Uber VISA rewards cut

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Jags4186
Posts: 4100
Joined: Wed Jun 18, 2014 7:12 pm

Re: Uber VISA rewards cut

Post by Jags4186 » Tue Oct 29, 2019 3:16 pm

cowbman wrote:
Tue Oct 29, 2019 12:26 pm
EXCEPT...The Premium Rewards card allows you to redeem for cash while the free one does not. Also, the annual fee is easily offset by the airline credit and Global Entry credit.
Once a year book a refundable plane fare.
Redeem Travel Rewards to offset charge.
Cancel flight.

H-Town
Posts: 2277
Joined: Sun Feb 26, 2017 2:08 pm

Re: Uber VISA rewards cut

Post by H-Town » Tue Oct 29, 2019 3:31 pm

Eric wrote:
Mon Oct 28, 2019 4:41 pm
This was one of the best cash-back cards for dining, but unfortunately the rewards were too rich to last. I just received an email from them explaining that they will no longer pay rebates in cash (just "Uber Cash" redeemable for "Uber rides, Uber Eats, or rides with JUMP bikes and scooters"). They're also cutting the rebate percentage for restaurants and bars to 3% and cutting the rebate percentage for online purchases to 1%. More information below, from their email:
Good things never last. Oh well... it's been a great card.

ThePrince
Posts: 411
Joined: Sun Aug 20, 2017 9:15 pm
Location: U.S.A.

Re: Uber VISA rewards cut

Post by ThePrince » Tue Oct 29, 2019 4:27 pm

HomeStretch wrote:
Mon Oct 28, 2019 4:57 pm
Thanks for sharing. Reducing the dining rewards, eliminating the subscription benefit and eliminating cash back are significant negative changes. This card just dropped off my “must have” list even if it retains the cell phone insurance.
Agreed. I’ll likely call and cancel the card. It was great while it lasted.

SrGrumpy
Posts: 1193
Joined: Wed Aug 05, 2015 3:21 pm

Re: Uber VISA rewards cut

Post by SrGrumpy » Tue Oct 29, 2019 4:29 pm

I'll cancel, but keep it in my wallet. I enjoyed flashing it to friends who hate Uber.

HEDGEFUNDIE
Posts: 3973
Joined: Sun Oct 22, 2017 2:06 pm

Re: Uber VISA rewards cut

Post by HEDGEFUNDIE » Tue Oct 29, 2019 7:46 pm

If anyone is looking for a replacement card with no annual fee, check out the Sears ShopYourWay MasterCard

5% on gas
3% on restaurants and grocery
(up to $10k in spend)

And it has regular promotions too. Right now they’ve upped the categories above to 10% back for the rest of the year (up to $1,200 spend/month).

cowbman
Posts: 120
Joined: Sat Jan 14, 2017 2:10 pm

Re: Uber VISA rewards cut

Post by cowbman » Tue Oct 29, 2019 7:59 pm

Jags4186 wrote:
Tue Oct 29, 2019 3:16 pm
cowbman wrote:
Tue Oct 29, 2019 12:26 pm
EXCEPT...The Premium Rewards card allows you to redeem for cash while the free one does not. Also, the annual fee is easily offset by the airline credit and Global Entry credit.
Once a year book a refundable plane fare.
Redeem Travel Rewards to offset charge.
Cancel flight.
Hotels can be used too, but not everyone wants to deal with it.

SrGrumpy
Posts: 1193
Joined: Wed Aug 05, 2015 3:21 pm

Re: Uber VISA rewards cut

Post by SrGrumpy » Tue Oct 29, 2019 8:28 pm

HEDGEFUNDIE wrote:
Tue Oct 29, 2019 7:46 pm
If anyone is looking for a replacement card with no annual fee, check out the Sears ShopYourWay MasterCard

5% on gas
3% on restaurants and grocery
(up to $10k in spend)

And it has regular promotions too. Right now they’ve upped the categories above to 10% back for the rest of the year (up to $1,200 spend/month).
I don't believe cash back is an option, though? I signed up with Shop Your Way via Gas Buddy, all my points expired somehow, and I get spammed with emails for which there is no Unsubscribe option. TBH I did not realize Sears was still a thing.

