To lure those spenders, card issuers have upped the ante with better rewards and sign-up bonuses.
The Chase Sapphire Reserve card, which initially offered a $1,500 sign-up bonus to people who spent $4,000 in the first three months, proved so popular, particularly among millennials, that the bank said it cost it some $200 million in profits last year (even with a $450 annual fee).
American Express has since added a $200-a-year credit for Uber to attract more sign-ups to its rival Platinum card, which has a $550 annual fee.
The new Uber Visa has no annual fee and offers a $100 bonus after spending $500 in the first 90 days.
Other perks include 4 percent back on restaurants, takeout and bars, including UberEATS; 3 percent back on airfare and hotels, including Airbnb; 2 percent back on all online purchases, including video and music streaming services like Spotify, and 1 percent back on all other purchases.
In addition, there are no foreign transaction fees. The annual interest rate ranges from about 16 percent to 25 percent, according to the company.
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