Nexo will begin offering refunds for payments made in the “Debit Mode” of the Nexo Card and will triple the “Credit Mode” refund rates to 6%.
The tripled refund will only last until December 31 for this “holiday season,” according to the latest information shared with finbold on November 21.
Curiously, the company aims to satisfy the “growing demand for financial products by consumers,” as reported. It also comes at a time of high-spending activities around the world, as the holiday season approaches.
Data provided by Nexo states that 72% of consumers expect discounts before Black Friday. The Nexo study also predicts a 7% increase in spending this year, which should translate to an average of $1,530 on 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 Refund Rates
Refunds are paid using both the service token, NEXO, and Bitcoin (BTC). Refund rates will vary depending on the level of the user in both the debit and credit modes of the Nexo Card.
Basically, debit card refund rates range from 0.5% in NEXO and 0.1% in BTC for the “Base Tier” to 2% in NEXO and 0.5% in BTC for the “Platinum Level.” Meanwhile, the credit modality will triple these rates until December 31, up to 6% in NEXO and 1.5% in BTC for the “Platinum Level”, affecting each of the four levels proportionally.
Nexo Card also has a fixed maximum refund limit for each level. Platinum level has a monthly refund limit of $100; The Gold tier is capped at $75, the Silver tier is capped at $50, and the base tier is capped at $25 per month.
