Ether.Fi Cash Card

Ether.fi Cash Visa Credit Card Review: Fees, Rewards & Availability

Basic Information

The Ether.fi Cash Card is a DeFi-powered Visa credit card that allows users to spend against their crypto holdings without selling or transferring assets. It functions through a unique "borrow-on-swipe" model where users can either directly spend stablecoins from their wallet or borrow against their yield-bearing collateral. The card operates on a non-custodial basis, meaning users maintain full control of their crypto assets in their own Gnosis Safe wallet.

The core innovation of this card is its ability to bridge decentralized finance with everyday spending needs without requiring users to off-ramp their crypto holdings. Transactions settle on the Scroll Layer-2 network, providing faster and more cost-effective processing than traditional Ethereum mainnet transactions.

Rewards and Benefits

Cashback Program

The Ether.fi Cash Card features a progressive cashback structure that varies by membership tier and monthly spending levels. All cashback rewards are paid in wETH (Wrapped Ethereum) and automatically credited to the user's Vault on a monthly basis.

Core Tier:

• 3% on first $2,000 monthly spend
• 1% on $2,001-$3,000 monthly spend
• 0.5% above $3,000 monthly spend

Luxe Tier:

• 3% on first $10,000 monthly spend
• 1% on $10,001-$20,000 monthly spend
• 0.5% above $20,000 monthly spend

Pinnacle Tier:

• 3% on first $50,000 monthly spend
• 1% on $50,001-$80,000 monthly spend
• 0.5% above $80,000 monthly spend

VIP Tier:

• 4% on first $50,000 monthly spend
• 2% on $50,001-$80,000 monthly spend
• 1% above $80,000 monthly spend

Cashback is calculated per calendar month and may be adjusted or withheld for policy violations or abuse. This progressive structure rewards moderate spending while maintaining profitability for the platform at higher spending levels.

Loyalty Program

The card features "The Club" loyalty program with points earning across multiple activities:

• Spending: 3,000 loyalty points for every $1,000 spent (applies to all levels)
• Staking (Value-accruing assets): 3 points/day for every $1,000 staked
• Liquid (Automated strategy vaults): 9 points/day for every $1,000 staked
• Holding sETHFI: 20 points/day for every 1,000 sETHFI held
• Referral bonuses: Earn 1% cashback on referrals' purchases plus 10% of their loyalty points

Members can increase their tier status by:

• Accumulating loyalty points (10K for Luxe, 50K for Pinnacle)
• Staking ETHFI tokens (15,000 ETHFI for Luxe, 100,000 ETHFI for Pinnacle)

To maintain tier status, users must continue earning the minimum monthly points (10,000 for Luxe, 50,000 for Pinnacle) or maintain the required ETHFI stake. If ETHFI balances drop below the threshold, users revert to Core tier for 30 days.

Note: Membership points will replace the current loyalty points system at the end of Season 5.

The Club Membership Benefits

Additional benefits include airport companion lounge access and concierge services for all membership tiers, with enhanced features for higher tiers. VIP members receive exclusive access to investment opportunities through the Ventures program.

Visa Signature Benefits

As a Visa Signature card, Ether.fi Cash includes several built-in protections and benefits:

Important notes about these benefits:

• All protections are secondary to any carrier or primary insurance
• Claims must be filed within 30 days of incident
• Supporting documentation must be submitted within 90 days
• 24/7 call center and digital concierge services are available
• Access to Visa Luxury Hotel Collection
• Visa Airport Companion program (see Airport Lounge Access section for details)

Claims and more details under: https://visabenefitslac.axa-assistance.us/

Fees and Limits

The Ether.fi Cash Card maintains a competitive fee structure with no annual fees across all membership tiers. Core tier members are required to pay a refundable $40 deposit for their physical card, which is automatically refunded if they upgrade to Luxe tier within 12 months.

Unlike traditional credit cards, the Ether.fi Cash Card doesn't charge late fees or have required minimum payments. However, users must maintain sufficient collateral to avoid liquidation of their assets. Interest accrues continuously on borrowed funds but not on direct stablecoin spending.

