Wouldn’t it be nice if you could use the crypto you have HODL’d to finance everyday spending, but without actually having to sell it?
Well the people at Nexo probably did, because with the Nexo Card, its not just possible – is actually quite easy.
Who Is Nexo?
Nexo is a digital asset platform launched in 2018, it positions itself somewhere between a crypto exchange and a neobank. At the time of writing, it claims to manage over $11 billion in assets and offer 100+ crypto trading pairs, along with interest-bearing wallets, a crypto-backed lending platform, and the product we will be talking about —a payment card.
The payment card was originally launched in 2022 and in 2023 they rolled out what they claim is the world’s first card with dual credit and debit functionality for crypto.
I had never heard of Nexo until I got hit with an Instagram ad promising “up to 12% interest on crypto deposits.” It happened to appear at a time when I was frustrated with the low staking rewards I was getting elsewhere. The UX also looked clean and after doing some research to make sure the platform was trustworthy and secure enough to hold some of my digital assets. I decided to sign up.
Important side note: I always recommend keeping the bulk of your crypto in cold storage. Platforms like Nexo can be useful tools—but for long-term, serious holdings, hardware wallets remain the safest bet. As the saying goes, “not your keys, not your coins”.
After several months of using the platform—playing around with the savings products, experimenting with small deposits—I stumbled across the Nexo Card, a payment card that runs on the Mastercard network. The Nexo card lets you spend crypto without actually selling it. Basically it uses your crypto as collateral and loans you fiat to spend.
This way you can spend without triggering a tax selling event. If you’re holding crypto and want a way to tap into its real-world utility, this might be one of the best options available today.
I decided to do a review after using the Nexo Card for several months—I mostly used Credit Mode, but I’ll also touch on Debit Mode for comparison.
The Technology: Credit Mode vs. Debit Mode
This is what makes the Nexo Card so interesting—it gives you two different ways to spend your crypto.
Credit Mode
In Credit Mode, Nexo issues you a loan in fiat (USDx, EURx, or GBPx), using your crypto as collateral. You’re not selling anything. Instead, you’re borrowing against your holdings and can repay at any time, using fiat, crypto, or stablecoins.
The biggest benefit? You avoid a taxable crypto sale, which is ideal if you’re sitting on long-term positions and don’t want to sell or simply don’t want to trigger a capital gains tax event.
Interest rates are based on your Loyalty Tier, and they range from 2.9% to 13.9% annually. If your loan-to-value (LTV) ratio is low (below 20%) and you’re in the Gold or Platinum tier, you get access to the best rates—as low as 2.9%, which is better than most TradFi credit cards.
Debit Mode
Debit Mode is more traditional. You spend directly from your Savings Wallet, using stablecoins (USDC, EURx, USDx) or crypto. What’s cool here is that your assets continue to earn interest, even as you spend them—between 2% and 14% APY, depending on the asset and tier. It’s a good twist on passive income.
You can also set asset spending priorities, so if you want to spend USDC before BTC, you can configure that easily.
And yes—you can switch between Credit and Debit mode instantly in the app, depending on what works best for your needs. That level of flexibility is rare in crypto products.
Setting Up the Nexo Card
Getting started was smooth. Signing up for Nexo took under 20 minutes. The KYC process is standard—name, address, selfie, ID—and once approved, I was able to deposit assets and begin using the platform right away.
I didn’t actually apply for the card until a couple of months later, after I had already started using Nexo like a crypto savings account. But when I did, the process was instant—the virtual card was issued in seconds, and I added it to my Apple Wallet without issue.
In terms of getting funds into your next account, you can deposit crypto, you can buy crypto with another bank card or you can do a bank transfer. It offers the best of both crypto and TradFi features in this sense. .
A physical card is also available if you need it, but I’ve only used the digital version. As someone based in Europe, the card works seamlessly via Apple Pay anywhere Mastercard is accepted—which is basically everywhere.
Using the Card in Daily Life
I’ve now used the Nexo Card for groceries, coffee, bills, and even a few online purchases. From a user perspective, it works just like any other card. You tap your phone, and it just works—no weird errors, no extra steps, no QR codes or crypto wallet connections.
What really stands out is the in-app experience. Nexo feels like a modern digital bank. You can:
- – Freeze/unfreeze your card instantly
- – View real-time transaction history
- – Track loan balances (in Credit Mode)
- – Choose repayment methods
- – Prioritize spending assets (in Debit Mode)
- – Manage loyalty tier and interest earnings
The support team is responsive, too. I’ve contacted them a couple of times and usually hear back within a few hours. It’s one of the better crypto support setups I’ve used.
Cashback Rewards: Real Value for Crypto Users
One of the Nexo Card’s standout features is its crypto cashback on every transaction in Credit Mode. You can choose to receive rewards in NEXO tokens or Bitcoin.
Your rate depends on your Loyalty Tier, which is calculated based on the percentage of NEXO tokens in your total portfolio (minimum $5,000 portfolio value required):
- – Platinum: 2% in NEXO / 0.5% in BTC (up to $200/month)
- – Gold: 1% in NEXO / 0.3% in BTC
- – Silver: 0.7% in NEXO / 0.2% in BTC
- – Base: 0.5% in NEXO / 0.1% in BTC
I opted to receive my cashback in BTC, and every time I make a purchase, I get a push notification showing the amount earned. It’s a small dopamine hit, and it definitely makes me more likely to use the Nexo Card over a traditional bank card.
If you’re a high-tier user and a regular spender, this cashback can really add up. Up to $200/month in rewards at the top tier is nothing to scoff at. Especially if it’s money you were going to spend anyway (that’s what i like to tell myself anyway).
Downsides and Things to Keep in Mind
No product is perfect, and the Nexo Card does come with a few caveats:
- – Credit Mode requires active management. Every purchase is a small loan, so you’ll want to stay on top of repayments to avoid interest charges or liquidation.
- – $5,000 portfolio minimum for rewards and lower rates can be a high bar for casual users.
- – Cashback options are limited to BTC and NEXO—would love to see USDC or ETH added in the future.
As with any custodial platform, there’s some platform risk—never park all your crypto in one place.
But overall, these are manageable if you’re already a semi-active crypto user or you want to get some decent cashback rewards.
Are there similar products from other companies?
To my knowledge no. the only that is kind of similar is the metamask card. It doesn’t let you borrow against your crypto but it does have a cashback feature and it’s also a very cool crypto offramp. We did a review on that shortly after it was released.
Final Verdict: Is the Nexo Card Worth It?
If you’re holding crypto and want to start spending it without selling it, the Nexo Card is absolutely worth looking at.
It’s ideal for:
- – People who want to unlock crypto liquidity without triggering capital gains
- – Users looking for real-world utility + passive yield
- – Crypto-savvy users who want to earn cashback in BTC or NEXO
- – Anyone tired of TradFi and ready to try something new
With its credit + debit hybrid model, daily interest, flexible settings, and Mastercard integration, this is one of the most practical and polished crypto cards on the market today.
I’ve been using the Nexo Card regularly and plan to continue doing so. It’s not just a gimmick—it’s a genuinely useful tool for making crypto part of your everyday life.
Would love to see more cashback options and lower barriers for casual users, but overall a solid tool for crypto utility and user experience.
