Nexo Card Review

Do you ever wish you could take your crypto out into the “real world” and actually use it to pay for everyday purchases? Some global companies like Microsoft and Starbucks already accept crypto payments through a third-party gateway, but imagine how much simpler things could be if you could just cut out the middleman! In this Nexo Card review, I’ll delve into a solution that promises exactly this and more.

Nexo Card stands out among its many competitors, thanks to its unique Dual Mode functionality that lets holders switch between two different ways of accessing funds to pay for their purchases. On top of that, it features a compelling Loyalty Program that rewards dedicated users with additional perks like higher cashback rewards.

Still, you’ll probably be wondering – is Nexo Card worth it when some of the top-rated exchanges like Bybit, Coinbase, and KuCoin already cater to this niche with their own crypto cards? Can Nexo Card stand up against those alternatives, or should you be looking elsewhere? There’s only one way to find out!

Nexo Card Review: A Quick Overview

Before we get started, let me preface this review with a sneak peek into Nexo Card’s key features:

Table: A quick overview of Nexo Card

As you can see, this card has an unusual double system and multiple types of rewards. Stick with me through my Nexo Card review and find out exactly how it works and who could benefit from it.

Who’s Nexo Card For?

While crypto payment cards aren’t exactly new, they’re still gaining ground and haven’t reached mainstream popularity in the crypto scene yet. If you’re unsure whether it’s worth getting a Nexo Card, here are the types of users who stand to gain the most from it:

• Credit & Debit Card Users. Can’t decide between getting a new debit or credit card? Nexo Card can function as both! You can switch between the Credit and Debit Mode with a single tap.
• Fans of Crypto Payments. If you’ve always wanted to use your crypto assets as an actual currency, Nexo Card allows you to do exactly that. It supports both crypto and fiat money.
• Nexo Exchange Users. Since this card is tied to the holder’s Nexo account and draws funds from Nexo’s Savings Wallet, it’s a convenient option for crypto enthusiasts who already have a Nexo account.
• Crypto HODLers. Nexo debit card offers yield earning with an annual interest rate of up to 14%, helping you generate passive income on your idle assets. Meanwhile, the Nexo credit card lets you pay with your crypto without spending it by using it as collateral and earn interest on it.
• Reward Hunters. Aside from the above-mentioned earning options, Nexo Card also comes with cashback rewards.

With all these benefits in mind, it’s clear that Nexo Card has a lot to offer for users with different needs.

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Advantages

While conducting research for this Nexo Card review, here are the key positives I’ve come across:

• Works both as a credit and debit card;
• Flexible asset conversion;
• Cashback rewards;
• Generous spending limits;
• No delivery or annual fees;
• User-friendly experience.

Number one is, of course, the flexibility of being able to use Nexo Card in two different modes. That’s why you’ll see it called both a “Nexo debit card” and a “Nexo credit card” – because you really are getting two for one price (figuratively speaking, since the card itself is free). The Debit Mode lets you spend fiat and crypto you have in your Savings Wallet, while the Credit Mode involves borrowing money using the crypto in your account as collateral.

Speaking of flexibility, another one of Nexo Card’s benefits is the option to use a large selection of both crypto and fiat currencies as payment methods. It supports over 100 cryptocurrencies and 3 fiat currencies: EUR, GBP, and USD. If you hold multiple currencies, you can set the preference order for which ones to spend first (or prevent certain assets from being used for purchases).

Crypto cards are generally known for their cashback benefits, and Nexo Card is no exception. If you’re in Credit Mode, you can unlock the perk of earning 0.1% to 2% of cashback in either BTC or NEXO tokens. Nexo Card cashback rates depend on the token and your Loyalty Tier.

When it comes to expenses, you’ll be happy to find out that the Nexo Card fees and limits are quite generous. Even the most active spenders probably won’t feel too restricted by the daily spending limit of €10,000 or the ATM withdrawal limit of €2,000. What’s more, there are no annual fees or physical card delivery fees.

