KrakKrak
74
Side-by-side card comparison
Krak vs Ethena Pay: overall score versus use-case fit
Ethena Pay Card has the higher Overall Score by 12 points (86 vs 74). Krak Card looks stronger for Travel and Transfers, while Ethena Pay Card comes out ahead for Cashback, Funds control, and Lowest fees.
Information checked Sep 1, 202638 official sources reviewed
01 · Overall score versus use-case fit
Ethena Pay Card is the better all-round starting point
Ethena Pay Card has the higher Overall Score in this comparison. Krak Card may be the better fit for Travel and Transfers. A score cannot tell you whether a provider will accept your application or whether every feature will be available where you live, so check the latest provider terms before signing up.
OverallKrak74Ethena Pay86Higher score
CashbackKrak40Ethena Pay89Higher score
TravelKrak83Ethena Pay64Higher score
Funds controlKrak56Ethena Pay86Higher score
Lowest feesKrak72Ethena Pay87Higher score
TransfersKrak97Ethena Pay82Higher score
Choose Krak Card if travel and transfers matter most
Krak Card comes out ahead for Travel and Transfers in this comparison. It is worth a closer look if those are the parts of a card you expect to use most.
- No monthly, FX or Krak ATM fee
- Both card formats and phone wallets
- Automatic cashback up to 2%
Choose Ethena Pay Card if cashback and funds control matter most
Ethena Pay Card comes out ahead for Cashback, Funds control, and Lowest fees in this comparison. It is worth a closer look if those are the parts of a card you expect to use most.
- Strong Standard cashback bands
- No Standard monthly fee or FX markup
- Collateral stays in linked wallets
Where each card has the edge
The overall leader does not win every use case, so the reason you want the card matters here.
- Overall Score
- Krak74Ethena Pay86
Ethena Pay Card has the higher Overall Score by 12 points.
- Entry cost & FX
- Krak$0 plan · 0–1% FXEthena Pay$0 plan · 0% Ethena Pay markup; Visa rate applies FX
Ethena Pay Card has the lower published FX fee (0% Ethena Pay markup; Visa rate applies vs 0–1%).
- Purchase rewards
- Krak0% base · up to 2%Ethena Pay4% base · up to 5%
Ethena Pay Card has the higher published base cashback rate (4% vs 0%).
- Funds control
- KrakCustodial balanceEthena PayHybrid custody
Krak Card uses a custodial balance setup, while Ethena Pay Card uses a hybrid custody setup. Neither approach is always better, so choose the level of control you are comfortable with.
- Everyday access
- KrakVirtual + Physical · Apple Pay, Google PayEthena PayVirtual · Apple Pay
Krak Card lists more card formats and phone-wallet options (4 vs 2).
- Money movement
- Krak0 stablecoins · Stablecoin transfers; Krak internal send, Krak ↔ Kraken balance transfer; GBP Faster Payments, EUR SEPAEthena Pay1 stablecoin · Stablecoin transfers; Ethena Pay user transfer; Bank withdrawal
Krak Card lists more stablecoins and ways to send money out (5 vs 4).
02 · Read the shortlist
A closer look at the split decision
Start with the strengths that drive each use-case result, then test them against costs and access.
- Cashback
- 0%-2%
- Plan cost
- $0
- FX fee
- 0–1%
- ATM fee
- 0% Krak fee; ATM operator may charge
- Card formats
- Virtual, Physical
- Wallet payments
- Apple Pay, Google Pay
- Receive methods
- 1 crypto · 3 fiat
- Payout methods
- 1 crypto · 2 fiat
- Cashback
- 4%-5%
- Plan cost
- $0
- FX fee
- 0% Ethena Pay markup; Visa rate applies
- ATM fee
- Not available
- Card formats
- Virtual
- Wallet payments
- Apple Pay
- Receive methods
- 0 crypto · 0 fiat
- Payout methods
- 1 crypto · 0 fiat
03 · Compare the details
See how the trade-offs line up
Comparable figures receive a marker; missing or unverified details stay visible instead of becoming an assumed advantage.
