In my recent cash back credit card comparison, the Uber Visa came in second place. However, that’s no longer the case because the Uber Visa receives a massive devaluation.
The Old Uber Visa
When I did my cash back card comparison, the Uber Visa had the following earning structure:
- 4% on restaurants, takeout, bars, and UberEATS
- 3% on airfare, hotels, and vacation home rentals
- 2% back on Uber, online shopping, and streaming services
- 1% on everything else
That’s an outstanding earning structure, especially from a card with no annual fee! I mean, you get the 4% on restaurants that the Amex Gold has, along with the 3% on some travel, somewhat similar to the Sapphire Reserve. Ironically, though, the Sapphire Reserve, at the time, earned more on Uber purchases than the Uber card. But not anymore.
The New Uber Visa
Barclays relaunched the Uber Visa with an all-new design, earning structure, benefits package, and new cardholder bonus. Now, honestly, I think the old Uber card design was *meh* while the new one is, well, odd. Overall it’s a nice, clean design, but I just don’t like the Visa logo in the upper left corner like that.
But what I think about how the card looks doesn’t really matter, does it? What’s most important is the card’s earning structure:
- 5% on Uber, UberEATS, and Uber Jump (electric scooter/bike rentals)
- 3% on dining, hotels, and airfare
- 1% on everything else
It’s important to note, though, that while you still earn a percentage of your purchases back, the Uber Visa no longer earns CASH BACK. Instead, the new Uber Visa earns UBER CASH. Ouch.
The other benefits of the new Uber Visa includes:
- Up to $600 for mobile phone damage or theft when you pay your mobile phone bill with your Uber Visa
- Uber Cash earned with the card transfers automatically to your Uber account when you earn $50 in Uber Cash
- No foreign transaction fee
Uber Visa Receives a Massive Devaluation, Final Thoughts
For those of you that currently have the Uber Visa, these changes don’t kick in till next year. If you apply for the card now, though, you get the new version right away. So if you have the old version of the card, enjoy the cash back earning the power of it while you can. But, when the card switches over, don’t expect to be able to do a product change.
As for the new card going forward, it’s a hard-pass for me. Though I use Uber, I don’t use them all that often. So, earning Uber Cash isn’t appealing to me. And even if it was still a cash back card, it’s earning power dropped from $669 annually from $723. That effectively makes the Citi Double Cash a better card, as it earns $676.80 under my assumptions.
H/T: Miles to Memories