KAST or EtherFi? Comparing Cards, Fees, and Cashback
KAST and EtherFi are two cryptocurrency platforms that offer a combination of crypto cards and business products. Since they take up a similar market share (and since they’ve beefed on X), they often end up getting compared to each other. That’s why we wrote this guide.
In this article, we’ll take a look at KAST and EtherFi’s crypto cards, business platforms, and cost structures, then weigh them against each other. Along the way, we’ll also discuss the Slash Global USD account, which gives foreign founders the ability to access the US dollar without having to form an American entity.³ With the account’s Global Card, users can spend USD and also earn 1% cash back on eligible purchases.
Key Takeaways
- EtherFi is blocked in 17 US states, including Arizona, Georgia, and Ohio, while KAST is available in every state.
- EtherFi's Borrow Mode lets you spend without selling your crypto, but interest accrues continuously and a price drop can actually trigger liquidation of half your collateral.
- KAST holds your assets, while EtherFi keeps collateral in smart contracts you control.
- Cash back rates apply only inside monthly brackets on both cards, which means a business spending heavily will probably earn a lot less than the up front number.
- EtherFi's business cash back drops to a flat 1%, well below its personal rates of 3-4%.
What is the KAST Card?
KAST is a mobile-first financial platform that issues Visa cards funded from your stablecoin balance. You can deposit both fiat currency and crypto, then spend from that balance anywhere Visa is accepted. Apple Pay and Google Pay work across every tier, and you can also hold up to ten cards at once.
Cash back is paid in real dollars rather than points, and is credited at the moment of authorization rather than at the end of a cycle. Their cards also come with 24/7 fraud monitoring and card controls, meaning suspicious transactions may be able to be detected and handled remotely. However, as is the case with all crypto-based cards, your actual balance isn’t FDIC-insured. Instead, custody is handled by licensed partners including Fireblocks and BitGo, meaning your currency and keys essentially rest in their hands.
KAST Cards come in three tiers, each growing in price pretty substantially over the previous one:
- Standard: A no-annual-fee Visa Platinum card that offers 1.5% cash back and allows users to start with two physical or virtual cards for free.
- Premium: A $1,000/year metal Visa Infinite card that earns 2% cash back and 1% KAST Points back on all spending.
- Private: A $10,000/year gold plated Visa Infinite card that earns 3% cash back and 2% KAST Points back on all spending. Users also get VIP Concierge access, with direct priority support from KAST’s senior team.
KAST Points are currently meant to be put towards membership fees, though the company is in the process of updating how the points can be redeemed.
With these cards, users can spend over 20 different cryptocurrencies, including five stablecoins (USDC, USDT, USDe, PYUSD, RLUSD). Stablecoin deposits are completely free, while other coins and currencies come with applicable conversion fees.
KAST Card Fees
Several KAST Card transactions are free, including spending in dollars, Apple Pay/Google Pay transactions, and stablecoin deposits. Depending on where you’re located and where the transaction happens, foreign currency spending can carry a 0.5% to 1.75% exchange fee. ATM withdrawals cost 2% of the total amount plus $3 on top. It’s also important to note that you can only take out $250 per ATM withdrawal and $750 across any 24-hour period, which may limit your cash flexibility when you’re in a pinch.
Depositing a non-stablecoin cryptocurrency costs 2% to 5% depending on the token, since KAST converts it on arrival. You can also deposit via ACH with a $2 fee, or by wire with a $15 fee. Stablecoin withdrawals carry a network-dependent fee plus 0.1%, ranging from about $0.20 on Arbitrum to $6 on Ethereum. Purchases under $25 come with a small 10 cent fee. Lastly, their Premium and Private tiers cost $1000 and $10,000 a year, respectively, though you get all the card’s key features on the free Standard tier.
What is the EtherFi Cash Card?
EtherFi (also referred to as ether.fi) arrived in the crypto card realm from a different place than KAST. It began as a liquid restaking protocol, where users stake ETH and receive weETH that keeps earning while remaining usable elsewhere. In 2025, they launched their own card, called EtherFi Cash, and in 2026 they added Apple Pay and Google Pay compatibility. Today, they’ve developed a cryptocurrency platform to work alongside it.