Transactions in currencies other than USD are subject to Visa's exchange rates plus a 1% foreign exchange fee. Currently, all transactions settle in USD, though Euro support is planned for the future.

Card Tiers and Options

All tiers include the following shared features:

• Non-custodial wallet structure
• Gasless transactions
• Contactless payment capability
• Apple Pay & Google Pay compatibility
• Family member cards with controls

The tier structure is designed to accommodate different user needs, from casual crypto users to high-net-worth individuals deeply embedded in the crypto ecosystem. Users can upgrade their tier by accumulating loyalty points or staking ETHFI tokens, with no annual fee required for any tier.

Physical card delivery takes 15+ business days for standard shipping, while Pinnacle members receive expedited shipping (1-3 business days).

Top-Up Methods

Ether.fi Cash users can top-up their card at https://www.ether.fi/app/cash/top-up. Supported assets include USDC, LiquidUSD for direct spending, and eETH, ETH, stETH, and DeFi LP tokens for collateralized spending—no currency conversion fees apply on direct stablecoin use, but borrowing may incur variable DeFi interest rates. Users retain custody of their assets up to the point of transaction; there is never a requirement to transfer funds to the card provider in advance. All processes are managed within the Ether.fi app, offering instant access with no minimum/maximum top-up limits or time delays, but active collateral management is necessary to avoid liquidation risk during market volatility.

Self-Custody True Self-Custody

Users maintain complete control of their crypto assets in a personal Gnosis Safe wallet until the moment they choose to spend or borrow. When making a purchase, they either spend stablecoins directly from their self-custodial wallet or borrow against yield-bearing assets, with the platform holding collateral as part of a secured loan arrangement. This means users retain their private keys and ownership rights up to the point of borrowing, but the system uses smart contracts to manage collateral and loan repayment. If the provider disappeared, users would still control their remaining assets, though any open loans or collateralized positions would need resolving through the on-chain contracts. The model lets users preserve investments and earn yield while accessing spending power, but requires vigilant collateral management to avoid liquidation risks during market downturns. Overall, it blends the security and autonomy of self-custody with the flexibility and real-world utility of collateralized credit spending.

Spending Modes

Ether.fi Cash offers two distinct spending modes that give users flexibility in how they utilize their crypto assets for everyday purchases.

Direct Pay Mode

Direct Pay Mode allows users to spend eligible vault assets directly with their Cash credit card.

How it works:

• Funds are immediately deducted from your ether.fi Vault's USDC, USDT, or LiquidUSD balance
• Users can choose between USDC, USDT, or LiquidUSD as their primary spend asset
• Transactions are processed instantly from available balance
• No interest charges or fees beyond standard transaction costs
• Crypto is converted to the required currency at point of sale

Best for:

• Daily purchases and routine expenses
• Using specific crypto you already own
• Avoiding any borrowing fees
• Simple, straightforward transactions

Currently, only USDC, USDT, and LiquidUSD are eligible for Direct Pay mode, though this list is expected to expand over time.

Borrow Mode

Borrow Mode allows users to make purchases using all assets in their ether.fi Vault while keeping their cryptocurrency holdings intact.

How it works:

• Crypto assets act as collateral for a loan
• Users can spend without selling their crypto assets
• Interest charges apply on borrowed amounts (4% APY)
• Crypto remains in the user's Vault
• Users can repay borrowed balance at any time

Best for:

• Utilizing total ether.fi Vault assets, not just USDC, USDT, and LiquidUSD
• Using crypto without selling it
• Strategic financial planning around a portfolio of assets

Interest on Borrowed Balances

When using Borrow Mode, interest accrues on the borrowed amount with the following characteristics:

• Annual interest rate: 4% APY
• Interest start: Immediately after borrowing (no grace period)
• Compounding: Continuous, increasing the borrowed balance every second
• Repayment structure: No cut-off dates, no minimum payments, no billing cycles

Example: If you borrow $100 and don't repay anything for a full year, you'll owe $104 at the end of the year due to continuous compounding.

