Uber to launch a credit card with Barclays in the US
The ride-sharing company is taking its business off the road and into wallets.
Gone are the days when we only thought of Uber as a way to get us home on a night out and then deliver us food the next morning. The ride-sharing company has partnered with British bank Barclays to launch a credit card in the US this year.
There have been rumours that Uber was looking to enter the credit card space for a while, but the partnership was confirmed during Barclay’s earnings call on Friday.
Uber will be the first of the ride-sharing companies to have a co-branded credit card on the market. Not only will this create another revenue stream for Uber, but it will also be a useful way to strengthen customer loyalty.
No specific details about the card have been released, but it's rumoured to be a Visa product. There have also been guesses that the card will include return on spend in the form of Uber credits, bonus Uber credits on sign up and a bonus category for Uber purchases.
Although it will be be the first credit card of its kind, this isn’t the first time we’ve seen Uber buddy up with banks to offer cardholders extra perks. In the States, Uber worked with American Express to give Platinum customers a $200 annual credit. And in Australia, Westpac partnered with Uber to reward customers with $20 off every third Uber ride when they apply for the Westpac Altitude credit card and sign up for the ride-sharing app by 31 December 2017.
Although Uber hasn’t announced any plans to roll out credit cards in Australia, we assume it will only be a matter of time before it does if this partnership with Barclays goes well.