ZEN.COMZEN
77
Side-by-side card comparison
ZEN vs Ethena Pay: overall score versus use-case fit
Ethena Pay Card has the higher Overall Score by 9 points (86 vs 77). ZEN 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, 202655 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. ZEN 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.
OverallZEN77Ethena Pay86Higher score
CashbackZEN39Ethena Pay89Higher score
TravelZEN96Ethena Pay64Higher score
Funds controlZEN65Ethena Pay86Higher score
Lowest feesZEN80Ethena Pay87Higher score
TransfersZEN98Ethena Pay82Higher score
Choose ZEN Card if travel and transfers matter most
ZEN 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.
- Free plan with 0.5% weekday FX margin
- Physical, virtual and phone-wallet access
- Four current crypto-route assets
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
- ZEN77Ethena Pay86
Ethena Pay Card has the higher Overall Score by 9 points.
- Entry cost & FX
- ZEN$0 plan · 0–0.5% 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 0–0.5%).
- Purchase rewards
- ZEN0% baseEthena Pay4% base · up to 5%
Ethena Pay Card has the higher published base cashback rate (4% vs 0%).
- Funds control
- ZENCustodial balanceEthena PayHybrid custody
ZEN 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
- ZENVirtual + Physical · Apple Pay, Google PayEthena PayVirtual · Apple Pay
ZEN Card lists more card formats and phone-wallet options (4 vs 2).
- Money movement
- ZEN2 stablecoins · Stablecoin transfers; Card-to-card transfer; SEPA transfersEthena Pay1 stablecoin · Stablecoin transfers; Ethena Pay user transfer; Bank withdrawal
ZEN 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.
77
- Cashback
- 0% base
- Plan cost
- $0
- FX fee
- 0–0.5%
- ATM fee
- 0–1.5%
- Card formats
- Virtual, Physical
- Wallet payments
- Apple Pay, Google Pay
- Receive methods
- 4 crypto · 2 fiat
- Payout methods
- 4 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
CardsZEN CardOverall77Ethena Pay CardOverall86
ZEN CardOverall77Ethena Pay CardOverall86Scores
6 fields- Overall Score
- ZEN Card77Ethena Pay Card86
- Cashback score
- ZEN Card39Ethena Pay Card89
- Travel score
- ZEN Card96Ethena Pay Card64
- Funds control score
- ZEN Card65Ethena Pay Card86
- Lowest fees score
- ZEN Card80Ethena Pay Card87
- Transfers score
- ZEN Card98Ethena Pay Card82
Strengths & trade-offs
2 fields- Strengths
- ZEN CardFree plan with 0.5% weekday FX margin, Physical, virtual and phone-wallet accessEthena Pay CardStrong Standard cashback bands, No Standard monthly fee or FX markup
- Trade-offs
- ZEN CardFree-plan ATM withdrawals cost 1.5%, No universal public cashback rateEthena Pay CardCard access is still application-gated, One-day payment grace adds liquidation risk
Costs
7 fields- Plan cost
- ZEN Card$0Ethena Pay Card$0
- FX fee
- ZEN Card0–0.5%Ethena Pay Card0% Ethena Pay markup; Visa rate applies
- Top-up fee
- ZEN Card0–3%Ethena Pay CardProvider collateral-funding fee unknown; external network gas is separate
- Card spending fee
- ZEN Card0%Ethena Pay Card0%
- ATM fee
- ZEN Card0–1.5%Ethena Pay CardNot available
- Virtual card
- ZEN CardFree/Gold: 1 included; Platinum/Pro: 3 included; next card €5Ethena Pay CardUSD 0
- Physical card
- ZEN CardFree first card €10; Gold 1 included; Platinum/Pro 2 included; next card €10Ethena Pay CardNot disclosed
Plans
2 fields- Available plans
- ZEN Card4 plans: Free, Gold, Platinum, ProEthena Pay Card3 plans: Standard, Pro, VIP
- Top cashback plan
- ZEN CardFree: 0%Ethena Pay CardVIP: 5%
Everyday use
8 fields- Network
- ZEN CardMastercard/VisaEthena Pay CardVisa
- Card formats
- ZEN CardVirtual, PhysicalEthena Pay CardVirtual
