Barclays Uber Visa Refresh

[Taurus22]

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@Anonymous wrote:

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@expatCanuck wrote:

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@Anonymous wrote:

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...  Oh, well, it was a free $100 and now it shall sit until there's something appealing from Barclay's to swap it out to.  

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Or Barclay cancels the card for non-use. 

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And that's just part of their problem... not mine. 

When they see the swipes drop and it hits the bottom line maybe they'll release a replacment product to get their income coming in again.

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This makes a very good point. So we all got the $100 SUB, (for the price of an INQ), we will all cash out our cashback a month before it converts (some already have), and we will all SD this card until we (or they) cancel it. Then we will all sit back and watch Uber absolutely tank on this move.....I give them 1-2 years at best. Because, yes they got their data points, and yes they are catering to their Uber faithful.....but that is the very flaw to their plan. The whole 2% of the cardholders that actually use it for Uber-anything will not keep this card afloat. They just comitted commercial suicide with this card. Uber Cash is the equivalent of the old "punch cards" that businesses used to give out. Buy 10 of "these", get 10 punches on your card, get a free one of "these".  Like I mentioned before, this was my first AND last Barclay's card.

[Anonymous]

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@Taurus22 wrote:

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@Anonymous wrote:

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@expatCanuck wrote:

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@Anonymous wrote:

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...

...  Oh, well, it was a free $100 and now it shall sit until there's something appealing from Barclay's to swap it out to.  

---

Or Barclay cancels the card for non-use. 

---

And that's just part of their problem... not mine. 

When they see the swipes drop and it hits the bottom line maybe they'll release a replacment product to get their income coming in again.

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This makes a very good point. So we all got the $100 SUB, (for the price of an INQ), we will all cash out our cashback a month before it converts (some already have), and we will all SD this card until we (or they) cancel it. Then we will all sit back and watch Uber absolutely tank on this move.....I give them 1-2 years at best. Because, yes they got their data points, and yes they are catering to their Uber faithful.....but that is the very flaw to their plan. The whole 2% of the cardholders that actually use it for Uber-anything will not keep this card afloat. They just comitted commercial suicide with this card. Uber Cash is the equivalent of the old "punch cards" that businesses used to give out. Buy 10 of "these", get 10 punches on your card, get a free one of "these".  Like I mentioned before, this was my first AND last Barclay's card.

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I doubt if the card is really a big part of Uber's business model.   They will live or die for many other reasons.

[Anonymous]

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@Anonymous wrote:

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@Taurus22 wrote:

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@Anonymous wrote:

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@expatCanuck wrote:

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@Anonymous wrote:

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...

...  Oh, well, it was a free $100 and now it shall sit until there's something appealing from Barclay's to swap it out to.  

---

Or Barclay cancels the card for non-use. 

---

And that's just part of their problem... not mine. 

When they see the swipes drop and it hits the bottom line maybe they'll release a replacment product to get their income coming in again.

---

This makes a very good point. So we all got the $100 SUB, (for the price of an INQ), we will all cash out our cashback a month before it converts (some already have), and we will all SD this card until we (or they) cancel it. Then we will all sit back and watch Uber absolutely tank on this move.....I give them 1-2 years at best. Because, yes they got their data points, and yes they are catering to their Uber faithful.....but that is the very flaw to their plan. The whole 2% of the cardholders that actually use it for Uber-anything will not keep this card afloat. They just comitted commercial suicide with this card. Uber Cash is the equivalent of the old "punch cards" that businesses used to give out. Buy 10 of "these", get 10 punches on your card, get a free one of "these".  Like I mentioned before, this was my first AND last Barclay's card.

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I doubt if the card is really a big part of Uber's business model.   They will live or die for many other reasons.

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Definitely have to agree with you.  

As unfortunate as it is that they've decided to nerf the Uber Visa, the fact is that it shouldn't really be that surprising.  First of all, although the card was called the Uber card since launch, the financial connection to Uber looked tenuous at best.  The rewards were better for spending in other categories in many instances than they were for spending on Uber.  I'm guessing Barclays and Uber sat down and came to the conclusion that the card was not making good business sense for Uber.

Then we have the sad fact that Barclays isn't the only credit card company nerfing rewards.  Citi, Chase and Bank of America are all eliminating benefits on their cards under the guise of customer demand.  In reality, they are just beefing up their margins.  We are seeing fewer and fewer straight 2% cards and, frankly, I would not be surprised to see Citi and others start nerfing their 2% rewards programs.  It's starting to be a trend to cut benefits.  

