Uber Debit Card
How Uber’s Debit Card Works
Many companies – from department stores to car shops – offer users specialized debit cards.
But did you know that even Uber offers a debit card?
As an on-demand rideshare app, Uber now seeks to help its drivers get paid on-demand (i.e., instantly). Partnering with Green Dot’s GoBank, Uber initially launched a pilot program called Instant Pay in San Francisco in March 2016. Instant Pay allowed drivers to apply for an Uber debit card (from GoBank) that gave them instant access to earnings made through the Uber app – any time they wanted access to their funds.
How does the Uber Debit Card Work?
Uber’s introduction of an official Debit Card meant that – anytime after an Uber driver completed a trip – they were able to gain instant access to earnings in their account (initially, Uber drivers were only paid weekly, every Wednesday).
Main features of the Uber Debit Card
With the Uber Debit Card, drivers do not have a minimum ‘cash out’ amount (nor do they have any transaction fees for transfers).
Having access to an Uber debit card is also appealing because – without an Uber debit card connected to a GoBank account – Uber drivers may have to wait up to four days for to get their money.
Other attractive features of the Uber Debit Card include:
- no monthly fees
- $0 paid per cash out
- …and the ability to cash out up to five times per day
Applying for Uber Debit Card
Applying for an Uber Debit Card from GoBank is fairly easy (and takes only several few minutes). Through the GoBank website, drivers fill out a basic application, and then submit it.
If approved, drivers receive an email from GoBank (that provides detailed instructions on how to finish opening a new account). Following the opening of a GoBank account, drivers will receive a physical Uber Debit Card in the mail (within five to eight business days). Then, once drivers have received their debit cards, they can begin ‘cashing out’ after they’ve activated the card by visiting the GoBank Activation Website.
Are there any fees associated with the Uber Debit Card?
While there are no transaction fees, transfer fees, monthly card fees and cash out fees associated with the Uber Debit Card, that does not mean there are no fees at all.
Rather, the GoBank Debit Card comes with a monthly fee – and an active account with GoBank (*which is required) for Uber Debit Cards comes with a monthly fee of $8.95. However, GoBank will waive the monthly fee for Uber drivers that receive direct deposits from Uber at least once every six months. Since most Uber drivers work frequently, the monthly payment shouldn’t be a problem (and will generally be waived).
Uber Debit Cards – Credit Checks
Since its partnership with Uber, GoBank has permitted Uber drivers to set up business checking accounts without performing a credit check. This is particularly appealing (since most hard inquiries into your credit score negatively impact it).
Uber Debit Card – Usability
Uber Debit Cards are not just for instantly getting your earnings. Uber Debit Cards are just like bank debit cards, allowing drivers to use it for regular purchases. Additionally, Uber drivers using the Uber Debit Card can use their card at over 42,000 GoBank ATMs across the United States. Conveniently, drivers can use their GoBank account to get paid from other non-Uber affiliated jobs they may have (including Lyft). However, Instant Pay will only work with Uber, and all other payments will take a few days (as is standard).
If you are a driver with Uber, the time it takes to get paid without an Uber Debit Card may constitute a significant inconvenience. So, if you are one of the many drivers that want to be paid as soon as a trip is finished, definitely consider applying for an Uber Debit Card through GoBank as soon as possible!