Living One Week on a Nexo Card | Users Share Mixed Experiences
A rising number of people are embracing the Nexo Card for daily expenses. One user shared their experience living solely on the card for a week, revealing smooth transactions but raising concerns about limitations and tax implications.
Smooth Sailing with Transactions
The user reported that spending on essentials like groceries and coffee was seamless. “It all went through like a regular card,” they noted. Many others echoed this experience, emphasizing the convenience of managing crypto without needing to liquidate assets. As one participant said, “Spending without selling any crypto was a pleasant surprise!”
Tax Woes and Financial Concerns
Recent comments highlighted the complexities surrounding tax obligations when using the card. One user, who has used the card for three months, expressed worries about tax implications, saying, “In my country, 30% of income must be spent electronically. Transactions made via Nexo are not automatically reported to tax authorities.” This comment underscores the need for users to track their transactions carefully amidst regulatory expectations. Another participant pointed out an essential drawback: “Only thing that’s not possible is a bank transfer to another bank account.”
Persistent Limitations with ATMs
While many users confirm high acceptance at various locations, issues remain, particularly with ATM withdrawals. A user pointed out that “most ATMs require physical cards to be inserted,” with only a few in Cyprus accepting contactless payments through apps like Google Wallet or Apple Pay—often with high fees. This gap has sparked conversations about the need for expanded functionality in the service.
Cashback Feature Praised
Despite limitations, the card’s cashback feature continues to attract many users. “The cashback is a sweet bonus!” emphasized one enthusiastic user, enhancing its appeal for routine purchases. Another added, “It's amazing how smoothly it works—just tap and go like any other card.”
Key Highlights
⭐ Users typically report a hassle-free experience using the card.
🚀 Concerns persist over tax reporting and obligations.
⚠️ Cash withdrawal options are limited, with most ATMs requiring a physical card.
With increasing adoption of crypto for daily transactions, can the Nexo Card overcome its limitations? As people weigh convenience against financial recording challenges, the evolution of crypto cards continues to spark interest and debate.