Ether.Fi Cash CardReview
Non-custodial Visa credit card that borrows against yield-bearing crypto like ETH on the Scroll network.
The verdict
Best for: DeFi users spending against yield-bearing ETH/eETH on Scroll without selling.
Skip if: You need a card without full KYC or live in a restricted region.
- Non-custodial card using a Gnosis Safe wallet.
- Earn up to 4% cashback in wETH on the VIP tier.
- Borrow against collateral at 4% APY with gasless transactions on Scroll.
How it works
- Non-custodial design allows spending against crypto holdings without transferring assets
- Operates on Scroll L2 network with gasless transactions and smart contract infrastructure
- Tiered membership (Core, Luxe, Pinnacle, VIP) with increasing benefits and rewards
- Compatible with Apple Pay and Google Pay for contactless payments
- Integration with broader Ether.fi ecosystem (staking, yield farming)
- Can automatically direct staking rewards to cover card balances
- Physical and virtual cards available
- Visa Signature benefits including purchase protection and extended warranty
- Airport lounge access via Visa Airport Companion program
Funding: Crypto deposit to Gnosis Safe wallet · Direct stablecoin spending (USDC, USDT, LiquidUSD) · Collateralized borrowing against yield-bearing assets
Rewards calculator
- $0–$2,000 @ 3.0% → $60 on $2,000
Tier requirements & loyalty
- spending: 3,000 points per $1,000 spent
- liquid vaults: 9 points/day per $1,000 staked
- holding sETHFI: 20 points/day per 1,000 sETHFI held
- staking value accruing: 3 points/day per $1,000 staked
Referrals: 1% cashback on referrals' purchases plus 10% of their loyalty points
Fees
| Club Membership Fee | Free (tiers earned through loyalty points) |
| Core Physical Card Deposit | $40 (refundable if upgrade to Luxe within 12 months) |
| Additional Physical Cards | $20 each (beyond free allocation per tier) |
| Additional Virtual Cards | $0.20 each (beyond free allocation per tier) |
| Foreign Exchange Fee | 1% on non-USD transactions |
| ATM Withdrawal | Standard ATM and network fees may apply |
| Interest on Borrowing | 4% APY (compounds continuously) |
| Banking | Global wire transfers available. Fiat↔Crypto transfers with tiered limits and fees. |
Borrowing terms
Interest: 4% APY (compounds continuously)
Borrow Mode - automatically borrow USDC against collateral at point of purchase
No late fees or required minimum payments. Interest accrues immediately with no grace period. Collateralized debt position model with dynamic collateral ratio based on asset volatility.
Custody & risk
- If the issuer disappearsIf provider disappears, user retains access to unspent/uncollateralized assets; collateral may be affected if tied to platform smart contracts.
- Market riskCrypto collateral volatility could lead to liquidation of assets
- Counterparty riskCollateral may be affected if tied to platform smart contracts if provider disappears
- Market riskCashback paid in volatile wETH tokens
Users control private keys via their own Gnosis Safe wallet. For Direct Pay, funds are spent directly from user-controlled assets. For Borrow Mode, assets are locked as collateral but remain in user's Safe; spending uses borrowed stablecoins.
Protections
- Non-custodial structure with Gnosis Safe wallet
- On-chain spend limits
- Instant card freezing via app
- Visa Zero Liability protection
- Zero-knowledge technology on Scroll L2
Insurance & coverage: Optional Nexus Mutual coverage available for smart contract risk; Visa Signature protections: Purchase Protection up to $10,000, Extended Warranty up to $10,000, Price Protection up to $2,000, Auto-rental Collision Damage Waiver worldwide
Custody partners: Gnosis Safe
Limits
The good
- Non-custodial design preserves user sovereignty.
- Up to 4% cashback paid in wETH.
- Earn yield on collateral like stETH.
- Accepted at 100M+ Visa-network locations.
The catches
- Restricted in 18+ countries and 20 US states.
- Cashback drops to 0.5% on higher spend.
- 4% APY interest accrues immediately on borrows.
Limitations
- majorRequires active collateral management to prevent liquidation during market downturns (if borrow mode is used)
- moderateNot available in all regions (restricted in certain countries and US states)
- moderateInterest on borrowed amounts accrues immediately with no grace period
- minorFull KYC verification required for all users
- minorProgressive cashback rates decrease with higher monthly spending
- minorCurrently only supports USD as base currency (Euro support planned)
- minorAirport lounge access requires $32 per person fee unless complimentary visits allocated
- minorPhysical card delivery takes 15+ business days for standard shipping
Where rewards don't apply
- Gambling merchants — Blocked transactions for certain merchant categories
- Financial transfers — Blocked transactions for certain merchant categories
Recent activity
- December 12, 202510% cashback for new sign-upsEther.Fi offering 10% cashback for new sign-ups until December 21, 2025.
- August 5, 20253% cashback offer extendedEther.fi has extended its 3% cashback offer on all purchases for all cardholders, including Core members, through December 31.
- July 7, 2025Mint, Spend, Earn program extendedEther.fi has extended their 'Mint, Spend, Earn' program through July 31, offering up to 5x regular rates with ETHFI boost on all liquid vaults (BTC, ETH, and stables) plus 3% cashback on all spending.
- July 1, 20253% cashback promotionEther.fi offering 3% instead of 2% cashback on the entry level card until the end of the month July.
What users say
Positive reception of non-custodial model and high cashback rates; appreciation for free Club membership with tier progression; initial learning curve for collateral management
Rating breakdown
See our methodology for how we score each axis.