What makes the card different from other CeFi Crypto Cards?
The Nexo Card allows holders to spend the value of their assets without selling them. It is available to our clients for simplicity and ease of use of the borrowed funds. You can buy anything you like with the funds in your card, just as you can with any other international card but at better…
Official What transactions are ineligible for the Nexo Card cashback?
Getting cashback rewards with every purchase associates with the Nexo Card. However, the following Merchant Category Codes (MCCs) are ineligible for the cashback: Merchant Category Code (MCC) 6010 – Manual Cash Disbursements: Used only to identify face-to-face transactions in which a cardholder their card at a financial institution to obtain a manual (over-the-counter) cash disbursement,…
When will the Card (Crypto Credit Card) be released?
There are no official announcements yet, but all we know that is it currently in a private beta. A select few European (non UK) customers have been given cards to test the upcoming platform. On April 13th 2022, Nexo released their Crypto Credit Card officially to the European market. US and ROW customers will have…
Do Card transactions reset the 30 day minimum repayment period?
As of a recent update, the NEXO Card transactions DO NOT trigger a new 30 day period. Only new loans do through the borrow feature. This means, if you use your NEXO Card, it will not reset the 30 day minimum interest repayment period for your active loan. Also, as of the release of the…
I have just made a purchase but it won’t let me pay it off in my Nexo account
Once the transaction has been approved, it will add the amount to your outstanding balance which can then be paid off. Approval can take from a few minutes to hours (or days on rare occasions), depends on the establishment. Whenever you make a purchase with the Nexo Card, the merchant has up to 45 days…
Why is it asking me to re-submit my KYC/Verification documents?
A few months back Nexo implemented some additional KYC steps in the verification process, and for that reason users who had completed KYC before these changes will need to quickly re-do it. These changes were made to comply with regulatory compliance for financial institutions.
Why am I not getting the option to order the card on the app?
For the time being, the Nexo Card is available to citizens and residents of the European Economic Area (EEA) only. To be eligible, you also need to pass Identity Verification and meet the following criteria: For a virtual card: maintain a Portfolio Balance of at least $50 For a physical card: maintain a Portfolio Balance…
Why were my assets moved from Savings into the Credit Line Wallet when I made a purchase with the card?
Assets may be automatically transferred from the Savings Wallet to the Credit Line Wallet if you don’t have enough collateral assets in the Credit Line Wallet to support the loan generated from the purchase. If you would like to choose the crypto that will be used to back the loan, before making the purchase you…
Are there plans to select which assets I prefer to use as collateral?
Right now the NEXO Oracle decides which assets to move into collateral if needed on card usage, mainly moving the highest LTV assets available first. There are plans to add options/preferences in your settings in the future.