Lyft Launches Rewards Program Offering Up to 10% Back on Rides

Feb 27, 2018

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. Terms apply to the offers listed on this page. 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 points or 2x miles, 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.

Bank of America® Premium Rewards® Visa® credit card

This card from Bank of America gets really interesting if you have a BofA checking, savings or investment account. Depending on the value of your combined accounts you can potentially get as much as 3.5x points on travel/dining and 2.625x points on other purchases making it the richest consumer banking bonus out there.

Apply Now
More Things to Know
  • Receive 50,000 bonus points – a $500 value – after you make at least $3,000 in purchases in the first 90 days of account opening
  • Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points per $1 spent on all other purchases
  • If you're a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase
  • No limit to the points you can earn and your points don't expire
  • Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill accounts, or gift cards or purchases at the Bank of America Travel Center
  • Get up to $200 in combined airline incidental and airport expedited screening statement credits + valuable travel insurance protections
  • No Foreign Transaction Fees
  • Low $95 annual fee
Intro APR on Purchases
N/A
Regular APR
17.74% - 24.74% Variable APR on purchases and balance transfers
Annual Fee
$95
Balance Transfer Fee
Either $10 or 3% of the amount of each transaction, whichever is greater.
Recommended Credit
Excellent/Good

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.