Uber launches credit card
25 October 2017 | 16637 views | 2
Ride-hailing app Uber is pushing further into the financial services sphere, teaming up with Barclaycard US to launch a rewards-heavy Visa credit card.
From next month, US riders can apply for the card from within the Uber app and get a decision on their credit worthiness within minutes. They can then start using the card for Uber rides immediately, with a physical version arriving a few days later.
The no annual fee card will have interest rates of between 16% and 24% and come with a host of benefits, including four per cent back on dining transactions (including on UberEats), three per cent on hotels and airfares, and two per cent on online purchases, including Uber rides. Rewards can come in the form of Uber credit, gift cards or old-fashioned cash back.
In addition, people who spend $500 in the first 90 days will get $100 back and those that pay out $5000 on the card in a year get a $50 subscription credit on services like Netflix and Spotify. Other perks include mobile phone insurance and invites to exclusive events like secret shows.
Uber says the deal helps it to embed more deeply into customers' lives, giving it a wealth of data. Meanwhile, Barclaycard hopes that access to more than 60 million Uber users within the app will prove a more effective customer acquisition strategy than direct mailing.