Nexo Card review

The Nexo Card combines two products that behave very differently. Debit Mode pays by selling available assets. Credit Mode borrows against crypto collateral and can award cashback. The second option may postpone a sale, but it also creates debt that can accrue interest and be liquidated.

The card itself has no monthly or annual fee. That makes the headline attractive, but FX, cash withdrawals above the allowance and Credit Mode interest can still determine the real cost. The 2% maximum reward is reserved for Platinum users who choose NEXO and meet the portfolio requirement.

Nexo Card review summary

Existing Nexo customers receive a flexible physical and virtual Mastercard with Apple Pay, Google Pay and ATM access. A virtual card requires at least $50 in the account. Nexo currently asks for more than $5,000 and at least Gold Loyalty status before a physical card can be ordered.

Debit Mode is the simpler choice because it spends assets without an open loan. Credit Mode may be useful for someone who deliberately wants a collateral backed credit line, but the cashback should never be viewed separately from interest and liquidation risk.

What is the Nexo Card?

Nexo is a centralised crypto platform for trading, lending, borrowing and payments. Its Mastercard is issued by DiPocket UAB and managed from the normal Nexo app. Users can switch between Debit Mode and Credit Mode before spending.

Nexo’s European regulatory setup is unusual. Custody is provided through MiCA authorised Tangany and brokerage infrastructure through regulated DLT Finance. That structure does not turn every Nexo service into a regulated bank product. Earn, borrowing and the credit line have separate terms and are not covered by a deposit guarantee.

Read our complete Nexo review for the platform, Earn products, loans and MiCA partner structure.

Debit Mode: spending assets

Debit Mode uses eligible stablecoins, cryptoassets or FiatX balances. Nexo sells the selected balance when the payment settles. There is no card loan or interest, but selling crypto can create a taxable disposal and exposes the user to Nexo’s conversion price.

Debit Mode does not earn the card cashback shown in the Loyalty table. The benefit is simplicity: no collateral ratio has to be monitored and the purchase cannot trigger a credit line liquidation.

Credit Mode: borrowing against crypto

Credit Mode uses crypto as collateral and adds the purchase to a credit line. Interest starts from 2.9% per year under favourable Loyalty and LTV conditions, but the actual rate is variable. There is no fixed repayment schedule, so a small card balance can remain outstanding and keep accruing interest.

If the value of the collateral falls, Nexo can request more collateral or automatically sell assets. A purchase that earns 2% cashback can still be expensive when the loan accrues interest or collateral is liquidated after a market fall.

We would only use Credit Mode with a conservative LTV, sufficient stable collateral and a clear repayment plan. Anyone who does not actively understand the credit line should use Debit Mode or another simple debit card.

Nexo Card fees

Nexo charges no monthly, annual or inactivity fee. The published European FX surcharge is 0.2% on weekdays and 0.7% at weekends for transactions in European, British and Swiss currencies outside the card’s base currency. Other international currencies cost 2% on weekdays and 2.5% at weekends.

ATM withdrawals are free within the monthly Loyalty allowance: €200 at Base, €400 at Silver, €1,000 at Gold and €2,000 at Platinum. Above that, Nexo charges 2% with a minimum of €1.99. An ATM owner can add its own fee.

The largest potential cost is not listed as a normal card fee. In Credit Mode, variable borrowing interest and a possible liquidation loss may outweigh all cashback. Check the interest rate and LTV in the app before each larger payment.

Cashback: up to 2% only in Credit Mode

Credit Mode pays either NEXO tokens or Bitcoin. Base earns 0.5% in NEXO or 0.1% in BTC. Silver increases this to 0.7% or 0.2%, Gold to 1% or 0.3% and Platinum to 2% or 0.5%.

Cashback requires a portfolio balance above $5,000. The highest NEXO percentage also requires Platinum, which generally means holding at least 10% of the portfolio in NEXO tokens. That creates price exposure to NEXO and an opportunity cost.

