The digital asset manager and investment platform, Nexo has introduced a dual-mode card for making payments. The card can switch from credit to debit and vice-versa as per user choice.
Nexo has launched the crypto powered card in partnership with Mastercard. The card provides a seamless payment option with it capable of changing to debit mode or credit mode using a toggle button from user’s account in mobile app.
Nexo Card’s product page shows that the card allows users to pay EUR, GBP and USD stablecoins from their Nexo wallet. It offers up to 9% APY on debit account balance as well as up to 2% cashback on purchases with its credit option.
As traditional credit providers charge interest as high as over 20% annually, Nexo’s credit card interest never exceeds 15.9% per annum. The card also offers a variety of rewards and cashbacks while being a crypto native.
The credit functionality essentially utilizes user’s crypto balance as a deposit against the credit line which allows them to make payments. The card is made available in both physical and a virtual digital version.
Nexo does not sell assets from users’ accounts to offset credit while it offers flexible repayments without requiring any fixed amount on a monthly basis. It also does not charge any annual, monthly or inactivity fees.
The card is currently available for citizens of the European Economic Area (EEA) only.
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