Image: ether.fi
Image: Ethenaether.fi Cash vs Ethena Pay
Quick answer
Both are self-custody cards with strong free-tier cashback. Ethena Pay pays more on paper, 4% in AVAX on the first $2,500 a month plus yield on balances, but it only launched in September 2026 and isn't in the US or EU. ether.fi Cash pays 3% on the first $2,000 a month, has a longer track record and lets you borrow against your crypto.
ether.fi Cash and Ethena Pay compared
| ether.fi Cash | Ethena Pay | |
|---|---|---|
| Our score | 7.8/10 | 7.5/10 |
| Best for | Crypto holders who want strong cashback and would rather borrow against ETH or other assets than sell them. | Stablecoin users outside the US and EU who want high cashback and yield in one app. |
| Cashback | 3% to 4% back | 4% to 5% in AVAX on capped spend |
| Card cost | Core: 1 free virtual card, physical card $60 including shipping. Luxe and up: 1 free physical card. | Virtual card free. No replacement fee. |
| Annual fee | Core free. Luxe $199 a year (or qualify by deposits, staking or points). Pinnacle $999 a year (or qualify). VIP by invitation. | None |
| FX | About 1% base FX rate plus margin: up to 0.5% on Core, up to 0.25% on Luxe, no added margin on Pinnacle and VIP | No Ethena markup. About 1% network FX is passed through at cost. |
| Conversion | No separate conversion fee listed | None for USDe balances |
| ATM | ATM withdrawals on all tiers. Free ATM withdrawals on Pinnacle and VIP (trackers list 10 a month). Limit $500 per withdrawal, 3 per rolling 24 hours. | $1 plus 0.65% per withdrawal |
| Custody | Self-custody (you keep control of your assets) | Self-custody (Ethena says it never holds customer funds) |
| Network | Visa | Visa |
| Top up with | Fund from the assets you hold in your ether.fi account; Borrow against your portfolio instead of selling it | Deposit stablecoins, held as USDe on Avalanche; Bank transfers in USD, EUR, GBP and other currencies |
| Withdraw by | Move assets back out to any wallet, since you keep custody; ATM cash withdrawals | Send funds onchain from your self-custody wallet; Bank withdrawals (Ethena lists a nominal cost); Free instant transfers to other Ethena Pay users; ATM withdrawals |
| Where it works | Trackers list about 85 supported countries, including the UAE, Argentina, Australia and much of Europe. ether.fi says availability varies by region. | About 48 countries at launch, including Brazil, Mexico, South Africa, Kenya, the Philippines, Singapore, Japan, the UAE and Australia. |
| Last checked | 15 October 2026 | 15 October 2026 |
Which one should you pick?
If you want the proven option, pick ether.fi Cash. Its cashback, premium tiers and borrowing have been running for a while, and it works in about 85 countries. Ethena Pay is the more generous newcomer, and its yield on balances is a real extra, but rewards are paid in AVAX and Ethena hasn't explained where the extra rewards come from. Many people will reasonably try Ethena Pay with a small balance while keeping ether.fi as their main card.
Frequently asked questions
Which is cheaper abroad, ether.fi Cash or Ethena Pay?
On the entry tier, Ethena Pay has the lower FX markup. ether.fi Cash: About 1% base FX rate plus margin: up to 0.5% on Core, up to 0.25% on Luxe, no added margin on Pinnacle and VIP. Ethena Pay: No Ethena markup. About 1% network FX is passed through at cost..
Which pays more cashback, ether.fi Cash or Ethena Pay?
Ethena Pay has the higher top rate. ether.fi Cash: 3% to 4% back. Ethena Pay: 4% to 5% in AVAX on capped spend. Check caps and requirements on each review.
Are ether.fi Cash and Ethena Pay self-custody?
ether.fi Cash: Self-custody (you keep control of your assets). Ethena Pay: Self-custody (Ethena says it never holds customer funds).