How ether.fi Cash works
ether.fi Cash is a Visa card connected to your ether.fi account, which keeps assets in a self-custodial smart account. In Direct Pay mode, purchases draw from your USDC balance first, then LiquidUSD.
In Borrow mode, each purchase borrows stablecoins against the assets in your account (ETH, BTC, stablecoins and others, each with its own loan-to-value limit). You keep your crypto, but you pay interest and face liquidation if collateral values fall too far.
Cashback is calculated in dollars, converted to ETHFI when the purchase clears, and becomes claimable after a 7-day lock. EUR transactions have lower cashback caps.
Who it is for
Good fit
- Crypto holders who prefer borrowing to selling
- U.S. users who want self-custody
- Heavy spenders who can use the higher-cap levels
Look elsewhere if
- Anyone who wants rewards in dollars
- Users uncomfortable with loans and liquidation risk
- People looking for the simplest possible debit card
Pros and cons
- Self-custodial, and available in the U.S.
- Spend without selling via crypto-backed Borrow mode
- Among the fastest-growing programs since 2024
- Cashback paid in ETHFI, a volatile token
- Borrow mode carries interest and liquidation risk
- More complex than a plain debit card
