The Offer
Nexo has plans to release the Nexo Mastercard.
The card appears to be a hybrid – a prepaid debit card on the transaction side and something similar to a secured credit card on the balance/limit side.
Direct Link | [Feel free to share waitlist referrals in the comments]
Card Details
- The Nexo Mastercard will be a Prepaid Debit Card
- (At least outside the US) The Nexo Mastercard Prepaid Debit Card will be issued by DiPocket Limited pursuant to a license from Mastercard International
- Instant cashback of up to 2%
- Not sure if the “cash”back will be in fiat or crypto (maybe NEXO tokens, maybe BTC per NPI)
- No monthly/annual fees, no FX fees
- Free additional virtual cards
- The card’s initial release is planned for the EU/European Economic Area
Our Verdict
Will have to defer a full verdict until the card is released and the final specs are known. And it could be a long wait, until the card reaches the US market (if it makes it).
But I figured it might be a card worth watching, as the cashback rate of up to 2% on a prepaid card caught my eye. And sometimes these fintech amalgamations turn out to be interesting, or at least so I’ve read.
However, it’s not clear if the card will work like a traditional credit card where no interest is due if the balance is paid off within the first X number of days, or if interest will start accruing immediately on purchase. Additionally, the credit limit available may only be a portion of your balance/posted collateral, if it works similar to Nexo’s current over-collateralized lending model.
We have some familiarity with Nexo, as they also offer a crypto interest earning account. And in the crypto rewards card space, we’ve also taken a look at Crypto.com’s reward debit card, Fold’s proposed debit card, and BlockFi’s proposed credit card.
All the Best!
(HT: Kentucky7887)
