Etherfi Cash Card User Experience Review

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From cashback and interest to payment management, Ether.fi Cash provides a comprehensive set of on-chain asset utility tools.

Original Article Title: "Etherfi Cash Card User Experience Review"

Original Source: Ebunker Chinese

The Crypto Card market has been booming recently, and the ETH Restaking leader Ether.fi has also launched its U Card Cash. As a long-term partner of Ether.Fi, Ebunker conducted the first test of this card. After our evaluation, considering cashback, interest, payments, security, and enterprise usage, we believe this card is well suited for both individuals and businesses.

Cashback Mechanism

The Ether.fi Cash Card offers a cashback mechanism, with the cashback rate depending on the card tier: Core users receive 2%, while Luxe and Pinnacle users receive 3%. In the current promotional period, users can receive a maximum total cashback of 5%—3% is returned after each transaction, and an additional 2% is distributed in the form of the ETHFI token.

Currently, all instant cashback is settled in SCR tokens (Scroll network native tokens), which are automatically credited to the user's account after each transaction, without any monthly spending thresholds or activation in specific categories. Additionally, users can earn an extra 1% cashback by inviting friends to use the Cash Card for transactions. The Cash Card supports Apple Pay and Google Pay, allowing users to use it directly for mobile payments in online and offline scenarios.

Interest Feature

A notable feature of Ether.fi Cash is its integration with Ether.fi's Liquid Vaults. Users can directly deposit assets into the vaults on the platform and start earning interest, without the need to transfer funds to other platforms for additional yields.

The current basic Annual Percentage Rates (APRs) for several main Vaults are as follows:

· Liquid USD: Around 9.8%

· Liquid ETH: Around 7.2%

· Liquid BTC: Around 2.1%

Additionally, there is around 7% ETHFI incentive stacked on top of the base earnings. Each Vault page provides comprehensive information, including earnings performance in the past 7 to 30 days, asset distribution, strategy providers, fees, and contract addresses. In Tyson Wynne's product demo video, we can see how to interactively view Vault strategy configurations on the interface and check asset distribution through DeBank. Taking the Liquid ETH Vault as an example, ETH is automatically deployed across multiple protocols such as Aave V3 (28.2%), Eclipse (14%), Reserve, Swell, Euler, Uniswap V3, and more. The asset allocation ratio and revenue structure can be viewed on the platform at any time.

In addition to the base yield, there is currently an incentive activity called "Mint, Spend, Earn" underway, with a total of 600,000 ETHFI tokens expected to be distributed. Rewards will be given to users who deposit into the Vault and users who spend using the Cash Card, as part of an additional incentive.

Payment Methods

The Cash Card currently offers two payment methods:

· Loan Mode: Users can borrow to spend by pledging assets such as eETH, eUSD, etc. The platform will automatically complete the borrowing process during the transaction. The current promotional period offers a 0% borrowing interest rate and no need to pay Gas fees.

· Prepaid Mode: Users can also pre-deposit tokens such as USDC, weETH, ETHFI, eUSD, eBTC, wETH, etc., into the Vault. When spending, the system will convert the required amount to USDC for payment without initiating a loan.

By default, card spending is settled in USD. In our testing, foreign currency payments incurred approximately 0.98% in exchange rate conversion fees. Regardless of the payment mode used above, transaction records and balance updates will be instantly reflected on the Vault page.

Security

All operations of Ether.fi Cash are executed on-chain. Whether it's spending, borrowing, or cashback, it is all done through smart contracts. Users can view transaction details at any time, and assets are still self-managed by the user. The only downside is that during the account creation phase, the required KYC materials are relatively complex, especially in regions where support for the Cash Card is not yet available.

Team and Corporate Use

Another interesting point is that the Cash Card also supports multi-member use, with different roles in its management backend: owner, administrator, and employee. Therefore, it is suitable for team and corporate organizational scenarios:

· Administrators can set spending limits, issue/freeze cards, and view overall spending reports;

· Regular members can only use within the allocated limit and cannot access the team's main fund pool.

This mechanism is more friendly for DAOs, remote teams, or companies managing on-chain assets, facilitating a transparent and controllable expenditure process.

Conclusion

From cashback, staking to payment management, Ether.fi Cash provides a relatively complete set of on-chain asset utility tools. Users can earn token rewards in their daily spending, stake idle assets in the vault to earn interest, and flexibly choose between borrowing or depositing to facilitate everyday payments. Teams and enterprises can also leverage a permission control system for multi-member collaboration. Throughout the entire on-chain asset "store, use, manage" process, this card indeed offers a relatively practical solution.