- ATM withdrawals
- ZEN CardAvailableEthena Pay CardNot available
- Mobile wallets
- ZEN CardApple Pay, Google PayEthena Pay CardApple Pay
- Apps
- ZEN CardiOS, Android, WebEthena Pay CardiOS, Web
- Daily spending limit
- ZEN CardStandard €10,000/day; maximum €30,000/day (currency equivalents also published)Ethena Pay CardDynamic, based on collateral market value
- Monthly spending limit
- ZEN CardNot publicly confirmedEthena Pay CardDynamic, based on collateral market value
- ATM limit
- ZEN CardStandard €2,000/day; maximum €30,000/day (currency equivalents also published)Ethena Pay CardNot available
Funding & transfers
5 fields- Networks
- ZEN CardNot disclosedEthena Pay CardEthereum, Polygon, Optimism, Arbitrum
- Crypto deposits
- ZEN CardStablecoins: USDT, USDC; Other crypto: BTC, ETHEthena Pay CardNot disclosed
- Fiat deposits
- ZEN CardSEPA bank transfer, Payment-card top-upEthena Pay CardNot disclosed
- Transfers
- ZEN CardStablecoin transfers; Card-to-card transfer; SEPA transfersEthena Pay CardStablecoin transfers; Ethena Pay user transfer; Bank withdrawal
- Payout currencies
- ZEN CardEUREthena Pay CardNot disclosed
Rewards
3 fields- Base cashback
- ZEN Card0%Ethena Pay Card4%
- Max cashback
- ZEN CardNot disclosedEthena Pay Card5%
- Reward currency
- ZEN CardTransaction currencyEthena Pay CardAVAX
Earn
5 fields- Advertised APY
- ZEN CardNot offeredEthena Pay CardUp to 6% APY
- How it works
- ZEN CardNot offeredEthena Pay CardEarn on spending balance
- Separate deposit
- ZEN CardNot offeredEthena Pay CardNo
- Use balance for spending
- ZEN CardNot offeredEthena Pay CardYes
- Lock-up
- ZEN CardNot offeredEthena Pay CardNo
Trust & availability
6 fields- Custody
- ZEN CardCustodialEthena Pay CardHybrid custody
- Control until payment
- ZEN CardProvider controls fundsEthena Pay CardYou keep control
- Card issuer
- ZEN CardUAB ZEN.COMEthena Pay CardThird National
- Card processing
- ZEN CardNot disclosedEthena Pay CardSignify Holdings, Inc. d/b/a Rain
- Deposits & withdrawals
- ZEN CardTriple A Technologies Pte Ltd, Coreline Solutions LLCEthena Pay CardNot disclosed
- Identity verification
- ZEN CardNot disclosedEthena Pay CardSumsub
Sources
2 fields- Official sources
- ZEN Card43Ethena Pay Card12
- Last reviewed
- ZEN CardAug 23, 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 77 for ZEN Card. Ethena Pay Card has the lower published FX fee (0% Ethena Pay markup; Visa rate applies vs 0–0.5%). Ethena Pay Card has the higher published base cashback rate (4% vs 0%).
ZEN 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. ZEN 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.
ZEN 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 ZEN Card and Ethena Pay Card reviews first.
Continue with
ZEN Card
Continue with
Ethena Pay Card
05 · Common questions
ZEN vs Ethena Pay FAQ
Is ZEN or Ethena Pay better overall?
Ethena Pay Card has the higher Overall Score (86 vs 77). 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, ZEN or Ethena Pay?
Ethena Pay Card has the lower published FX fee (0% Ethena Pay markup; Visa rate applies vs 0–0.5%). Compare plan, FX, card-spend, top-up and ATM charges separately because one fee does not represent the full cost.
Which has better cashback, ZEN 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 ZEN and Ethena Pay differ on custody?
ZEN 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 ZEN vs Ethena Pay comparison?
The latest information check for these two cards was September 1, 2026, using 55 official sources in total. Each full card review lists its own check date, sources and anything the provider has not clearly disclosed.