Correction. I can unsubscribe from emails. But I want to break up completely, which requires a phone call.

GoPackGo
Posts: 46
Joined: Wed Dec 23, 2015 1:26 pm

Re: Uber VISA rewards cut

Post by GoPackGo » Tue Oct 29, 2019 8:50 pm

Another option is the Chase AARP Credit Card.
  • 3% groceries
  • 3% gas stations
  • 1% anything else
You don't need to be an AARP member. I like this over the Wells Fargo Propel because there is no minimum on the rewards redemption amount on the Chase card, while the Wells Fargo card has a $25 minimum in $25 increments restriction.

cowbman
Posts: 120
Joined: Sat Jan 14, 2017 2:10 pm

Re: Uber VISA rewards cut

Post by cowbman » Tue Oct 29, 2019 10:06 pm

GoPackGo wrote:
Tue Oct 29, 2019 8:50 pm
Another option is the Chase AARP Credit Card.
  • 3% groceries
  • 3% gas stations
  • 1% anything else
You don't need to be an AARP member. I like this over the Wells Fargo Propel because there is no minimum on the rewards redemption amount on the Chase card, while the Wells Fargo card has a $25 minimum in $25 increments restriction.
For those that are eligible, Navy Federal has the More Rewards American Express which offers 3% on supermarkets, gas, transit, and restaurants, and 1% elsewhere with no annual fee, foreign transaction fees, balance transfer fees, or cash advance fee.

runswithscissors
Posts: 10
Joined: Mon Sep 23, 2019 2:25 am

Re: Uber VISA rewards cut

Post by runswithscissors » Wed Oct 30, 2019 12:20 am

deanmoriarty wrote:
Tue Oct 29, 2019 12:23 pm
runswithscissors wrote:
Tue Oct 29, 2019 12:18 pm
I apologize if this is a dumb question... but I'm assuming you would need a spouse as an additional card holder (under a totally different credit card account but same BoA/Vanguard account) in order to have multiple BoA Cash Rewards cards to raise the $2,500 quarterly cap on 5.25% CB. And even then it would be limited to two cards in two rewards categories. Each card would have a $2,500 quarterly cap allowing up to $5,000 per quarter in 5.25% CB spending. How does one have four similar cards?
You are assuming wrong. At https://www.bankofamerica.com/credit-ca ... dit-cards/ you will see that there are 5 different no-fee cards with the same exact benefits: Bank of America® Cash Rewards, Susan G. Komen® Cash Rewards, MLB®, World Wildlife Fund, U.S. Pride®. So, exactly like I have multiple Citi cards or multiple Chase cards, over the span of a couple years I opened 4 different BOA cards and I use each of them for a separate category, occasionally rotating them if I exceed the spending in a quarter.
Thank you for that information. I did not realize BoA offered different cards with nearly identical CB cards.

Currently I am using Alliant's 2.5% CB card with no limit but $99 AF. I spend roughly $70K annually on my card netting about $1,650 in CB after the AF (2.35% effective CB). I was aware of the 2.625% CB with the >$100K in BoA/Vanguard account but I am currently earning a little over 2% in an online savings account (FDIC insured) on my cash holdings. I am currently in a cash position and don't plan to change this in the near future.

If I moved $100K to BoA/Vanguard, is it possible to earn ~2% with almost no downside risk in this account? I am currently earning about $2,100 annually on every $100K chunk sitting in my risk-free savings account. Earning 5.25% on a couple categories would be nice but I don't want to give up current interest income to increase my cash back by what is likely to be about $500 in additional CB annually.

