Uber unveils a branded credit card

Uber unveils a branded credit card”

"The Uber Visa has an unusually generous rewards structure and lots of perks for a card with no annual fee", Kimberly Palmer of the personal finance site NerdWallet said.

Uber Technologies Inc and a unit of Barclays (LON:) plc are teaming up to offer a rewards-enriched credit card in the United States through the ride-service company's mobile phone app.

Curt Hess, chief executive officer of Barclaycard US, said the Uber card spending rewards were set high to attract customers and encourage them to favor it ahead of other cards that they may have.

The Chase Freedom card, the top-rated no-fee card from the credit card comparison site The Points Guy, gives up to 5% cash back or 5 points for purchases in some categories up to $1,500 spent and 1% back on all purchases, along with a $150 bonus after spending $500 in the the first three months.

You probably weren't expecting Uber to enter into the credit card business, but now it has. Finally, there's a 1-percent back bracket for everything else. While points don't expire, Uber isn't allowing them to be transferred or gifted to others. "You are accruing and using on an ongoing basis". Alternatively, you can redeem up to the same amount in a direct bank deposit. But tracking of points is created to be in real time and at users' fingertips. "We partnered with Barclays to design a credit card that is not only custom-tailored to reward our customers' everyday lifestyle, but is also fully integrated into the Uber app experience".

The card is designed for rapidly-accrued, incremental rewards instead of big ticket items; quick rides instead of long flights.

As such, the card has several "the way we live now" perks. For instance, there's a $50 annual subscription services credit which can go to cover Spotify, Apple Music, or other such products.

If you opt to pay your cellphone bill via the card, Uber will cover up to $600 in phone damage or theft each year. The card doesn't charge foreign transaction fees, a must-have feature for frequent travelers.

Airfare, hotels, and vacation home rentals qualify for 3-percent back, while online purchases get 2-percent back.

Like many credit cards there is a sign up bonus.

One prevailing trend in credit cards right now is that people are looking for a flexible and simple experience, according to Matt Schulz, senior industry analyst at

The application is embedded in the Uber app so that you can apply while you ride.

"Through our partnership with Uber and Visa, we have created one of the most innovative and modern payment experiences in the market", said Denny Nealon, head of USA partnerships, Barclays. If you're interested, sign-ups begin on November 2.

The card comes with an annual percentage rate of 15.99% to 24.74%, depending on your credit worthiness.

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