Uber Introduces Uber Money

Wednesday, October 30th, 2019
Updated: October 30th, 2019
The content is accurate at the time of publication and is subject to change.

Yesterday, on October 28, Uber introduced their new team – Uber Money. According to the official website, it is supposed to work on financial products and technologies to let their customers access, manage, and grow money easier and faster. Uber is expected to develop several new features, as well as make enticing improvements to existing products this year. Let’s see what updates are already announced:

    • Uber Wallet

As the name suggests, the Uber Wallet is an Uber’s new digital wallet. It is to give new opportunities for tracking earnings and spendings, managing, and transferring money. Moreover, users will get to know about new financial products right in the Wallet. The feature is expected to become available in the Uber Driver, Uber and Uber Eats apps in the nearest future.

    • Uber Debit Card

Designed exclusively for Uber drivers the Uber Visa Debit Card from GoBank will be updated to return with a 3% to 6% cash back on gas. For the present, drivers can get 3% back on Exxon and Mobil gas when using a PIN at the pump and only 1.5% back at all other gas stations. The increased cash back will be available from November 1 as part of the new driver rewards program Uber Pro and will vary depending on the tier of the driver.

    • Uber Debit Account

In addition to the Uber Visa Debit Card, the Uber Debit Account, which is a GoBank checking account, will be also modernized and integrated into the Uber Driver app giving drivers and couriers real-time access to their earnings after every finished trip.

    • Uber Credit Card

The Uber Visa Card from Barclays has undergone some changes as well. To start with, now it is called Uber Credit Card. The second significant change applies to the rewards program. Earlier, cardholders could get 4% cash back on dining, 3% cash back on hotels and airfare, 2% cash back on online purchases, and 1% cash back on all other purchases. Now they can count on 5% back on all Uber purchases, but only 3% back on dining, hotels, and airfare, and the same 1% back on all other purchases. It also should be noted that regular cash back now turns into Uber Cash which is, in fact, a credit that can be redeemed for any Uber purchases starting from 1 penny.

New Uber Credit Card holders can already estimate these benefits. As for current card owners, they will be automatically switched only in the first half of 2020. Nevertheless, if you are not about to wait, you can simply contact the customer service to get upgraded now.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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