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Ethena Pay

A self-custody Visa card that pays cashback in AVAX. No yearly fee. Not offered in the US. No FX fee on US dollars. Other currencies cost 1%.

Short answer: At $2,000 a month in Australia, Ethena Pay pays back $54.00 a month after fees and FX. That’s a real cashback rate of 2.7%, against an advertised rate of up to 4%. In our own test, purchases in AUD cost 1.08% over the market rate, against the 1% it publishes (4 purchases, 9 Oct 2026 to 11 Oct 2026).

Terms checked Our full testHow we work it out

a month in

In US dollars. FX on AUD spending is included.

$54.00 a month

Advertised up to 4% , real cashback rate 2.7%, on the Standard plan

$80.00 cashback$0.00 card fees$26.00 FX and other fees

Go to Ethena Pay Card

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Pick a plan

  • Pays the most

    Standard

    Free, 4% on the first $2,500, then 1% on the next $1,500, then nothing

    $54.00 a month, 2.7%

What you keep as spend grows

−2%0%2%4%$1k$2.5k$5k$7.5k$10kAdvertised: up to 4%2.7% at $2,000

Hover the line to see other amounts.

Effective rate after fees in Australia, on the plan that pays most at each spend. Where the line turns down, a monthly cap has been reached.
Show as a table
Monthly spendWhat you keepPlan
$2502.7%Standard
$5002.7%Standard
$7502.7%Standard
$1,0002.7%Standard
$1,5002.7%Standard
$2,0002.7%Standard
$2,5002.7%Standard
$3,0002.2%Standard
$4,0001.57%Standard
$5,0001%Standard
$6,0000.62%Standard
$7,5000.23%Standard
$10,000−0.15%Standard

Every fee

There’s no yearly or monthly fee. Outside US dollars, spending costs 1.3%, Visa’s exchange rate included.

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 . Where sources disagree, we go with the less generous reading.

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
  • Cashback isn't instant: it's paid once a day after a purchase settles, which usually takes 1 to 3 business days

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
47 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), 8 in Africa, plus Australia and New Zealand
Not offered in
Indonesia, Israel, Nigeria, South Africa, South Korea, Taiwan and Turkey
Signing up
In Australia, our own account has the app and the card (checked 8 Oct 2026). Ethena's terms still say the card isn't generally available to Australians unless a local issuer offers it, so the app tells you at sign-up whether you can get it.
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 & credits
    Reported 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 yield
    Balances 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

Compare it and read more

Compare Ethena Pay

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Go to Ethena Pay Card

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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.

Ethena PayGo to Ethena Pay Card

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