Barclays Uber Credit Card Being Discontinued

Barclay's seems to not understand that every product launch that they abandon or reset the benefits for just makes the next product launch more difficult to convince customers to adopt.

I'm sure Barclay's bears some responsibility for this, but Uber is a financial tire fire. The company recently reported Q2 losses of half a billion (with a B) dollars...which was actually better than analysts had expected. It has never recorded an operational profit. It's not a transportation company, it's a light-money-on-fire company. This move is squarely in line with the company culture of flailing about trying to make something, anything, work.

Agree entirely. The Naked Capitalism blog had a lengthy review yesterday of the Q2 results from Uber and indicates the performance was even worse than state bc they are using their own metrics, which obscure even larger cash burning. There is no path to profitability. How much longer will investors subsidize users?

Barclay's obviously wants to get out while the getting is good. Eventually the whole concept will come crashing down.

Once it crashes and burns the public will be stranded, since it has decimated yellow cabs and shuttle services.

Pretty simple. Uber is having to face cost discipline. Any reward categories over 2% are not profitable for banks on a transactional basis (they hope to make it up with volume on lower reward categories or via interest). Uber was likely paying for at least part of the excess in categories above 2%, but now that the company is public they’ve realized it’s just a waste of their money and time.

It’s being discontinued because the current product is trash, and no intelligent person would use it. Did I miss where you noted that the current product doesn’t earn US$, it earns “Uber Bucks”, usable only on Uber/Eats?

And the pre-2019 product was one of the best no-fee cash back cards out there. That’s why I had it. It’s been in the sock drawer since the change. I travel too much for an intl fee card to be broadly useful, but the “new” card can at least assume a back up role.

Nah, the number of people who know the history of Barclays products is insignificantly tiny in the grand scheme.

Readers of OMAAT (and the like) are not “regular people”.

The refresh in 2019 adjusted from cashback to 'Uber cash' back. That's where the drop off comes into the picture. As an avid user before the swap, the cashback/no fee structure was an ideal scenario. Once it switched, it became effectively useless for non-Uber purchases.

What @Ben L. said is correct. But I disagree a bit with @upstarter.

In a time where dying business like GameStop or AMC is worth more than ever, or people trade snake oil under the name 'cryptocurrency', the public is dumber than ever. Heck, even when Hertz went Chapter 11. it's trading up not down.
Finance has become gambling, you don't quit because you're on a loosing streak. You sell drugs or steal or rob Uber, to gamble even more.

The startup valuation based on crazy growth also needs to be stopped. Unfortunately, these scammers who invest in startup also invest in crypto.
The public will be stranded because they follow tweets of scammers like Elon Musk, not financial results of TSLA.

Does anyone know if the Barclays View card can be product changed to anything else?

My Uber Visa is actually one of my older cards, and since there's no AF, I'd like to keep that credit line open. But the View isn't useful for me in any categories. I guess maybe I'll just set it up to auto-buy Amazon gift cards every 3 months or something, to make sure they don't close it. But that's obnoxious.

GameStop wasn't the result of the dumb public. It was a bunch of short sellers being way too confident that the company could only go bankrupt, discounting the fact that GameStop had a legitimate way out (to change their business) if they were given a way to raise capital. That came to pass when a bunch of retail investors short squeezed the hell out of over confident short sellers.

The whole thing was quite clever.

@David

Yes, the scheme was clever, but who do you think cash out? The average retail investors (aka dumb public)? The main casualties are hedge funds, but the collateral damages also hit retail investor riding the tide.
And by any chance you think GameStop are really trying to change or just cashing out on this. Which by the way has diluted the dumb public's holding in the process.

Robinhood didn't open investments to retail investors, they opened the worlds largest casino to gamblers of all ages. It's easier than Blackjack.

My experience with the Uber Card (which I'm assuming is the same with the new View card) is that one purchase per year keeps them happy.

That's hardly a hassle to keep the credit line open.

Fair enough. Still hoping I can product change it (ideally to the Wyndham Earner+ card) as I'd prefer that to something that isn't totally worthless to me.

They are also eliminating the free cell phone insurance that you got if you paid your cell phone bill with the Uber card.

As others have pointed out, Uber is a complete sh*t show of a company. Burning through billions of VC Funding, paying their drivers (who aren’t real employees but 1099’ers) less than minimum wage, and they STILL can’t turn a profit. The credit card is almost like the straw that broke the camels back, they had to get rid of it. These “sharing” economy companies are complete trash— no ethics, douchey Silicon Valley tech bros trying to screw the working class (drivers pay their own gas, vehicle upkeep, insurance etc.), STEAL their tips, what they make afterwards comes out to ~$5/hr.

But once their self-driving cars go to market, they will dominate the market and be worth Quadrillions!!!!!!!!

However, you sounded like you drive for Uber and have some customer reversed your tip. With your attitude maybe you deserve it. I hardly use Uber anymore because drivers these days feel they are entitled for tips. I suggest every driver, earn your tips otherwise don't expect them. Uber has made it clear tips are optional, if you don't like it don't drive for them.

These “sharing” economy is everywhere, depends on if you are smart enough to see it or not. Last I remembered, I "shared" my savings money in the bank with hundred other loan customers, or I "shared" my last A350 with (sadly only) 20 other people, or my FedEx truck delivered my package along with bunch of my neighbors' Amazon orders.

