Etherfi Cash Card User Experience Review

Recently, the Crypto Card has become very popular, and the ETH Restaking leader Ether.fi has also launched its U Card Cash. We have tested this card from five perspectives: cashback, interest generation, payment, security, and enterprise usage.

Cashback Mechanism

The Ether.fi Cash card offers a cashback mechanism, with the cashback percentage depending on the card level: Core users receive 2%, while Luxe and Pinnacle users receive 3%. In the current promotional campaign, users can receive up to 5% total cashback — — of which 3% will be returned after spending, and an additional 2% will be distributed in the form of ETHFI tokens.

Currently, all instant cashbacks are settled in SCR tokens (the native token of the Scroll network), and the system will automatically credit the cashback after each transaction, without any monthly spending threshold or activation of specific categories. In addition, users can also earn an additional 1% cashback by inviting friends to use Cash Card for their purchases.

Cash card supports Apple Pay and Google Pay, allowing users to use it directly for mobile payments in both online and offline consumption scenarios.

Interest Generation Function

A major feature of Ether.fi Cash is its ability to interact with Ether.fi's Liquid Vaults, allowing users to deposit assets directly into the vaults on the platform and start earning interest without the need to transfer funds to other platforms for additional returns.

The current annual percentage rates (APR) for several main Vaults are as follows:

• Liquid USD: approximately 9.8%
• Liquid ETH: about 7.2%
• Liquid BTC: approximately 2.1%

In addition, there is approximately 7% of ETHFI incentives layered on top of the base yield.

Each Vault page provides complete and clear information, including earnings performance over the past 7 to 30 days, asset distribution, strategy providers, fees, and contract addresses. In Tyson Wynne's product demonstration video, we can specifically learn how to view Vault strategy configurations in real time on the interface and check contract asset distribution through DeBank.

Taking Liquid ETH Vault as an example, ETH will be automatically distributed across multiple protocols such as Aave V3 (28.2%), Eclipse (14%), Reserve, Swell, Euler, Uniswap V3, etc., and the asset allocation ratio and yield structure can be viewed at any time on the platform.

In addition to the basic earnings, there is now an incentive activity called "Mint, Spend, Earn" that is in full swing, with a total of 600,000 ETHFI tokens expected to be distributed. The rewards will be allocated to users who deposit into the Vault and those who use the Cash Card for consumption, which are considered additional rewards.

Payment Method

There are currently two payment methods available for Cash Card:

1. Lending mode: Users can borrow for consumption by pledging assets such as eETH and eUSD. During the transaction process, the platform will automatically complete the borrowing process. The borrowing interest rate during the current promotional period is 0%, and there are no Gas fees to be paid.
2. Pre-deposit mode: Users can also pre-deposit tokens such as USDC, weETH, ETHFI, eUSD, eBTC, wETH into the Vault, and when consuming, the system will convert the required amount into USDC and complete the payment without triggering a loan.

Card consumption is settled in US dollars by default. In our tests, foreign currency payments incur an exchange rate conversion fee of about 0.98%. Regardless of which payment method above is used, transaction records and balance updates are reflected in real-time on the Vault page.

Security

All operations of Ether.fi Cash are executed on-chain. Whether it is consumption, borrowing, or cashback, it is completed through smart contracts. Users can check transaction details at any time, and assets are still managed by the users themselves.

The only downside is that during the account creation phase, the required KYC materials are relatively complex, especially since the Cash U card is not yet supported in certain regions.

Team and Enterprise Use

Another interesting point is that the Cash card also supports multiple members. Its management backend has different roles: owner, administrator, and employee. Therefore, it is also suitable for team and enterprise organization scenarios:

• Administrators can set spending limits, issue/freeze cards, and view overall spending reports;
• Ordinary members can only use the allocated quota 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 spending process.

Summary

From cashback and interest earning to payment management, Ether.fi Cash offers a relatively complete set of on-chain asset usage tools. Users can earn token rewards from daily spending, invest idle assets into the treasury to earn returns, and flexibly choose between borrowing or pre-deposit methods for daily payments. Teams and enterprises can also leverage the permission control system for multi-member collaboration. Throughout the "store, use, and manage" process of on-chain assets, this card indeed provides a relatively practical solution.