Plasma One
Stablecoin-first neobank card built around the Plasma chain's zero-fee USDT transfers.
4.0% risk-adjusted · Custodial
ether.fi Cash review
DeFi-native card that can spend against collateral rather than selling it.
Headline cashback
3%
Risk-adjusted rate
2.1%
Custody
Self-custodial
Incidents on record
0
Full fee table
- Cashback
- 2–3% on higher tiers
- Reward paid in
- Mixed (points and token) (mixed)
- FX fee
- 1.00% — Small spread
- Monthly fee
- Free
- Issuance fee
- Free
- ATM policy
- Limited ATM access
- Lock requirement
- weETH/ETH posted as collateral
- Funding assets
- USDC, weETH, ETH
- Chains
- Ethereum, Scroll, Arbitrum
- Regions
- Global excluding the US for some features
- Network
- Visa
- Verified
- 2026-08
How we discount token rewards
We do not take a headline cashback percentage at face value when the reward is paid in a token rather than cash or a stablecoin, because that reward is a variable subsidy the issuer can reprice or that can simply lose value against the dollar. The worked math for ether.fi Cash:
- 1. Headline cashback: 3%
- 2. Reward risk class: mixed → haircut multiplier 0.70 (stablecoin/fiat = 1.00, mixed = 0.70, native-token = 0.40)
- 3. Risk-adjusted rate = 3% × 0.70 = 2.10%
- 4. On $1,000 of monthly spend that is $21.00 of durable value, versus $30.00 of headline value that assumes the token reward never depreciates.
The 0.40 and 0.70 multipliers are deliberately conservative judgement calls, not a market-derived number — treat them as a floor on how much of the headline rate to trust, not a precise forecast.
Incident history and issuer risk
No publicly reported incidents on record as of 2026-08.
Borrowing against volatile collateral to spend introduces liquidation risk that ordinary cards do not have.
Alternatives
Binance Card
Spends directly from a Binance spot wallet, cashback scaled by BNB holdings.
3.2% risk-adjusted · Custodial
ether.fi Cash, answered
+ − Is the ether.fi Cash headline rate the rate I will actually get?
Only if the reward is paid in stablecoins or fiat. Any reward paid in the issuer's own token is a subsidy that can be repriced or lose value, so the honest number is the risk-adjusted rate, not the headline one.
+ − What happens if ether.fi Cash's issuer runs into trouble?
Read the custody model: a custodial card's balance sits on the issuer's books and is exposed to issuer insolvency; a self-custodial card removes that risk but adds smart-contract and key-recovery risk instead.
Visit ether.fi Cash · Back to all cards
Informational only, not financial advice. Terms, fees and availability change frequently — always verify on the provider's own site before committing funds. Some outbound links may be partner links; they never affect ranking or scoring.