This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. For an explanation of our Advertising Policy, visit this page.
Since Uber launched its credit card, it was only a matter of time before its main ride-sharing rival, Lyft, responded with something of its own. Today, Lyft is launching a rewards program for its business riders that will offer up to 10% back on their rides.
To enroll, you’ll first have to sign up for a Lyft business profile, if you don’t already have one, and opt-in to the program via the app or through email. A Lyft business profile really just allows for easier expensing to your company.
The next time you request a ride, make sure your app is set to “Business” mode, and from there everything will work the same as a normal Lyft ride, you’ll just now be able to earn Lyft credit.
The rewards are structured like so: For every five rides you take under your business profile, you’ll earn $5 in Lyft credit that will be deposited back into your personal account. Note that each ride under your business profile will need to cost $10 or more to qualify.
So if you took five rides at $10 each, for $50 total spent on Lyft, you’d receive one $5 credit. That’s a solid 10% return, but granted that percentage will drop the more your rides cost. You’ll be capped at $100 in credits, although you’d have to take 100 rides to hit that cap. To increase your earnings, make sure to use a travel rewards credit card like the Chase Sapphire Reserve or Capital One Venture Rewards Credit Card, which would earn you 3x or 2x points, respectively.
It appears that there isn’t any reason not to use your business profile for all your rides, so you can earn credits.
Lyft says it will gradually roll out the program over the coming weeks and will likely expand earning opportunities in the future. Uber, what say you?
Featured image by Jaap Arriens/NurPhoto/Getty Images.
With great travel benefits, 2x points on travel & dining and a 50,000 point sign up bonus, the Chase Sapphire Preferred is a great card for those looking to get into the points and miles game. Here are the top 5 reasons it should be in your wallet, or read our definitive review for more details.
- Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
- Chase Sapphire Preferred® named a 'Best Travel Credit Card' by MONEY® Magazine, 2016-2017
- 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
- Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
- No foreign transaction fees
- 1:1 point transfer to leading airline and hotel loyalty programs
- Get 25% more value when you redeem for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel.
- No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards