Ethena Pay
A self-custody Visa card that pays cashback in AVAX. No yearly fee.
- Terms checked 8 Oct 2026
- Fee-tested on 4 real purchases
- Visa
- Credit
- Apple Pay
- Self-custody
- Free plan
- Earn on your balance
All amounts in US dollars
Not offered to people in the US. Pick another country above to see what it pays there.
Not available in the US
Pick a plan
- Pays the most
Standard
Free, 4% on the first $2,500, then 1% on the next $1,500, then nothing
$80.00 a month, 4.0%
What you keep as spend grows
Hover the line to see other amounts.
Show as a table
| Monthly spend | What you keep | Plan |
|---|---|---|
| $250 | 4% | Standard |
| $500 | 4% | Standard |
| $750 | 4% | Standard |
| $1,000 | 4% | Standard |
| $1,500 | 4% | Standard |
| $2,000 | 4% | Standard |
| $2,500 | 4% | Standard |
| $3,000 | 3.5% | Standard |
| $4,000 | 2.88% | Standard |
| $5,000 | 2.3% | Standard |
| $6,000 | 1.92% | Standard |
| $7,500 | 1.53% | Standard |
| $10,000 | 1.15% | Standard |
Every fee
- Yearly fee
- None
- FX fee
- 0% from Ethena Pay; Visa's conversion fee on non-USD spend (about 1%, varies, not capped) is passed through at cost
- Conversion fee
- $0 on USD purchases; late payment up to $40, returned payment up to $29
- Topping up
- Free in digital dollars (USDe); bank onramps via MoonPay / Iron at the rates they disclose; virtual IBAN not yet offered in Australia, Japan, Malaysia, Pakistan and a few others
- ATM withdrawals
- $1 + 0.65% where ATM access is available, plus any operator surcharge (virtual card only for now)
- Card issue
- $0 (virtual card; replacement free)
- Monthly fee
- $0 (no account, inactivity or subscription fee on Standard)
Our own test
Our fee test · In October · 4 AUD purchases on our own card
We actually paid 1.08% above the mid-market rate, against 1.00% in advertised fees, with 0–4% cashback advertised.
Read the full fee test: 4 purchases, every currency →Where these numbers come from
Ethena Pay's published terms, checked 8 October 2026. Where sources disagree, we go with the less generous reading.
- Ethena Pay Spend Card termsTerms
- Ethena Pay terms of use (incl. country terms)Terms
- Ethena Pay pricingFee schedule
- Ethena Pay FAQHelp center
- Ethena Pay jurisdictionsOfficial site
- Our Ethena Pay account in Australia, Oct 2026Our test
What's good and what to watch
Good
- 4% back on the first $2,500 a month on the free Standard tier
- No issuance, monthly or subscription fee, and no Ethena Pay FX markup
- Self-custodial: the card is secured by assets in your own wallet
- USDe balances earn up to 5% to 6% a year, paid daily, with one card purchase a month
- No overall monthly cap on cashback; rates step down by band instead
- Apple Pay supported
Watch
- Cashback is paid in AVAX, so its dollar value moves with the market
- Standard pays 1% from $2,500 to $4,000 and nothing above $4,000 a month
- Visa's conversion fee (about 1%) applies to any non-USD spend
- Not available in the US, EU, UK or Canada
- Pro and VIP pay more, but there's no ENA lock in the app and no published price for Pro, so our numbers use the free Standard plan
- Early beta: virtual card only, Google Pay not live yet, access opening in stages
- The balance rate is a discretionary promotion paid in USDe, a synthetic dollar, not a bank deposit
ENA price
At a glance
- Network
- Visa
- Custody
- self-custodial
- Card type
- credit
- Form
- virtual
- Mobile wallets
- ✓ Apple Pay✕ Google Pay
- Chains
- Avalanche
- Tokens
- USDeAVAX
- Availability
- 48 countries on the official list: 17 in Latin America, 12 in the Caribbean, 8 in Asia and the Middle East (Hong Kong, Japan, Malaysia, Pakistan, Philippines, Singapore, Thailand, UAE), 9 in Africa, plus Australia and New Zealand
- Not offered in
- Indonesia, Israel, Nigeria, South Korea, Taiwan, Turkey and Vietnam
- KYC
- Required (Sumsub identity verification); 18+
- Funding
- USDe / digital-dollar deposit (free)Local-currency and USD bank onramp via MoonPay / IronFree transfers from other Ethena Pay users
- Spending limit
- Dynamic: set by Ethena Pay from the value of your collateral; the issuer may add per-card limits (no fixed figure published)
- ATM limit
- Only where your card, device and country allow; $1 + 0.65% per withdrawal; no limit published
Perks and benefits
- Offers & creditsReported at launch: Pro up to 5% and VIP up to 10% back at selected brands such as Uber and Spotify; not on the official pricing page
- Idle-balance yieldBalances earn up to 5% a year on the first $5,000 (Standard), or 6% up to $100,000 (Pro) or $1,000,000 (VIP), paid daily in USDe; needs one card purchase a month; promotional, not guaranteed
Affiliate link: we may earn a commission if you sign up.
General information only. These figures are calculated from the spend you enter and the card terms we've collected. We haven't considered your objectives, financial situation or needs, and this isn't a recommendation. Consider whether a card suits you and read the provider's terms before applying. Figures are estimates, terms change, and crypto is volatile.
Affiliate link: we may earn a commission if you sign up.