Uber aims for loyalty reward credit card offering
Ridesharing leader Uber is branching out into banking with the launch of its own branded Visa credit card in partnership with Barclays, offering redeemable points on day-to-day purchases which can be redeemed against rides in the Uber app.
Uber launches reward credit card offering redeemable points on dining, travel & online purchases
The no-fee card will reward repeat riders with redeemable points worth 4% of expenditure on dining out in restaurants, bars and takeaways; 3% on any travel costs and 2% of any online purchase such as an Uber ride or other eligible online shopping and streaming services. A flat rate return of 1% will be offered on all other purchases.
Card owners can accumulate four points, each of which is worth one cent, for every dollar spent on dining - with the ability to redeem these for Uber credits by exchanging a minimum of 500 for $5. Card holders will be restricted to $500 worth of redemptions each day however.
Explaining the move Judy Zhu, Uberís head of strategic partnerships, said: "This isn't a card to rack up hundreds of thousands of points for a huge vacation. You are accruing and using on an ongoing basis."
Additional perks include a sign-up bonus of $100 if $500 is spent using the card within 90 days while $50 will be credited every year when online subscriptions such as Netflix or Spotify are taken out and $5,000 is spent using the card over the course of a year.
Mobile phone insurance of up to $600 will also be offered against damage and theft and members will be notified of exclusive events and offers in a number of US cities throughout the year - all offering additional customer incentives in the face of increased competition from Lyft.
Uber users will be able to apply for the card, which carries an annual percentage rate of between 15.99 and 24.74% from 2 November.