Capital one is going to give cardholders a 20% credit toward using Uber until April of next year and will cover the cost of new user's first two rides until June 2015.
By partnering with Capital one they can further drive down costs of taking rides. Capital One gets to attract more customers toward its card offerings.
Passengers who use a Quicksilver card to pay for a trip on the mobile app will receive 20 percent back as a statement credit on each Uber transaction. The partnership ends April 30, 2016, Uber said in a statement. The user's credit will appear on a statement one to two business cycles after the charge is incurred. The ride-sharing service that operates in more than 300 cities, most of which are in the U.S., had spoken with other banks, but ultimately chose Capital One for its technological innovations over the last two decades. "I like the history of Capital One," David Richter, vice president of strategic initiatives at Uber, told CNBC. "They now have two decades as an innovative disruptor in their own field and, like Uber, they led the way among many of their peers in using technology,"