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In recent news, rideshare company Uber should start offering its own branded credit card to consumers in the United States by the end of Fall 2017 according to Fox Business.
In partnership with Barclaycard and potentially Visa, the Uber credit card would take its place as the first branded ride-sharing credit card. Rewards, benefits, fees, and other card details are yet to be heard, but it’s a safe guess to say the card will offer discounts to habitual Uber users. Supposedly, Lyft, a ride-share competitor, has its own plans to offer customers a branded credit card.
This moves indicates that Uber is growing considerably; in fact, Bloomberg pegged its net revenue at $6.5 billion by the end of 2016. Such growth clearly puts Uber firmly on the map as a transportation company, and now it’s starting to take a page out of the books from airline and hotel companies who often have their own credit card deals for customers.
This is not the first time that Uber and Barclaycard have tried working together. In the United Kingdom, Barclaycard partnered with Uber to offer joint customers benefits and discounts in the form of a free Uber ride (up to £15) after ten paid rides with a Barclaycard credit card. Additionally, Uber users who connected a Barclaycard to the Uber app earned a £10 rebate for their first two rides.
Will consumers sign up for the new Uber credit card? At any rate, plenty of people, especially Millennials, intend to use Uber consistently moving forward, making it more likely for the new credit card to see success. In a recent poll by LendEDU, the majority of Millennial Uber users plan of sticking with Uber for the future which would put them in a position to sign up for the Barclaycard offer.
Whether this card is successful remains to be seem. Updates to this story should come by the end of Fall.
Author: Andrew Rombach
Andrew writes engaging and informative content for readers looking to find information about topics such as student loans, credit cards, personal loans, and small business financing. Andrew’s work has been featured in Market Watch, Bankrate, The Penny Hoarder, and the Lacrosse Tribune.