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Ethena Pay Spend Card vs Krak Card

Ethena Pay Spend Card

Crypto native

7.6
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Krak Card

Crypto native

7.4
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Verdict

  • Ethena Pay Spend Card scores higher overall (7.6 vs 7.4 out of 10).
  • Ethena Pay Spend Card is clearly stronger on: Cashback & rewards, Credit & financing.
  • Krak Card is clearly stronger on: Availability, FX & international, Product features, Limits & ATM.
  • For 1,500 EUR/month of spend, Ethena Pay Spend Card comes out about 665 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, Credit & financing

Krak Card is a good fit for

  • Frequent travellers

Stronger on: Availability, FX & international, Product features, Limits & ATM

★ 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 CashKrak Card vs ether.fi Cash

Conditions apply; the review lists them with sources.

Score by criterion

CriterionEthena Pay Spend CardKrak Card
Fees100100
Cashback & rewards8921
Availability5393
FX & international60100
Product features5370
Custody & security7075
Credit & financing7530
Limits & ATM78100
Transparency93100
Best for Cashback8.25.7
Best for Travel7.28.8
Best for Self-Custody7.6n/a
Best for DeFi Users7.86.3
Best for High Spenders8.26.0
Best for Low Fees8.610.0
Best for Beginners7.68.1
Best Crypto Credit Card8.2n/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
MastercardConditions apply: tap or hover for detailsShow source

UK and EEA; the US card is a Visa

Custody model

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

Card spends the Krak account balance (e-money and crypto held by Kraken)

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
Monavate (UK) / UAB Monavate (EEA); e-money by Payward Ireland LimitedShow source

Tiers / plans

Standard · Pro · VIPShow source
Starter · Lite · Pro · Elite · MaxConditions apply: tap or hover for detailsShow source

Cashback tier by 30-day average assets held

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
FreeShow source

Physical card fee

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

Plastic card; replacement €4.99

Virtual card fee

FreeShow source
FreeShow source

Replacement fee

FreeShow source
€4.99Conditions apply: tap or hover for detailsShow source

Plastic card; metal card replacement €60

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%Conditions apply: tap or hover for detailsShow source

EEA/UK: Mastercard rate without markup; a variable spread applies when spending crypto. US card: 1%

Top-up fee

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

Bank transfer free; debit card and Apple/Google Pay deposits €0.25 + 3.75% (UK £0.25 + 3.75%); PayPal fees vary by region. US: linked bank (ACH) free, USD/CAD SWIFT wire $3, card deposits $0.25 + 3.75%, PayPal 3.39%

ATM fee

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

Only where ATM access is available; ATM operator surcharges extra

FreeConditions apply: tap or hover for detailsShow source

No Krak fee; third-party ATM fees may apply

Transfer fee

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

Incoming and outgoing SEPA free (UK domestic transfers free); outgoing SWIFT: regional funding fees may apply; transfers between Krak accounts free. US: ACH in/out free

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
Variable spread when spending crypto · AutoEarn fee: 30% of yield earned · Vault fee: 25% of yield earned · Small balance conversions: fixed 3% feeConditions apply: tap or hover for detailsShow source

Vault and AutoEarn fees are taken from yield; displayed APYs exclude them

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

0%Conditions apply: tap or hover for detailsShow source

Starter tier: under €200 average assets; 0.5% from €200

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

Max tier: 30-day average assets of at least €/£50,000; up to 4% boosted on travel via Krak Concierge

Cashback paid in

AVAXShow source
EUR, GBP or BTCShow source

Cashback type

CryptoShow source
FiatConditions apply: tap or hover for detailsShow source

Or bitcoin

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

3.6%Conditions apply: tap or hover for detailsShow source

Up to; on eligible balances, variable

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
Rate set by the 30-day average assets held across Krak, Kraken and Kraken Pro: 0.5% from €200, 1% from €1,000, 1.5% from €10,000, 2% from €50,000 · Metal card free from €/£50,000 average assetsShow source

Staking / holding required for top rewards

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

Holding assets (not staking) sets the cashback tier

Staking asset

No data yet
Any assets held at Krak, Kraken and Kraken ProShow source

Capital required for top rewards

No data yet
€50,000Conditions apply: tap or hover for detailsShow source

30-day average for the 2% tier

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

No data yet

Credit & financing

Credit line

YesConditions apply: tap or hover for detailsShow source

Secured by your own collateral

NoShow source

Credit type

Crypto-backed creditShow source
No data yet

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

No data yet

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
No data yet

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

Spend own balance directly

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

Spends directly from the Krak Everyday account balance

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

European Union, United KingdomConditions apply: tap or hover for detailsShow source

Residents of the UK and the EU; a separate US card exists

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

Account / spend currencies

No data yet
600+ currenciesConditions apply: tap or hover for detailsShow source

Spend in more than 600 currencies

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
YesShow source

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

YesShow source

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
EEA: e-money by Payward Ireland Limited, regulated by the Central Bank of Ireland · EEA: card issuer UAB Monavate, licensed by the Bank of Lithuania (LB002139) · UK: card issuer Monavate Limited, FCA-authorised (FRN 901097) · UK: e-money and payment services by Payward Services Limited, FCA-authorised (FRN 1010381) · UK: Payward Ltd registered with the FCA as a cryptoasset business (FRN 928768)Conditions apply: tap or hover for detailsShow source

US: Payward Interactive, Inc. is a licensed money transmitter (NMLS #1843762) registered with FinCEN as an MSB

Deposit protection

NoShow source
NoConditions apply: tap or hover for detailsShow source

EEA e-money wallet is not covered by a deposit guarantee scheme; UK: no FSCS protection; US: balances not FDIC or SIPC insured

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

Krak Card

  • Annual & monthly fees+0 EUR
  • FX costs+0 EUR
  • Crypto conversion–
  • ATM costs+0 EUR
  • Cashback+0 EUR
  • Net annual value0 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

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