Occasional offers, with the rules stated up front.
Grab First-Ride Offer: 100% crypto cashback, up to $50, on your first Grab ride paid with your Ethena Pay Card made between 5 and 12 October 2026 (UTC+8). One per cardholder, while funds last. Full conditions: see Section 3.1. Ethena Pay may end or modify this promotion at any time. See the full terms and conditions below or at: /promotions.
1. About these Promotion Terms
These Ethena Pay Promotion Terms (these "Promotion Terms") govern promotional offers we make available from time to time, including increased cashback, merchant offers, and other time-limited incentives (each, a "Promotion"). They supplement, and are incorporated by reference into, the Ethena Pay Terms of Use (the "Terms of Use"), including Article 6 (Fees, Pricing and Rewards), and the Pricing Page. If these Promotion Terms conflict with the Terms of Use, the Terms of Use control. If a specific Promotion's terms in Section 3 conflict with the general terms in Section 2, the Section 3 terms control for that Promotion.
Capitalized terms used but not defined here have the meanings given to them in the Terms of Use.
By participating in a Promotion, including by making a transaction that qualifies or by accepting any Reward under a Promotion, you agree to these Promotion Terms.
2. Terms Applicable to All Promotions
2.1 Discretionary nature
Each Promotion is a discretionary promotional incentive offered by us at our sole election. It is not a contractual right or entitlement, and we may modify, suspend, or end any Promotion at any time, including before its stated end date, without prior notice except where notice is required by applicable law. A change does not affect a Promotion Reward already credited to you.
2.2 Eligibility
To take part in a Promotion you must hold an Ethena Pay account in good standing, and be permitted to use the Services and to receive Rewards under the Terms of Use in the jurisdiction where you reside. In addition, you must meet any tier or other eligibility requirement stated for a specific Promotion in Section 3. A Promotion is not offered where offering it would be prohibited by applicable law, and is void where prohibited by law.
2.3 Limited Promotion Budget
Limited Promotion Budget. Each Promotion is funded from a limited budget set by Ethena Pay and/or third parties (the "Promotion Budget"). Promotion Rewards are available only while the Promotion Budget remains, and receipt of a Promotion Reward is not guaranteed. The Promotion Budget may be used up before the end of the Promotion Period. If that happens, the Promotion ends automatically for all participants at the time the Promotion Budget is exhausted, and no further Promotion Rewards will be issued, even if the Promotion Period has not ended.
Availability status. Ethena Pay will make reasonable efforts to provide information on the remaining availability of the Promotion Budget, and will tell you where to find it once it is available. That information is provided for convenience and may be delayed. Whether a transaction earns a Promotion Reward is determined when it settles.
Changes. Ethena Pay may modify, suspend, or end a Promotion by giving notice through the Services or on this page. Changes do not affect Promotion Rewards already credited to you.
2.4 Timing
A transaction qualifies for a Promotion only if it is authorized, meaning you make the payment, within that Promotion's period (its "Promotion Period"). Promotion Rewards are allocated in the order in which qualifying transactions settle (that is, are finally posted), not the order in which you initiate or authorize them. A transaction that is pending or authorized when the Promotion Budget is exhausted, but settles afterward, will not earn a Promotion Reward. A transaction that is declined, reversed, refunded, or otherwise does not settle is not eligible, and any Promotion Reward already credited for a transaction that is later reversed or refunded may be deducted or reversed. Qualifying transactions that settle after the Promotion Budget is exhausted earn standard cashback under Section 6.4 of the Terms of Use, subject to the eligibility requirements in that Section.
2.5 Relationship to standard cashback
Unless a Promotion says otherwise, a Promotion Reward replaces the standard cashback that would otherwise apply to the qualifying transaction under Section 6.4 of the Terms of Use; it is not paid in addition to it. The promotion crypto cashback is an AVAX-denominated reward that is valued at the Settlement Price as defined in Section 6.4(a) of the Terms of Use. The value of AVAX may change between settlement and the time you access, transfer, or sell your reward, and Ethena Pay is not responsible for any such change.
2.6 Promotions do not combine
A transaction can earn a Promotion Reward under one Promotion only, and a Promotion cannot be combined with any other promotion or offer unless we say so in its terms.
2.7 Reversals, fraud, and abuse
Promotion Rewards are Rewards for the purposes of Section 6.4(e) of the Terms of Use. If a qualifying transaction is later refunded, reversed, charged back, cancelled, or disputed, or we reasonably determine that a Promotion Reward was obtained through fraud, manipulation, multiple accounts, or any breach of the Terms of Use, we may cancel or recover the Promotion Reward as described there. Unless a Promotion says otherwise, a transaction whose Promotion Reward is cancelled or recovered still counts toward any per-member limit on that Promotion, and does not make the offer available again on a later transaction.
2.8 Third-party merchants
Where a Promotion is tied to a specific merchant or category, Ethena Pay alone offers it. The merchant does not sponsor or administer it and is not responsible for it, and merchant names are used only to describe which transactions qualify. All trademarks belong to their respective owners.
2.9 Not provided by the Card Issuer
Promotions form part of the Rewards Program described in Section 6.7 of the Terms of Use. They are offered and operated exclusively by Ethena Pay and are not sponsored, administered, endorsed, or guaranteed by the Card Issuer.
2.10 Taxes
You are solely responsible for determining and meeting any tax obligation arising from a Promotion Reward in your jurisdiction.
3. Current Promotions
3.1 Grab First-Ride Offer
| Feature | Details |
|---|---|
| Offer | 100% crypto cashback on your first qualifying Grab ride paid with your Ethena Pay Card, not to exceed $50 of crypto cashback |
| Promotion Period | 00:00 on 5 October 2026 to 24:00 on 12 October 2026, UTC+8. A ride qualifies if you make it within this period, even if it settles later (see Section 2.4) |
| Eligible cardholders | All cardholders in good standing, regardless of tier |
| Qualifying transaction | A Qualifying Card Transaction, as defined in Section 6.4(b) of the Terms of Use, solely for a Grab ride made during the Promotion Period and before the Promotion Budget is exhausted. GrabFood, GrabMart, GrabPay top-ups, and all other Grab services are excluded |
| One time and only one per cardholder | Only your first qualifying ride made in the Promotion Period earns the crypto cashback offer. Every later ride, and every other purchase, earns standard cashback subject to the Terms of Use |
| Rides over $50 | The first $50 of the ride earns 100% crypto cashback. The amount above $50 earns standard crypto cashback at your tier's rate |
| Minimum transaction | As for standard crypto cashback; see the Pricing Page |
| Standard cashback | The offer replaces standard crypto cashback on the first $50 of that ride; it is not paid in addition to it |
| Refunds | If your first qualifying ride is refunded in full or reversed, the corresponding Promotion Reward will be reversed and you will not be eligible for the Promotion Reward on a later ride. If it is refunded in part, we will reverse only the corresponding share of the Promotion Reward, and the offer still counts as used (see Section 2.7) |
| Budget | Limited. The offer ends for everyone when the Promotion Budget is used up, even if the Promotion Period has not ended |
Ethena Pay is not endorsed by, sponsored by, or affiliated with Grab or any of its affiliates. "Grab" and related marks are the property of their respective owners and are used only to identify qualifying transactions.
4. Past Promotions
There are no past Promotions.
5. Questions
If you have questions about a Promotion, contact us at support@ethenapay.co.