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Several readers have asked me about the newly refreshed Uber credit card.
If offers $100 of Uber credit after spending $500, 3% back in Uber credit on dining, hotels, and airfare, and 5% back in Uber credit on Uber rides and Uber Eats.
On paper that might sound good. But it’s a dud.
There are often deals we post for 10% or 20% off Uber gift cards. You can also save big via Amazon promotional offers when redeeming 1 point. Those offers significantly lower the value of earning credit card rebates in the form of Uber credit.
Additionally if there are no current offers for Uber credit, you can always use a Chase Ink Business Cash Card to buy Uber gift cards from an office supply store. That will earn 5 Ultimate Rewards points per dollar spent, which can be cashed out for a minimum of 5% cash back, which beats 5% back as Uber credit.
Or better yet, if you, an authorized user, or anyone in your household has or will get a Chase Sapphire Preferred, Chase Sapphire Reserve®, or Chase Ink Business Preferred you can transfer those points into airline miles or hotel points or use them for paid travel with a 25% or 50% bonus, and they will be worth significantly more than 5% back! You can read more about buying gift cards with an Ink Cash card here.
3% back on dining, hotels, and airfare also sounds good, but once again you’re locked into getting it back as Uber credit, which isn’t really worth the full 3%. You’ll do better earning 2 or 3 Ultimate Rewards points per dollar for those categories on a Chase Sapphire Preferred, Chase Sapphire Reserve®, or Chase Ink Business Preferred card.
The card comes with $600 of cell phone insurance, but only if you use the card to pay your monthly phone bill. You would only earn a measly 1% in Uber credit for that spending versus earning 5 points per dollar on Chase Ink Business Cash Card. Or you could get cell phone insurance and 3 points per dollar on the Chase Ink Business Preferred card.
If you have the old Uber card you’ll be notified and switched over to the new program.
Do you plan on getting the new Uber card?