Refunds reverse the reward. Cash withdrawals, transfers and transactions in excluded merchant categories do not normally qualify. Always judge the net result after interest, FX and the value of the reward token.

Virtual and physical card

The virtual Mastercard can be created once the account balance exceeds $50 and identity verification is complete. It can be used online and added to Apple Pay or Google Pay.

For the physical card, Nexo currently requires a portfolio balance above $5,000 and at least Gold Loyalty status. Shipping is free when eligible. These requirements can change, so the live card screen in the app is decisive.

Comparison with other crypto payment cards

Card	Regular cashback	Maximum and cap	Card and exchange fees	Card type and main perks	More information
Nexo Card	0.5% in NEXO or 0.1% in BTC at Base, Credit Mode only	2% in NEXO or 0.5% in BTC at Platinum; account above $5,000	No subscription. European FX 0.2% weekdays and 0.7% weekends. Credit interest from 2.9%	Physical and virtual Mastercard, Debit and Credit Mode, Apple Pay, Google Pay and ATM	Open Nexo
OKX Card	2% when spending USDG	Up to 10% from VIP 4; non-VIP cap of €10 per month	No subscription. Published conversion spread 0.1%, legal maximum 0.40%	Virtual only, Apple Pay and Google Pay, no ATM access	OKX Card review
Bybit EU Card	1% without a monthly cap for non-VIP users	Up to 10% for VIP, capped at €600 per month	No subscription. 0.9% crypto conversion and 0.5% outside the euro	Virtual and physical, Apple Pay, Google Pay and ATM access	Bybit Card review
Ether.fi Cash	3% within the Membership threshold	Euro rate falls to 1% and eventually 0.1%; temporary referral up to 15%	Core free. Detailed page describes about 1% base FX plus up to 0.5% margin. ATM 2%	Non-custodial Visa credit card, travel cover, lounges and DeFi collateral	Ether.fi Cash review
KAST Card	Seasonal KAST Points	2% to 8% in points; not guaranteed euro cashback	Standard free. Non-USD 0.5% to 1.75%. ATM $3 plus 2%	USD account, virtual and physical Visa and 10% off memberships	KAST Card review
Crypto.com Card	0% at Basic, 2% at Plus and 3% at Pro	Up to 5% at Private; Plus and Pro have spending caps	Level Up up to €24.99 per month or large CRO lock-up. 1% card top-up	Virtual and physical, subscription rebates, Priority Pass and CRO rewards	Crypto.com Card review

Nexo is the only card in this comparison where the normal cashback explicitly requires a collateral backed credit mode. That can be useful, but it makes the headline percentage harder to compare. Bybit and OKX are simpler, Ether.fi pays more but adds DeFi complexity, KAST focuses on dollar users and Crypto.com requires paid or CRO backed levels for meaningful rewards.

See our complete crypto debit card comparison.

Safety and risks

The card network and regulated European partners add structure, but they do not remove platform risk. Nexo account balances are not ordinary bank deposits and do not fall under a standard deposit guarantee.

Credit Mode adds market, counterparty and liquidation risk. NEXO cashback adds exposure to the NEXO token. Debit Mode avoids the loan, but it still requires Nexo to sell assets correctly and can have tax consequences.

Use strong two factor authentication, withdrawal address whitelisting and a separate card spending balance. Do not place more assets on the platform than the product requires.

Our experience and conclusion

The Nexo Card is well integrated and offers more control than a standard prepaid card. Switching modes in one app is genuinely useful, and the absence of a subscription fee compares favourably with Crypto.com.

The marketing around 2% cashback needs context. It requires Credit Mode, Platinum, NEXO exposure and more than $5,000 in the account. Interest and liquidation can easily be more important than the reward.

Our verdict is positive for experienced existing Nexo users who understand the credit line. For a new user who only wants to pay in euros and earn simple cashback, Bybit or OKX is easier to understand.