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

Update: Some offers mentioned below are no longer available. View the current offers here.

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?