BeneIRA
Posts: 690
Joined: Sat Nov 29, 2014 8:43 pm

Re: Uber VISA rewards cut

Post by BeneIRA » Wed Oct 30, 2019 8:26 am

geospatial wrote:
Tue Oct 29, 2019 9:32 am
I've primarily been using this card for dining and sporadic travel costs. This feels like a delayed bait and switch, and I'm starting to think the credit card industry as a whole may be trying out the idea of teaser benefits for a year or two before cutting back. A lot of the benefits of the Citi DoubleCash card were recently cut as well. Kinda hoping a mass exodus from the Uber card will serve as a warning to the companies that this kind of behavior won't be tolerated by the consumers.
That's pretty much what it is, but I wouldn't think their intentions are nefarious necessarily. As much as I dislike Barclays, they are just not a very good credit card company, not necessarily evil geniuses. Their plan was to suck everyone in with pretty great benefits on a no annual fee card while changing the benefits later? People probably used it exclusively for dining and little more than that and Barclays took a loss. They needed to shore up their losses, so cut benefits. These are the same geniuses that brought us a card, the Arrival+ that had one use, as a churnable card to gain $500-$700 in the first year and then cancel. They then thought the Arrival Premier was a good idea and they canceled that a few months after launch. They lose the Apple card contract. They have no idea what they're doing and I think they've finally realized they're clueless and are pulling out slowly from the U.S. credit card market.

cowbman
Posts: 120
Joined: Sat Jan 14, 2017 2:10 pm

Re: Uber VISA rewards cut

Post by cowbman » Wed Oct 30, 2019 8:37 am

runswithscissors wrote:
Wed Oct 30, 2019 12:20 am
deanmoriarty wrote:
Tue Oct 29, 2019 12:23 pm
runswithscissors wrote:
Tue Oct 29, 2019 12:18 pm
I apologize if this is a dumb question... but I'm assuming you would need a spouse as an additional card holder (under a totally different credit card account but same BoA/Vanguard account) in order to have multiple BoA Cash Rewards cards to raise the $2,500 quarterly cap on 5.25% CB. And even then it would be limited to two cards in two rewards categories. Each card would have a $2,500 quarterly cap allowing up to $5,000 per quarter in 5.25% CB spending. How does one have four similar cards?
You are assuming wrong. At https://www.bankofamerica.com/credit-ca ... dit-cards/ you will see that there are 5 different no-fee cards with the same exact benefits: Bank of America® Cash Rewards, Susan G. Komen® Cash Rewards, MLB®, World Wildlife Fund, U.S. Pride®. So, exactly like I have multiple Citi cards or multiple Chase cards, over the span of a couple years I opened 4 different BOA cards and I use each of them for a separate category, occasionally rotating them if I exceed the spending in a quarter.
Thank you for that information. I did not realize BoA offered different cards with nearly identical CB cards.

Currently I am using Alliant's 2.5% CB card with no limit but $99 AF. I spend roughly $70K annually on my card netting about $1,650 in CB after the AF (2.35% effective CB). I was aware of the 2.625% CB with the >$100K in BoA/Vanguard account but I am currently earning a little over 2% in an online savings account (FDIC insured) on my cash holdings. I am currently in a cash position and don't plan to change this in the near future.

If I moved $100K to BoA/Vanguard, is it possible to earn ~2% with almost no downside risk in this account? I am currently earning about $2,100 annually on every $100K chunk sitting in my risk-free savings account. Earning 5.25% on a couple categories would be nice but I don't want to give up current interest income to increase my cash back by what is likely to be about $500 in additional CB annually.
I'm not sure why you keep saying "BoA/Vanguard." Vanguard doesn't have a relationship with BoA. Merrill does. You may keep any assets with Merrill or Merrill Edge of $100k + to receive BoA Preferred Rewards Platinum Honors status. This can be cash, securities, etc. I assume you are holding VMMXX as you say, you are earning ~ 2% on 100K cash. Merrill Edge doesn't offer this option, but they have the Preferred Deposit and some other MMAs.

https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf

You could also purchase something like SHV (iShares Short-Term Treasury Bond ETF), as Merrill provides free trades with BoA Preferred Rewards Gold or higher status.

essbeer
Posts: 202
Joined: Sat May 09, 2015 6:23 pm

Re: Uber VISA rewards cut

Post by essbeer » Wed Oct 30, 2019 10:09 am

MileKing wrote:
Mon Oct 28, 2019 7:59 pm
The Uber VISA email about the changes reads: "When you earn rewards with your Uber Credit Card, starting with your billing period in February 2020, they’ll come in the form of Uber Cash." My bill cycle runs the 6th of the month thru the 5th of the following month so I'm interpreting the February billing period as running from January 6 - February 5, and thus would need to redeem and stop using card before January 6. Do you interpret the email differently?
This is correct, I verified it.

