{"meta":{"slug":"card-terms","title":"Custody, rewards and fees by program","source":{"name":"Card terms and fee schedules"},"asOf":"2026-09-30","kind":"table","placement":"To place (the writer's call)"},"columns":[{"key":"program","label":"Program","brands":true},{"key":"issuer","label":"Issuer"},{"key":"custody","label":"Custody"},{"key":"rewards","label":"Rewards, and what they're paid in"},{"key":"charges","label":"What it charges"},{"key":"revenue","label":"Revenue"},{"key":"costs","label":"Costs"}],"rows":[{"program":"RedotPay","issuer":"Reap","custody":"Custodial (Its own trust company)","rewards":"3% on Apple/Google Pay with Pro; referral commissions in USDC","charges":"$10 virtual / $100 physical card, 1% conversion, 1.2% FX, Pro $12.90/mo","revenue":"About $180M a year per press: 1% conversion, 1.2% FX, card fees, Pro, Earn spread (estimate)","costs":"Referral and affiliate commissions (up to 40%), promos, Pro cashback; none published"},{"program":"KAST","issuer":"Rain","custody":"Custodial (Users sell their crypto to KAST)","rewards":"1.5-3% by tier, in USD, plus points; 6-12% on balances to Jan 2027","charges":"$0 / $1,000 / $10,000 a year by tier, 0.5-1.75% FX","revenue":"Memberships, FX and small fees, built from its $100M run-rate target (estimate)","costs":"Cashback 1.5-3%, points, referral and affiliate bonuses; balance subsidy as a running cost"},{"program":"Ether.fi Cash","issuer":"Rain","custody":"Self-custodial (Vault)","rewards":"3% up to a monthly band ($2k Core to $50k Pinnacle), 4% VIP; in ETHFI since Sep 2026","charges":"$199 Luxe, $999 Pinnacle a year; ~1% FX plus up to 0.5%","revenue":"Memberships and card fees $0.65M, FX at 0.5% of spend $4.5M (upper bound)","costs":"Cashback $23.4M, cards; net -$18.2M on $909M of spend (Nov 2024 to Sep 2026)"},{"program":"Karta","issuer":"Rain","custody":"Self-custodial","rewards":"No spend cashback; $5 plus 0.25% of a referral's spend, in points","charges":"1.5% on every payment, $5 virtual card","revenue":"1.5% of card spend (estimate)","costs":"Referral points: $5 plus 0.25% of the friend's spend"},{"program":"Wirex One","issuer":"Wirex","custody":"Self-custodial","rewards":"0.5-8% in USD, tier set by WPAY held","charges":"0% FX, no subscription","revenue":"Fee debits onchain, $30k; interchange, Earn and trading fees are offchain","costs":"Cashback not onchain, modelled at 0.5-3% of spend: $0.3M to $1.8M (Jun to Sep 2026)"},{"program":"Plasma One","issuer":"Rain","custody":"Self-custodial","rewards":"2-4% by tier, in XPL or in-app credit (Plasma's choice); up to 6% on balances","charges":"$199/yr Core (or lock XPL), up to 1% FX","revenue":"FX at 1% of spend $710k (upper bound), Core fees $96k","costs":"XPL rewards $1.65M, cards; net -$845k (Mar to Sep 2026)"},{"program":"Kolo","issuer":"Rain (USD), Wirex (EUR)","custody":"Not confirmed","rewards":"2% in BTC for 30 days, then 1%, capped $100/mo","charges":"1% conversion","revenue":"1% conversion fee on card spend (estimate)","costs":"BTC cashback and a referral share of fees, both modelled"},{"program":"Tria","issuer":"Rain","custody":"Self-custodial (A contract per user in Rain's pool)","rewards":"1.5-6% by tier, in USDT, paid quarterly","charges":"$25 / $109 / $250 a year by tier, 1% FX (terms allow up to 3%)","revenue":"Card and membership sales $3.2M, FX at 1% of spend $1.6M","costs":"Cashback $4.3M, affiliates $1.6M, season rewards $0.3M; net -$1.3M (Jun 2025 to Sep 2026)"},{"program":"Coca","issuer":"Wirex","custody":"Self-custodial","rewards":"1-8%, tier set by COCA held; $20 / $10 referral","charges":"$5 card, 0% FX","revenue":"Fee debits onchain, $12k from late July; interchange goes through Wirex, offchain","costs":"Cashback $47k paid from September, $0.3M to $1.0M earned at 1-3% of spend (Mar to Sep 2026)"},{"program":"Gnosis Pay","issuer":"Monavate","custody":"Self-custodial (Safe)","rewards":"~1% in GNO, ended 30 Sep 2026","charges":"No FX markup; consumer card closes 20 Dec 2026","revenue":"0.40% of spend, its own reported rate: $0.8M","costs":"GNO cashback $3.1M, cards; net -$2.5M on $200M of spend (Dec 2023 to Sep 2026)"},{"program":"Ethena Pay","issuer":"Rain","custody":"Self-custodial (Balance held in USDe)","rewards":"4% / 4.5% / 5% in AVAX up to $2.5k / $8k / $20k of monthly spend; 5-6% on balances","charges":"No FX markup, ATM $1 + 0.65%","revenue":"Yield on balances: AUM x sUSDe APY","costs":"AVAX cashback $49k, cards; savings yield (base plus boost) as a running cost"}]}