Lyft Is Creating Its Own Credit Card
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An essential milestone for a company and brand is the moment it gets its own credit card. It signifies it's big enough that a bank is willing to put its brand and finances behind another institution.
The next big upstart to get its own charge card is ride-hailing company Lyft, the Wall Street Journal reports. Lyft will partner with Synchrony to create its own credit card that is expected to be "announced soon."
Last year, sources reported that Lyft was working on launching a credit card of its own, but it had not given any details about the card and what bank would issue the product.
Last November, Lyft competitor and ride-hailing giant Uber launched its own credit card in partnership with Barclaycard. Dubbed the Uber Visa Card, the product offers significant cash-back on a variety of categories including 4% back on dining, 3% back on airfare/hotels and 2% back on online purchases.
So far no details of Lyft's card have been released, so it's unclear if the card will offer cash back like Uber's product or some other form of points, maybe in the form of Lyft credits.
Synchrony is mainly an issuer of credit cards for large brick-and-mortar retailers like Gap, Sam's Club and up until recently, Walmart. It also issues store cards (which can only be used at the store itself) for a host of companies. Unfortunately, Synchrony cards aren't known for being exceptionally rewarding, so there's a good chance the Lyft card won't be a game changer.
Stacking this deal by using a credit card that's good for Lyft like the Chase Sapphire Reserve or Chase Sapphire Preferred Card can have you racking up points and miles quite quickly.
H/T: Doctor of Credit