Last but not least, the card itself is fairly easy to manage and get started with. Even the process of ordering a Nexo Card takes only a few clicks, and you can do it directly on the mobile Nexo app. The card is seamlessly integrated with your Nexo account and doesn’t require being linked to another bank account.

Limitations

As attractive as these benefits are, this Nexo Card review would hardly be balanced without shedding some light on the weak points, too. Here are the factors I found disappointing:

• Not available to US citizens;
• High eligibility requirements for a physical card.

It’s a pity that if you want to get a Nexo Card, most of the available countries are those in the EEA region and the United Kingdom, which means that the rest of the potential users, including those in the United States, will have to stick to other alternatives, such as Coinbase Card. In February 2025, the company announced that Nexo Card is now available in Switzerland and Andorra, too, as part of its 2025 Growth Plan.

In addition, I found the eligibility criteria for a physical Nexo card to be unnecessarily steep. While getting a virtual card only requires having at least $50 in your portfolio balance, obtaining a physical card is a much higher bar to clear: you’ll need to have a balance of $5,000 or higher and be in the Gold or Platinum Loyalty Tier (which can be reached by holding at least least 5% of your balance worth of NEXO tokens).

Nexo Card Explained

That’s it for the appetizer – let’s get to the main course! Thanks to this card’s dual functionality, the question, “How does Nexo Card work?” has to be answered in two parts. With just a single click in the mobile app, you can turn your card into a “Nexo debit card” or a “Nexo credit card”, depending on the way you want to use it at the moment.

Debit Mode

In this mode, Nexo Card is similar to most of the other alternatives I’ll introduce later in this review. In a nutshell, the Debit Mode lets you spend the assets you have in your Nexo’s Savings Wallet while earning a daily compound interest on them.

Nexo card supports stablecoins like USDT and USDC, 100+ other cryptocurrencies (including BTC, ETH, SOL, XRP, and NEXO, the platform’s official token), and 3 fiat currencies: EUR, GBP, and USD (you’ll have to select one of them as your primary currency; unfortunately, this can’t be changed later).

One of Nexo Card’s main selling points, as I already revealed, is the option to pay in both fiat and crypto, whichever you choose! This turns your card into an extremely versatile payment method accepted by over 100 million merchants worldwide without having to manually convert your funds beforehand.

The card accesses the assets in your Savings Wallet and automatically converts them to the local currency you’re making the purchase in. What’s more, if your primary currency balance doesn’t cover the whole purchase, other assets in your Savings Wallet will automatically be converted to foot the difference. You can even change the priority order of which assets to use first, or take certain assets off the list altogether.

Another key element to the Debit Mode is Flexible Savings: the assets in your Savings Wallet (both fiat and crypto) will keep generating high-yielding annual interest with daily payouts. The interest rate depends on the coin:

• USDC: Up to 12%
• BTC: Up to 6%
• ETH/XRP/SOL/BNB: Up to 7%
• POL: Up to 5%
• NEXO: 4%
• DOGE: Up to 3%
• DOT: Up to 14%
• EURx/GBPx/USDx: Up to 9%

Credit Mode

In contrast, Nexo Card’s Credit Mode makes it function like something akin to a hybrid between a credit card and crypto margin trading with leverage. This Mode integrates your Nexo Card with Credit Lines, Nexo’s crypto borrowing platform.

Switching to Credit Mode requires that you have some crypto or stablecoins in your Flexible Savings balance or in your Credit Line Wallet, which becomes your “Available to Borrow” balance (it needs to be higher than what you’re planning to spend).

When you make a purchase, the amount is automatically deducted from this balance and added to your total Outstanding Loan in USDx. And once the transaction is completed and its status changes to “Approved,” you can make a repayment. On Base level, the maximum borrowing rate is 18.9%.

At the same time, the system transfers enough assets from your Savings Wallet to your Credit Line Wallet to serve as collateral (unless you already have enough collateral in your Credit Line Wallet to cover this purchase).

