Nexo will start offering cashback for payments made in the “Debit Mode” of Nexo Card and will triple the cashback rates of the “Credit Mode” up to 6%.
The tripled cashback will only last until December 31 for this “festive season,” according to the latest information shared with Finbold on November 21.
Interestingly, the company aims to meet the “growing consumer demand for financial products,” as communicated. It also comes at a time of high-spending activities worldwide, with the Christmas season approaching.
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Data provided by Nexo states that 72% of consumers expect discounts before Black Friday. Nexo’s study also foresees an increase of 7% in spending this year, which should result in an average of $1,530 for gifts, travel, and entertainment.
In particular, the company expects consumers with household incomes of up to $25,000 to spend 18% more in 2023.
Nexo Card cashback rates
Cashbacks are paid using both the service’s token, NEXO, and Bitcoin (BTC). The cashback rates will vary according to the user’s tier in both the debit and credit modes of the Nexo Card.
Essentially, debit card cashback rates go from 0.5% in NEXO and 0.1% in BTC for the “Base Tier” up to 2% in NEXO and 0.5% in BTC for the “Platinum Tier.” In the meantime, the credit mode will triple these rates until December 31, up to 6% in NEXO and 1.5% in BTC for the “Platinum Tier,” while proportionally affecting each other of the four tiers.
Nexo Card also has a fixed maximum cashback limit for each tier. The Platinum Tier has a $100 monthly cashback limit; Gold Tier is limited to $75, Silver Tier at $50, and Base Tier at $25 per month.
