Started 03 Sep 2024 · 09:14 · 7 replies · 634 views
I have had the Nexo card sitting mostly unused for a while and I am trying to work out whether it is still worth keeping in the drawer.
The specific thing I care about is credit mode — borrowing against the holdings rather than selling them at the till. That was the entire reason I signed up. Debit mode I can get from six other cards.
Is credit mode still functioning as advertised, and is anyone actually using it day to day rather than as a party trick?
it works. it was always a loan against your balance and it still is a loan against your balance
That is precisely why it is interesting, though. A loan is not a disposal; selling to fund a debit card is. For anyone in a jurisdiction that taxes disposals, the difference between those two is the whole product.
Credit mode is alive and unchanged. What has moved around is the reward tiering, and that is where people get the impression the product changed.
Top tier is two percent in NEXO or half a percent in BTC, and it needs Platinum loyalty, which needs a five thousand dollar balance held with them. Base tier is half a percent NEXO or a tenth of a percent BTC. So the card most people actually hold pays almost nothing.
EU and UK only, still not available in the US, and the ATM allowance scales with the same tier ladder — two hundred euro a month at base, two thousand at Platinum.
My friend for us in LATAM this whole conversation is theory, actually Nexo is not available here at all so credit mode or debit mode is the same, is zero.
I say this every thread and nobody care, but when you write 'still working' you mean still working in Europe. Is fine, just is not the same question for everybody.
"It works" is doing a lot of lifting there. It authorises. Whether it works depends on when you spend.
| When | FX cut |
|---|---|
| Weekday, EEA/UK | 0.2% |
| Weekday, outside EEA | 2% |
| Weekend, EEA/UK | 0.7% |
| Weekend, outside EEA | 2.5% |
Two and a half percent on a Saturday abroad is not a rounding error, and credit mode does not change it — you pay it on top of whatever the borrow costs you. I still keep the card, but I stopped calling it cheap after I put a month of travel through it.
he asked if credit mode still exists. it does. the fx table is a different thread
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