[DISCLOSURE: Cards from our partners are mentioned below.]
The sharing economy has been growing rapidly over the past several years. Start-ups like Uber and Lyft are providing everyone easier-to-use alternatives to cab companies. By being able to add your credit card information directly into an app, you can pay for your ride without even pulling out your wallet.
Many credit card issuers offer extra rewards on shared rides. Of course, you’ll want to pay these rides off in full; otherwise, those extra points will get eaten by interest. And you’ll want to read the fine print of any card you’re considering to be sure it’s a good fit for your wallet. Finally, you’ll want to check you credit. Most rewards credit cards require good credit to qualify and you don’t want to risk a hard inquiry, just to receive a rejection. (You can view two of your credit scores, updated every 14 days, for free on Credit.com.)
With that in mind, here are five credit cards to consider if you Uber everywhere.
1. Chase Sapphire Reserve
The Chase Sapphire Reserve card has quickly become one of the most popular credit cards available. One of the big reasons is because it offers 3x points on travel expenses, which include Uber and Lyft rides. The card will also award you 3x points on purchases made at restaurants and 1x on everything else. When you sign up for the Chase Sapphire Reserve card, you will receive 100,000 Ultimate Reward points after spending $4,000 within the first three months (the equivalent of $1,500 when you redeem those points through Chase’s travel portal).
While the card comes with a $450 annual fee, it could be worthwhile, depending on how you spend, since cardholders receive a $300 travel credit, access to over 900 airport lounges through Priority Pass, and a $100 statement credit to cover the Global Entry or TSA Pre-Check fee. The card carries a variable purchase annual percentage rate (APR) between 16.24% and 23.24%.
Also of note for potential Uber riders that have a Chase credit card in their wallet: Now through December 31, 2016, you can earn a free Uber ride up to $30 when you use a Chase credit card to set up an account with the ride-sharing company. (Just be sure to use the code Chase: Uber.)
2. Citi ThankYou Premier Card
When you use a Citi ThankYou Premier card (see full review here) to pay for an Uber or Lyft ride, you will receive 3x ThankYou points. You can also earn 3x points on other travel expenses, including the purchase of gas. You receive 2x points at restaurants and on entertainment, while all other purchases earn 1x points. Unfortunately, Citi ended the signup bonus that once came with the Citi ThankYou Premier card, but it does still have a lot of great shopping and travel benefits like purchase protection, extended warranty, car rental insurance, and trip cancellation/interruption insurance.
There is a $95 annual fee, but it’s waived for the first year. The card carries a variable purchase APR between 14.24% to 23.24%, based on creditworthiness. (Full Disclosure: Citibank advertises on Credit.com, but that results in no preferential editorial treatment.)
3. Starwood Preferred Guest Credit Card from American Express
For the past couple years, Uber and Starwood have been partnered up so that you can earn bonus Starpoints when you book rides with the car-sharing service. In addition to the one Starpoint that you would normally earn for using the Starwood Preferred Guest Credit Card, you can earn an additional Starpoint for every dollar spent with Uber. If you book an Uber while staying at a Starwood property, non-elite Starwood Preferred Guest members will receive two extra Starpoints per dollar spent. If you are a Gold or Platinum member, you will receive three bonus Starpoints.
With the Starwood Preferred Guest credit card (see full review here), you can earn up to 5x Starpoints when you use your card at Starwood properties. You can also receive 30,000 bonus Starpoints after spending $3,000 with your card in the first three months. As a cardholder, you will receive two stays and five nights each year towards Starwood Preferred Guest Gold elite status.
The card carries a $95 annual fee, waived the first year, and a variable purchase APR between 16.24%-20.24%.
4. Amex EveryDay Preferred Credit Card from American Express
When you use an Amex EveryDay Preferred Credit Card (see full review here) to pay for an Uber ride, you will receive 2x the Membership Reward points. Other American Express cards can earn 2x the points back on Uber rides through a partnership the issuer has with the ride-sharing service, but what makes the Amex EveryDay Preferred deal more valuable is the fact that each month that you make 30 or more purchases with your card, your point earnings will be increased by 50%. You will also receive 3x points when you use the card at grocery stores, 2x points at gas stations and 1x points on any other purchases. You can also receive 15,000 bonus Membership Reward points after spending $1,000 within the first three months.
There is an annual fee of $95, which is not waived the first year. The card carries a variable purchase APR between 13.24% and 23.24%, after a 12-month 0% introductory APR offer expires.
At publishing time, the American Express Starwood Preferred Guest credit cards are offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for these cards. However, this relationship does not result in any preferential editorial treatment.
Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.
Image: Michael Krinke