Best known Not disclosed
CardsKrak CardOverall74Ethena Pay CardOverall86
Krak CardOverall74Ethena Pay CardOverall86Scores
6 fields- Overall Score
- Krak Card74Ethena Pay Card86
- Cashback score
- Krak Card40Ethena Pay Card89
- Travel score
- Krak Card83Ethena Pay Card64
- Funds control score
- Krak Card56Ethena Pay Card86
- Lowest fees score
- Krak Card72Ethena Pay Card87
- Transfers score
- Krak Card97Ethena Pay Card82
Strengths & trade-offs
2 fields- Strengths
- Krak CardNo monthly, FX or Krak ATM fee, Both card formats and phone walletsEthena Pay CardStrong Standard cashback bands, No Standard monthly fee or FX markup
- Trade-offs
- Krak CardCrypto conversion spread is variable, The 2% tier needs a large balanceEthena Pay CardCard access is still application-gated, One-day payment grace adds liquidation risk
Costs
7 fields- Plan cost
- Krak Card$0Ethena Pay Card$0
- FX fee
- Krak Card0–1%Ethena Pay Card0% Ethena Pay markup; Visa rate applies
- Top-up fee
- Krak CardNot disclosedEthena Pay CardProvider collateral-funding fee unknown; external network gas is separate
- Card spending fee
- Krak Card0%Ethena Pay Card0%
- ATM fee
- Krak Card0% Krak fee; ATM operator may chargeEthena Pay CardNot available
- Virtual card
- Krak CardFreeEthena Pay CardUSD 0
- Physical card
- Krak CardPlastic £0/€0/$0; US plastic requires $200 over 30 days; first eligible metal card £0/€0/$0Ethena Pay CardNot disclosed
Plans
2 fields- Available plans
- Krak Card5 plans: Starter, Lite, Pro, Elite +1Ethena Pay Card3 plans: Standard, Pro, VIP
- Top cashback plan
- Krak CardMax: 2%Ethena Pay CardVIP: 5%
Everyday use
8 fields- Network
- Krak CardMastercard/VisaEthena Pay CardVisa
- Card formats
- Krak CardVirtual, PhysicalEthena Pay CardVirtual
- ATM withdrawals
- Krak CardAvailableEthena Pay CardNot available
- Mobile wallets
- Krak CardApple Pay, Google PayEthena Pay CardApple Pay
- Apps
- Krak CardiOS, AndroidEthena Pay CardiOS, Web
- Daily spending limit
- Krak CardUK: £22,000/day; EEA: €12,000/day; US: $12,000/dayEthena Pay CardDynamic, based on collateral market value
- Monthly spending limit
- Krak CardUK: £22,000/month; EEA: €12,000/month; US: $22,000/monthEthena Pay CardDynamic, based on collateral market value
- ATM limit
- Krak CardUK: £250/withdrawal, £750/day, £4,000/month; EEA: €300/withdrawal, €900/day, €4,800/month; US: $250/withdrawal, $1,000/day, $5,000/monthEthena Pay CardNot available
Funding & transfers
5 fields- Networks
- Krak CardNot disclosedEthena Pay CardEthereum, Polygon, Optimism, Arbitrum
- Crypto deposits
- Krak CardOther crypto: Supported cryptoEthena Pay CardNot disclosed
- Fiat deposits
- Krak CardGBP bank transfer, EUR bank transfer, USD bank transferEthena Pay CardNot disclosed
- Transfers
- Krak CardStablecoin transfers; Krak internal send, Krak ↔ Kraken balance transfer; GBP Faster Payments, EUR SEPAEthena Pay CardStablecoin transfers; Ethena Pay user transfer; Bank withdrawal
- Payout currencies
- Krak CardGBP, EUREthena Pay CardNot disclosed
Rewards
3 fields- Base cashback
- Krak Card0%Ethena Pay Card4%
- Max cashback
- Krak Card2%Ethena Pay Card5%
- Reward currency
- Krak CardGBP, EUR, USD or BTCEthena Pay CardAVAX
Earn
5 fields- Advertised APY
- Krak CardUp to 3.6% APYEthena Pay CardUp to 6% APY
- How it works
- Krak CardOptional earn vaultEthena Pay CardEarn on spending balance
- Separate deposit
- Krak CardYesEthena Pay CardNo
- Use balance for spending
- Krak CardNoEthena Pay CardYes
- Lock-up
- Krak CardNot disclosedEthena Pay CardNo
Trust & availability
6 fields- Custody
- Krak CardCustodialEthena Pay CardHybrid custody
- Control until payment
- Krak CardProvider controls fundsEthena Pay CardYou keep control
- Card issuer
- Krak CardMonavate Limited, Lead Bank, UAB MonavateEthena Pay CardThird National
- Card processing
- Krak CardStripeEthena Pay CardSignify Holdings, Inc. d/b/a Rain
- Identity verification
- Krak CardNot disclosedEthena Pay CardSumsub
- Programme operator
- Krak CardPayward Wallet, Inc.Ethena Pay CardNot disclosed
Sources
2 fields- Official sources
- Krak Card26Ethena Pay Card12
- Last reviewed
- Krak CardAug 27, 2026Ethena Pay CardSep 1, 2026
04 · The trade-off
Ethena Pay Card is the stronger all-round choice
Ethena Pay Card finishes ahead with an Overall Score of 86 versus 74 for Krak Card. Ethena Pay Card has the lower published FX fee (0% Ethena Pay markup; Visa rate applies vs 0–1%). Ethena Pay Card has the higher published base cashback rate (4% vs 0%).
Krak Card still comes out ahead for Travel and Transfers, which may matter more than the overall result if that is how you plan to use the card. Krak Card uses a custodial balance setup, while Ethena Pay Card uses a hybrid custody setup. Neither approach is always better, so choose the level of control you are comfortable with.
Krak Card lists more stablecoins and ways to send money out (5 vs 4). Before applying, confirm availability in your country and recheck the provider's current fees and reward conditions.
If one card now looks like the better fit, you can check the latest application terms on the provider site or read our full Krak Card and Ethena Pay Card reviews first.
Continue with
Krak Card
Continue with
Ethena Pay Card
05 · Common questions
Krak vs Ethena Pay FAQ
Is Krak or Ethena Pay better overall?
Ethena Pay Card has the higher Overall Score (86 vs 74). That does not make it better for everyone: your preferred fees, rewards, way of holding funds and country availability can change the practical choice.
Which has lower fees, Krak or Ethena Pay?
Ethena Pay Card has the lower published FX fee (0% Ethena Pay markup; Visa rate applies vs 0–1%). Compare plan, FX, card-spend, top-up and ATM charges separately because one fee does not represent the full cost.
Which has better cashback, Krak or Ethena Pay?
Ethena Pay Card has the higher published base cashback rate (4% vs 0%). Maximum rates may depend on tiers, caps, categories or other conditions, so the entry rate and reward asset matter too.
How do Krak and Ethena Pay differ on custody?
Krak Card uses a custodial balance setup, while Ethena Pay Card uses a hybrid custody setup. Neither approach is always better, so choose the level of control you are comfortable with.
How current is this Krak vs Ethena Pay comparison?
The latest information check for these two cards was September 1, 2026, using 38 official sources in total. Each full card review lists its own check date, sources and anything the provider has not clearly disclosed.