Uber has officially announced its first branded credit card, in partnership with Barclays bank. The move makes sense as branded credit cards have long been a strategy to increase customer loyalty.
While the financial side of branded credit cards can be nice, the main focus here is customer loyalty. As you already know, Uber has had a bit of a rocky year or so. The massive company still dominates the ride-sharing industry but its main competitor, Lyft, is growing at a rate that should (and does) scare them.
After countless employment court cases, PR stories that made users #MadOnline, and a change at CEO, Uber is looking to dominate your phone and your wallet. The card is clearly targeted at millennials, which makes sense because that’s Uber’s primary customers and the same generation that is driving the credit card industry back to pre-2008 crash rates.
On top of credit card points being redeemable for Uber credit (redeemable for rides or UberEATS), the card offers 4% percent back on restaurants, 3% back on travel, 2% back on online shopping, and 1% back on everything else.
Let’s be honest, you’re probably already running up your credit card bill with Uber rides. So, the card certainly seems worth a look. If you want to apply, you can do it in the app and start charging rides your new Visa within minutes.