EtherFi

The ether.fi Card is a non-custodial, Visa credit card where users can earn yield, borrow against their assets and receive cashback.

There are four membership levels; Core, Luxe, Pinnacle and VIP. For all tiers except VIP, cashback starts at 3% and decreases as monthly spending rises. The VIP tier is an invite-only tier that unlocks a 4% cashback. The exact cashback rate depends on whether spending is done in USD, EUR or a combination of the two.

Onboarding took us around 10 minutes. Identity verification was completed through Sumsub. The virtual card was free. It was automatically added to Apple Pay and Google Pay upon KYC approval.

ether.fi has a competitive entry rate of 3% cashback that will appeal to the majority of spenders. Users can offset the tiered cashback drop-offs by upgrading their membership level to maintain higher cashback rates. Non-USD spenders should consider that EUR cashback falls off much faster. Spending in other currencies incurs FX costs, with observed spreads reaching over 2%. USD and EUR transactions have no FX markup.

If a user makes purchases in both USD and EUR, a shared monthly counter is used to calculate total cashback. When making a EUR transaction, it is converted to USD based on the exchange rate at the time of the transaction. This value is then used to track progress on the shared counter.

Membership Levels

Membership tiers are activity-based rather than subscription-based. Everyone starts at Core, while Luxe and Pinnacle require a specific amount of Points to unlock and maintain. Points are earned via card spending, Stake, Liquid and eligible staked assets, while staking ETHFI can directly unlock Luxe or Pinnacle respectively. Membership Points reset each calendar month, so the applicable threshold must be met again to maintain the tier. VIP remains invitation-only.

Card issuance

Users can create multiple virtual and physical cards depending on their membership level. The first 1, 2, and 10 virtual cards are free for Core, Luxe, and Pinnacle respectively. The VIP tier gets Unlimited virtual cards, with physical cards being free for Luxe and above.

Where a card issuance fee applies, the cost is:

• Virtual card: Free
• Core physical card: $50
• Luxe physical card: Free
• Luxe and Pinnacle metal cards: $100
• VIP metal card: Free

Annual Fees

There are no annual fees. To retain a given membership level above Core, you need to consistently exceed the threshold of monthly membership points required. Membership points are earned through spending or various forms of staking.

Foreign exchange

For transactions requiring a currency conversion, ether.fi applies a base FX rate of ~1%, with an additional margin depending on membership level:

• Core: 0 - 0.5%
• Luxe: 0 - 0.25%
• Pinnacle: 0%
• VIP: 0%

In our in-store test, we observed a gross FX spread of ~2.04% when purchasing with PLN.

ATM Fees

There is a 2% ATM withdrawal fee across all membership levels.

Fiat-to-Crypto Transfers

Users who exchange fiat for crypto or vice versa pay a 0.2% transaction fee. This applies to all membership tiers with the exception of VIP.

Monthly limits are:

• $10,000 for Core
• $50,000 for Luxe
• $200,000 for Pinnacle

Funding

The card supports a broad range of crypto assets, including USDC, USDT, EURC, ETH, WETH, weETH, eBTC, eUSD, ETHFI and several liquid-vault tokens. Multiple chains such as Ethereum, Optimism, Solana, Tron, Base, Arbitrum and Scroll are all supported with varying token coverage.

Fiat funding is available through euro SEPA, US dollar SWIFT, ACH and Fedwire, as well as Brazilian PIX, Mexican SPEI, Colombian BREB and UK local transfers.

Borrow Mode

Borrow Mode allows users to borrow USDC and EURC against crypto assets in their wallet which can be used for card spend. Your assets will remain in your vault and borrowed balance can be repaid at any time. An annual interest rate of 4% will be charged on the outstanding balance.

In some jurisdictions, crypto-backed loans may allow borrowers to access liquidity without triggering a taxable event upon receipt of the loan proceeds, since loans are typically classified as debt rather than income for tax purposes.

Earn

The app displays trailing net APYs for a range of assets and strategies, including Liquid Vaults and staking options. Liquid assets such as EUR (5.62%), USD RWAs (7.10%), ETH (3.18%), BTC (1.52%) and USD (5.22%) can be used with the Cash card while continuing to earn yield, while staking options allow users to earn rewards on assets such as weETH (2.45%), eBTC (0.00%), frxUSD (3.36%), beHYPE (2.12%) and ETHFI (5.69%).

Referrals

The referral program has four tiers, with rewards increasing by referral milestone.

To move up a tier, users need to meet the minimum number of lifetime and 90-day referrals required for that tier.

Referrers can earn monetary rewards from:

• Spend milestones - when referees reach spending milestones
• Affiliate rewards - when referees earn rewards from their own referrals
• Direct spend - based on the spending volume of your referees
• Card issuance - based on the card issuance costs of your referees
• Yield earnings - based on the liquid or staked yield earned by your referees

Tax Reporting

ether.fi is set to introduce tax reporting, allowing users to easily download a report of their ether.fi portfolio assets, simplifying the process of preparing tax documentation.

All cardholders receive airport companion lounge access, concierge services and priority support, including 24/7 email and live chat support.

The card also includes a range of travel and purchase protections:

• Auto rental insurance for all levels
• Baggage delay coverage of up to $500 for all levels
• Baggage loss coverage of up to $1,000 for all levels
• Purchase protection of up to $10,000 for all levels
• Price protection of up to $2,000 for all levels
• Extended warranty coverage of up to $10,000 for all levels

Cardholders can also receive exclusive hotel discounts of up to 65%, alongside 5% cashback on eligible hotel bookings.

Higher membership levels receive additional benefits. Pinnacle and VIP members have access to a crypto concierge, while VIP members also receive access to ether.fi Ventures.

The cards also come with Visa Signature benefits, providing additional benefits and protections through the Visa network.

ether.fi offers one of the strongest entry cashback rates in the tested group, with flexible crypto and fiat funding, yield-generating assets and crypto-backed borrowing. The tiered cashback structure also means rewards decrease gradually rather than stopping at a hard monthly cap.

The main drawback is for users spending heavily in EUR or other currencies. EUR transactions benefit from 0% FX markup, but cashback falls much faster after the initial tier. For other currencies, FX conversion costs can materially reduce the value of the 3% cashback, with our PLN test showing an approximately 2% spread.

• Sign up for an ether.fi account at ether.fi.
• Download the ether.fi app from the App Store or Google Play.
• Complete the onboarding process and wait for KYC approval.
• Activate your card and start spending