The app displays:

• Current borrowed balance (with interest accrued)
• Accrued interest in real time
• Interest rate (4% APY)

Users should note that interest starts immediately with no grace period, and repaying early reduces the total interest paid.

Supported Currencies and Conversion

Ether.fi Cash supports the following cryptocurrencies:

For Direct Spending (Direct Pay mode):

• USDC
• USDT
• LiquidUSD (Ether.fi's yield-bearing stablecoin)

For Collateral (Borrow mode):

• eETH (Ether.fi's liquid staked ETH token)
• ETH
• stETH
• Liquid vault LP tokens
• Other yield-bearing crypto assets

The card currently only supports USD as its base currency, though Euro support is planned for future implementation. For non-USD purchases, the card applies Visa's standard exchange rates plus a 1% foreign exchange fee. Transactions appear in USD in the app regardless of where they occur.

The system offers two primary modes for spending:

1. Direct Pay: Spend stablecoins directly from your Safe with no conversion
2. Borrow Mode: Automatically borrow USDC against collateral at point of purchase

When using Borrow Mode, the system creates a loan against your collateral at the time of purchase, with no separate conversion fee beyond the standard interest rates for borrowing.

Geographic Availability

The Ether.fi Cash Card is available in numerous countries across multiple continents, though availability is subject to ongoing regulatory developments.

Europe

Most European countries including the United Kingdom, Germany, France, Spain, and Italy.

Asia

Hong Kong, South Korea, Taiwan, Thailand.

Americas

Brazil, Argentina.

Middle East

United Arab Emirates.

Other Regions

Switzerland.

Restricted Regions

Country Restrictions:

• United States: Restricted in Arizona, Delaware, Georgia, Idaho, Louisiana, Maryland, Missouri, Montana, Nevada, New Mexico, North Dakota, Ohio, Oregon, Rhode Island, South Dakota, Utah, Vermont, Washington, Wisconsin, Wyoming
• Completely prohibited: Estonia, Finland, India, Indonesia, China, Malaysia, Netherlands, South Africa, Turkey, Israel, Vietnam
• Countries where spending is unsupported: North Korea, Iran, Russia, Syria, Cuba, Venezuela, Myanmar, Ukraine, Colombia

Ether.fi continues to expand its geographic coverage as regulatory compliance allows. Users should check the current availability before applying, as restrictions may change based on evolving regulatory frameworks.

Compliance and Security

KYC Requirements

Ether.fi Cash requires full Know Your Customer (KYC) verification for all users, including:

• Government-issued ID submission
• Video selfie verification
• Address verification

This verification is mandatory before ordering and using the card, regardless of tier level.

Security Features

The card incorporates several security measures:

• Non-custodial structure: Funds remain in user-controlled Gnosis Safe wallet
• On-chain spend limits: Users can set custom spending restrictions directly in the smart contract
• Instant card freezing: Ability to freeze the card immediately via the app
• Visa Zero Liability: Standard Visa protection against fraudulent charges
• Optional insurance: Nexus Mutual coverage available for smart contract risk

Regulatory Compliance

Ether.fi Cash operates through partnership with regulated financial entities to ensure compliance with applicable laws:

• Full AML (Anti-Money Laundering) monitoring
• Sanctions compliance screening
• Blocked transactions for certain merchant categories (gambling, financial transfers, etc.)
• Adherence to local regulatory requirements in each supported jurisdiction

Technical Details

Smart Contract Infrastructure

Ether.fi Cash is built on a sophisticated smart contract framework:

• Settlement network: Scroll Layer-2 (Ethereum scaling solution using zero-knowledge rollup technology)
• Wallet technology: Gnosis Safe multi-signature wallet
• Transaction processing: Gasless transactions through meta-transaction implementation
• Zero-knowledge technology: Enhances privacy while maintaining security and compliance

The integration with Scroll allows for faster and more efficient transaction verification without revealing sensitive information. This architecture significantly reduces transaction costs compared to Ethereum mainnet while inheriting Ethereum's security guarantees.

