July 31, 2017
Uber is Launching a Credit Card this Fall
Uber and Barclaycard are partnering to launch a brand new credit card this fall. The Wall Street Journal is reporting that it will be a Visa branded card. We don’t have a whole lot additional details. Ride-sharing app Lyft is also reportedly working on its own credit card.
This doesn’t come as much of a shock, and I’m a bit surprised it took this long for these giant companies to issue their own credit cards. Aside from making money off credit card transactions, Uber and Lyft also stand to gain increased customer loyalty and spending on their platforms by having their own credit cards. Interestingly, there’s already a credit card on the market that offers perks for Uber riders. The Platinum Card from American Express offers an annual $200 Uber credit. An Amex spokesman has already confirmed that this benefit will continue after the new credit card launches.
Barclays has been gaining a lot of business in the US credit card market lately by launching a series of co-branded cards. None of the perks and fees about the Uber credit card have been announced yet. As a basis for reviewing any new credit card, here’s our basic guide to what to look for in credit cards. The new card would have to offer substantial perks or points to get me to switch my Uber spending from my Chase Sapphire Reserve, which offers 3X Ultimate Rewards per $1 on all travel spending.
H/T: Wall Street Journal