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The Credit Card with NO Credit Check | Nexo Review - YouTube
Channel: Lalit Devraj
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What's going on everyone Lalit here!
Cryptocurrency and credit cards,
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you got block five with
their own credit card.
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You got Gemini with their own credit card.
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You have Nexo with their own credit card.
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And so today I wanted to look at all
the details a to Z for nexus credit card
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and give my opinion and kind of give
my feedback on the product itself.
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And with that, we'll get
straight into it. Mexico.
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Card, the only card that lets you spend
the value of your digital assets without
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having to sell them. This
card isn't released yet.
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So you can get early access
by signing up on the site,
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looking at the key features it's
accepted worldwide by 40 million plus
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merchants. And if you look at the
logo on the Nexo credit card itself,
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it shows up kind of like a MasterCard,
but next though is based out of Europe.
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And if you look at the logo
and you've seen it before,
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it also goes by another name known as
maestro, which means master as well.
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But looking at the color scheme,
it looks more like a MasterCard.
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And I've seen my throw given in
both colors in this orange, red,
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as well as a blue kind of red,
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you get instant cash back on all
your purchases and it says cash back.
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But that cash back can be in the
form of cryptocurrency as well.
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You have flexible repayment
options. And in addition,
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you have free additional virtual cards,
these virtual cards, if you're familiar,
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for example, with the X one
credit card or privacy.com,
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you can actually have virtual
card numbers. So for example,
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if you're afraid of theft or let's
just say you want to be extra secure,
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or you want to take advantage
of some free trials,
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you can basically have these virtual
card numbers to use on certain services.
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And you're protecting
yourself that much further.
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You have payments made
in local currencies.
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And moreover you have no monthly
or annual fees. In addition,
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you don't have any
foreign transaction fees,
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no monthly fees and no annual fees and
especially no foreign transaction fees is
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huge. Because for example, even if
you were able to send Bitcoin from,
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let's say America to Switzerland, you'll
still incur that Bitcoin network fee.
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And so without any foreign transaction
fees, there is no extra. For example,
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2.9% on all purchases that's added
as a foreign transaction fee.
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And in addition,
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you still have your cryptocurrency in
your account instead of actually spending
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it AKA, you're not converting
your cryptocurrency to cash,
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which again may have some
fees in the backend on next.
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So you're actually able to
just spend just like that next.
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So it does have a desktop
version of their site.
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And what they're saying is basically
their credit card can also be managed to
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their next old wallet app. Again,
accepted by 40 plus million merchants.
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Worldwide.
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All you have to do is swipe your card
and the payment amount is deducted from
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your available balance
on your credit line.
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Your credit line in the first place is
actually your cryptocurrency that you
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have with Nexium. And it's a
certain percentage of your holdings.
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And according to their
terms and conditions,
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based on the loan to
value on certain assets,
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they'll issue you a certain credit line.
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This credit line does fluctuate as the
prices of cryptocurrency fluctuate as
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well. And so you want
to be kind of careful.
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And since there are no credit checks,
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even if you utilize a hundred
percent of your credit,
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it may not affect your
credit score per se,
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but Nexo does have that right to
actually liquidate your assets.
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So this is more of a point of caution
than not. So in the sample notification,
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they talk about a cash withdrawal
done at the Tokyo. ATM.
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The point is with a credit card, if
you actually take money out of an ATM,
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it's considered a cash
advance and more importantly,
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it actually affects your credit more
directly than not because it seemed like
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you're using cash that you don't have
instead of using it for purchases,
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which that debate is for
another day. But in general,
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cash advance doing it on a credit card
is actually a big no-no and can affect
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your credit score.
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So the fact that you can take out cash
from an ATM with your Nexo credit card,
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quote unquote, is actually
pretty cool. And more than that,
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it's interesting because you're not
even selling your crypto for cash to get
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that cash out of the ATM. You're just
using what you have as collateral,
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similar to how margin
works in the stock market.
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You basically have your assets with Nexo.
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And so your collateral with
Nexo is your cryptocurrency.
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While on the other hand,
in the stock market,
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it's your actual portfolio plus cash you
have in the stock market. In this case,
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you're basically able to
take out depending on how
much is a lot of buyer broker
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or in this case, Nexo based on
your credit line X amount of cash,
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similar to how you can take
X amount of margin in cash,
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straight from your broker, the features
you need right at your fingertips.
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You can freeze and unfreeze your next.
So credit card with a single tap,
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which I'm assuming is through the app,
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receive instant notifications
about all transactions,
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create free virtual cards
for safe online purchases,
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monitor all your
transactions in real time,
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get 2% cash back with all purchases
and view your pen and change it at
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any ATM if needed similar to the
safety of these virtual card numbers.
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The fact that you can change
your pin, I think is a big USP,
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a unique selling point, get 2% cash back.
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Every time you tap your next cell card,
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choose whether you received your awards
in Nexo tokens or BTC or toggle between
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the two, right before
making a transaction.
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All your cash back is automatically
placed in your next account.
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So the only thing you got to worry about
is making purchases with your card.
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I'm usually not a stickler
about these things,
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but it does say get 2% back
every time you tap your card.
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And I hope tap is not to be
confused with, let's say,
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swiping or using it for online purchases,
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or let's say you can load it into
apple, pay, Google pay, et cetera.
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I'm pretty sure it's 2% on all purchases,
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but just putting this little
extra detail out there.
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I think one of the coolest parts is that
you can choose between Nexo tokens or
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BTC me personally, I choose
BTC every single time,
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nothing wrong with Nexo
and I'm sure that next,
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so tokens are a great utility to use
the service, but when you compare it,
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for example,
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Nexo versus Celsius versus block
five versus Gemini versus et cetera.
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For me personally BTC at this
time, at least. And in general,
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I would say for me, personally, BDC is
the way to go flexibility versus not.
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And finally,
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a secure wallet for a digital assets
is basically a point under security,
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but it's equipped with
similar military grade,
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two 56 bit encryption and a
24 seven 365 fraud monitoring
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mechanisms guaranteeing the of clients
is funds and transactions not to go
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into too much detail,
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but there are a lot of services trying
to integrate this two 56 bit level of
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encryption and security overall.
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So it's good to see that Mexico
is on that same playing field,
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the Nextel credit card isn't
out yet, but at the same time,
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you can still sign up for early
access and referral links wise.
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There aren't any, at least to my knowledge
for Nexo specifically. And finally,
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I did release some videos
on Geminis credit card,
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as well as block buys credit card.
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So this is one more from a
cryptocurrency exchange of sorts,
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AKA Nexo so hope you enjoyed
it. And I'll ask this,
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but if you want to see comparison of some
of the credit cards slash credit card
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type of products within this actual
space of cryptocurrency, happy to do it.
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So do comment below. But with
that, thank you so much. Watch.
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