Earlier today it came out that one of the 5% rotating categories on the Chase Freedom for Q3 would be Lyft. For those that don’t know Lyft has previously indicated they will be launching a cobranded credit card (following Ubers card with Barclaycard). Given that Chase has added Lyft as a 5% category it leads me to believe they might be the issuer of a Lyft co-branded card. It’s unlikely to be American Express given that they offer Uber credits on the Platinum card, it’s also unlikely to be Barclays as they issue the Uber card. That basically leaves us with Bank of America, Capital One, Citi, Chase, Discover, U.S. Bank & Wells Fargo. We can almost immediately eliminate Discover & Wells Fargo as typically they don’t issue co-branded cards. Citi has previously indicated a desire to exit the competitive rewards card marketplace so they would be another unlikely candidate. I personally think that Chase is the strongest candidate, but it wouldn’t surprise me to see Bank of America or Capital one with the portfolio either. What is your guess? Let me know in the comments below.
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What about Comenity bank?
They have 100+ Credit Cards.
https://www.doctorofcredit.com/comenity-bank-credit-cards-a-list-best-cards-easiest-cards-to-get-approved-for/
Possible, but i think a larger issuer will probably get the contract.
I'm very curious what approach Lyft will take to their co-brand card after Uber's unorthodox reward setup. Would they really go with the traditional & expected 3% on Lyft, 2% on Travel/Dining/Mustache Trims, 1% on Everything Else?
With their semi-emphasis on social good lately (round up & donate, relief rides program, carbon offset purchases, and generally trying to look like the opposite of Uber), it'd be interesting to see something like 3%+ back on charitable giving, or a percentage of the donation matched when using their card.
Hopefully, it’ll come with a Global Entry credit, certainly can’t have enough of those...
Or they can go like the Starbucks card. Three extra star rating when you pay your ride with the Lyft credit card.
Or they could give 15% discount at gas stations at the pump, 20% on auto insurance, and no fees on credit card payments for auto payments. No one would suspect that.
Citi has previously indicated a desire to exit the competitive rewards card marketplace. Source?
We've linked to talk about it in recaps before. It's why we haven't really been seeing sign up bonuses on their travel related cards. They are focusing on introductory APR offers instead.
I would like to know this as well... Citi is a mess but I am surprised to hear they would want to exit this segment.
Will, they will depending on their will :)
If Chase enters into a relationship with Lyft, I hope they don't boost the fee on the CSR and offset it with a Lyft credit like Amex Platinum does with Uber. It's one of the reasons why I don't get the Platinum card.
I'm pretty sure the reason why credit card companies give ride share credits is because the ride share companies are currently being subsidized by venture capital dollars so they probably give amazing deals to the credit card companies. It's a way for credit card companies to add some amount of dollars in value for a much lower cost.
Doubt they would do that. Unlike Amex Plat, CSR's credit is ACTUAL travel credit - not just for ancillary fees on one selected airline. It can already be used on Lyft.
That would be awesome!
$675 fee for the CSR, with $225 Lyft credits, available as $4/week, expiring at the end of each week - with the week of May 24 getting the bonus $17! How brilliant!
Chase, always taking it to the next level!
lol