I think the lesson here is SUBs > rewards.

User avatar
mws4ua
Posts: 4
Joined: Thu Feb 14, 2019 2:39 pm
Location: Birmingham, AL

Re: Uber VISA rewards cut

Post by mws4ua » Wed Oct 30, 2019 10:27 am

This card was great while it lasted. Not just the dining rewards, but you also got a $50 credit for streaming services annually.

The insurance was one of the best aspects of this card. Bill your cell phone to the card and get $600 of phone insurance. When I saw the change to the dining rewards and cash back -> Uber cash I figured I would keep Netflix and ATT on the card and nothing else.

But alas, the insurance also going away effective 11/1. Per the benefits page on my account:
This benefit will no longer be provided as of 11/1/2019, however claims can be submitted for eligible purchases made prior to November 1, 2019.
I have a crack in my screen for which I submitted a claim yesterday. Once it's paid (assuming it is), I'm done with this card. I don't want Uber credits!

The Sam's Club MC gives 3% on dining and 5% on gas. It's not a bad card for those two things if you have a Sam's membership already.

GoPackGo
Posts: 46
Joined: Wed Dec 23, 2015 1:26 pm

Re: Uber VISA rewards cut

Post by GoPackGo » Wed Oct 30, 2019 7:46 pm

essbeer wrote:
Wed Oct 30, 2019 10:09 am
MileKing wrote:
Mon Oct 28, 2019 7:59 pm
The Uber VISA email about the changes reads: "When you earn rewards with your Uber Credit Card, starting with your billing period in February 2020, they’ll come in the form of Uber Cash." My bill cycle runs the 6th of the month thru the 5th of the following month so I'm interpreting the February billing period as running from January 6 - February 5, and thus would need to redeem and stop using card before January 6. Do you interpret the email differently?
This is correct, I verified it.

I think the lesson here is SUBs > rewards.
I think I was told conflicting information on this. My bill cycle runs from January 18 - February 17 and I was told that I would be able to redeem rewards for a statement credit as long as it was before February 17. I wish they emailed me the chat transcript so I could quote it, but I don't have it.

student
Posts: 4356
Joined: Fri Apr 03, 2015 6:58 am

Re: Uber VISA rewards cut

Post by student » Wed Oct 30, 2019 9:05 pm

Although I understand the change, I would cancel if I had it. I think Wells Fargo Propel card is a better deal.

runswithscissors
Posts: 10
Joined: Mon Sep 23, 2019 2:25 am

Re: Uber VISA rewards cut

Post by runswithscissors » Wed Oct 30, 2019 10:56 pm

cowbman wrote:
Wed Oct 30, 2019 8:37 am
runswithscissors wrote:
Wed Oct 30, 2019 12:20 am
deanmoriarty wrote:
Tue Oct 29, 2019 12:23 pm
runswithscissors wrote:
Tue Oct 29, 2019 12:18 pm
I apologize if this is a dumb question... but I'm assuming you would need a spouse as an additional card holder (under a totally different credit card account but same BoA/Vanguard account) in order to have multiple BoA Cash Rewards cards to raise the $2,500 quarterly cap on 5.25% CB. And even then it would be limited to two cards in two rewards categories. Each card would have a $2,500 quarterly cap allowing up to $5,000 per quarter in 5.25% CB spending. How does one have four similar cards?
You are assuming wrong. At https://www.bankofamerica.com/credit-ca ... dit-cards/ you will see that there are 5 different no-fee cards with the same exact benefits: Bank of America® Cash Rewards, Susan G. Komen® Cash Rewards, MLB®, World Wildlife Fund, U.S. Pride®. So, exactly like I have multiple Citi cards or multiple Chase cards, over the span of a couple years I opened 4 different BOA cards and I use each of them for a separate category, occasionally rotating them if I exceed the spending in a quarter.
Thank you for that information. I did not realize BoA offered different cards with nearly identical CB cards.

