Only a decade ago, people called a taxi company when they needed a ride. The same act is now as simple as hitting a few buttons on your smartphone.
Ride-share companies like Lyft make getting a ride to almost anywhere a breeze, and the service may cost a lot less than you think.
If you charge your Lyft rides to a credit card that doles out points or miles, thatâs even better. In this guide, weâll go over the absolute best credit cards to use when you ride with Lyft as well as other ways to maximize your ride-share dollars.
See related: Everything you need to know about maximizing rewards on ride-shares
Chase Sapphire Reserve®: Best for Lyft discounts
Chase Sapphire Preferred® Card: Best for extra value at a lower fee
American Express® Green Card: Best for budget-minded travelers
Wells Fargo Propel American Express® card: Best no annual fee card for ride shares
Best credit cards to earn rewards with Lyft
There are a handful of credit cards that can help you earn rewards each time you ride with Lyft. Here are your best options:
See related:Â Best cards for Uber, UberEATS
Chase Sapphire Reserve®: Best for Lyft discounts
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In January 2020, the Chase Sapphire Reserve began to offer a one-year complimentary Lyft Pink membership. For a $19.99 monthly fee, Lyft Pink offers passengers 15% off all car rides, in addition to priority airport pickups, special discounts and more flexibility in cancellations, among other benefits. The Reserve is also offering 10 points per dollar on Lyft purchases through March 2022.
Besides these perks, the card comes with a 3-point-per-dollar rate on restaurants and travel, including Lyft, after the $300 annual travel credit. Speaking of the credit, it applies to most travel purchases, including rides with Lyft.
The Chase Sapphire Reserve card is one of the best travel credit cards on the market, but it also comes with a rather high price â the card charges an annual fee of $550. If you donât travel often enough to justify the fee, you might want to look into cards that have a lower annual fee or none at all.
Here are more details:
One-year complimentary Lyft Pink membership (a $199 value)
10 points per dollar on Lyft purchases through March 2022
3 points per dollar spent on restaurants and travel,
$300 annual credit travel that applies to most travel purchases, including rides with Lyft
50,000-point sign-up bonus if you spend $4,000 in first three months
Redeem points through the Chase Ultimate Rewards portal, and get 50% more travel for free
Transfer points to airline and hotel partners at a 1:1 ratio
Up to $100 Global Entry/TSA Precheck credit every four years
Priority Pass Select membership
$550 annual fee
exciting new benefits for its World and World Elite credit card members. This includes a $10 Lyft credit for World Elite cardholders, which will be automatically applied to your next ride after you take five Lyft rides within a calendar month. The most popular World Elite Mastercards include the Capital One® Savor® Cash Rewards Credit Card*, the Citi Prestige® Card and the Barclaycard Arrival Plus World Elite Mastercard.
Chase Sapphire Preferred® Card: Best for extra value at a lower annual fee
Similar to the Chase Sapphire Reserve, the Chase Sapphire Preferred rewards cardholders for eating out (or ordering takeout) and traveling and offers 5 points per dollar on Lyft through March 2022. The base rewards rate is lower at 2 points per dollar on dining and travel and 1 point per dollar on other purchases, but the annual fee is also lower at $95.
If youâre not ready to shell out $550 per year that the Reserve charges, the Preferred can be a better alternative. Plus, it offers a higher sign-up bonus than the Reserve â youâll get 60,000 points after you spend $4,000 in the first three months (compare with a 50,000-point sign-up bonus if you spend $4,000 in first three months on the Reserve).
Take a look at the card details:
5 points per dollar on Lyft through March 2022
2 points per dollar spent on dining and travel
60,000-point sign-up bonus if you spend $4,000 in first three months
Redeem points through the Chase Ultimate Rewards portal, and get 25% more travel for free
Transfer points to airline and hotel partners at a 1:1 ratio
$95 annual fee
American Express® Green Card: Best for budget-minded travelers
Another credit card that offers rewards for travel and transit (including ride-shares such as Lyft) is the American Express Green Card. While it doesnât offer the luxury travel perks other Amex cards are known for, it can be a good choice for budget-minded travelers. With this card, you can get 3 points per dollar on dining, travel and transit, and 1 point per dollar on everything else. The Amex Green also comes with perks such as up to $100 in annual statement credits for LoungeBuddy purchases and up to $100 per year for CLEAR membership.
The Platinum Card® from American Express (up to $15 per month) and up to $120 on the American Express® Gold Card (up to $10 per month).
Hereâs what the card offers at a glance:
3 points per dollar spent on travel and transit, including ride-shares
3 points per dollar spent on dining
30,000 bonus points when you spend $2,000 in the first three months
Up to $100 per year in statement credits for LoungeBuddy purchases
Up to $100 per year in statement credits for CLEAR membership
$150 annual fee
Wells Fargo Propel American Express® card: Best no annual fee card for ride shares
If youâre looking for a credit card that would earn you rewards on Lyft rides and not charge an annual fee, the Wells Fargo Propel American Express is definitely an option worth looking into.
