Uber Rolls Out a Credit Card
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What is the main topic discussed in this episode?
This is Your Money Matters from The Wall Street Journal.
Welcome to Your Money Matters. I'm Charlie Turner in New York. If you use ride-hailing services, your next credit card might say Uber. Uber Technologies is rolling out a credit card for its U.S. customers, and it's using BarclayCard, a unit of Barclay's, as the card issuer. Visa is expected to be the network for the card. And Uber's main rival, Lyft, is also said to be working on rolling out a credit card. Here to talk about the ride-sharing fight for your wallet is Wall Street Journal credit card reporter Anna Maria Andreoli. First, Anna Maria, when is the Uber credit card expected to be available to consumers?
That's expected to be available starting in the fall of this year.
When will Uber's new co-branded credit card launch and who is issuing it?
There aren't really details right now on what kind of benefits or rewards would be available with this. The card will be able to be used outside of Uber. So this will be a co-branded card that consumers will be able to use both when they are using Uber services, but also for other purchases that they're making.
And this could obviously help Uber lock in more customer relationships, especially as it fights against Lyft.
Correct. And so we are also hearing that Lyft is working on rolling out a credit card. That's according to some people familiar with the company's plans. And so it'd be interesting to see what kind of fight will occur there between the two companies. What's also very interesting here is that ride sharing is a relatively new sector in the credit card market. So the travel sector in the credit card market is quite big. But that has been dominated by airlines and hotels where there's a bunch of co-branded cards. This appears to be the first sort of real deal coming to market with a ride sharing co-branded card with the Uber one.
Aren't there also relationships with car rental companies?
So that's a little bit different because in this case, I mean, this is a different kind of industry. And really what's dominated in the travel sector haven't been those types of relationships, but rather the hotels, the airlines. And what's also been going on recently is that several credit card lenders have been trying to appeal to more millennials and have been using, have been tacking on loans. Uber services to their cards. So this gives us a general idea of how appealing this is to the credit card market. So for example, like American Express, its Platinum card, when the company revamped its rewards offering on that card earlier this year, One of the things it did is it added Uber credits to the card where card users would be able to get like $200 in Uber rides per year.
And that's something that the company has been talking a lot about in its efforts to attract millennials. And so what we're now seeing is this company is now trying to do its own thing. So that could have implications, one, for could we be seeing a new type of co-branded card, a new type of sector for credit cards? And also, I mean, would that maybe result in there being less appeal for other cards that are tacking on Uber services? So a lot of questions right now. However, it is quite interesting that it appears that a new type of co-branded card and sector is developing.
Right.
I'm speaking with credit card reporter Anna Maria Andriotis of the Wall Street Journal, and you're listening to Your Money Matters. Thanks for listening, everyone. Anna Maria, it seems like it's an interesting decision, I guess, for Uber to go with BarclayCard. It's not really the biggest card issuer. What is it, barely in the top 10?
So it's not the biggest card issuer.
What features are known so far and will the Uber card work outside the app?
It's not one that would come to mind for most people out there. But this is a company that has been growing in the U.S. And right now, they rank as the ninth largest U.S. card lender that's based both on purchase volume and balances. And in fact, the Barclay card should, it appears, maybe not be underestimated, not only given this win with Uber, but... They've had sort of a recent string of wins. They recently got the JetBlue credit card.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:02–0:48
2
When will Uber's new co-branded credit card launch and who is issuing it?
0:48–3:52
3
What features are known so far and will the Uber card work outside the app?
3:52–5:29
4
How could an Uber credit card help Uber compete with Lyft?
5:29–5:55
Speakers
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