savebackcards.com
DEEN

Ethena Pay Spend Card vs Gemini Credit Card

Ethena Pay Spend Card

Crypto native

7.6
Get the card
Gemini Credit Card

Crypto native

6.0
Get the card

Verdict

  • Ethena Pay Spend Card scores higher overall (7.6 vs 6.0 out of 10).
  • Ethena Pay Spend Card is clearly stronger on: Cashback & rewards, Availability, Limits & ATM.
  • Gemini Credit Card is clearly stronger on: FX & international, Product features.
  • For 1,500 EUR/month of spend, Ethena Pay Spend Card comes out about 741 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, Availability, Limits & ATM

Gemini Credit Card is a good fit for

  • Users who need credit rather than a debit/prepaid card
  • Frequent travellers

Stronger on: FX & international, Product features

★ 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
Get the card
Review & sourcesEthena Pay Spend Card vs ether.fi CashGemini Credit Card vs ether.fi Cash

Conditions apply; the review lists them with sources.

Score by criterion

CriterionEthena Pay Spend CardGemini Credit Card
Fees100100
Cashback & rewards8930
Availability533
FX & international60100
Product features5370
Custody & security7075
Credit & financing7570
Limits & ATM7811
Transparency93100
Best for Cashback8.24.8
Best for Travel7.26.7
Best for Self-Custody7.6n/a
Best for DeFi Users7.87.1
Best for High Spenders8.25.9
Best for Low Fees8.68.7
Best for Beginners7.66.8
Best Crypto Credit Card8.27.2

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

Credit cardShow source

Network

VisaShow source
MastercardConditions apply: tap or hover for detailsShow source

Mastercard World Elite

Custody model

Self-custodyShow source
CustodialConditions apply: tap or hover for detailsShow source

Crypto rewards are deposited into the Gemini account

Card issuer / program manager

Third National (issuer); program managed by Signify Holdings, Inc. d/b/a Rain; access via Ethena Pay Ltd. (Malta)Show source
WebBankShow 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

FreeShow source

Monthly fee

FreeShow source
No data yet

Virtual card fee

FreeShow source
No data yet

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

0%Show source

ATM fee

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

Only where ATM access is available; ATM operator surcharges extra

3% (min. $10)Conditions apply: tap or hover for detailsShow source

Cash advance: $10 or 3%, whichever is greater; cash advance APR 29.74% from the transaction date

Other fees & markups

Late payment fee up to $40 · Returned payment fee $29 · ATM operator surcharges · Gas fees of liquidation transactions paid from collateralShow source
Late payment up to $35 · Returned payment up to $35 · Penalty APR 33.74% variableShow 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

Everything else; 2% groceries, 3% dining

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

4%Conditions apply: tap or hover for detailsShow source

Gas, EV charging and transit, on up to $300 spend a month (then 1%)

Cashback paid in

AVAXShow source
Eligible digital asset selected by the cardholder; bitcoin by defaultConditions apply: tap or hover for detailsShow source

Cardholder picks from Gemini's list of eligible digital assets and can change the election at any time

Cashback type

CryptoShow source
CryptoShow 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

No data yet

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

$300/monthConditions apply: tap or hover for detailsShow source

Per month, applies to the 4% gas/EV/transit category only (then 1%); spend cycle refreshes on the 1st of each calendar month

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
4% only on the first $300 of gas/EV/transit spend each month, then 1% · 3% dining, 2% groceries, 1% everything else · Spend cycle refreshes on the 1st of each calendar month · Rewards are deposited when the transaction posts; some exclusions apply to instant rewards · 10% Vault Rewards at selected merchants on a limited monthly spend that varies by merchant offerShow source

Reward exclusions

Cash advances, ATM withdrawals, money orders, traveler's checks and cash equivalents · Purchases of crypto, stablecoins, NFTs, securities, foreign currency · Gambling, wagering, lottery, gaming · Gift card and stored-value purchases · Peer-to-peer transfers and remittances · Account funding, loan/credit repayments, balance transfers, insurance premiums · Fees, taxes, fines and payments to government agencies · Returned, refunded or charged-back transactionsConditions apply: tap or hover for detailsShow source

Eligibility follows the MCC assigned by the card network

ATM transactions · Card account fees · Interest charges · Cash advances · Gift cards, prepaid debit cards, traveler's checks, precious metals, casino chips, cryptocurrency, lottery tickets and other cash equivalents · Balance transfers · Credit card convenience checks · Reloading prepaid cards · Gaming-related transactionsConditions apply: tap or hover for detailsShow source

Full list in the Qualifying Purchase Transaction definition; Gemini Constellation may add exclusions at any time

Credit & financing

Credit line

YesConditions apply: tap or hover for detailsShow source

Secured by your own collateral

YesConditions apply: tap or hover for detailsShow source

Subject to credit approval

Credit type

Crypto-backed creditShow source
Revolving creditShow source

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

16.74%Conditions apply: tap or hover for detailsShow source

16.74% to 34.74% variable purchase APR based on creditworthiness (Prime Rate 7.00% on 25 Sep 2026)

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
Payment due at least 25 days after each billing cycle closes; no interest on purchases when the full balance is paid by the due dateShow 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)

No data yet

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, South Africa, UG, ZM, Australia, New ZealandConditions apply: tap or hover for detailsShow source

Beta. Announced as coming soon: USA, EU, UK, Switzerland, Canada, Taiwan, South Korea

United StatesConditions apply: tap or hover for detailsShow source

US residents only, at application and while the account is open

Not available in

United StatesConditions apply: tap or hover for detailsShow source

Not available to U.S. citizens, U.S. residents or other U.S. persons; other restricted jurisdictions per Ethena Pay Terms of Use

No data yet

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

No data yet

Features

Apple Pay

YesShow source
No data yet

Google Pay

NoConditions apply: tap or hover for detailsShow source

Announced as available soon

No data yet

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

Blockchains

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

Supported blockchains for collateral; list may be updated by issuer

No data yet

Security & custody

Regulation / licences

No data yet
Gemini Trust Company, LLC NMLS #1518126 · Gemini Moonbase, LLC NMLS #2403509Conditions apply: tap or hover for detailsShow source

Entities offering the rewards program; card issued by WebBank

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

Gemini Credit Card

  • Annual & monthly fees+0 EUR
  • FX costs+0 EUR
  • Crypto conversion–
  • ATM costs−107 EUR
  • Cashback+32 EUR
  • Net annual value-75 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 Gemini Credit Card comparisons