Even if you’re not a fan of borrowing, though, you can still enjoy another one of Credit Mode's perks: crypto cashback. On Base level, the rate is 0.1% in BTC and 0.5% in NEXO for every purchase, with a monthly limit of $200.

Loyalty Program

It’s impossible to give the full picture of Nexo Card benefits without mentioning the Loyalty Program. For one thing, it plays an instrumental role in the borrowing mechanism in Credit Mode, giving users access to lower maximum borrowing rates and higher cashback rewards.

There are two requirements for getting on board:

• An account balance above $5,000;
• Having at least 1% of your entire portfolio’s worth of NEXO tokens.

Your tier is determined by the ratio between your NEXO holdings to the other assets on your account. For example, if the rest of your portfolio is worth $10,000, you’d have to hold $100 NEXO to hit the 1% required for the Silver Tier.

Here’s what each Loyalty Tier and its benefits look like:

Table: Nexo Loyalty Program Tiers

If you’re already an active user of the Credit Mode and don’t mind stocking up on some NEXO tokens, the Loyalty Program might just make the difference for your Nexo Card spending habits!

User Experience

Most other Nexo Card reviews praise it for being incredibly user-friendly, and I couldn’t agree more. The card’s Dashboard on the mobile Nexo app has all of the most frequent actions within easy reach. With just one or two clicks, you can check your card’s details, repay your balance, switch between the Credit and Debit Mode, or freeze your Nexo Card in the case of theft or suspected fraud.

In addition, the in-app notifications let you keep track of your transactions in real-time and in full detail, so if anything’s amiss, it’s unlikely to slip past you.

Thanks to seamless integration with the Nexo exchange account, you won’t have to worry about linking the card to your bank account or topping it up separately – all you need is having some fiat or crypto assets in your Savings Wallet (for the Debit Mode), Flexible Savings Wallet, or Credit Line Wallet (the latter two are needed for the Credit Mode).

As with most cards today, there’s both a virtual and a physical version available. The virtual Nexo Card is much easier to obtain, and if you’re not planning to withdraw money from ATMs or use the card for in-store purchases that don’t accept Apple Pay or Google Pay, the virtual card should be more than enough to get by. As a sidenote, the physical Nexo Card works for contactless payments.

The physical and the virtual card will need to be activated separately (I’ll show you how in the “How to Get Nexo Card” chapter).

Nexo Card is accepted by virtually every vendor and store that accepts Mastercard, but there are some exceptions. The company features a full list in the Nexo Card’s knowledge base section, but just to give you a quick summary – you won’t be able to use this card for personal money transfers, cash disbursements, saving bonds, and a number of other transactions.

Fees & Limits

Now that you know Nexo Card works, what you’ll probably want to find out next is – how much does it cost to use it?

The good news is that the Nexo Card fees and limits are pretty generous compared to many other alternatives. For one thing, there are no annual fees to account for: both virtual and physical Nexo Cards are free (although you need to have a certain amount of balance in your Nexo account to activate both).

ATM withdrawals are free up to a certain monthly limit:

• Base. Up to €200 / £180
• Silver. Up to €400 / £360
• Gold. Up to €1,000 / £900
• Platinum. Up to €2,000 / £1,800

After that, you’ll be charged a 2% fee for any additional withdrawals until your monthly limit resets again.

While transactions in your country of residence are free, foreign transactions (AKA, transactions where the local currency differs from your set card currency) are subject to foreign transaction fees:

Table: Nexo Card's foreign transaction fees

And these are the spending and withdrawal limits:

Table: Nexo Card's limits

Unfortunately, the Loyalty Program benefits won’t be of much help here – the only benefit you’ll get is a higher free ATM withdrawal limit, but spending limits and fees are still the same.

Security

The security of a crypto card is no less important than the security of your exchange account. Luckily, Nexo doesn’t drop the ball on either.

Among the card-specific security features, you’ll find:

• Instant Card Freezing. If your card is lost or stolen, you can immediately freeze it through the Nexo app, preventing unauthorized use.
• PIN Management. Change your card's PIN at any time directly within the app, enhancing control over your card's security.
• Two-Factor Authentication (2FA). Adds a second layer of protection by requiring a second form of verification when accessing your account or performing sensitive actions.
• Spending Controls. Set spending limits to manage your expenses and add an extra safeguard against unauthorized transactions.

