Lyft to Offer Free Bank Accounts and Rewards Debit Cards for Drivers
Lyft wants to increase driver earnings without increasing ride fares. The company recently unveiled a slew of new services that could help accomplish this.
Among the new opportunities is a no-fee bank account with a rewards debit card. Drivers could earn 4% cash back at restaurants, 2% cash back on fuel, and 1% back on grocery purchases when paying with their Lyft debit cards. The bank accounts would not have a minimum balance or maintenance fees. The company is working with Stride Bank on this project.
Another change would be an expansion to the existing Lyft Hubs. The hubs currently act as customer service centers, where drivers can go to have their questions answered in person or have their vehicles approved for use. These locations will be “evolved” to offer vehicle repair and maintenance services, such as low-cost oil changes. They will also feature rental cars that drivers can use when their vehicles are unavailable.
All of these programs are lumped under the term “Lyft Driver Services.” The program also includes rental car discounts, but those discounts are already being offered through Express Drive. With the Express Drive program, drivers can rent a vehicle and have the rental fees taken out of their earnings. There is no lease or long-term contract with the agreement, and the vehicles are equipped with insurance and standard maintenance services.
Lyft has not announced when these new services will officially be available for drivers.