Currently I am using Alliant's 2.5% CB card with no limit but $99 AF. I spend roughly $70K annually on my card netting about $1,650 in CB after the AF (2.35% effective CB). I was aware of the 2.625% CB with the >$100K in BoA/Vanguard account but I am currently earning a little over 2% in an online savings account (FDIC insured) on my cash holdings. I am currently in a cash position and don't plan to change this in the near future.

If I moved $100K to BoA/Vanguard, is it possible to earn ~2% with almost no downside risk in this account? I am currently earning about $2,100 annually on every $100K chunk sitting in my risk-free savings account. Earning 5.25% on a couple categories would be nice but I don't want to give up current interest income to increase my cash back by what is likely to be about $500 in additional CB annually.
I'm not sure why you keep saying "BoA/Vanguard." Vanguard doesn't have a relationship with BoA. Merrill does. You may keep any assets with Merrill or Merrill Edge of $100k + to receive BoA Preferred Rewards Platinum Honors status. This can be cash, securities, etc. I assume you are holding VMMXX as you say, you are earning ~ 2% on 100K cash. Merrill Edge doesn't offer this option, but they have the Preferred Deposit and some other MMAs.

https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf

You could also purchase something like SHV (iShares Short-Term Treasury Bond ETF), as Merrill provides free trades with BoA Preferred Rewards Gold or higher status.
Thank you for the feedback. My apologies, I meant Merrill not Vanguard. You are correct about the Vanguard account. I am earning 2.1% on that currently. It seems Merrill is not very competitive with money market accounts. I'll look into SHV. Thanks again.

essbeer
Posts: 202
Joined: Sat May 09, 2015 6:23 pm

Re: Uber VISA rewards cut

Post by essbeer » Wed Oct 30, 2019 11:13 pm

GoPackGo wrote:
Wed Oct 30, 2019 7:46 pm
I think I was told conflicting information on this. My bill cycle runs from January 18 - February 17 and I was told that I would be able to redeem rewards for a statement credit as long as it was before February 17. I wish they emailed me the chat transcript so I could quote it, but I don't have it.
It's possible I'm misunderstanding the information they gave me, but here is the text:

"Upon review, we can confirm that the changes are coming to the rewards and benefits of your Uber Visa Card beginning in your February 2020 billing period.

Our records show that your statement cycle closes every 17th of the month. The starting date of your February bill cycle would on January 18, 2020 and ends on February 17, 2020.

In line with this, please know that your account will change from the Uber Visa Card to the Uber Credit Card after the next account cycle. The new reward structure and redemption options will take effect at that time."

There is a kind of conflict between saying "beginning in your February 2020 billing period" and "after the next account cycle" so I'm not sure.

User avatar
Topic Author
Eric
Posts: 741
Joined: Fri Feb 23, 2007 5:44 pm
Location: Texas

Re: Uber VISA rewards cut

Post by Eric » Thu Oct 31, 2019 12:12 am

Questions for Wells Fargo Propel Amex users:

1. Can the rebate be redeemed by applying it to the balance on the credit card itself? (I don’t want to have to open a WF bank account just to collect the rebate.)

2. Can redemptions be automated, or do you have to manually request redemption each time?

Thank you.

User avatar
kramer
Posts: 1732
Joined: Wed Feb 21, 2007 2:28 am
Location: Philippines

Re: Uber VISA rewards cut

Post by kramer » Sun Nov 03, 2019 11:55 pm

Is an Uber buck worth a whole dollar toward Uber rides? I assume there is no quick expiration on the Uber bucks?

I actually use Uber enough in various countries, including the USA, that I would definitely be able to use all the credits (although I will go months at a time without being able to use an Uber because it is only in certain countries). It looks like the Uber card still has no foreign transaction fee, also.

