Uber Visa Card Review Pros and Cons
The Uber Visa card is a co-branded credit card. Uber is officially the first ride-sharing company to offer a co-branded card with the Uber Visa. They partnered up with Visa and Barclays to create a card with specific spending habits in mind. If you’re curious about whether this card is a good fit, take a look at this Uber Visa card review. We’ll outline the pros and cons below.
Uber Visa Pros
1. Generous Rewards
The Barclays Uber card comes with very generous rewards. Every dollar you spend at restaurants, bars, on takeout, and on UberEATS earns you four-percent back. Hotel stays, vacation home rentals, and airfare earn you three-percent back. Subscription services and online purchases get you two-percent back. Finally, you get one-percent back on everything else. Each percent equals one cent.
2. No Annual Fee
This is a rewards card with generous rewards and no annual fee. Every cent you earn with the Uber Visa credit card is profit for you. So if you use it every day, you can quickly earn a lot of rewards. Additionally, you won’t have penalties for using it sparingly. It fits for both avid and moderate users.
3. Subscription Service Credit
This card rewards cardholders who spend at least $5,000 per calendar year. This works out to $417 per month. If you do, you’ll get a $50 credit. You can use this credit for digital subscriptions. For basic Netflix, this is five months of coverage. You’ll get an automatic credit once you spend at least $5,000.
4. Cellphone Coverage
Since Uber uses cellphones to connect with their clients, it makes sense that cardholders get cellphone coverage. All you have to do to get this coverage is pay your cell phone bill with your Barclays Uber card. If you do, you’ll get up to $600 in coverage. This cellphone coverage includes theft and damage.
5. No Foreign Transaction Fee
You can travel with the Uber Visa. This card doesn’t have a foreign transaction fee attached to it. You can use this card all over the world with no excess fees. So this is excellent news for people who plan to travel. It’s a Visa as well, and this increases the acceptance rate all over the world.
6. Access to Events
Everyone wants to get VIP treatment and early access to events. This is what you’ll get with the Uber Visa. You get early access to ticket sales and events. Additionally, venues in major cities throughout the United States count. Use it in Los Angeles, New York, Chicago, San Fransisco, and the District of Columbia.
7. Credit Score Monitoring
Getting the Uber Visa credit card gives you access to credit score monitoring. They’ll automatically email you if your credit score changes. This allows you to monitor for fraudulent purchases or activity. You’ll also know if your score goes up or fluctuates either way.
8. Bonus for Signing Up
You have to spend $500 in the first three months of opening the card to get the bonus. The bonus is 10,000 points. This works out to $100, and it’s pretty generous for this reward card. As long as it aligns with your normal spending habits, it could be worth it.
Ridesharing Reward Credit Cards Offering Cash Back
Now there are many popular reward credit cards that earn rewards on ridesharing. Ridesharing credit card rewards is a new emerging category in credit card rewards. Learn more on the 4 best credit cards for ridesharing, including this review on the Wells Fargo Propel Card. Find a reward card that can help you earn more rewards on ridesharing and other popular categories such as dining.
Uber Visa Cons
1. Higher Interest Rate
This is a rewards card, so it makes sense that it has a higher interest rate. It starts at 17.24-percent. The interest rate goes to 22.99-percent and 25.99-percent. The lower your credit score is when you apply, the higher your interest rate will be. It’s also variable. This means that it can go up if you miss a payment.
2. Uber Credit Restrictions
You have to earn at least 500 points to redeem your Uber points. This only amounts to $5.00 per redemption. There are also restrictions on how many points you can convert per day. You have a maximum conversion cap of 50,000 points per day. This amounts to $500 in rewards. If you let them pile up, you’ll have to redeem over several days to get them all.
3. No Introductory APR Rate
Some credit cards offer you an introductory APR that lasts for 12 to 18 months. So this includes anything you buy within this time frame. The Uber Visa does not offer this. You’ll pay whatever interest rate you get starting on month one. This also means that it could be unwise to make large purchases with this card.
4. Credit Requirements
This card has strict credit requirements that shuts out a lot of potential cardholders. You have to have an excellent credit score to qualify for this card. If you don’t, they will most likely deny you when you apply. So to make matters worse, a denial can drop your credit score a few points. Also, any credit inquiries stay on your credit report for up to two years.
5. Balance Transfer Fee
There is also no introductory offer for balance transfers. You’ll have to pay a fee for every balance transfer you make to this card. It’s either $10 or three-percent of the amount of each transfer you make. You’ll also pay interest on these balance transfers right when you make them. This makes this card not ideal for anyone who wants to make balance transfers.
Bottom Line on the Uber Visa Card
The Uber Visa is a great ride-sharing card. If you routinely use Uber and want generous rewards, this card could be a good fit. Finally, we encourage you to take a look and make this Visa Uber credit card from Barclays work for you.