by Joseph Bello
Nexo Card The Diversified Credit Card
Nexo card is an official credit card of Nexo company. The company has gained prominence and popularity as a financial tech company that lends funds out to it users.
The company allow its users to obtain loans for an agreed duration of time where and when they are needed,the users make use of the the crypto currencies on their Nexo wallet as a collateral for the loans they take from the company. This is an exception quality that most fintech companies don't posses,cause at times I might be in need of cash but won't really like to sell my Cryptos out ,I would have loved to keep them a longer time to make extra incomes and profits on them. But now with Nexo all my worries are are gone as I now obtain loans from the company and use the cryptos in wallet as a collateral and pay back with flat currency and still get my Cryptos back after the payment.
After giving my assets as collateral the funds are giving to me,this where Nexo card comes into play,to spend or aceess my borrowed funds I either convert them to flat currencies or store them up on Nexo card as means of payment for goods and services ,the card works just the same way as the regulated credit cards.
Pros
- No account maintenance fee requested
- No foreign exchange fee
- It provides high insurance coverage
- It allows users to store up their Cryptos for a long time
- It provides funds to it users
Cons
- Their interest are a bit high in comparison to other fintech company
- One can't earn interest on Cryptos that are not stable
