If you’ve ever used Uber, you know that the app allows you to add multiple credit or debit cards to your account. You can also set which card is automatically used for payments. Many Uber users have multiple payment methods on their app, including Apple Pay. Capital One recognized this and came up with a genius method of insuring their Quicksilver credit card is the card users chose to pay for their Uber rides.
Capital One paired with Uber to allow a free $15 ride after every tenth ride paid for with a Quicksilver credit card. This partnership is beneficial to Uber and Capital One for the same reason: a leg up on their competitors. If you are a Quicksilver owner deciding between Uber and Lift to take you home, the choice is simple. In addition, frequent Uber users looking for a new credit card may be tempted to choose Quicksilver based on the promotion.
So what can other banks learn from Capital One? Stay relevant! Being in the financial industry should not hold a company back from partnering with young companies that attract millennials and older generations alike.