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Big changes announced for the Uber Credit Card. Here’s what to know.

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Uber announced major updates to the perks offered by its Uber Credit Card this week, which is designed to put more emphasis on the “Uber” part of the card.

The relaunched Uber Credit Card offers cash back rewards in the form of Uber Cash, which can be redeemed and spent within the Uber apps for services such as UberEats, Uber and JUMP rides. The previous Uber Visa credit card offered points that could be redeemed for cash back and gift cards in addition to Uber credits.

New applicants can start taking advantage of these updates immediately, while current holders of the Uber Visa credit card will see the changes in 2020, depending on their account opening date and account status. Current cardholders should keep an eye out for an email from Uber with more details.

If you’ve been considering the Uber Credit Card or currently have it, now is a great time to look at the new benefits and see how these changes might affect you.

Want to know more?

What’s changing?

The biggest change to the Uber Credit Card is that instead of earning cash back with the card, you’ll now earn Uber Cash, which can be redeemed and spent within the Uber apps for services such as Uber rides, UberEats and JUMP rides.

The rewards structure is also changing. Here’s how the cash back program worked with the old Uber Visa credit card:

  • 4% cash back on purchases at restaurants and bars, and on takeout and UberEats
  • 3% cash back on airfare, hotels and homestay (like Airbnb) purchases
  • 2% cash back on online shopping, streaming services and Uber purchases not covered by higher rewards tiers
  • 1% cash back on all other purchases

With the relaunch of the revamped Uber Credit Card, here’s how the Uber Cash back program breaks down:

  • 5% back in Uber Cash for every $1 spent on purchases made through Uber apps
  • 3% back in Uber Cash for every $1 spent on purchases made at restaurants, hotels, vacation rentals and airfare
  • 1% back in Uber Cash for every $1 spent on all other purchases

While the old Uber Visa credit card offered just 4% cash back for UberEats purchases and 2% back when you paid for other Uber services not covered by higher rewards tiers, the relaunched card prioritizes the Uber-related rewards people can earn with the card.

Though, there are a few things that will remain the same with the new card, too. Here’s an overview of some of the features that are not changing with the updated Uber Credit Card.

  • No annual fee
  • No foreign transaction fees
  • Up to $600 in supplemental insurance coverage against damage or theft of your mobile phone when you pay your bill with your card

And finally, the Uber Credit Card now has a slight change to its sign-up bonus: You can now earn $100 in Uber Cash after spending $500 on purchases with the card within the first 90 days of account opening. Previously, you could earn 10,000 points, which you could redeem for a statement credit, gift cards or Uber Cash.

What to keep in mind with the updated Uber Credit Card

For those who are avid Uber, UberEats or JUMP users, the changes to the Uber Cred Card may make the card more useful. But if you relied on this card for its competitive cash back rewards at restaurants and bars and don’t frequently use Uber services, the new changes may make the card less useful.

If you do sign up for the card, make sure you also read all of the card’s terms and conditions carefully to be informed about the card’s offerings. And take note of the APR, which currently a variable 17.49%, 23.49%, or 28.24% on purchases and balance transfers — based on your creditworthiness — which is on the higher end for credit card APRs.

About the author: Paris Ward is a content strategist at Credit Karma, providing readers with the latest news that will aid their financial progress. She has more than a decade of experience as a writer and editor and holds a bachelor’s… Read more.