Ethena Pay Spend Card vs Phantom Cash Card
Crypto native
Crypto native
Verdict
- Ethena Pay Spend Card scores higher overall (7.6 vs 3.6 out of 10).
- Ethena Pay Spend Card is clearly stronger on: Cashback & rewards, Availability, Credit & financing, Limits & ATM.
- Phantom Cash Card is clearly stronger on: 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, Availability, Credit & financing, Limits & ATM
Phantom Cash Card is a good fit for
- People who want to keep control of their keys
- Stablecoin holders
Stronger on: 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 | Phantom Cash Card |
|---|---|---|
| Fees | 100 | – |
| Cashback & rewards | 89 | 0 |
| Availability | 53 | 3 |
| FX & international | 60 | – |
| Product features | 53 | 47 |
| Custody & security | 70 | 80 |
| Credit & financing | 75 | 30 |
| Limits & ATM | 78 | 20 |
| Transparency | 93 | 100 |
| Best for Cashback | 8.2 | 2.3 |
| Best for Travel | 7.2 | 3.8 |
| Best for Self-Custody | 7.6 | 5.8 |
| Best for DeFi Users | 7.8 | 4.8 |
| Best for Stablecoins | n/a | 4.9 |
| Best for High Spenders | 8.2 | 2.7 |
| Best for Low Fees | 8.6 | n/a |
| Best for Beginners | 7.6 | 5.0 |
| 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 card, Stablecoin cardConditions apply: tap or hover for detailsShow source
Debit card linked to the CASH stablecoin balance of the Phantom Cash account
Network
VisaShow source
VisaShow source
Custody model
Self-custodyShow source
Self-custodyShow source
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
StripeConditions apply: tap or hover for detailsShow source
Replacement cards and cards activated after 2026-10-05 are Stripe-issued; cards activated before 2026-10-05 without a replacement are Bridge-issued (disputes via Galileo)
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
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
Cashback paid in
AVAXShow source
Cashback type
CryptoShow source
NoneConditions apply: tap or hover for detailsShow source
No purchase cashback; Phantom pays variable Cash Rewards on the balance (rate shown in the app)
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
Cash Rewards on CASH balances: variable APY set by Phantom, paid weekly, no lock-up · Rewards pause at $1,500 per tax year until tax details are provided · Cash Rewards not available in the US or US-sanctioned jurisdictionsConditions apply: tap or hover for detailsShow source
Cash Rewards is a balance reward funded by Phantom, not purchase cashback; rate shown in the app as APY, paid weekly in CASH, no minimum balance, no lock-ups; rewards pause once total Phantom rewards reach $1,500 in a tax year until US-person status is confirmed or identity verified; not available in the US, where the card is offered
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
NoShow source
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)
Spend own balance directly
YesConditions apply: tap or hover for detailsShow source
Spends the Cash account balance; the account must be funded before paying
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
Except New York; identity verification required for the card
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
Account / spend currencies
USDConditions apply: tap or hover for detailsShow source
CASH balance is converted to USD when paying; merchant is paid in USD
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
Physical card
NoShow 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
NoConditions apply: tap or hover for detailsShow source
ATM withdrawals and cash advances are unsupported merchant categories and are declined
Spend stablecoins
YesConditions apply: tap or hover for detailsShow source
Spends CASH; USDC, USDT and PYUSD on Solana are swapped into CASH
Spendable assets
CASHConditions apply: tap or hover for detailsShow source
Cash account balance (CASH), converted to USD at payment
Blockchains
Ethereum · Polygon · Optimism · ArbitrumConditions apply: tap or hover for detailsShow source
Supported blockchains for collateral; list may be updated by issuer
SolanaShow source
Limits
Spending limit
$2,000Conditions apply: tap or hover for detailsShow source
Per day; automatic review for $5,000 after 30 days
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
Phantom Cash Card
- Annual & monthly feesunknown
- FX costsunknown
- Crypto conversion–
- ATM costsunknown
- Cashback+0 EUR
- Net annual valuenot enough data
Assumes 300 EUR foreign spend and 100 EUR ATM per month, base tier only. Use your own numbers