日本語版はこちら / Read in Japanese

If you hold crypto, you may have wondered how to use that balance for everyday purchases. The ether.fi Cash card, which connects your account to Visa payments, is one option.

This guide focuses on the free Core membership: cashback, foreign exchange fees, ATM withdrawals, and payment modes. It also compares ether.fi with Plasma One, Hyperbeat Pay, Jupiter Global, Ready, KAST, and Xapo—services previously covered on this blog.

Information checked for the Japanese edition: November 13, 2026. This English edition follows that article. It is a guide based on official information, not a hands-on review of individual ether.fi card transactions. Fees, rewards, and availability can change; check the terms shown in your app before signing up.

Referral disclosure: This article includes my ether.fi referral link. I may receive a referral reward if you sign up and meet the applicable conditions.

Two ways to pay: Direct Pay and Borrow Mode

ether.fi Cash connects a crypto account to a Visa card. Virtual and physical cards are available, with Apple Pay and Google Pay support where eligible. Merchants do not need to accept crypto directly: you pay through the card network.

For everyday spending, Direct Pay is easier to understand. It uses eligible assets such as USDC, USDT, and EURC, with a configurable spending priority. Not every crypto asset you hold can be spent directly.

Borrow Mode lets you pay without selling your collateral, but interest starts accruing as soon as you borrow. Do not assume it offers the interest-free grace period associated with many conventional credit cards. A fall in collateral value can also lead to liquidation.

Refunds do not automatically repay Borrow Mode debt. The refunded funds and the loan are handled separately, so check the outstanding balance and make a repayment if needed.

Official source: Direct Pay vs. Borrow Mode

Core cashback: up to 3%, with progressive spending bands

Core’s standard cashback bands are shown below. The rate applies to the portion of spending within each band, rather than a flat 3% on everything.

EUR purchases use different thresholds: 3% up to US$800 equivalent, 1% on the portion above US$800 through US$1,500 equivalent, and 0.1% above that. These are not separate allowances: all currencies contribute to the same monthly spending counter.

Rewards are paid in ETHFI tokens. Once a purchase settles, the cashback is converted into ETHFI and enters a seven-day lock before it becomes claimable. Its cash value can change while locked and after you claim it.

Official source: Cashback rates, monthly calculation, and claiming

ATM withdrawals, person-to-person transfers, cash-equivalent purchases, and gambling-related transactions are among the exclusions. A successful card payment does not necessarily earn cashback. Eligibility depends on the merchant category code (MCC) and any merchant-specific restrictions.

Official source: Transactions excluded from cashback

Membership, card issuance, and foreign exchange fees

A free membership does not mean every card or transaction is free. The official fee table lists US$10 for a Core virtual card and US$50 for a physical card, with free allowances and regional differences. Check the amount shown when ordering.

Official source: Card allowances and issuance fees

Official source: Physical cards and shipping

For payments in currencies such as Malaysian ringgit (MYR) or Japanese yen (JPY), the additional FX fee is 0.5% for Core and 0.25% for Luxe. Pinnacle and VIP are listed as having no additional FX fee. The final converted amount also depends on factors such as the rate at settlement.

Within the 3% cashback band, subtracting a 0.5% FX fee gives a rough difference of 2.5 percentage points. That is not a guaranteed net return. ETHFI price changes, the base exchange rate, funding and withdrawal costs, and merchant charges can all affect the result.

When a terminal offers a currency choice, paying in the local currency is generally preferable. Choosing USD for a purchase priced in MYR can introduce a merchant-side Dynamic Currency Conversion (DCC) markup.

Official source: Exchange rates and additional FX fees

Is it worth upgrading to Luxe or Pinnacle?

The four membership levels are Core, Luxe, Pinnacle, and VIP. Alongside qualification through eligible activity and other routes, annual memberships can be purchased for US$199 for Luxe or US$999 for Pinnacle. Check the app for pricing and availability.

An upgrade should depend on your monthly spending, payment currencies, and benefits you will actually use. Membership points reset monthly; they do not simply accumulate indefinitely toward a higher level. I would start by understanding my actual Core usage before increasing spending or asset holdings just to qualify for another tier.

