Uber Just Announced Its First Credit Card!

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Forget about the classic way of paying for Uber, as the ride sharing app just announced its new credit card, after partnering with Barclays bank.

The card will be available starting with next month and riders can apply for it, using the app, starting with November 2, getting approved within a few minutes, while the card will immediately be added to their Uber wallets, says CNBC, citing a statement issues by the company. As for the physical rewards card, it will arrive in the mail, in around one week.

An attempt to keep clients closer, for a longer period

Basically, the plan is to eschew direct mailings, in favor of attracting Ubser’s 65 million monthly riders, with active accounts.

“The beauty is trying to enhance Uber loyalists’ experience,” said Denny Nealon, head of U.S. partnerships at Barclays.

Ever since 2000, when it was founded, the company kept expanding and their decision to join the battle for millennial credit-card holders doesn’t come as a surprise.

Several reports have proven that young people are willing to spell more than other generations on groceries and gas, as well as various experiences, such as dining out. Besides this, it’s the improving jobs markets, as well as the low unemployment rate, which have increased consumer confidence and boosted the overall demand for credit cards.

$500 on Uber in 90 days: is it a bit too much?

Back to the new Uber Visa card, it doesn’t have any annual fees, but it does offer a $100 bonus, if you manage to spend $500 on rides in the first three months.

But this is not everything, since it also includes other advantages. Specifically, you get 4 percent back on restaurants, takeouts and bars, UberEATS included. When it comes to hotels and airfare, including Airbnb, you get 3 percent back, while, finally, all online purchases, like video and and music streaming, like Spotify, will get you 2 percent back. You also get 1 percent back on any other purchases.

The card doesn’t have any foreign transaction fees, while the annual interest rate can vary from 16 percent to 25 percent.

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