Benefits include mobile phone insurance and rewards for all purchases.
No annual fee, 4% back on dining and earn $100 after spending $500 in the first 90 days – many would think these benefits are the latest unique selling points from Amex, Mastercard or any other big financial giant. You would be wrong, however, as Uber makes a grab from the credit market.
Uber’s foray into financial services sees the ride-hailing app team up with Barclaycard US to launch a Visa credit card.
Boasting interest rates of between 16% and 24%, US Uber riders can apply for the card within the app and get credit approval in a number of minutes. Riders can then start using the card for Uber journeys immediately, with a physical credit card arriving via post a couple of days later.
However, what with all the negative press surrounding Uber, who is actually going to trust the app giant when it comes to finances? This is where Uber pulls out its ace card, with the credit card boasting a long list of rewards and benefits.
Rewards, which come in the form of Uber credit, gift cards or cash back, include an annual $50 subscription credit that can be used on services like Netflix, Spotify or Amazon Prime. In addition, cardholders also get coverage for mobile phone theft or damage, no foreign transaction fees and will receive invites to exclusive events like secret shows and dining experiences.
But wait, there’s more, with Uber saying in a statement:
“With the Uber Visa Card, you can earn rewards for all your purchases—and those rewards stack up even faster for things like grabbing dinner with a friend, booking your next trip, taking an Uber to work, or even shopping online.”
The card will only be available in the US for now, with people able to apply for the card starting November 2.
Of course, Uber is getting a whole lot more than just customer satisfaction from this new financial venture, with the ride-hailing app set to rake in a load more data than ever before. Not only will Uber be able to know where you are, where you are going, but it will now have insights into the finances and credit history of riders.
Indeed, partner Barclayard is already rubbing its hands together in the hope that access to more than 60 million Uber users will prove extremely lucrative when it comes to customer acquisition.