Uber Moves into Credit Card Business
Uber started with ride sharing, moved on to food delivery, took a stab at autonomous vehicles (still working on the kinks), and has no started on their newest venture: credit cards. Uber announced today, at the Money2020 conference in Las Vegas, their partnership with Visa and Barclays to start offering credit cards to their customers.
Pay for your UberEATS delivery with your new Uber credit card. Image Source: Quartz.
With the Uber owner, Travis Kalanick claiming the company has 40 million monthly riders, the net to cast Uber credit card holders is huge. With the holidays around the corner (cha-ching), the card will be available for application on November 2nd both online and in the Uber app itself. The process takes seconds and after processing the info alrady stored within the app, the new user will have access to the card immediately (for rides and UberEATS) – with a physical card being mailed a few days later.
Image Source: Uber.
Perks in 4, 3, 2, 1….:
– 4% back on restaurants, food, and bars (including UberEATS)
– 3% back on hotels and airfare (including AirBnB)
– 2% for online purchases
– 1% on anything else
– No annual fee
– $100 bonus after $500 spent within 3 months
– Phone insurance up to $600 (if card is used for phone bill)
– Points for Uber credits
– Cash back
The fine print…:
– Annual percentage rate – 15.99%
– Up to 21.74 and 24.74% depending on individual credit
– No upper limit on credit lines
Image Soure: Tech Spot.
With the new credit card Uber has access to a wealth of information about their customers at a very deep level. Similar to Amazon’s hold on their base, Uber will become a much more involved part of their customer’s everyday lives.
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