Ethena Pay Spend Card vs Kolo Card
Crypto native
Crypto native
Verdict
- Ethena Pay Spend Card scores higher overall (7.6 vs 5.9 out of 10).
- Ethena Pay Spend Card is clearly stronger on: Cashback & rewards.
- Kolo Card is clearly stronger on: Product features, Custody & security.
- A full annual cost comparison is not possible yet because some fees are not disclosed or not yet researched.
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
Kolo Card is a good fit for
- People who want to keep control of their keys
- Stablecoin holders
Stronger on: Product features, Custody & security
★ Our pickEditorial choice · score unchanged · Affiliate link
Neither card is our pick. The card we recommend instead:
Crypto native · ether.fi
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
Conditions apply; the review lists them with sources.
Score by criterion
| Criterion | Ethena Pay Spend Card | Kolo Card |
|---|---|---|
| Fees | 100 | 100 |
| Cashback & rewards | 89 | 8 |
| Availability | 53 | – |
| FX & international | 60 | – |
| Product features | 53 | 70 |
| Custody & security | 70 | 80 |
| Credit & financing | 75 | – |
| Limits & ATM | 78 | – |
| Transparency | 93 | 100 |
| Best for Cashback | 8.2 | 4.2 |
| Best for Travel | 7.2 | n/a |
| Best for Self-Custody | 7.6 | 6.9 |
| Best for DeFi Users | 7.8 | 6.3 |
| Best for Stablecoins | n/a | 6.6 |
| Best for High Spenders | 8.2 | 4.4 |
| Best for Low Fees | 8.6 | 8.0 |
| Best for Beginners | 7.6 | 7.4 |
| Best Crypto Credit Card | 8.2 | n/a |
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
Debit cardShow source
Network
VisaShow source
VisaShow source
Custody model
Self-custodyShow source
Self-custodyConditions apply: tap or hover for detailsShow source
Since 1 July 2026: Kolo holds one key share and never assembles the full private key
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
Tiers / plans
Standard · Pro · VIPShow source
Fees
Annual fee
FreeConditions apply: tap or hover for detailsShow source
No recurring subscription or account fees for a standard account
Monthly fee
FreeShow source
Virtual card fee
FreeShow source
Replacement fee
FreeShow source
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
Crypto conversion fee
0%Conditions apply: tap or hover for detailsShow source
0% markup on USDT, USDC and EURC
ATM fee
$1 + 0.65%Conditions apply: tap or hover for detailsShow source
Only where ATM access is available; ATM operator surcharges extra
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
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
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
2%Conditions apply: tap or hover for detailsShow source
Promotional programme that Kolo may change or end at any time
Cashback paid in
AVAXShow source
BTCShow source
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
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
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
Credited only after the purchase has cleared ('Accrued' then 'Paid') · Kolo may modify, suspend or end the Cashback Program at any timeShow 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
Credit & financing
Credit line
YesConditions apply: tap or hover for detailsShow source
Secured by your own collateral
Credit type
Crypto-backed 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
Interest notes
Currently 0% interest on all purchases; Issuer and Ethena Pay may introduce interest on new purchases in future with prior disclosureShow source
Grace period
Outstanding payment obligation must be paid within one calendar day, otherwise a Liquidation Event occurs; additional grace period at discretionShow source
Repayment
Repay Ethena Pay for card charges per User Agreement by permitted means in the Ethena Pay Account; prepayment without penaltyShow source
Liquidation risk
YesConditions apply: tap or hover for detailsShow source
Collateral can be liquidated after a Liquidation Event (e.g. unpaid charges)
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
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
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
Features
Apple Pay
YesShow source
YesShow source
Google Pay
NoConditions apply: tap or hover for detailsShow source
Announced as available soon
YesShow source
Virtual card
YesShow source
ATM withdrawals
YesConditions apply: tap or hover for detailsShow source
Availability limited and depends on card, device and country
Spend stablecoins
YesShow source
Spendable assets
BTC · ETH · LTC · USDT · USDC · EURCShow source
Blockchains
Ethereum · Polygon · Optimism · ArbitrumConditions apply: tap or hover for detailsShow source
Supported blockchains for collateral; list may be updated by issuer
Security & custody
Deposit protection
NoShow source
Smart-contract risk
YesShow source
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
Kolo Card
- Annual & monthly feesunknown
- FX costsunknown
- Crypto conversion–
- ATM costsunknown
- Cashbackunknown
- Net annual valuenot enough data
Assumes 300 EUR foreign spend and 100 EUR ATM per month, base tier only. Use your own numbers