Your assets are held in a combination of cold (offline) and hot (online) storage solutions for extra security. These cold storage Nexo accounts are provided by BitGo, one of the industry leaders in multi-signature encryption technology, and have insurance coverage of up to $100 million by the London-based insurance company Lloyd’s at no additional cost.

The security of hot storage wasn’t left behind, either: in 2021, Nexo struck a partnership with Ledger Vault to get access to its institutional-grade cloud custody solution and a customized insurance program, offering coverage of up to $150 million for digital assets.

Nexo has a whole arsenal of globally recognised certifications, including ISO/IEC 27001:2022 (the latest version of the international standard for Information Security Management Systems^[1]), SOC 2 Type 2, SOC 3 Type 2, STAR Level 1 Certification, and Cryptocurrency Security Standard (CCSS) Level 3. It holds licenses and registrations in Seychelles, Poland, Lithuania, Italy, Hong Kong, Australia, and the US (California).

Customer Support

There’s a lot more to the question of “How does Nexo Card work?” than I was able to cover in my review – but if you need clarification or just want to brush up on the core points, Nexo features a very detailed knowledge base that should answer any remaining questions.

And if that doesn’t cut it, there are 3 main ways to access customer support on Nexo: live chat, email, and filling out a request form. The last one is probably best suited for more complex issues like complaints and disputes.

Luckily, you’ll be able to solve some of the common issues yourself. Nexo’s app lets users easily freeze the card, activate or deactivate it, change the PIN code, or order a replacement if they need one.

Nexo has a 4.5 out of 5 score on TrustPilot, and to the company’s credit, the support team has responded to most reviews, both positive and negative ones.

How to Get Nexo Card

At this point in my Nexo Card review, you probably have few questions left, so let’s move on to the practical bit: how to get Nexo Card?

As I already mentioned, the actual process is pretty easy. To get a virtual Nexo Card, all you need to do is download the mobile Nexo app, go to the [Card] tab on the bottom menu, and click [Activate Nexo Card]. However, if you want to get Nexo Card, available countries include only the EEA region, Switzerland, Andorra, and the United Kingdom.

A virtual Nexo Card is one of the prerequisites for getting a physical card, but this one will have much higher hoops to jump through: it’s only available to users on the Loyalty Program, which requires having at least $5,000 in your account. And even if you meet these criteria, ordering the physical card has been temporarily suspended since January 2025, with no information as to when it’s going to become available again.

To activate your physical Nexo card, open the mobile Nexo app, go to the [Card] tab, swipe to switch to the physical card and click [Activate card], then enter the 16 digits on the back of your card and click [Confirm].

Top Alternatives

There’s certainly a lot to like about Nexo Card – but why limit yourself to only one option without exploring other alternatives, as well? Time to take this Nexo Card review to the next level and see how it holds up next to its most popular competitors.

Before we begin, here’s a quick overview:

Table: Nexo Card alternatives

As you can see, two of the three options aren’t available to US residents, but each of them has its own set of strengths and weaknesses.

📚 Check Out: Best Crypto Debit Cards

Bybit Card

Bybit Card easily takes the number one spot among the Nexo Card alternatives. Despite lacking a Credit Mode like Nexo Card, it offers higher cashback rewards than any other card here – up to 10%, which is five times the rate of our card in question. However, you’ll need to fund your wallet with at least $100 to be eligible for the maximum cashback, and the rewards are capped at $150 for new users and $75 for existing ones.

You can choose to earn points instead of crypto rewards. Spending 1 USD/EUR earns 1 point, with the minimum threshold for redeeming the points being 50. And if you turn on Auto Cashback, they’ll automatically be converted to USDT (1 point = 0.002 USDT). VIP users get some additional benefits, including a 100% rebate on services on Netflix, Spotify, Amazon Prime, and ChatGPT.

