Nexo.io Mastercard Review 2024

What is the Nexo.io Mastercard?

The Nexo.io Mastercard is more of an add-on to the greater Nexo platform than a standalone service. In fact, this card is only useful to Nexo users who are borrowing fiat currency against their crypto holdings. Having said that, there are a number of different situations where someone may want to borrow against their Bitcoin and other crypto assets at a competitive rate, and the Nexo.io Mastercard allows the user to gain instant access to this credit once it is made available to them.

What are the Benefits of the Nexo.io Mastercard?

There aren’t many different perks of the Nexo.io Mastercard to cover, as the only rewards associated with the card are 2% cashback on all purchases. This cashback incentive must be viewed in the context of the overall Nexo platform. After all, the user is effectively paying interest on the money that is being sent to the card in the first place.

Besides the 2% cashback rewards, most of the benefits of the Nexo.io Mastercard can be found in the Nexo mobile app. Users have extensive control over their card via the app, which includes features such as the ability to instantly freeze the card in a situation where it is lost or stolen, issue virtual cards that can be used for better privacy and security for online purchases, and instant notifications on any transaction that takes place using the money on the card.

The biggest benefit for the type of person who uses this card is likely the ability to gain instant access to funds that have been borrowed using crypto holdings as collateral. Instead of waiting days for this borrowed money to show up in a bank account, the user is able to start using that money as soon as the loan is granted. Additionally, there are tax-related benefits associated with borrowing against your crypto holdings instead of selling them and triggering potential capital gains taxes that must be paid.

Potential Nexo.io Mastercard Dealbreakers

It’s unclear if you really want to call it a dealbreaker, but this card is mainly for people who are already users of the Nexo platform for other reasons. If you’re not someone who is interested in borrowing fiat currencies against your crypto holdings, then this will not be the right card for you. The main purpose of this card is to give Nexo borrowers the ability to instantly access their line of credit without having to wait for a bank transfer or some other slow, costly form of payment. Having said that, if you’re interested in the ability to borrow against your cryptocurrency holdings rather than selling the cryptocurrencies outright for your local currency, then this will be the perfect option for you.

Is the Nexo.io Mastercard Right for Me?

The best way to think about whether or not the Nexo.io Mastercard will be the right crypto debit card option for you is to think about how you want to access the value associated with your cryptocurrency holdings. As mentioned previously, there are tax benefits to simply borrowing against your Bitcoin and other cryptocurrency holdings instead of selling some Bitcoin every time your balance on your card gets a little low. But of course, you are still paying interest on these loans, despite the fact that your potential to default is basically non-existent, as Nexo will simply seize your crypto holdings if you do not pay back the loan.

If you’re someone who is more interested in just having a simple crypto debit card that you can use to sell some Bitcoin and access the associated dollars, euros, or other fiat currency from the sale via a prepaid card, then the Nexo.io Mastercard may not be the best option for you.