The card earns 3 points per dollar in numerous categories, including dining out, gas stations, transit, flights, hotels, homestays, car rentals and select streaming services â and ride-shares. All other purchases earn 1 point per dollar. You can choose to redeem your rewards for flights through Go Far Rewards or statement credits.
Hereâs a closer look:
Earn 3 points per dollar on dining out, gas stations, ride-shares including Lyft, transit, flights, hotels, homestays, car rentals and select streaming services
Earn 20,000 bonus points when you spend $1,000 on your card within three months of account opening
Redeem for flights through Go Far Rewards
Cash in your points for statement credits
No annual fee
More ways to maximize rewards (and save money) when you pay for ride-sharing services
While using the right credit card can help you score more rewards each time you ride with Lyft, there are other ways to make the most of your ride-share spending. Here are some tips that can help you maximize each dollar you spend, save money and even earn airline miles:
Connect your Lyft account with your Delta SkyMiles account. Regardless of which credit card you use to pay for your Lyft rides, you can earn Delta SkyMiles for each dollar you spend. All you are required to do is connect your Delta and Lyft accounts online. From there, youâll earn 1 Delta mile for each dollar you spend on regular rides and 2 miles per dollar for rides to or from an airport.
Price shop with both ride-sharing companies. The best way to spend less on ride-sharing is to make the two main companies â Uber and Lyft â compete. Download both apps on your phone and check pricing with each before you request a ride. If one ride-sharing company is significantly cheaper, they should be your obvious choice.
Avoid surge pricing when you can. Both Uber and Lyft enact âsurge pricingâ in situations where demand is especially high. If you can avoid paying for a ride during a surge, you will save money over time. This is yet another reason to compare pricing on both apps before you book a ride; both ride-sharing companies may not have surge pricing at the same time.
Refer friends and watch out for coupons. If youâre just now signing up for Lyft, make sure someone who already has the app sends you a referral code that makes your first ride free. Also note that, once you have your own Lyft account, youâll get a free or discounted ride for each new person you refer who signs up and takes a ride. Finally, keep your eye out for special promotions and coupons you can add to your account.
Bottom line
To find the best cards for Lyft to share with you, weâve compared all cards that offer benefits and perks related to ride-sharing and Lyft specifically. These cards can help you maximize your potential earnings and savings on Lyft rides, and if you use Lyft frequently, one of these products can be a great addition to your wallet.
*All information about the Capital One Savor Cash Rewards Credit Card has been collected independently by CreditCards.com and has not been reviewed by the issuer. Capital One Savor Credit Card is no longer available through CreditCards.com.
Love to travel? Good news: There are ways to put that wanderlust to use with a travel rewards credit card.
Though travel rewards cards aren’t the easiest to get approved for as they require an excellent or good credit score, those who are able to snag one can use it to build better credit. (Just remember, before you apply it’s important to know where you stand so you don’t get turned down only to see your score suffer as a result of the inquiry.)
Travel Rewards Cards & Credit
A travel rewards credit card lets accountholders earn points or miles that can be put towards hotel stays, airfare and other travel expenses. These rewards can help travelers lower the cost of vacations, and the card itself can be a good tool for building credit.
If you make payments on time, eventually your score will begin to rise because this behavior creates a positive payment history, an important factor in credit scoring models. The card’s credit limit will also count toward your credit utilization rate, which is another big factor in scoring models. Your credit utilization rate is how much debt you carry versus your total available credit. For best credit scoring results, it’s recommended that you keep your debt below 10% and at least 30% of your credit limit(s). So if you charge a vacation and then pay most or all of the purchases off right away, your score could benefit.
You can keep track of how your usage and payments are affecting your credit by signing up for Credit.com’s free credit report summary. Beyond seeing your credit scores, you’ll be able to check how you’re doing in five key areas of your credit report that determine your credit score, including payment history, debt usage, inquiries, credit age and account mix.
Since interest rates for travel rewards cards tend to vary depending on creditworthiness, you’ll want to be mindful about carrying a balance. Doing so could hamper your credit goals, and the interest you pay could exceed whatever you’ve managed to glean from rewards. Many travel rewards cards carry annual fees, too, so you’ll want to make sure your spending habits justify the potential cost. (You can read about the best travel credit cards in America here.) Of course, making purchases on your card and paying them off quickly (and on time) will generally boost your credit.
Remember, if your credit is looking a little lackluster and you’re having a hard time qualifying for any type of credit card, you may be able to improve your scores by disputing errors on your credit report, paying down high credit card balances and limiting new credit inquiries until your score bounces back.
[Offer: If you need help fixing errors on your credit report, Lexington Law could help you meet your goals. Learn more about them here or call them at (844) 346-3296 for a free consultation.]
More on Credit Cards:
Credit.comâs Expert Credit Card Shopping Tips
How to Get a Credit Card With Bad Credit
An Expert Guide to Credit Cards With Rewards
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