As much as I dislike the new rewards structure for the Uber card, I will still keep the card, though I will be using it less.  I believe in a well-diversified credit portfolio with as many options available as possible.  As much as I might love, for example, American Express and Citi Double Cash, I will ever keep all my eggs in just those two baskets.  Heck, I even have an old Nationwide Bank card which got sold to scummy Merrick Bank and ALL the rewards got eliminated, but I will not cancel it.  You never know when a piece of junk can become valuable.  It has happened often in the credit world. 

[Anonymous]

uber is circling the toilet drain like a turd about to go under. this is what popped up in the news today:

https://nypost.com/2019/11/04/uber-loses-1-2b-in-the-most-recent-quarter/ 

[MachoHombre]

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@Anonymous wrote:

uber is circling the toilet drain like a turd about to go under. this is what popped up in the news today:

https://nypost.com/2019/11/04/uber-loses-1-2b-in-the-most-recent-quarter/ 

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Well I guess it's better than the quarter that they lost $5B.   Geeze, not doubt a failing business model.  Stock is down 25% since IPO and as the article states likely many will jump ship once their options are vetted so many (including me) expect the stock to dive.

Like I said earlier on this thread, shame on me for partnering my financial transactions with these two (Mod edit - not here, please) companies. (Barclays and Uber).  

Seems many are putting this card in the sock drawer.  (I did months ago).  Some claim to be cancelling.   

*Kinda suprised haven't heard some cardholders doing product change to other Barclay cards.   Maybe no other options?, maybe Barclays not receptive to such inquiries? or maybe people just running from Barclays all together!

[MachoHombre]

Got this splash screen when I logged in this evening.

   

I'm guessing this translates that the UBER VISA CARD rewards have already ended.

If I don't cash them out by Feb statement they'll turn into UBERcash.   

I think any charges since Nov01 will be rewarded in UBERcash.

Anyone care to correct me?  I'm certainly too slow to comprehend Barclaycard's brilliance.  

This foolish and stupid cardholder is not worthy of this card, hence I'll cash out my current cash rewards and put my poor decision to partner with these two brilliant companies in the rearview mirror. 

EDIT:

Cashed out my Uber Visa Card reward (USdollar) points ...threw them into savings that I plan to apply to my short buy on Uber stock.   

That is my last transaction with this card.   Period.

Best of luck to all cardholders in whatever you do with this card, it's been a silly rideshare for sure.   With this drastic change in the policy of the card and both of these companies falling under more and more criticism from financial analysts, I'm glad to have this ride in the rearview mirror.

[Anonymous]

I just logged in. I didnt receive the notification and I was still able to go through the motions to receive my points as cash back. I will cash out once I hit the 2500 point threshold and sock drawer my card as I have no use for Uber cash, but it was fun while it lasted. I will hit my 1 year with my Uber Visa on Sunday, so no hard feelings here. It was fun while it lasted.

[Anonymous]

I logged into the Barclay website via computer this week and received a pop-up that my account would transition in February (contradicting the email I received stating May 2020). I sent a message and then decided to chat since I was online. On 11/5, the chat representative told me my account would transition in 5/2020 (same as the original e-mail); however, I received a message via the message center on 11/6 stating that my account IS being transitioned in 2/2020! I didn't receive any of these messages/notifications via the mobile app so I suggest everyone log into the web browser. This definitely changes my strategy over the next few months. I had planned on using it until March but looks like January for me now, if not next month! I don't trust them at all.

And for those wondering, my card is only 1 month old. 

[Anonymous]

i got my card recently too and i don't see that thing when i log in, but i use a popup blocker so maybe thats why. if they do this, nobody will know when to cash out to get any cashback before it all becomes worthless uber-cash. that will cause a big lawsuit!

[MachoHombre]

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@Anonymous wrote:

https://www.reviewjournal.com/entertainment/food/carnegie-deli-to-close-in-las-vegas-1886478/

wow, that's prett wild!   Not only are the serpents (hope that word is ok to use on the forum) using the bait and switch, but again changing their terms just days after.

They've communicated very poorly.  I know that I got very confused when I saw my splash screen.

The things at play for current cardholders include:

*At what date will transactions start earning UBERcash instead of real cash

*At what date do currently held bonus points (dollars) get converted to UBERcash?

Those two questions are simple IMO, yet the cryptic and contrary messages we get are bizzarre.

Finally, does the new physical card play any role here?   Many cardholders likely assume that the new physical card plays a role in the transition and may assume that when the new card shows up that's when things change.

My instincts tell me that the physical card won't have any role whatsoever, in fact I bet current card holders won't get the new branded card until way after all the changes in rewards and dollars converted to UBERcash have happened. 

Just my $0.02 (but those two cents are US dollars, not UBERcash cuz I took the dollars and ran, and I ain't looking back).   

Thanks for sharing your story, unbelievable.   Hard to put adjectives to what is going on without getting censored.