Ethena Pay Card Review: Virtual Visa With AVAX Cashback

Summary

Ethena Pay is a self-custodial money app from the team behind the USDe synthetic dollar. Its Spend Card is a virtual Visa card issued by Third National through Rain, paying tiered cashback in AVAX, while the app balance can earn a promotional boost on top of the USDe rate.

At a glance

Network: Visa2
Card type: Not available
Formats: Virtual2
Who holds your funds: You (self-custody)3
ID check: Not disclosed
Top up with: Not available
Top-up networks: Not available
Apple Pay: Yes2
Google Pay: No2
ATM cash: Yes3
IBAN: Not available
Issuing bank: Third National4

Fees and limits by tier

	Standard	Pro	VIP
Card issue fee	Free1	Free1	Free1
Foreign currency fee	1%1	1%1	1%1
ATM fee	$11	$11	$11
ATM fee (%)	0.65%1	0.65%1	0.65%1
Inactivity fee	Free1	Free1	Free1
Cashback	4%1	4.5%1	5%1

Standard

Cashback 4% on the first $2,500 of monthly spend, 1% up to $4,000, nothing above
Free virtual Visa card, 0% APR on purchases, no account or inactivity fees
No Ethena Pay FX or cross-border markup; card-network conversion fee passed through at cost
Savings Daily Boost brings the balance rate to 5% p.a. on up to $5,000

Pro

Cashback 4.5% on the first $8,000 of monthly spend, then 2%, 1% and 0.5% bands
Free virtual Visa card, 0% APR on purchases, no account or inactivity fees
No Ethena Pay FX or cross-border markup; card-network conversion fee passed through at cost
Available via subscription or referrals; Daily Boost to 6% p.a. on up to $100,000

VIP

Cashback 5% on the first $20,000 of monthly spend, then 2%, 1% and 0.5% bands
Free virtual Visa card, 0% APR on purchases, no account or inactivity fees
No Ethena Pay FX or cross-border markup; card-network conversion fee passed through at cost
Daily Boost to 6% p.a. on up to $1,000,000

What works

High headline cashback rates, with bands that never re-price spend already made
No Ethena Pay FX markup and no account, maintenance or inactivity fees
Self-custodial wallet secured with passkeys, with social login
Clear published list of supported countries and restricted jurisdictions

What to watch

Cashback rate steps down as monthly spend grows and is paid in volatile AVAX
Not available to US persons or EU residents yet
Google Pay not yet supported and no physical card mentioned
The savings boost requires a monthly card purchase and depends on the USDe rate

Where it works

Available in 35 countries.5

Show the country list

Argentina, Australia, Bolivia, Brazil, Colombia, Costa Rica, Côte d’Ivoire, Dominican Republic, Ecuador, Egypt, El Salvador, Ghana, Guatemala, Honduras, Hong Kong, Japan, Kenya, Malaysia, Mexico, Morocco, New Zealand, Pakistan, Panama, Paraguay, Peru, Philippines, Senegal, Singapore, South Africa, Thailand, Trinidad & Tobago, Uganda, United Arab Emirates, Uruguay, Zambia

Country guides for this card

Hong Kong All countries

Countries where it isn't available (13)

DR Congo, Ethiopia, Lebanon, Libya, Mali, Nicaragua, Somalia, Sudan, Syria, United States, Venezuela, Yemen, Zimbabwe4

Questions people ask

Who issues the Ethena Pay Spend Card?

According to Ethena Pay's terms, the card is issued by Third National under a Visa license, with program management by Rain (Signify Holdings).

How is cashback calculated?

Each tier has monthly spend bands; the first band earns the headline rate and further spend earns lower rates. Rewards are credited in AVAX after settlement, and some categories are excluded.

Can I use it in the United States or Europe?

No. The Spend Card is not offered to US persons, and Ethena Pay lists the US and the EU as coming soon.

How would you rate Ethena Pay Spend Card?

Used this card? Tap the stars. One rating per person, no account needed.

Sources

The numbers on this page come from these official pages. The small numbered marks next to each fact point here.

pay.ethena.fi/pricing — Pricing page (effective 1 Sep 2026): free virtual card, 0% APR, FX ~1.0% network pass-through, ATM $1 + 0.65% if available, no inactivity fee, cashback bands per tier in AVAX, late/returned payment fees (checked 2026-11-01)
pay.ethena.fi/ — Home page FAQ: Daily Boost rates/caps per tier, non-custodial, IBAN via banking partners, Apple Pay now / Google Pay soon, card not offered to US persons (checked 2026-11-01)
pay.ethena.fi/faq — FAQ: 47 live countries, Pro via subscription or referrals, cashback worked example, fee summary (checked 2026-11-01)
pay.ethena.fi/terms — Terms s.1.5: Spend Card issued by Third National (Puerto Rico chartered bank) under Visa license, program management by Signify Holdings (Rain) (checked 2026-11-01)
pay.ethena.fi/terms#appendix-1--country-specific-terms — Appendix 1: 47 covered jurisdictions; 'coming soon' to US, EU, Canada, Taiwan, South Korea (checked 2026-11-01)

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Ethena Pay Spend Card review