Nexo Card or Binance Card?
Crypto cards are becoming famous among people as there is a rapid growth of popularity in cryptocurrency. Now people have the option to purchase anything they like with cryptocurrencies. But what are crypto cards, you might wonder?
Crypto cards are just like any regular bank debit or credit card used to pay for goods or services and earn crypto cashback. These cards are issued by crypto exchange companies partnering with the card payment companies like Visa or Mastercard.
Nexo was founded in 2018 by Antoni Trenchev and others and claims to manage $15 billion worth of assets.
The card was launched on 13 April, 2022, by partnering with Mastercard. You can use this card like a credit card without selling your crypto assets stored in your account. To put it in simple words, Nexo gives you fiat money to spend on goods and services, but instead of converting your crypto balance to fiat, it uses them as security for you to pay later. The card is accepted in 92 million stores globally where Mastercard is authorized, enabling users to spend up to 90% of the value of their crypto holdings in currency.
Additional Features of Nexo card:
• You earn up to 2% rewards/cashback on every transaction or ATM withdrawal.
• It is available with Android or IOS, where you can control the card's settings.
• You can pay interest in Crypto or fiat money.
• Credit interest starts with 0% APR.
Binance, founded by Changpeng Zhao in 2017, is one of the largest cryptocurrency exchanges. The card was launched in early 2022 by partnering with Visa and offers a crypto debit card. Crypto debit card converts your crypto balance into merchant's currency in real-time when you buy any item. This means you need to have an adequate balance in your account wallet when using your card. Binance card is accepted in more than a 60+million stores worldwide.
Additional Features of Binance card:
• You earn up to 8% BNB cashback on every transaction.
• It is supported by Google Pay and Samsung Pay.
• Lowest fees in the market.
• Hold cryptocurrency and only exchange it when you swipe your card.
Both crypto cards have various features depending upon the need. I hope this helps you to decide which one to choose.
Author: John Walter
A tech enthusiast empowered with a passion for learning new technologies; loves to write and help others understand the Tech/Web3 niches.