The Smart Investor has collected card information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.
Uber, the ride-sharing company, has partnered with Barclays to offer a no annual fee rewards credit card.
It’s a great credit card option for anyone to use but it’s especially beneficial for travelers and millennials thanks to the cash back perks geared towards dining out, streaming services, and travel/airfare.
Card holders can 5% Uber Cashback on Uber services, 3% on hotels, airfare, and restaurant purchases and 1% on all other purchases. Uber cash can be redeemed for services available on the Uber app, including rides, Uber Eats, and JUMP bikes and scooters. Plus, earn $100 Uber Cash after spending $500 on purchases in the first 90 days
The card has no annual fee.
On the other hand, there is no introductory APR on balance transfers or purchases and the ongoing APR rate (15.74% – 26.49%) is quite high.
Let’s dive into the features of this credit card further and how it compares to other credit card optiono
Uber Visa Card
On Uber’s Secure Website
Our Bottom Line
Credit Rating Requirements
Here’s a summary of the main pros & cons (click to see explanation or scroll down):
Uber Visa Card – Benefits
Let’s take a closer look at the benefits and drawbacks of the Uber Visa Card – and whether or not it’s right for your wallet…
The Uber Visa cardholders can 5% Uber Cashback on Uber services, 3% on hotels, airfare, and restaurant purchases and 1% on all other purchases.
Uber cash can be redeemed for services available on the Uber app, including rides, Uber Eats, and JUMP bikes and scooters.
Uber loyalists will benefit most from Uber app-centric perks. You’ll enjoy the ability to manage and redeem points using the Uber app to redeem rewards for Uber rides and UberEATS.
Cardholders can start redeeming cash back for Uber credits once their cashback balance reaches $5, or 500 points.
Another benefit you’ll love about Uber’s Visa Card is the $0 annual fee. This is a great benefit not having to worry about swiping the card enough to cover a yearly fixed payment!
Most other rewards card options (such as Capital One Venture Rewards or Chase Sapphire Preferred Card) have annual fees which can run as high as $197 per year, off-setting gains made on the cash back rewards programs.
Cardholders can swipe to pay for items and services overseas without incurring foreign transaction fees.
The lack of this fee combines with the 3% travel rewards bonus category to make the Uber Visa Card a good travel companion. Purchases made overseas also earn cashback rewards.
Uber Visa Card – Drawbacks
The Uber Visa Credit card does have a high-interest rate so if you carry a balance, you’re going to pay more in interest and it will cancel out the benefits you’re earning from the high rewards program. The Purchase APR rates for the Uber Visa card is 16.74%, 22.49% or 25.49% Variable
Lastly, Uber Visa has a $500 point redemption limit for a single day bank account transfer so if you plan to redeem more than 500 points or $500 in a single day, you won’t be able to. However, there is no limit for cash back redemption towards a statement credit or gift cards.
Alternatives to Uber Visa Card
Here are a couple of good alternatives for the Uber Visa card:
Bank of America Travel Rewards Credit Card is a straightforward rewards card that doesn’t shift spending categories for higher bonuses, offers flexibility with its travel rewards and simplicity for those who don’t want to jump through hoops in order to earn or spend their rewards.
It offers unlimited 1.5 points for every $1 spent on all purchases and 0% intro APR on purchases for 12 months. The card has no annual fee. Then 14.99% to 22.99% Standard Variable Purchase APR and 3% balance transfer fee.
In addition, you get 25,000 bonus points after spending $1,000 in the first 3 months of opening the card.
The Amazon Prime Rewards Visa Signature Card has great benefits for people who are avid Amazon shoppers. The card is offered through Chase Bank, and there is no annual fee.
With the Amazon Prime card, you earn 5% cash back reward on all Amazon purchases invluding whole foods market, 2% cash back on restaurant, gas, and drugstores, and 1% cash back on all other purchases.
In addition, you’ll get get a $70 Amazon gift card instantly upon credit card approval.However, you have to be an Amazon Prime member to hold the Amazon Prime Rewards Visa Signature Card, which has an annual fee of $119. The 5% rewards rate on all Amazon purchases is alluring for Amazon shoppers, but there are drawbacks and limitations to the card.
The alternative Capital One credit card is the Savor card, which offers an increased 4% cash back rate on dining and entertainment, 2% at grocery stores and 1% on all other purchases.
In addition, there is a significant sign up bonus of one-time $300 cash bonus once you spend $3,000 on purchases within 3 months.
However, the card comes at a cost of $95 per year for the annual fee. The ongoing APR is 15.99% – 24.99% and 3% balance transfer fee.
Is the Uber Visa Card Right for You?
Overall, the Uber Visa Credit Card is a great option that competes well against other major credit cards.
It’s high cash back rates on dining out, online shopping, and transportation (uber, travel, airfare) make it very appealing to shoppers who frequent these spending categories. The no annual fee and the no foreign transaction fee are additional perks you’ll enjoy that most other card options don’t offer.
Its downsides are the high interest rates and balance transfer fees if you carry a debt balance. There are also other credit card options on the market that offer 5% back on certain categories if you’re trying to find the highest cash back rates for credit cards.