A month of Nexo Card - a user's opinion

self.Nexo1m ago
I've been keeping fiat and crypto on Nexo since I believe june 2021, so as soon as it was available I started using the virtual card (on the 20 th of April), and the phisical card has been sitting in my wallet ever since I got it. ## General impression First and foremost, the card works *most* of the times: online shopping, gas refuelling, grocery shopping, you name it. I finally can enjoy a small but substantial cashback (I chose 2% in NEXO) on expenses I would make anyway, so that's nice.
My current "setup" if you will is to have a ggod portion of USDC to act as collateral and to top the debt off as soon as possible with EURX that I wire from my traditional banking account.
Most of my NEXO is locked in a year-round fixed term lending, as soon as that expires I will probably move away some USDC as NEXO will be acting as collateral to some degree. It's also nice to think that whenever I'm getting a cashback I'm actually increasing my credit availability by a little bit, I'll get into some calculation down below. Card payment actually got refused a few times, and except for one occasion I know for sure I had enough collateral to make that payment, so I'm guessing some payment circuits won't accept NEXO as a means of payment, which is fine, but also good to know I must always carry my bank card as backup. **What I really missed here was some sort of notification from the app in case of a refused transaction**, something along the line of "card refused" or "not enough collateral" so that I can A) know that it didn't go through B) know if something's wrong on my side or on the counterpart's. ## Issues and support As I mentioned, there was one instance where I had borrowed enough money to fill up my credit line but I also payed some of that in order to keep using the card, but subsequent transaction from different stores got refused, and this happened during a weekend. Is it possible that my credit allowance was still zero because it had not been updated with the latest repayment yet? Finally, I got to experience customer support as I wrote in another post, and for what my opinion is worth I was very pleased with their response. Also, in their response to my ticket they brought up that transaction can be validated by merchants up to **40 days** after being made, which is coincidentally what happened to me too, so if you happen to see a transaction that you didn't make *on that day* appearing, do not be too spooked about it (I thought for a brief moment that my precious card had already been compromised... not a fun time). ## A wishful APR So, let's talk numbers. This whole post was about a crude gain of... about one dollar a day, give or take the fees required to pay up the new debt each time. I'm not going to lie, as soon as the debit card function will be available I will happily forgo all the debt repayment pain and hopefully spend less in fees, **but so far at this rate I'm looking at saving 300-350 dollars per year.** ## Broad considerations and bitter lessons And here comes the painful part: let's face it, a year in crypto is like a century on earth. Aside from very few projects that are withstanding the test of time, both in 2017 and 2021 bull runs we've seen multiple projects rise and fall in the space of a few months. I myself was quite big on LUNA (although luckily not on UST) and we all can see how laughably wrong I was. If anything, I hope this experience has taught me to appreciate more slow and steady project developement and has given me some perspective about decentralization, which sounds beautiful in a vacuum but when confronted with regulators' instances it shows that it cannot and most probably will not replace traditional finance altogether. Maybe, companies like NEXO will play a bigger role in the crypto space in the upcoming years as they try to present blockchain technology in a regulator-digestible way, but that's just my thought. Hell, if I ever make it to use the card for a year straight and actually save 300 bucks that may be my best crypto deal ever. Have a nice day everyone, I hope this little review has helped you decide if Nexo card suits you, I did not receive any form of compensation to write it but I felt I could help someone make up their mind.