The card, issued by Third National under a Visa license, is defined by the fact that it runs in two modes. “Direct Pay” deducts from your USDC or LiquidUSD balance (the only two supported tokens), working like a stablecoin debit card with no interest or repayment responsibilities. “Borrow Mode” treats your entire vault as collateral and lends against it through Aave markets, so you can spend without actually selling your position. Interest accrues continuously with no grace period, billing cycle, or minimum payment. You simply repay whenever you choose to.
There are four tiers to the Cash Card, ranging from free to invite-only. Each can be bought outright or earned through points, deposits, and staked ETHFI.
- Core: Free, with one virtual or physical card. Cash back is 3% on the first $2,000 of monthly spend, then 1% up to $3,000, then 0.5%. EtherFi doesn’t actually advertise these restrictions, but they can be found within the Help Center.
- Luxe:$199 a year, with a metal card. Users get 3% on the first $10,000 of spending monthly, as well as premium airport lounge access.
- Pinnacle:$999 a year, with a black metal card and up to 10 virtual cards. You get 3% cash back on the first $50,000 monthly, a dedicated account manager, up to 20% off certain subscriptions, and up to 65% off travel costs when booked through EtherFi Travel.
- VIP: Invitation only. You get a gold metal card, 4% cash back, unlimited cards, executive support, and free subscriptions to certain hand-chosen services.
Unlike KAST, cash back is given in USDC rather than in dollars.
There are two more things to note about EtherFi and its card. For one, your crypto is held in smart contracts on supported blockchains, meaning EtherFi’s structure is non-custodial. It’s also wise to check their restricted location list before applying, as EtherFi’s services are unavailable in dozens of countries and US states.
EtherFi Card Fees
Any time a transaction requires a currency conversion, EtherFi applies Visa’s FX base rate (~1%) and may add a foreign exchange margin on top of that base rate of up to 0.5%. Once you reach the Pinnacle tier, that margin is erased. What membership levels don’t change is the rules and fees surrounding ATMs. Withdrawals are capped at $500 per transaction and $1500 per day, and each one comes with a 2% charge. Outside of the free cards that come with each tier, physical cards cost $50 each.
Borrow Mode’s costs can get a little complex. Interest is variable and set by the underlying lending market, though third-party estimates peg it at around 4%. Loan-to-value ratios vary sharply by collateral, from 90% on stablecoins down to 55% on weETH and 20% on ETHFI. Here’s the thing: if your debt crosses the liquidation threshold, half your collateral is liquidated first, and the rest will follow if that isn't enough. If you want to withdraw your collateral, you’ll need to give three business days of notice, though anything in that window will still remain liquidatable.
In layman’s terms, that means your loan is only allowed to grow so large relative to what your collateral is worth. If it crosses that line, the system sells your crypto automatically to pay itself back.
KAST vs EtherFi: Cards Compared
Overall, the KAST Card and the EtherFi Cash Card have more differences than similarities. Let’s compare their features side-by-side:
What is KAST Business?
KAST Business is a cryptocurrency platform that gives your company an account to hold, spend, and send money from. It provides US dollar details accessible from anywhere and supports payouts in more than 18 currencies to 170+ countries. KAST also has a treasury feature that yields up to 8% annually on idle balances through a mix of short-term US Treasuries and stablecoin returns.
Businesses can assign virtual cards to employees, vendors, or individual subscriptions, and set daily limits on each. Cash back runs up to 3% on business purchases, just like with the consumer product. Since it’s a mobile-first platform, KAST Business doesn’t have a dedicated desktop app, but you can access it on a computer through your browser.
Onboarding requires proper business verification, including incorporation documents, proof of address, ownership evidence, and identity checks for every beneficial owner at 25% or above plus one controlling person. You also need a KAST personal account to apply, which means you can’t jump right in to a Business account. Additionally, access currently runs through a waitlist, so it may not be a reasonable direction for fast-scaling startups that are putting their finance stacks together as quickly as possible.
Who Uses KAST Business, and Why?
KAST is best meant for companies that need access to US dollars without an American address. If you’re part of a team in another country who bills clients in the United States, you can hold dollars without forming a local entity or supplying a Social Security number. If you’re paying freelancers across several countries, you can issue a card with custom limits for each contractor rather than relying on wires and reconciling it all manually
Their Business product also supports employee-level permission scoping, meaning team members can see their own cards without having any sort of access to company balances. However, the platform overall doesn’t offer the financial management tools that the Slash Global USD account comes with.
