Uber just announced its entry into the credit card business at the Money2020 conference in Las Vegas.

In partnership with Barclays and Visa, the new card will give Uber an opportunity to assume a larger role in both online and offline markets.

Already having the information about the traveling pursuits of around 10 million people, Uber will now have records of its customers' purchases and buying habits too, thus becoming one of the giants possessing valuable customer information.

With another foray and access point towards customer data, experts are foreseeing this move of Uber as a direct battle against Amazon for ultimate customer information ownership and forming customized shopping experiences.

The application process is pretty simple. Starting November 2, 2017 Uber will give users the option to get the card right in its app. It will feed all of the information they have on file for their customers into the application process.

It only takes a few minutes.

After applying for the card online, within a few minutes an applicant will get a verdict on their "creditworthiness" status. After that, the applicant is good to go. The card will automatically be available for use for Uber rides and UberEats. The physical card on its way to your mailbox within a week or so.

"Our customers have busy lives -- they are dining, traveling and shopping, and we want to make those experiences seamless and rewarding," Judy Zhu, who leads Strategic Partnership at Uber, was quoted as saying.

Uber is putting its best foot forward in terms of rewards.

The no-fee card is packed with incentives. First off is offering a bonus of $100 after a purchase spend of $500 within the first 90 days. It also has 4 percent back on restaurants and bar purchases, 3 percent back on airfare, hotels, and Airbnb, 2 percent on online purchases and 1 percent on everything else.

Every percent back is equal to one point and that one point is worth one cent when used for any of the reward options available.

So, for example, you earn 4 percent back or 4 points for every $1 spent on dining. Redemptions for the credits start at 500 points for $5. There is a $500 a day limit in the amount of points you can redeem and only the primary cardholder can redeem the points.

Swipe away!

***Abhik Shome contributed to this article

Published on: Oct 29, 2017
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