Nexo Surprises with Triple Cashback Boost for Card Transactions
Nexo plans to introduce new incentives for transactions made using their card, boosting cashback rates in both debit and credit modes.
These heightened rates will peak at 6% for the credit mode, triple its usual value, and apply until December 31 during this festive period, as confirmed on November 21.
This move aligns with the company’s efforts to cater to the rising demand for financial services, coinciding with the peak spending season globally, especially with the holiday season around the corner.
According to Nexo’s insights, shared with Finbold, consumer expectations are high, with 72% anticipating discounts before Black Friday. Their study predicts a 7% surge in expenditure this year, averaging $1,530 spent on gifts, travel, and entertainment.
Specifically, Nexo anticipates an 18% increase in spending among households earning up to $25,000 in 2023.
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Cashbacks through Nexo Card will be disbursed in NEXO tokens and Bitcoin (BTC), varying based on the user’s tier. Debit card cashback rates range from 0.5% in NEXO and 0.1% in BTC for the “Base Tier,” climbing to 2% in NEXO and 0.5% in BTC for the “Platinum Tier.”
Meanwhile, the credit mode will triple these rates until December 31, reaching up to 6% in NEXO and 1.5% in BTC for the “Platinum Tier,” affecting all four tiers accordingly.
Additionally, each tier on the Nexo Card has a set maximum cashback limit: $100 for the Platinum Tier, $75 for Gold, $50 for Silver, and $25 for the Base Tier, valid on a monthly basis.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
