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Ethena Pay Spend Card vs SafePal Mastercard

Ethena Pay Spend Card

Crypto native

7.6
Get the card
SafePal Mastercard

Crypto native

6.5
Get the card

Verdict

  • Ethena Pay Spend Card scores higher overall (7.6 vs 6.5 out of 10).
  • Ethena Pay Spend Card is clearly stronger on: Credit & financing.
  • SafePal Mastercard is clearly stronger on: Product features.
  • 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: Credit & financing

SafePal Mastercard is a good fit for

  • Stablecoin holders

Stronger on: 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 CashSafePal Mastercard vs ether.fi Cash

Conditions apply; the review lists them with sources.

Score by criterion

CriterionEthena Pay Spend CardSafePal Mastercard
Fees100100
Cashback & rewards89–
Availability53–
FX & international6060
Product features5370
Custody & security70–
Credit & financing7530
Limits & ATM78–
Transparency93100
Best for Cashback8.2n/a
Best for Travel7.26.6
Best for Self-Custody7.6n/a
Best for DeFi Users7.86.0
Best for Stablecoinsn/a7.2
Best for High Spenders8.26.1
Best for Low Fees8.68.3
Best for Beginners7.67.5
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
MastercardShow source

Custody model

Self-custodyShow source
No data yet

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
Fiat24 (Swiss IBAN account and fiat gateway; compliance and licensing)Conditions apply: tap or hover for detailsShow source

Offered in collaboration with SafePal; the page does not name the card issuer separately

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
FreeShow source

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

1%Conditions apply: tap or hover for detailsShow source

Card payments settled in non-USD currencies

Top-up fee

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

Standard deposit/top-up fee; crypto swaps carry a spread and gas fees

ATM fee

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

Only where ATM access is available; ATM operator surcharges extra

No data yet

Transfer fee

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

Transfers to external banks; other banks may charge

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
Refund processing fee 1 USD / 1 EUR / 1 CHF / 7 CNH per refund, depending on payment currency · Gas fees on blockchain transactionsConditions apply: tap or hover for detailsShow source

Gas fees: the page states all financial transactions are conducted on the blockchain, which will result in gas fees

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

No data yet

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

No data yet

Cashback paid in

AVAXShow source
No data yet

Cashback type

CryptoShow source
No data yet

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

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
No data yet

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

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

No data yet

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
USD · EUR · CHF · CNHShow 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

Swiss IBAN via Fiat24

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
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

Crypto is topped up as USDC

Blockchains

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

Supported blockchains for collateral; list may be updated by issuer

ArbitrumShow source

Limits

Spending limit

No data yet
€5,000Conditions apply: tap or hover for detailsShow source

Per day; contactless 1,600 EUR per day

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

SafePal Mastercard

  • Annual & monthly fees+0 EUR
  • FX costs−36 EUR
  • 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

More Ethena Pay Spend Card comparisons

More SafePal Mastercard comparisons