Collateral Management

The card's lending functionality operates through a collateralized debt position model:

• Collateral ratio: Dynamic based on asset volatility
• Liquidation protection: System monitors "health factor" of collateral vs. debt ratio
• Yield preservation: Users continue earning yield on collateral assets while borrowing
• Automated debt service: Option to direct yield earnings toward loan repayment
• Smart liquidation: Staged liquidation process to minimize user impact during market volatility

This system allows users to maintain exposure to their crypto investments while accessing spending power, creating a unique bridge between DeFi participation and real-world expenditure.

Supported Networks and Assets

Ether.fi Cash currently supports three blockchain networks:

• Ethereum Mainnet
• Base
• Scroll

The following tokens are available for deposits, spending, and collateral with their respective Loan-to-Value (LTV) ratios:

Core Assets:

• wETH (Wrapped Ethereum) - 55% LTV
• weETH (Ether.fi's wrapped eETH) - 55% LTV
• eBTC (Ether.fi's staked BTC) - 52% LTV
• USDC (USD Coin) - 90% LTV
• USDT (Tether USD) - 90% LTV

Platform Tokens:

• ETHFI - 20% LTV
• SCR (Scroll) - 20% LTV
• eUSD (Ether.fi's staked USD) - 80% LTV

Ether.fi's Liquid Vaults Tokens:

• LiquidETH - 50% LTV
• LiquidBTC - 50% LTV
• LiquidUSD (Market Neutral USD) - 80% LTV

The LTV ratio determines how much a user can borrow against their deposited assets, with stablecoins generally having higher ratios due to their lower volatility.

User Experience

Ether.fi Cash provides a comprehensive user experience through its mobile apps (iOS and Android) with the following features:

• Unified dashboard: Integrated view of card activity, collateral status, and rewards
• Card management: Ability to freeze/unfreeze the card, set spending limits, and view transaction history
• Collateral monitoring: Real-time tracking of collateral health factor and liquidation thresholds
• Mode selection: Toggle between Direct Pay and Borrow modes based on preference
• Rewards tracking: Monitor cashback earnings and loyalty point accumulation
• Support access: Standard support for all tiers; dedicated concierge for higher tiers

The user interface is designed to abstract away blockchain complexity, presenting a familiar banking app experience while preserving the non-custodial benefits of self-custody. Transactions appear instantly in the app, allowing real-time monitoring of spending and available credit.

Common points of user feedback include:

• Positive reception of the non-custodial model and high cashback rates
• Appreciation for the free Club membership with tier progression through loyalty points
• Initial learning curve for collateral management
• Appreciation for DeFi integration and yield preservation

Personal Finance Services

Ether.fi Cash offers comprehensive personal finance services that extend beyond the card functionality:

These services create a comprehensive financial ecosystem that bridges traditional banking with decentralized finance:

• Fiat-to-crypto transfers: Direct on/off-ramps with tiered limits and reduced fees for higher membership levels
• Global wire transfers: Send money internationally through traditional banking rails
• Portfolio management: Track and manage on-chain assets and investments
• Tax reporting: Automated generation of crypto transaction reports for tax compliance

Best Suited For

• DeFi enthusiasts who want to leverage their crypto holdings without disrupting their investment strategy
• Ethereum stakers who use eETH or other liquid staking tokens and want to access their value without unstaking
• Crypto yield farmers who seek to maintain exposure to yield-generating positions while spending against them
• High-net-worth crypto investors who need significant spending capacity without liquidating their digital assets

Pros and Cons

Pros

• Non-custodial design preserves user sovereignty over crypto assets
• Free Club membership with tier progression through loyalty points
• Progressive cashback rates up to 4% paid in wETH
• Continues earning yield on collateral while borrowing against it
• Global acceptance at over 100 million Visa locations

Cons

• Geographic restrictions limit availability
• Market volatility could lead to liquidation of collateral
• Full KYC requirements may deter privacy-focused users
• Progressive cashback rates decrease with higher monthly spending
• Interest on borrowed amounts accrues immediately with no grace period

Conclusion

The Ether.fi Cash Card represents a significant innovation in bridging decentralized finance with everyday spending. Its non-custodial approach sets it apart from most competitors in the crypto card space, allowing users to maintain full ownership of their assets while accessing their value for purchases.