Official source: Membership levels and qualification

ATM withdrawals are available, but do not assume they are free

The official limits are up to US$5,000 per withdrawal, five attempts in a rolling 24-hour period, and US$25,000 in total during that period. Failed attempts count, and the ATM operator may impose lower limits.

You can use a physical card, or a virtual card added to a mobile wallet at compatible contactless ATMs. Phone-only withdrawals are not available at every ATM.

The ATM limits page reviewed for this guide did not specify a withdrawal fee rate. The physical-card guide says ATM and network fees may apply. Do not treat ATM access as fee-free: check your applicable card terms and the charges shown by the ATM. Withdrawals do not earn cashback.

Official source: ATM requirements and limits

How ether.fi compares with other crypto cards

The headline reward rate is only part of the comparison. Consider the asset you receive, the cost of spending in your usual currency, and how each service fits the assets you already use. The table separates current terms recorded in the Japanese edition from historical experiences described in earlier articles.

Compared with Plasma One: ether.fi rewards are paid in ETHFI, while Plasma One rewards are paid in XPL. Token price movements and conversion costs matter for both. My earlier Plasma One article retains results from the old Core plan; read the current-plan update before using those historical results to make a decision.

Compared with Hyperbeat Pay: If you already use Hyperliquid or HyperEVM, the connection between asset management and everyday payments may be a deciding factor. As with ether.fi, distinguish spending your balance from borrowing against collateral. I have not carried over historical Hyperbeat reward rates or FX costs as if they applied to every user today.

Compared with Jupiter: Jupiter Spend’s base cashback is 2%, capped at US$100 per month. Referring at least two qualifying users in the previous calendar month unlocks 4%, capped at US$200, for the following month. It is not an unconditional, permanent 4% rate. Non-USD card payments carry a 1% FX fee for Rain-issued cards or 1.8% for DCS-issued cards.

Jupiter holds rewards in USDC, which may appeal if you do not want exposure to ETHFI’s price swings. USDC still carries risks, including depegging and issuer risk. QR payments are separate from card payments and do not earn cashback.

For Ready, KAST, and Xapo too, avoid choosing a winner from old headline figures alone. Read the updates and review dates in each article, then compare the plan that actually applies to you, your currencies, and your spending.

Official comparison sources: Plasma memberships / Hyperbeat Pay / Jupiter rewards / Jupiter fees / Ready / KAST

Can residents of Japan and Malaysia apply?

Japan and Malaysia appear on the official physical-card availability list. Identity verification (KYC) and the applicable checks are still required. Features can vary by residence and individual eligibility.

Card availability is separate from access to bank transfers. The official help center states that bank transfers are unavailable to Malaysian residents except VIP members. Being eligible for a card does not mean every bank funding or withdrawal feature is available.

Official source: Card availability by country

Official source: Bank transfer availability

How to get started with ether.fi Cash

Review the sign-up terms, complete identity verification, and follow the app’s funding and card-issuance instructions. If you would like to try it, you can use my referral link below.

Sign up for ether.fi through my referral link (@matsubara)

If a referral offer is displayed, check its eligible purchases, deadline, and reward cap on the sign-up screen or under Promotions in the app. This guide does not guarantee a specific bonus for using the link.

A practical sequence is to complete KYC, check the asset and network on the deposit screen, send a small test amount and confirm receipt, review card issuance fees, select Direct Pay and your preferred spending asset, and make a small purchase before checking the statement.

Match the network and token as well as the destination address. Once a payment settles, review the charged currency, converted amount, and reward status. That gives you a more useful basis for comparison than the advertised cashback rate alone.

Official source: How to check referral campaign terms

For everyday spending, assess rewards and costs together

ether.fi Cash is an option for people who want to spend stablecoins and receive ETHFI rewards. The free Core membership, progressive cashback bands, and Direct Pay balance payments are the starting points.

Additional FX fees on MYR and JPY purchases, ETHFI price volatility, and card issuance costs still matter. Borrow Mode remains a loan, even when it is convenient. I would begin with small Direct Pay purchases and compare actual statements with alternatives such as Plasma One and Jupiter.

Crypto, stablecoin, and DeFi balances are different from ordinary bank deposits. Depegging, smart contract failures, and service interruptions are among the risks. Keeping all living-expense funds in one service creates a concentration risk.