Bybit Card comes as either a Mastercard or a Visa card, depending on your choice, and is compatible with most popular payment providers like Apple Pay, Google Pay, and Samsung Pay. Just like with Nexo Card, you won’t have to top it up separately – it draws funds straight from your Bybit account. In addition, it can be used as a regular debit card for ATM withdrawals.

This card has no annual fees or inactivity fees (on par with Nexo Card here), but you’ll be charged a delivery fee for a physical card. There’s a 1% foreign exchange fee, a 0.9% crypto conversion fee (on top of Spot trading fees), and a 2% ATM withdrawal fee. Bybit Card is available in most EEA countries, as well as Switzerland, Australia, Argentina, and Brazil, making it a great alternative for users in South America.

📚 Check Out: Bybit Card Review

Coinbase Card

Another popular crypto exchange, Coinbase, has been keeping up with its fellow industry leaders and expanding its ecosystem into a number of other products and services. Its Coinbase Card lets users spend both fiat currency (USD) and 8 cryptocurrencies, which makes for a much more limited selection than Nexo Card's. On the other hand, it has the upper edge in cashback rewards: the rate ranges from 1% to 4% cashback, depending on your chosen asset.

Unlike Bybit card, which draws funds from your exchange account, Coinbase Card has to be linked with a bank account. It works pretty much identically to Nexo Card in Debit Mode: whenever you’re purchasing something, the card automatically converts your crypto into fiat currency. However, it doesn’t include the Credit Mode functionality of borrowing money with crypto as collateral.

Unlike Nexo Card, Coinbase Card doesn’t charge any transaction fees, but both cards offer free delivery for physical cards. There’s a fee for ATM withdrawals (charged by the ATM operator) and a daily spending limit of $2,500, which looks pretty meagre next to Nexo Card’s much higher €10,000 cap.

Out of all the alternatives, this is the only card that’s available to US residents (with the exception of Hawaii), but that’s where the list of supported countries begins and ends.

📚 Check Out: Coinbase Card Review

KuCard

KuCard is another solid alternative I came across when rounding up the best competitors to Nexo Card. Its cashback rate of up to 1% might not be very impressive, but what this card lacks in rewards, it makes up for it with a wide range of cryptocurrency selection – 54 in total, including the most popular assets like BTC, ETH, USDT, and XRP. Other types of rewards include discounts at partner stores (something you won’t get with Nexo Card, unfortunately).

Just like Nexo and Coinbase Cards, KuCard connects to your main exchange account and draws funds directly from it, instantly converting them to fiat whenever you’re using it to pay for something. You can get a physical KuCard or use the virtual one with digital wallets like Apple Pay or Google Pay.

When it comes to fees, however, KuCard doesn’t come out looking the best, at least not compared with the other alternatives. You’ll have to pay €9.99 for a physical card delivery (or €30 for express shipping), and it’s the only card on this list that charges an annual fee (€10). In addition, there’s a €2 fee for ATM withdrawals within Europe and a 2% fee for non-EUR transactions or international ATM withdrawals (as they're more costly for banks^[2]).

KuCard is available in all EEA countries and only supports EUR as fiat currency. You can use it abroad, too, but the additional fees for foreign transactions and withdrawals would probably deter many users.

Conclusions

Hopefully, after reading my Nexo Card review, you have a handle on this card’s pros and cons and at least a general idea of what it’s capable of. The dual Debit and Credit Mode gives it a versatility boost and makes it suitable for different types of users.

So, is Nexo Card worth it? If you’re looking for a way to use crypto as a payment method in your daily life without the hassle of conversion, this is definitely one of the best crypto cards out there. The annual interest earnings, cashback, and an option to borrow money with crypto as collateral make for a pretty powerful package.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Vakhula O., Kurii Y., Opirskyy I., Susukailo V.: 'Security as Code Concept for Fulfilling ISO/IEC 27001: 2022 Requirements';

2. Magnac T.: 'ATM foreign fees and cash withdrawals'.