SrGrumpy
Posts: 1193
Joined: Wed Aug 05, 2015 3:21 pm

Re: Uber VISA rewards cut

Post by SrGrumpy » Mon Nov 04, 2019 10:22 pm

kramer wrote:
Sun Nov 03, 2019 11:55 pm
Is an Uber buck worth a whole dollar toward Uber rides? I assume there is no quick expiration on the Uber bucks?

I actually use Uber enough in various countries, including the USA, that I would definitely be able to use all the credits (although I will go months at a time without being able to use an Uber because it is only in certain countries). It looks like the Uber card still has no foreign transaction fee, also.
Good news and bad news. The Uber credits do not expire, and there is no FTF. But the Uber Credits cannot be used overseas:

Uber credits redeemed with Uber Visa Card points can only be used in the U.S.

The card might be OK for you, though, as an expat. The major grumble is that we would rather have cash back since we can buy Uber gift cards quite easily for upwards of 10-15% off (see Doctor of Credit). But you probably have better things to do with your time.

User avatar
kramer
Posts: 1732
Joined: Wed Feb 21, 2007 2:28 am
Location: Philippines

Re: Uber VISA rewards cut

Post by kramer » Mon Nov 04, 2019 11:55 pm

SrGrumpy wrote:
Mon Nov 04, 2019 10:22 pm
kramer wrote:
Sun Nov 03, 2019 11:55 pm
Is an Uber buck worth a whole dollar toward Uber rides? I assume there is no quick expiration on the Uber bucks?

I actually use Uber enough in various countries, including the USA, that I would definitely be able to use all the credits (although I will go months at a time without being able to use an Uber because it is only in certain countries). It looks like the Uber card still has no foreign transaction fee, also.
Good news and bad news. The Uber credits do not expire, and there is no FTF. But the Uber Credits cannot be used overseas:

Uber credits redeemed with Uber Visa Card points can only be used in the U.S.

The card might be OK for you, though, as an expat. The major grumble is that we would rather have cash back since we can buy Uber gift cards quite easily for upwards of 10-15% off (see Doctor of Credit). But you probably have better things to do with your time.
Thanks ;-) Yes, that is an important detail, only redeemable for US Uber. Actually, I think even that is OK for me ... as I would easily use them. But it's still not as convenient. I will have to compare this to other cash back cards. Thanks again.

jumbopapa
Posts: 90
Joined: Thu Aug 30, 2018 7:56 am

Re: Uber VISA rewards cut

Post by jumbopapa » Sat Nov 09, 2019 8:46 am

Went ahead and cancelled mine. I redeemed cash back recently and needed to spend >$500 before it changed in February to claim rewards again. I didn't want to take that gamble on a card I use exclusively for dining out. I will be using the Costco Visa primarily now.

H-Town
Posts: 2277
Joined: Sun Feb 26, 2017 2:08 pm

Re: Uber VISA rewards cut

Post by H-Town » Wed Dec 11, 2019 12:55 pm

jumbopapa wrote:
Sat Nov 09, 2019 8:46 am
Went ahead and cancelled mine. I redeemed cash back recently and needed to spend >$500 before it changed in February to claim rewards again. I didn't want to take that gamble on a card I use exclusively for dining out. I will be using the Costco Visa primarily now.
I still use Uber credit card for dining out as usual. It's still the same amazing card. No other card has zero annual fee and give me 4% cashback on dining and 2% for online purchase. I'll take all the cashback out and put the card in the drawer in next Feburary. No need to cancel it.

Costco Visa is not a great card for non-Costco members. I would prefer SavorOne over Costco citi card.

28fe6
Posts: 472
Joined: Wed Jan 03, 2018 9:01 am

Re: Uber VISA rewards cut

Post by 28fe6 » Wed Dec 11, 2019 4:58 pm

I have another thread about replacing the Uber, but I decided not to cancel it. It will still come in handy because it's a Chip+Pin card, has no foreign transaction fees, so I can use it as an option for overseas trips. I do occasionally use Uber, so I may as well get 5% off Uber rides and UberEats when I do. For me it's now more like a store card like my Amazon card. My normal spend will go to other cards though.

Post Reply