PhantomPhantom
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Side-by-side card comparison
Phantom vs Ethena Pay: overall score versus use-case fit
Ethena Pay Card has the higher Overall Score by 27 points (86 vs 59). Phantom Card looks stronger for Funds control and Transfers, while Ethena Pay Card comes out ahead for Cashback, Travel, and Lowest fees.
Information checked Sep 1, 202626 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. Phantom Card may be the better fit for Funds control 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.
OverallPhantom59Ethena Pay86Higher score
CashbackPhantom14Ethena Pay89Higher score
TravelPhantom25Ethena Pay64Higher score
Funds controlPhantom89Ethena Pay86Higher score
Lowest feesPhantom44Ethena Pay87Higher score
TransfersPhantom88Ethena Pay82Higher score
Choose Phantom Card if funds control and transfers matter most
Phantom Card comes out ahead for Funds control and Transfers in this comparison. It is worth a closer look if those are the parts of a card you expect to use most.
- Self-custody until settlement
- Apple Pay and Google Pay
- No US purchase fee
Choose Ethena Pay Card if cashback and travel matter most
Ethena Pay Card comes out ahead for Cashback, Travel, 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
- Phantom59Ethena Pay86
Ethena Pay Card has the higher Overall Score by 27 points.
- Entry cost & FX
- PhantomNot verified plan · May apply; shown before confirmation FXEthena Pay$0 plan · 0% Ethena Pay markup; Visa rate applies FX
The starting plan and FX figures are tied, or the providers have not published enough matching information to name a lower-cost option.
- Purchase rewards
- Phantom0% cashbackEthena Pay4% base · up to 5%
Ethena Pay Card has the higher published base cashback rate (4% vs 0%).
- Funds control
- PhantomSelf-controlled walletEthena PayHybrid custody
Phantom Card uses a self-controlled wallet 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
- PhantomVirtual · Apple Pay, Google PayEthena PayVirtual · Apple Pay
Phantom Card lists more card formats and phone-wallet options (3 vs 2).
- Money movement
- Phantom5 stablecoins · Stablecoin transfers; Standard ACH bank payout, Fast ACH bank payoutEthena Pay1 stablecoin · Stablecoin transfers; Ethena Pay user transfer; Bank withdrawal
Phantom Card lists more stablecoins and ways to send money out (8 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%
- Plan cost
- Not disclosed
- FX fee
- May apply; shown before confirmation
- ATM fee
- Not available
- Card formats
- Virtual
- Wallet payments
- Apple Pay, Google Pay
- Receive methods
- 4 crypto · 2 fiat
- Payout methods
- 1 crypto · 1 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
CardsPhantom CardOverall59Ethena Pay CardOverall86
Phantom CardOverall59Ethena Pay CardOverall86Scores
6 fields- Overall Score
- Phantom Card59Ethena Pay Card86
- Cashback score
- Phantom Card14Ethena Pay Card89
- Travel score
- Phantom Card25Ethena Pay Card64
- Funds control score
- Phantom Card89Ethena Pay Card86
- Lowest fees score
- Phantom Card44Ethena Pay Card87
- Transfers score
- Phantom Card88Ethena Pay Card82
Strengths & trade-offs
2 fields- Strengths
- Phantom CardSelf-custody until settlement, Apple Pay and Google PayEthena Pay CardStrong Standard cashback bands, No Standard monthly fee or FX markup
- Trade-offs
- Phantom CardUS-only and virtual-only, No ATM; international fee unclearEthena Pay CardCard access is still application-gated, One-day payment grace adds liquidation risk
Costs
7 fields- Plan cost
- Phantom CardNot disclosedEthena Pay Card$0
- FX fee
- Phantom CardMay apply; shown before confirmationEthena Pay Card0% Ethena Pay markup; Visa rate applies
- Top-up fee
- Phantom Card0.3–3.5%Ethena Pay CardProvider collateral-funding fee unknown; external network gas is separate
- Card spending fee
- Phantom Card0%Ethena Pay Card0%
- ATM fee
- Phantom CardNot availableEthena Pay CardNot available
- Virtual card
- Phantom CardFree virtual cardEthena Pay CardUSD 0
- Physical card
- Phantom CardNot availableEthena Pay CardNot disclosed
Plans
2 fields- Available plans
- Phantom CardNot disclosedEthena Pay Card3 plans: Standard, Pro, VIP
