are there any cards that accept ETH directly instead of just stablecoins?

Every card wants usdt or usdc. I hold eth and don't want to swap every time I need to spend.

The volatility argument is valid for the issuer, but they could do instant swap at load time. I'd rather pay the swap fee than manage a stablecoin position.

You're asking for the issuer to take ETH volatility risk. That's why they don't do it.

Asset	Volatility (30d)
ETH	±12%
USDT	±0.01%
USDC	±0.01%

If you load $500 in ETH and it drops 10% before you spend it, the issuer is short $50. They're not in the speculation business.

Instant swap at load time. They swap it to usdc immediately after I send eth. I pay the swap fee and they hold stablecoins.

Then swap it yourself before loading.

You're asking the issuer to add complexity so you don't have to manage your own portfolio. The operational overhead of supporting multiple chains and assets is not free.

use uniswap