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Have you ever faced this dilemma? When you look at the cryptocurrency in your wallet that is increasing in value, you are full of expectations; but the bills in the real world: rent, a trip, or an unexpected expense, all require you to make a painful decision: "Give up being a diamond hand and sell the cryptocurrency."
But what if there was a solution that allowed you to have the best of both worlds?
In this article, we will give you a complete introduction to the detailed features of the Ether.fi credit card , a solution designed to allow you to "unify savings, investment and consumption" and truly start your "on-chain life".
TL;DR: A quick guide to Ether.fi Cash Card
- In a nutshell: A DeFi credit card allows you to borrow money by pledging the interest-bearing assets in your wallet without having to sell tokens .
- Technical highlights:
- Non-custodial: Your assets, your private keys, and your assets are always in your own wallet .
- Automatic repayment of debts with income: Card debts can be automatically repaid by the on-chain income generated by your pledged assets (such as eETH), creating a potential self-liquidating loan .
- Scroll L2 driver: Based on ZK-rollup technology, it realizes almost "gas-free" instant transaction settlement, making small payments possible .
- Team Background: Ethereum liquidity re-staking protocol Ether.fi was founded in 2022 and is led by founder Mike Silagadze. Investors include: North Island VC, Node Capital, CoinFund, etc. Ether.fi Cash is its recent flagship product.
Ether.fi Membership Rating
There is no threshold to apply for Ether.fi Card . Accumulating membership points or staking ETHFI can allow you to upgrade to a higher membership.
Ether.fi's membership system has four levels: Core (free), Luxe (accumulated 10,000 membership points), Pinnacle (accumulated 50,000 membership points) and VIP. The higher the level, the better the cash rebate rate and various benefits.
The cashback ratio that users care about most is : Core level is 2%; Luxe and Pinnacle both have 3%; VIP level is expected to have higher returns. In addition , you can enjoy cryptocurrency conference tickets, airport VIP lounges, up to 65% luxury hotel discounts, and other benefits .
How to upgrade: Membership level is determined by "points" :
- Pledged assets: 3 points per day for every $1,000 pledged value .
- Use Liquid Treasury: Earn 9 points per day for every $1,000 deposited .
- Cash credit card purchases: Earn 3,000 points for every $1,000 spent .
Ether.fi Card Limited Time Signup Bonus
Another benefit of registering now is that the official limited-time offer of 600,000 ETHFI rewards (at the time of writing, there is still one month to participate). If you already have the need to spend cryptocurrency, now is a better time.
Pool 1: Deposit funds to earn ETHFI:
Core behavior: Deposit liquid assets into the Vault treasury , such as USDC, weETH, etc.
ETHFI will be issued as a reward every day based on the amount and time you lock.
Pool 2: Earn ETHFI by spending
Core behavior: Use ether.fi Cash Card to earn ETHFI
An additional 3% cashback plus ETHFI token rewards are provided.
Ether.fi Card Registration Tutorial
If you already have experience signing up for a cryptocurrency exchange, applying for an Ether.fi Card should be familiar to you.
Step 1: Create your Ether.fi account. Please go to the Ether.fi official website , click "Get the Card" on the homepage, then choose whether you want to use it for personal use (Personal) or business (Bisiness), and then fill in your email account to complete the account registration .
Step 2: Complete KYC/AML identity verification
This is a necessary step to obtain card services. You need to provide personal information: Please select your place of residence (currently Taiwan is available. In addition, due to regulatory requirements, this card currently does not serve users living in the United States, so please select that you do not live in the United States).
Next, please enter your mobile phone number, receive the verification code, and upload your personal documents (passport, ID card, driver's license...)
The system will then take a photo of you for facial scanning (you need to authorize the camera of your phone or computer), and you can just turn your head in four directions according to the official instructions. Then the system will ask you to provide information such as your occupation, purpose of use, average income, etc.
Finally, the system will ask you if you are a PEP (Politically Exposed Person). Usually just click No.
Step 3: The official will then take some time to verify the information. If you see the picture below at the end, it means you have successfully completed the verification. 
Step 4: After completing KYC verification, click Get Your Card to get your virtual credit card. Then follow the official instructions to obtain the card number, expiration date, and CVV security code, so that you can add it to Apple Pay, Google Pay, and other common payment methods in Taiwan.
Welcome to register using the recommended link of the dynamic zone
How to deposit and withdraw funds with Ether.fi Card ?
After getting the card, let's explain how to deposit and withdraw funds. Please click Vault on the main menu on the left to check the current balance of your wallet. At the same time, you can choose to add funds (Add Funds) or withdraw funds (Withdraw) in the upper right corner.
Currently, the official deposit channels can directly link to your wallet (Metamask, Trust Wallet...) or provide a deposit address. You can transfer from other exchange accounts. In addition, the official announcement also provides bank deposit services in the future.
To withdraw funds, just click the Withdraw button to enter the operation interface. Please note that currently only the Scroll network is officially available. The official announcement is that Base and Ethereum networks will be supported, but the detailed time has not yet been provided.
Another thing you can adjust is that you can choose whether to:
- Borrow Mode : Use the crypto assets in your wallet as collateral to borrow USDC for consumption.
- Direct Pay Mode : Use USDC in your wallet to pay.
The two modes can be switched freely, but please note that in Borrow Mode , if the collateral market price plummets and triggers forced liquidation, your assets may be sold at a low price. Please maintain a healthy excess collateral ratio or set a price fluctuation alert.
Beware of hidden exchange rate differences, have you really made any money?
One thing that needs to be mentioned in particular is that there are many cryptocurrency debit card services on the market. In addition to the different payment modes, one detail that needs to be noted is the trap of "exchange rate difference". Otherwise, when you happily swipe a Taiwan dollar purchase and look forward to the tempting 3-5% cryptocurrency return, you will find that the high exchange cost does not make you any money at all.
Currently, most crypto cards use a suboptimal USD exchange rate when processing NTD transactions. However, based on community feedback from users of the Ether.fi Card, the exchange rate it provides is quite good, allowing users to actually receive cash back, rather than just seeing it but not being able to eat it…
Where can the Ether.fi Card be used?
In addition, regarding the question of whether merchants will accept its use, after a period of actual testing in the dynamic area, it has been observed that it can be used in places that accept VISA, whether it is a convenience store, supermarket, gas station... So far, there has been no place that refuses to accept it.
Comparison of Common Cryptocurrency Credit/Debit Cards
Are there any risks with Ether.fi Card?
In addition, you may ask, are there any risks in using Ether.fi credit card? Here are three potential risks for you:
1. Market and price risks
The most important thing to note is that when you use collateral to borrow money for consumption, if the market price plummets and triggers liquidation, it will result in a loss of the pledged asset price. The key is to pay attention to maintaining a healthy collateral ratio, and it is best to set price fluctuation alerts or replenish collateral in a timely manner.
2. Platform Smart Contract Risks
It is undeniable that there may be vulnerabilities in the platform's code that can be exploited. You can pay more attention to official audit reports, security facilities, and whether there are user compensation or bug bounty programs.
3. Regulatory Risks
If supervision becomes stricter in the future, or local governments strengthen control, customer service may be stopped, but basically it is unlikely to cause asset loss.
The key to "life on the chain"
Finally, whether you are a diversified DeFi user, a cashback maximizer, or a crypto enthusiast who wants to live entirely in cryptocurrency, I believe that the Ether.fi credit card can help you accelerate your entry into this future world that is redefining crypto consumption.
Welcome to register using the recommended link of the dynamic zone
