Uber and Lyft May Launch Co-Branded Credit Cards
The ride sharing companies Uber and Lyft may be entering the credit card market this fall. The Wall Street Journal said reports that Uber and Barclaycard are planning to release a credit card for riders in the United States in the next few months, though there is not much information yet about the card specs. Lyft is also working on a credit card deal, according to “people familiar with their plans.”
The Uber credit card will most likely be backed by Visa, and should be accepted anywhere Visa cards can be used. Chances are Uber will reward customers for using their credit cards to pay for rides. The rewards may add up to free rides in the future or discounts on each ride paid with by the card.
In the UK, Barclaycard already has a deal with Uber. New users can download the app, add a Barclaycard credit card as a payment method, and use a promo code to get a free £20 ride (about $26 USD). Then, every 11th ride is free for up to £15 (almost $20 USD), as long as all of the rides are paid for using a Barclaycard. The company could use a similar rewards structure after launching the Uber Barclaycard in the fall.
Don’t want to wait to earn rewards on the Uber credit card? Right now, you can earn $15 a month in Uber credits if you pay with The Platinum Card from American Express, as well as an extra $20 in Uber credits in the month of December. That adds up to $200 a year in Uber rides.