Head to head
Bybit Card vs Ethena Pay
Both cards run on the same benchmark test, so this compares deducted cost rather than advertised rates.
| Metric | By Bybit Card | Et Ethena Pay |
|---|---|---|
| Overall rank | #3 of 28 | #7 of 28 |
| FX spread | 0.5% | 1% |
| Base cashback | 2% paid in points | 4% |
| Custody | Custodial | Non-Custodial (no option to see keys until deleting account |
| Virtual card | Free | Yes, Free |
| Physical card | $29.99 | No |
| Spend limit | $10,000 daily / $50,000 monthly | |
| ATM withdrawals | First $100/month free, 2% flat thereafter | |
| Setup time | Fast to apply, but heavily gated for South African applicants | 10 minutes |
| KYC steps | 6 | 5 |
| Score | 7.4/10 | 7.5/10 |
Bybit Card
Bybit's fee structure is heavy: a 2% regional FX fee plus a 0.9% conversion charge pushes the gross markup close to 3%. The 2% cashback pulls the net cost back to $1.49, about 0.76% above market, but rewards arrive as points rather than instant stablecoins. The 100% subscription rebate at higher spend is the strongest reason to hold it.
Ethena Pay
Crypto Card Review: Ethena Pay I've been testing Ethena Pay for the last couple of days, and it feels (almost) premium. It's in Beta and nearly ready for public launch; here are my first thoughts. Positives: - Non-USD FX Fee: 1% (cashback negates and beats this) - 4% Cashback on all purchases is sweet (up to 5% w/Pro) - UI is possibly the best among all cards I've tested - Personal US/EUR/GBP IBAN accounts - Insights page showing spending by categories and earning breakdowns - 5% APY - Instant deposits with limited Fees Negatives: - Apple Only (for now) - Multiple "Coming Soon" features - Non-custodial, but no way to see your keys without deleting your account. Rating: 7.5/10 As soon as it's on Android and includes a few of its promised upcoming features, this will be a 9/10.
Who ranks these cards
I'm Tristyn Pawson, founder of ConsistenC.xyz. Over the last five years I've worked on marketing, development and growth across five crypto cards and neobanks, building at least three of them from scratch.
Alongside that I've run in-depth research on 20+ crypto banks to understand what actually makes someone keep a card in their wallet. These rankings reflect that: which problems are tolerable, and which ones are genuine deal breakers.
- Years in market
- 5
- Cards built on
- 5
- Neobanks researched
- 20+