Card profile
Ether.fi Cash
DeFi-restaking-as-collateral. Spend against your eETH while it keeps earning yield. The most ambitious self-custody product in this set.
Score
7.0 / 10
Updated 4 May 2026
| Issuer | Ether.fi |
|---|---|
| Network | Visa |
| Custody | self-custody |
| Available in | EU, UK, select, rolling |
| Restricted | US |
| Virtual issuance | $0 |
| Physical issuance | $0 |
| Monthly fee | $0 |
| Conversion fee | 0% |
| FX (non-base) | 1.0% |
| Per-transaction limit | $10,000 |
| Daily limit | $25,000 |
| Rewards | Restaking yield + 1–3% in ETHFI |
What we like
- Restaking yield earns while you spend
- Self-custody (Safe-based)
- Higher limits than Gnosis Pay
- Active DeFi-native audience
What we don't
- Requires DeFi fluency
- Smart-contract risk on top of card risk
- Newer operational track record
Who it's for
Ether.fi Cash is for DeFi-native users who hold eETH or other Ether.fi assets and want to spend against them without unwinding their restaking position. The product is built around a single proposition: your collateral keeps earning restaking yield while you spend. The audience is narrow but distinct, people who already understand restaking, LSTs, smart-contract risk, and who would never accept holding spendable balance on a centralized custodian.
How it works
The account is a Gnosis Safe under your control. You deposit eETH (or another supported asset) into the Safe, and the card debits against that collateral when you spend. Under the hood, each spend triggers an on-chain transaction that mints stablecoin against your collateral, settles the merchant in fiat, and updates your Safe position. The restaking yield on the underlying eETH continues uninterrupted because the principal isn't sold, it's borrowed against.
Visa rails, full KYC on the card layer (required for the issuing partner), but the funds themselves never leave self-custody. Rewards (1–3% in ETHFI) accrue on spend.
In daily use
This is not a card for casual users. You need to be comfortable with: setting up a Safe, depositing into Ether.fi, understanding the loan-to-value ratio when you spend, and monitoring collateralization if eETH price moves sharply. The app workflow is good for what it is, but the conceptual load is higher than any custodial card.
The upside is unique in the market: a card where your spend doesn't reduce your yield-bearing position. For a high-net-worth DeFi holder, the maths can be compelling, spending against $50k of restaked ETH at, say, 4% yield earns more than enough to cover the FX and conversion fees on regular spend.
Things to know before signing up
Smart-contract risk on top of card risk. Your collateral lives in DeFi contracts. A bug, a hack, or an oracle failure could affect your position in ways a custodial card never could. Ether.fi's contracts are audited and have a real track record, but the risk isn't zero. Liquidation risk. If eETH price drops sharply and your loan-to-value crosses thresholds, you could face automatic liquidation. The card sets conservative LTV by default but understand the mechanism before you depend on it. Rolling availability. Card rollout is regional and progressing through 2026; not every country is live yet. Check current availability before committing.
Verdict
Ether.fi Cash is the most ambitious self-custody card in this lineup and the only one designed around yield-while-you-spend mechanics. Pick it if you already hold eETH and the maths works for your spending profile. Skip it if any of those words felt like jargon, there are cleaner cards for general use.