Overview

Ether.fi Cash is a crypto credit card from Ether.fi, one of the largest liquid restaking protocols. Its core idea is elegant: rather than selling crypto to spend, you borrow against your on-chain assets — including your staked/restaked ETH — and let DeFi-generated yield help cover the cost. Your ETH keeps earning staking and restaking rewards while you spend against it.

This "spend your yield, not your principal" model appeals to long-term ETH holders who don't want to liquidate. Cashback is paid in ETHFI, Ether.fi's native token, at up to 3% on spending.

How It Works

You hold collateral (ETH, eETH/weETH liquid restaking tokens, stablecoins) in your Ether.fi account. The card extends a credit line against that collateral; when you spend, you draw on the credit line rather than selling assets. Because liquid restaking tokens continue accruing yield, that yield offsets borrowing costs — in favorable conditions, your staking rewards can cover much of your spending cost.

There are typically two modes: a debit-style flow that spends from stablecoin balances, and a credit-style flow that borrows against collateral. ETHFI cashback accrues on eligible purchases. As with any collateralized borrowing, a sharp drop in collateral value can trigger liquidation risk.

Reward Tiers