The Uber Visa Card was recently announced and will soon be available, positioning itself as a card free from fees that Millennials will love.
The credit card offers 4% back on restaurant visits, including UberEats, 3% percent on hotels and airfare, as well as 2% percent on online purchases, which includes Uber. As a result of using the card, rewards may be redeemed for credits that may be put towards either Uber or UberEats; alternatively gift cards or cash back are also options.
Some of the benefits that are offered to cardholders who spend a minimum of $5,000 annually include a $50 subscription credit that may be used with Spotify, Netflix or an Amazon Prime. Additionally, if a cardholder uses the credit card to pay their phone bill, Uber also promises to cover mobile phone theft and damage.
Why This Trend Is Growing
- Ridesharing Credit Cards
- The Uber Visa Card is a creative way of appealing to Millennials, who can benefit from cashback rewards and other special perks when using the card.
- Cashback Rewards
- The cashback rewards trend may prove to be a competitive advantage in the credit card industry.
- Mobile Payment Integration
- The inclusion of Uber as a category for online purchases offers a great opportunity for other mobile payments to create similar integrations with popular ride-hailing services.
Industries Being Reshaped
- Hospitality
- The hospitality industry may benefit from partnering with credit card companies to create rewards programs for restaurant visits, hotels, and airfare.
- Online Retail
- Online retail companies may begin exploring ways to incorporate cashback rewards as a form of customer loyalty and retention through online purchases.
- Mobile Telecommunications
- The mobile telecommunications industry may be motivated to create similar perks that reward customers for using their mobile payment options to pay for their phone bill.