So do you use Uber?
How do you get around?

Would you be a passenger in a self driving car?

Would you ride in a self driving car?

Given how many idiots are on the road these days, yes I would.

The likelihood of autonomous vehicles collide into each other or other objects is probably very very low, even with today's technology.

The likelihood of idiots collide into each other or other objects (including innocent autonomous vehicles minding it's own AI) is probably much much higher, even if they had their drivers license for more than 10 years.

Did I mention AI can't drink?
Did I mention AI won't have road rage?
Did I mention AI doesn't fall asleep?

Heck, I probably trust Skynet more than my Uber driver. But is Uber really a billion dollar company, probably not.

No I never drove for Uber, I shopped for Instacart and was awarded $3500 in a class action lawsuit because it was proven that the company KEPT tips meant for the shopper. Tips get reversed sometimes, and they are far from guaranteed, that’s understood. This is a separate issue—companies STEALING from both the customer and the driver. Keeping the tips meant for the driver. More and more states understand the whole model is crooked and these people should be treated as employees (thus the passage of AB 5 in California and similar measures in NY etc.) Uber and the like spent HUNDREDS of millions to reverse AB 5 with a deceptive ballot measure. Real sleaze balls. Sounds like you may be in upper management or have a stake in these companies.

What about the idiots that take naps in their fancy self driving Tesla’s and end up crashing at 80 mph? It’s happened many times. Not to mention the Tesla’s that spontaneously combust. Machines make mistakes too, the AI will need some REAL QA testing in infinite situations before it can be trusted. Be my guest though, enjoy your elitist “my farts don’t smell” ride.

To clarify I mean the whole “Gig economy” which some ppl informally refer to as sharing. Nice assumption but I never did Uber, I use to deliver groceries for Instacart. I was awarded $3400 in a class action lawsuit against the company after it was proven to engage in wage theft and would keep some of our tips for themselves. Tips are never expected and it’s understood that they sometimes change. This is a totally different issue— Instacart was stealing from the driver’s and deceiving the customers by taking our tips for themselves! Google “Instacart class action lawsuit” it’s right there

First to get things straight, I don't think Uber or many of these tech companies are being ethical about the "gig economy" But like other jobs, you have a choice (like choose not to work for Uber) to work under their terms. What really is broken isn't the company but the system. The tipping system is broken. How about a real fair wage and no tips. And I feel sorry that you got cheated. But here's the thing, they settled, you get paid, but the next person still works for them. Justice wasn't served.

Don't go hate these companies or their products, go hate your State or regulators. People will jump red lights if no cameras are there (can't fix people) It the lack of authorities that can be fixed.

Now back to your negative energy towards self driving car.
Why don't you tell me how many idiots take naps in their fancy self driving Tesla’s and end up crashing at 80 mph?
And while you're at it, how many idiots not in a Tesla take naps and end up crashing at 80 mph?

Like I said, I trust Skynet more than my Uber driver. That says a lot.

I seem to recall that the main use for the Uber Visa’s initial hi reward rate on dining was to build data on where cardholders were dining in order to best target the rollout of Uber eats using popular restaurants. After they got the data they needed they dropped the rewards rate and switched the bonus back to Uber rides. Now that they have Uber cash and an in house rewards program, there’s no use for the card and that is likely why it’s being dropped. Always remember, nothing is free, and you are the product!

Barclays site shows "N/A" for foreign transaction fees. https://www.creditcardinsider.com/credit-cards/barclays/barclays-view-mastercard/

Are your sure the Barclays View card has foreign transaction fees?

Honestly stopped using the card when they hacked the rewards in 2019. It went to the back of the wallet. I originally got the card because I was allowed to migrate my Apple Rewards card through a limit transfer. The original rewards worked for my spending habits. Heck, I got enough rewards to get a free couch from Crate and Barrel. I currently have over $300 in Uber credits sitting on the card that are worthless to me. I only use Uber when I travel and typically use my company card in those situations. I also don’t use Uber Eats. I hated the last change and called Barclays every 6 months about a product change and lit them up on Facebook. While the new rewards are not as good as the original at least I can actually use them. I could also care less about foreign transaction fees.

I ended up submitting a CFPB complaint due to the fact that Barclays is discontinuing a product yet it is not offering any ways to "cash out" earned rewards leftover in the account. I was told that if I close my account before it converts that I will lose out on my rewards.

The only "way" to get my earned rewards was to wait for the product change. Obviously I don't like the product I am being forced to switching - so it feels unethical they want us to forego earned rewards. If anyone wants to file a complaint here is the page: https://www.consumerfinance.gov/complaint/

Read my comment above. Submit a CFPB complaint: https://www.consumerfinance.gov/complaint/

On my newly converted Barclays View account, it's showing 0% foreign transaction fee.

This article and a declined payment on Uber Eats is how I found out. I don't use this as much right now. Automatically convert me to a different (and worse) card I never agreed to sign up for? Wow. Thanks. I'm not ever going to purposely do buisness with Barclays in the future, that's for sure.

And yeah I have money in rewards that I don't seem to be able to access. They "converted it" which means I can only redeem it for the silly new things they let me, and statement credit is only once I reach a minimum high threshold. Wow.

Thanks for breaking things down in the article. I had no idea what had happened.