What is EtherFi Business?
EtherFi Business is sort of like a treasury platform with crypto cards attached. Businesses get to hold their entire balance sheet in one place, spanning crypto, fiat currencies, and commodities, with idle capital automatically earning through staking and managed vault strategies. However, their USD vaults typically earn around 6% yield and their crypto balances earn around 3% yield, both falling short of KAST’s potential returns.
Companies are limited to a total of 15 physical and 30 virtual cards. Each comes with per-card limits and role-based controls, as well as the ability to move money cross-border with no foreign exchange markup on dollars and euros. The platform’s supported payment rails include SWIFT, SEPA, ACH, wire, and direct crypto payments.
Cash back is a flat 1% on all purchases with nothing on euro spending, which is below both the personal card's rates and the KAST Card’s business rates. Onboarding is a little tricky, requiring incorporation certificates, articles of association, a shareholder registry, a director registry, and identification of ultimate beneficial owners.
Who Uses EtherFi Business, and Why?
EtherFi Business is best meant for companies that rely primarily on crypto rather than companies that happen to hold a lot of it. A company holding US dollars gets a 1% cash back card and a treasury product it doesn't necessarily need, and it also takes on liquidation risk in exchange for a borrowing structure it could get more cheaply elsewhere.
It certainly makes sense if your company’s assets live on the blockchain. A crypto-native startup holding ETH in treasury can borrow against that position to cover payroll and vendor costs without selling into a bad market and eating a loss. A fund with idle stablecoins can earn yield in the same account it spends from, which means it doesn’t have to move money between a custodian, an exchange, and a bank.
How the Slash Global Card Sets Itself Apart
While EtherFi and KAST both offer a crypto card and a business account, neither approaches their product with the business-first mindset that a platform like Slash does. Slash’s Global USD account offers features that make it easier for companies to do business and send invoices without staking requirements or added complexity.
Our Global USD account comes with access to Global Cards that can allow users to spend the US dollar without having an entity based in the United States. They’re backed by USDC on Base and spendable in more than 130+ countries. Importantly, you get US account and routing details that allow you to receive dollar payments and send ACH and wire transfers, even as a foreign founder.
All in all, the Global USD account allows you to:
- Create and send invoices from your Global USD account and collect payment by ACH, wire, or supported stablecoins.
- Earn 1% cash back on eligible purchases
- Track your transactions in real time
- Add funds via bank, wire, ACH, stablecoin, Pix, SPEI, SEPA, and the UK’s Faster Payments
- Sort bills by status and schedule recurring invoices
- Issue physical and virtual cards with per-card limits, card-group budgets, merchant-category controls, instant freezing, and role-based permissions.
EtherFi and KAST’s business products are crypto platforms with the DNA of a personal stablecoin card. Slash’s Global USD account is a financial solution with the DNA of an established business banking platform.¹ If you’re part of a foreign business that wants to transact with the US dollar, reach out to Slash today.
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Frequently Asked Questions
Do I need a business account to use a crypto card for company spending?
Not necessarily, but it’s not what consumer cards were designed for. They typically lack per-card spend controls, multi-user access, approval workflows, and accounting integrations. As a result, expenses have to be manually reported, and it’s tough to give employees certain privileges. A business account with card issuance built in can solve those problems.
How Do Crypto Credit Cards Work? Complete Guide
What happens if my collateral drops in value on EtherFi?
If your debt crosses the liquidation threshold for your collateral, the system sells half your position automatically, then the rest if that isn't sufficient, with liquidators taking a bonus of up to 5%. EtherFi notes it may be unable to stop a liquidation once the smart contract triggers it. Withdrawing collateral also requires three business days of notice, during which it can still be liquidated.
Which cryptocurrencies are best to spend with?
Spending stablecoins is a wiser decision than spending tokens like Bitcoin, since stables are pegged 1:1 to the US dollar and are unlikely to gain or lose value while a transaction is processing. This decision isn’t a factor with the Global Card and EtherFi Cash Card, since they only support stablecoins. The KAST Card, on the other hand, supports 20 different currencies, so you’ll have to make your selection more intentionally.
Stablecoins vs Crypto: What Businesses Should Know