- Top cashback plan
- Phantom CardNot disclosedEthena Pay CardVIP: 5%
Everyday use
8 fields- Network
- Phantom CardVisaEthena Pay CardVisa
- Card formats
- Phantom CardVirtualEthena Pay CardVirtual
- ATM withdrawals
- Phantom CardNot availableEthena Pay CardNot available
- Mobile wallets
- Phantom CardApple Pay, Google PayEthena Pay CardApple Pay
- Apps
- Phantom CardiOS, AndroidEthena Pay CardiOS, Web
- Daily spending limit
- Phantom Card$2,000 default daily and per transaction; up to $5,000/day by support requestEthena Pay CardDynamic, based on collateral market value
- Monthly spending limit
- Phantom CardMonthly card-spend limit not publishedEthena Pay CardDynamic, based on collateral market value
- ATM limit
- Phantom CardNot availableEthena Pay CardNot available
Funding & transfers
5 fields- Networks
- Phantom CardSolanaEthena Pay CardEthereum, Polygon, Optimism, Arbitrum
- Crypto deposits
- Phantom CardStablecoins: USDC, USDT, USDG, PYUSDEthena Pay CardNot disclosed
- Fiat deposits
- Phantom CardStripe card, Apple Pay, Google Pay or linked-bank deposit, ACH transfer or domestic wireEthena Pay CardNot disclosed
- Transfers
- Phantom CardStablecoin transfers; Standard ACH bank payout, Fast ACH bank payoutEthena Pay CardStablecoin transfers; Ethena Pay user transfer; Bank withdrawal
- Payout currencies
- Phantom CardUSDEthena Pay CardNot disclosed
Rewards
3 fields- Base cashback
- Phantom Card0%Ethena Pay Card4%
- Max cashback
- Phantom Card0%Ethena Pay Card5%
- Reward currency
- Phantom CardNot applicableEthena Pay CardAVAX
Earn
5 fields- Advertised APY
- Phantom CardNot disclosedEthena Pay CardUp to 6% APY
- How it works
- Phantom CardOptional earn vaultEthena Pay CardEarn on spending balance
- Separate deposit
- Phantom CardYesEthena Pay CardNo
- Use balance for spending
- Phantom CardNoEthena Pay CardYes
- Lock-up
- Phantom CardNot disclosedEthena Pay CardNo
Trust & availability
6 fields- Custody
- Phantom CardSelf-custodyEthena Pay CardHybrid custody
- Control until payment
- Phantom CardYou keep controlEthena Pay CardYou keep control
- Card issuer
- Phantom CardLead BankEthena Pay CardThird National
- Card processing
- Phantom CardBridge Ventures LLC, GalileoEthena Pay CardSignify Holdings, Inc. d/b/a Rain
- Deposits & withdrawals
- Phantom CardStripeEthena Pay CardNot disclosed
- Identity verification
- Phantom CardLinkEthena Pay CardSumsub
Sources
2 fields- Official sources
- Phantom Card14Ethena Pay Card12
- Last reviewed
- Phantom CardAug 5, 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 59 for Phantom Card. The starting plan and FX figures are tied, or the providers have not published enough matching information to name a lower-cost option. Ethena Pay Card has the higher published base cashback rate (4% vs 0%).
Phantom Card still comes out ahead for Funds control and Transfers, which may matter more than the overall result if that is how you plan to use the card. Phantom Card uses a self-controlled wallet 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.
Phantom Card lists more stablecoins and ways to send money out (8 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 Phantom Card and Ethena Pay Card reviews first.
Continue with
Phantom Card
Continue with
Ethena Pay Card
05 · Common questions
Phantom vs Ethena Pay FAQ
Is Phantom or Ethena Pay better overall?
Ethena Pay Card has the higher Overall Score (86 vs 59). 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, Phantom or Ethena Pay?
The starting plan and FX figures are tied, or the providers have not published enough matching information to name a lower-cost option. Compare plan, FX, card-spend, top-up and ATM charges separately because one fee does not represent the full cost.
Which has better cashback, Phantom 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 Phantom and Ethena Pay differ on custody?
Phantom Card uses a self-controlled wallet 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 Phantom vs Ethena Pay comparison?
The latest information check for these two cards was September 1, 2026, using 26 official sources in total. Each full card review lists its own check date, sources and anything the provider has not clearly disclosed.