Ether.fi Crypto Payment Card: In-depth Analysis and Application Guide
Do you also feel that cryptocurrencies like Bitcoin and Ethereum can only be held and waited for appreciation, making it hard to use in daily life? Buying things requires converting to TWD, and you have to go through various procedures, which is a hassle?
The payment application of cryptocurrencies has always been a hot topic in the blockchain field, and the crypto payment card launched by Ether.fi is born to address this pain point. It provides a brand-new way for cryptocurrencies to integrate into daily life by combining the three main functions of 'saving, earning, and spending', creating a 'trinity' application model for digital currency, making up for the shortcomings of cryptocurrencies like Bitcoin in daily payments.
This card not only supports decentralized wallets and provides profit-earning pools but also has a credit limit borrowing mode. It boasts up to 3% cash back, no lock-up required, and emphasizes the operation of non-centralized institutions, demonstrating high flexibility and security. For users who want to activate their cryptocurrencies rather than just holding them and waiting for appreciation, the Ether.fi crypto payment card is undoubtedly an innovative choice that brings the DeFi concept into daily consumption.
What is the Ether.fi crypto payment card?
The Ether.fi crypto payment card, officially named 'Ether.fi Cash Card', is a cryptocurrency card developed based on the Ethereum staking protocol Ether.fi.
In simple terms, using a regular credit card involves using bank deposits or credit limits, while this crypto payment card uses cryptocurrencies that exist in the digital world (i.e., on the 'blockchain').
However, it is touted as the first true 'DeFi native' credit card, and its functionality is not that simple. This card is fundamentally infused with the blood of decentralized finance (DeFi), bringing the core advantages of 'asset autonomy' and 'transparent earnings' from the DeFi space into the user's daily consumption experience.
Highlights of the Ether.fi Crypto Payment Card
The core philosophy of Ether.fi is 'Save, grow, spend', which perfectly encapsulates the core value of this card.
Feature One: 'Save, Earn, Spend' Three-in-One
Generally speaking, the money in a wallet just sits there, but this card allows the cryptocurrencies inside to 'earn money while they sleep'. Users can deposit stablecoins into the 'LiquidUSD liquidity pool', just like depositing money in a bank earns interest, and they can use these 'money-earning' cryptocurrencies to buy things.
Feature Two: Control Your Own Money
Most people's assets are still stored in traditional banks or cryptocurrency exchanges, meaning that users' money is entrusted to them for safekeeping.
However, the Ether.fi card is characterized as 'non-custodial', meaning that users' cryptocurrencies and control rights are always in their hands, just like keeping gold in their home safe. There’s no need to worry that one day the bank or platform will have issues, and users' money will simply disappear.
Feature Three: Two Spending Modes More Aligned with Application Scenarios
Direct Pay Mode:
This is similar to using a debit financial card, where the payment is directly deducted from the cryptocurrencies stored in the card (usually stablecoins).
For example: If you want to buy a cup of coffee at a convenience store and the card has 100 USDC, it will be directly deducted when you swipe it.
Borrow Mode:
This is where it resembles a credit card. Users can 'mortgage' valuable cryptocurrencies (such as USDC, ETH) in hand, and the card will provide a 'credit limit' for spending. The key point is that although these cryptocurrencies are mortgaged, they can still continue to 'earn money' in the digital world.
For example: You have one Ethereum (ETH) worth about 100,000 TWD. You mortgage this ETH to the Ether.fi card, which may give you an 80,000 TWD spending limit. You can use this 80,000 TWD to buy things, while the mortgaged ETH can still earn interest in the yield pool in the blockchain world.
Feature Four: Membership Level System
The Ether.fi card also has a membership level system; as long as you continuously use the card and stake cryptocurrencies to accumulate points, you can upgrade to different membership levels.
The higher the membership level, the more benefits one can enjoy, including higher cash back, more virtual card quantities, and even opportunities to access airport lounges or enjoy hotel discounts.
How Can Users in Taiwan Apply?
