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Ethena Pay Spend Card vs KOSH Global Card

Ethena Pay Spend Card

Crypto native

7.6
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KOSH Global Card

Crypto native

7.3
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Verdict

  • Ethena Pay Spend Card scores higher overall (7.6 vs 7.3 out of 10).
  • Ethena Pay Spend Card is clearly stronger on: Cashback & rewards, FX & international.
  • KOSH Global Card is clearly stronger on: Availability, Product features, Custody & security.
  • For 1,500 EUR/month of spend, Ethena Pay Spend Card comes out about 589 EUR a year ahead on base-tier terms.

Ethena Pay Spend Card is a good fit for

  • People who want to keep control of their keys
  • Users who need credit rather than a debit/prepaid card
  • Everyday spenders who want cashback

Stronger on: Cashback & rewards, FX & international

KOSH Global Card is a good fit for

  • People who want to keep control of their keys
  • Stablecoin holders
  • Users who need credit rather than a debit/prepaid card

Stronger on: Availability, Product features, Custody & security

★ Our pickEditorial choice · score unchanged · Affiliate link

Neither card is our pick. The card we recommend instead:

ether.fi Cash

Crypto native · ether.fi

8.1

Why we recommend it

  • 3% cashback in ETHFI on up to $2,000 of spend a monthConditions apply
  • 5.35% variable interest on your balanceConditions apply
  • No annual or monthly fee on the base tierConditions apply
  • Extras on the base tier: airport lounge access, travel / rental car insurance, purchase protectionConditions apply
  • Self-custody: funds stay in your own walletConditions apply
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Review & sourcesEthena Pay Spend Card vs ether.fi CashKOSH Global Card vs ether.fi Cash

Conditions apply; the review lists them with sources.

Score by criterion

CriterionEthena Pay Spend CardKOSH Global Card
Fees10096
Cashback & rewards8949
Availability50100
FX & international6020
Product features5370
Custody & security7080
Credit & financing7575
Limits & ATM7871
Transparency93100
Best for Cashback8.26.6
Best for Travel7.25.9
Best for Self-Custody7.67.2
Best for DeFi Users7.87.3
Best for Stablecoinsn/a6.7
Best for High Spenders8.26.0
Best for Low Fees8.67.4
Best for Beginners7.58.5
Best Crypto Credit Card8.27.7

Conditions apply, e.g. only for the base tier, up to a monthly cap or in some countries. Tap a value with * (or hover over it) to see them.

Product

Product status

ActiveConditions apply: tap or hover for detailsShow source

Beta; live in 48 countries, more announced

ActiveShow source

Card type

Crypto-backed creditConditions apply: tap or hover for detailsShow source

Secured: collateral in your linked self-custodial wallet secures card charges

Crypto-backed creditShow source

Network

VisaShow source
VisaShow source

Custody model

Self-custodyShow source
Self-custodyShow source

Card issuer / program manager

Third National (Puerto Rico chartered bank); program manager Signify Holdings, Inc. (Rain)Show source
Third National (issuer); Piers Technology Inc. (KOSH, technology provider)Show source

Tiers / plans

Standard · Pro · VIPShow source
No data yet

Fees

Annual fee

FreeConditions apply: tap or hover for detailsShow source

No recurring subscription or account fees for a standard account

$10/yearShow source

Monthly fee

FreeShow source
FreeShow source

Physical card fee

No data yet
$100Conditions apply: tap or hover for detailsShow source

Fee table accurate as of September 1, 2025

Virtual card fee

FreeShow source
$10Show source

Replacement fee

FreeShow source
No data yet

FX fee

1%Conditions apply: tap or hover for detailsShow source

Card-network conversion fee passed through at cost, typically around 1% and varying by currency; no Ethena Pay markup; USD spend has no conversion cost

2%Conditions apply: tap or hover for detailsShow source

Plus US $0.30 per international transaction; product page advertises 1.5% FX

ATM fee

$1 + 0.65%Conditions apply: tap or hover for detailsShow source

Only where ATM access is available; ATM operator surcharges extra

$1 + 1%Conditions apply: tap or hover for detailsShow source

Plus FX if applicable; $1 balance enquiry and $1 decline fees

Other fees & markups

Late Payment Fee up to $40 · Returned Payment Fee up to $29 · Third-party gas, card network, merchant, ATM operator and funding partner (Moonpay/Iron) feesShow source
International transaction fee US $0.30 + 2% FX · ATM balance enquiry US $1 · ATM decline US $1 · Copying fee US $10 · Late payment US $30 first, US $40 subsequentShow source

Cashback & rewards

Base cashback

4%Conditions apply: tap or hover for detailsShow source

Standard tier on the first $2,500 of monthly spend; 1% from $2,500 to $4,000; 0% above

1%Conditions apply: tap or hover for detailsShow source

Derived: 1 point per $1 spent, 100 points = $1 redemption value; points not cash

Max cashback

5%Conditions apply: tap or hover for detailsShow source

VIP tier on the first $20,000 of monthly spend; Pro 4.5% on the first $8,000

5%Conditions apply: tap or hover for detailsShow source

Hotel bookings only; rates subject to rewards program terms

Cashback paid in

AVAXShow source
No data yet

Cashback type

CryptoShow source
PointsShow source

Interest on balance

6%Conditions apply: tap or hover for detailsShow source

Up to 6% on dollar balance, variable; the Boost portion only up to the tier's Boost Cap and requires at least one qualifying card transaction per month

6%Conditions apply: tap or hover for detailsShow source

Page states 4 to 6% here but "up to 4%" in footer; savings product, not card

Cashback-eligible spend cap

$2,500/monthConditions apply: tap or hover for detailsShow source

Standard: headline rate on the first $2,500 per calendar month; Pro $8,000, VIP $20,000; lower rates above

