Nexo Card Cashback Boost
Nexo is set to roll out a cashback boost for payments made in the “Debit Mode” of Nexo Card, while also tripling the cashback rates for the “Credit Mode” up to 6%. This festive season offer will only be valid until December 31, as per the latest update provided on November 21.
The company’s move aims to cater to the increasing demand for financial products and coincides with the upcoming high-spending Christmas season. According to Nexo, 72% of consumers are expecting discounts ahead of Black Friday, with a projected 7% increase in spending this year, averaging at $1,530 for gifts, travel, and entertainment.
Particularly, Nexo foresees an 18% increase in spending for consumers with household incomes of up to $25,000 by 2023.
Nexo Card Cashback Rates
Cashbacks will be paid using NEXO tokens and Bitcoin (BTC), with rates varying based on the user’s tier in both debit and credit modes. For the “Base Tier,” debit card cashback rates start at 0.5% in NEXO and 0.1% in BTC, going up to 2% in NEXO and 0.5% in BTC for the “Platinum Tier.” Meanwhile, the credit mode will see these rates tripled until December 31, reaching up to 6% in NEXO and 1.5% in BTC for the “Platinum Tier,” with fixed maximum cashback limits for each tier.
Hot Take: Nexo’s Generous Cashback Offer
Nexo’s decision to offer enhanced cashback rates on its Nexo Card comes as a timely and generous move given the holiday season and increasing consumer demand for financial products. By providing attractive incentives for using their card in both debit and credit modes, Nexo is likely to capture a larger share of consumer spending during this festive period. This strategic initiative aligns with consumer expectations and could potentially drive significant growth for Nexo while enhancing customer satisfaction.
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