The good news is that users in Taiwan can apply for and normally use the Ether.fi crypto payment card! Many users in Taiwan have successfully passed KYC verification and experienced this service.
Application Process
The process of applying for the Ether.fi card is not too complicated, mainly divided into the following steps:
Step One: Account Registration
Visit the official Ether.fi website, choose to register for a 'Personal Card', and create a personal account using your email.
Step Two: KYC Identity Verification
Conduct identity verification through the app.
After completing mobile verification, you need to take a photo of your ID and perform a facial scan. Remember not to wear a hat, glasses, or mask.
Next, fill in some basic personal information to complete the process. Be sure to confirm 'I am not a PEP (Politically Exposed Person)'.
Step Three: Activate Virtual Card
Once KYC is approved, you can immediately obtain a virtual card, including the card number, expiration date, and security code (CVV). You can also bind it to a wallet on your phone (like Apple Wallet), making daily use more convenient.
Step Four: Deposit
Whether it’s a debit card or borrowing card mode, there still needs to be some cryptocurrencies in the card to proceed with the next spending step.
The most common and convenient way is to transfer stablecoin USDC (recommended to use the Base network) to the Ether.fi card address through an exchange.
Remember to select the spending mode before swiping the card. If you choose Direct Pay Mode, it will directly use USDC/LiquidUSD from your wallet; if you choose Borrow Mode, it will use ETH/BTC as collateral to borrow USDC for spending.
EtherFi Card Membership Levels and Fees
Membership Levels
Project Core Luxe (requires 10,000 loyalty points) Pinnacle (requires 50,000 loyalty points) VIP (by invitation only) Cash Back (per transaction) 2% 3% 3% ⭐ Free Physical Card 1 2 5 ⭐ Virtual Card 3 5 Unlimited Unlimited Contactless Payment ✅ ✅ ✅ ✅ Apple Pay & Google Pay ✅ ✅ ✅ ✅ Non-custodial Account ✅ ✅ ✅ ✅ Use Cryptocurrency ✅ ✅ ✅ ✅ Spend Stablecoins and Earn ✅ ✅ ✅ ✅ Family Member Card (with control rights) ✅ ✅ ✅ ✅ Spending Limit None None None None Referral Reward Introduction Reward 1% of Spending Amount + 10% of Referrer’s Deposit Points Introduction Reward 1% of Spending Amount + 10% of Referrer’s Deposit Points Introduction Reward 1% of Spending Amount + 10% of Referrer’s Deposit Points Introduction Reward 1% of Spending Amount + 10% of Referrer’s Deposit Points Loyalty Points Accumulation Rate Earn 3,000 points for every $1,000 spent (applicable to all levels) Earn 3,000 points for every $1,000 spent (applicable to all levels) Earn 3,000 points for every $1,000 spent (applicable to all levels) Earn 3,000 points for every $1,000 spent (applicable to all levels)
Related Fees
Fee Types Charging Standards Description Free Items Virtual Card Application Fee Completely Free A virtual card is given upon approval, ready for immediate use Annual Fee No Annual Fee No Fixed Cost Monthly Fee No Monthly Fee No Fixed Cost Physical Card Not Yet Opened Expected to be opened for application later Major Fee Items Foreign Currency Transaction Fee 1% Applicable for non-USD (USD) spending ATM Withdrawal Fee 2% Global ATM Withdrawal (not yet opened) Borrowing Interest Rate Currently 0% Interest-free during promotion Cash Back 2-3% Instantly credited to the account (adjusted based on card level and promotional period)
Basic Fees: Application for virtual card, annual fee, and monthly fee are all free.
Foreign Currency Transaction Fee: When spending in currencies other than USD, about a 1% foreign currency transaction fee will be incurred.
Liquidation Risk: When using the borrow mode, be sure to pay attention to the price fluctuations of the mortgaged assets. If the asset value drops significantly, leading to a high collateral ratio, it may trigger forced liquidation, and the system will sell part of the collateral to maintain the health of the agreement. Users are advised to maintain an appropriate collateral ratio and regularly monitor asset conditions.
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