No data yet

Cashback conditions

Rate depends on tier and steps down with monthly spend (bands reset each calendar month) · Transactions under $1.00 earn no cashback · Paid daily after the transaction settlesShow source
Multipliers apply only up to a monthly points-eligible spend limit shown in app · Cashback credited as KOSH Rewards, must be claimed to card above a minimum · Rewards reversed on refunds/chargebacksShow source

Minimum balance

$0Show source
No data yet

Reward expiry / vesting

No data yet
Points: no general expiry while account open; campaign points/KOSH Rewards may expire per campaign; all rewards forfeited on account closureShow source

Reward exclusions

Cash advances, ATM withdrawals · Purchases of crypto, stablecoins, NFTs or securities · Gambling and wagering · Gift cards · Peer-to-peer transfers · Account funding, loan repayments, balance transfers · Insurance premiums, government payments · Fees, taxes, fines, chargesShow source
Transactions made primarily to generate rewards · Manufactured spend, circular transactionsShow source

Credit & financing

Credit line

YesConditions apply: tap or hover for detailsShow source

Secured by your own collateral

YesShow source

Credit type

Crypto-backed creditShow source
Crypto-backed creditShow source

Max loan-to-value

No data yet
100%Conditions apply: tap or hover for detailsShow source

Spending limit equals collateral market value (1:1)

Interest (APR)

0%Conditions apply: tap or hover for detailsShow source

Purchases; issuer and Ethena Pay may introduce interest on new purchases with prior notice

0%Conditions apply: tap or hover for detailsShow source

Issuer reserves right to introduce interest in the future

Interest notes

Currently 0% interest on all purchases; Issuer and Ethena Pay may introduce interest on new purchases in future with prior disclosureShow source
No data yet

Grace period

Outstanding payment obligation must be paid within one calendar day, otherwise a Liquidation Event occurs; additional grace period at discretionShow source
Liquidation if payment not made within one calendar day; issuer may allow extra graceShow source

Repayment

Repay Ethena Pay for card charges per User Agreement by permitted means in the Ethena Pay Account; prepayment without penaltyShow source
No data yet

Liquidation risk

YesConditions apply: tap or hover for detailsShow source

Collateral can be liquidated after a Liquidation Event (e.g. unpaid charges)

YesShow source

Availability

Available in

Argentina, BZ, BO, Brazil, Colombia, CR, EC, SV, GT, GY, HN, Mexico, PA, PY, Peru, SR, UY, AG, BS, BB, KY, DM, DO, GD, KN, LC, VC, TT, TC, Hong Kong, Japan, Malaysia, PK, Philippines, Singapore, Thailand, United Arab Emirates, CI, EG, GH, Kenya, MA, SN, UG, ZM, Australia, New ZealandConditions apply: tap or hover for detailsShow source

Live in 47 countries; South Africa no longer listed. Coming soon: USA, EU, UK, Switzerland, Canada, Taiwan, South Korea

GlobalConditions apply: tap or hover for detailsShow source

Used in 90+ countries

Not available in

AF, BY, MM, BI, CF, CU, CD, ET, IR, LB, LY, ML, NI, KP, RU, SO, SS, SD, SY, VE, YE, ZWConditions apply: tap or hover for detailsShow source

Restricted Jurisdictions; also Abkhazia, Crimea, Donetsk/Luhansk, Northern Cyprus, Somaliland, South Ossetia

United StatesConditions apply: tap or hover for detailsShow source

International terms for non-US persons; separate US terms exist

Account / spend currencies

No data yet
USDShow source

Own IBAN / bank details

YesConditions apply: tap or hover for detailsShow source

Virtual account (IBAN) not yet available in BB, JP, MY, PK, MA, SN, UG, AU, NZ

YesConditions apply: tap or hover for detailsShow source

Virtual USD, EUR, GBP, AED and SWIFT accounts

Features

Apple Pay

YesShow source
YesShow source

Google Pay

NoConditions apply: tap or hover for detailsShow source

Announced as available soon

YesShow source

Physical card

No data yet
YesShow source

Virtual card

YesShow source
YesShow source

ATM withdrawals

YesConditions apply: tap or hover for detailsShow source

Availability limited and depends on card, device and country

No data yet

Spend stablecoins

No data yet
YesConditions apply: tap or hover for detailsShow source

USDC and USDT balance

Spendable assets

No data yet
USD · USDCConditions apply: tap or hover for detailsShow source

Card collateralized by KOSH USD balance; USDC can be added

Blockchains

Ethereum · Polygon · Optimism · ArbitrumConditions apply: tap or hover for detailsShow source

Supported blockchains for collateral; list may be updated by issuer

Ethereum · Polygon · Optimism · ArbitrumShow source

Security & custody

Deposit protection

NoShow source
No data yet

Smart-contract risk

YesShow source
No data yet

Annual cost at 1,500 EUR/month

Ethena Pay Spend Card

  • Annual & monthly fees+0 EUR
  • FX costs−36 EUR
  • Crypto conversion–
  • ATM costs−19 EUR
  • Cashback+720 EUR
  • Net annual value665 EUR

KOSH Global Card

  • Annual & monthly fees−9 EUR
  • FX costs−72 EUR
  • Crypto conversion–
  • ATM costs−23 EUR
  • Cashback+180 EUR
  • Net annual value76 EUR

Assumes 300 EUR foreign spend and 100 EUR ATM per month, base tier only. Use your own numbers

More Ethena Pay Spend Card comparisons

More KOSH Global Card comparisons