Revealed at the Money2020 conference in Las Vegas this past weekend, Uber will be joining the credit business November 2, 2017. Partnering with Barclay Bank and Visa, the travel company will offer a new credit card, full of bonuses and cash back rewards.
With this new endeavor, Uber will posses even more valuable consumer data. On top of having their travel records, they will also learn about their customer’s purchases and their shopping habits. All customer information already on file will be automatically included into the application process.
Consumers can apply for the new Visa credit card directly on the Uber app. It only takes a few moments, and once approved, it can be added to their Uber Wallet, and begin using it immediately for UberEats and Uber rides. The actual credit card will arrive in the mail about one week later.
“Our customers have busy lives — they are dining, traveling and shopping, and we want to make those experiences seamless and rewarding,” (Judy Zhu, Strategic Partnership at Uber).
Uber is offering a number of incentives for signing up for their no-fee credit card. A $100 bonus is offered after purchasing $500 in the first 90 days. A $50 annual credit for online subscriptions such as Amazon Prime, Hulu, or Netlfix, will be awarded if the customer spends $5,000 on the card in one year. Cash back rewards include: 4% on restaurant and bar purchases, 3% on airfare, hotel, and Airbnb purchases; 2% on all online shopping, including video and music streaming services; and 1% on everything else.
“The beauty is trying to enhance Uber loyalists’ experience”, said Denny Nealon, head of U.S. partnerships at Barclay Bank.