The card's integration with Ether.fi's broader ecosystem provides unique synergies for users already engaged in staking or yield farming. The ability to maintain yield-generating positions while simultaneously borrowing against them creates a compelling value proposition, especially for those deeply embedded in the crypto economy.

The tiered membership structure offers flexibility, from the accessible Core tier to the exclusive VIP tier, with a clear path for progression through loyalty points or staking. The free Club membership with no annual fees makes the card more accessible to a wider audience. The progressive cashback structure rewards moderate spending while maintaining platform sustainability.

The addition of comprehensive personal finance services, including portfolio management and tax reporting, creates a holistic financial solution that addresses both crypto and traditional financial needs. This integration makes Ether.fi Cash more than just a spending card – it's a bridge between traditional finance and DeFi.

While Ether.fi Cash requires active collateral management and faces some geographic limitations, it represents one of the most sophisticated attempts to bridge the gap between crypto wealth and real-world utility. For users comfortable with both crypto and credit management, it offers a powerful tool to leverage digital asset holdings without sacrificing ownership or yield potential.

Additional Information

Liquidation Process

If a user's debt exceeds the safe borrowing limit due to decreases in collateral value, Ether.fi's "Debt Manager" contract initiates a liquidation process:

1. The system first attempts to liquidate 50% of collateral to cover outstanding debt
2. If that proves insufficient, it proceeds to liquidate the remainder of the collateral
3. Any assets remaining after debt settlement stay in the user's Safe
4. Users can continue using the card with the residual balance

To avoid liquidations, users should:

• Monitor their "health factor" (collateral vs. debt ratio)
• Add more collateral during market downturns
• Pay down debt when collateral values decline
• Consider diversifying collateral with stablecoins to reduce volatility risk

Repayment Structure

Unlike traditional credit cards with fixed billing cycles, Ether.fi Cash offers a flexible repayment structure:

• Interest accrues continuously on borrowed funds (not on direct stablecoin spending)
• No late fees or required monthly payments
• Users can repay loans at their discretion by depositing funds to their Safe
• Option to direct yield from staked assets toward the balance (upcoming feature)
• Interest rate is fixed at 4% APY, significantly lower than traditional credit card APRs of 15-30%

This flexibility provides freedom but requires self-discipline to manage debt growth. The system is designed to integrate with users' broader DeFi strategy, potentially allowing yield from investments to offset or cover borrowing costs.

Club Membership Maintenance

To maintain elevated tier status in the Club membership program:

• Luxe tier: Must earn at least 10,000 points per month or maintain 15,000 staked ETHFI
• Pinnacle tier: Must earn at least 50,000 points per month or maintain 100,000 staked ETHFI
• VIP tier: By invitation only

If a user's ETHFI stake drops below the required threshold, they revert to Core tier for 30 days. The fastest way to accumulate points is through card spending, which generates 3,000 points per $1,000 spent.

The point earning structure is designed to reward active participation in the Ether.fi ecosystem:

• Card spending earns points at a significantly higher rate than staking or vaulting
• Holding sETHFI tokens provides a steady stream of daily points
• Combining multiple activities (spending, staking, and vaulting) creates the optimal path to tier progression

To stake ETHFI for tier upgrades, users must withdraw ETHFI to Scroll, bridge to a supported staking network, stake the tokens, then link the staking wallet to their membership.

Airport Lounge Access

The Ether.fi Cash Card includes access to the Visa Airport Companion program (powered by DragonPass), but with important considerations:

1. Users must register their card in the Visa Airport Companion app
2. Access is available to approximately 1,200 lounges worldwide
3. Standard pay-per-visit fee is $32 per person (including guests)
4. Complimentary visits may be granted by Ether.fi, but this is not included by default

To use the lounge access benefit:

• Download and install the Visa Airport Companion app
• Register your Ether.fi Cash Card in the app
• Present the digital lounge pass at participating lounges
• Be prepared to pay the standard fee unless complimentary visits have been allocated

This differs from some premium credit cards that include a set number of free lounge visits annually. Users should budget accordingly when planning to use this feature.