It seems just about every gig app is offering a credit card to contractors. With incentives and perks that seem just worth it, you might be wondering whether a gig worker credit card is right for you and which is the best gig card.
Or better yet, which of all the choices is right for you? Let’s compare the most popular ones: Uber Pro, DasherDirect, and Lyft Direct to see which can have a positive effect on your work and in day-to-day life.
Everything to Know About the Uber Pro Card
Supported by Branch, the Uber Pro card is a debit Mastercard with an attached checking account that both Uber drivers and delivers can use for a number of perks.
Features
- Automatic Cashouts: After every trip that a driver takes, they can subsequently cash out their earnings to be transferred to their bank immediately.
- Refueling Rewards: When purchasing gas with the Uber Pro card, a driver can receive cash back on their refueling purchase. Benefits are broken down into tiers based on Uber Pro status but can go up to 10%.
- Temp Gas Hold: Uber Pro holders enjoy the unique benefit of having no temporary gas hold n their card when paying at the pump.
- Upside Rewards: Within the Uber app, drivers can claim rewards that Upside facilitates through Uber Pro.
- EV Cash Back: Gas is not the only way to receive cash back. Charging your EV also brings 12% cash back with Diamon Uber Pro status.
- General Cash Back: Cardholders can receive 4% cash back on expenses like dining and travel, with two featured brands, including Jersey Mike’s Sub and Holiday Inn.
Pros
- Minutes for approval
- No credit check
- Debit and checking account
- Targeted Uber benefits
- No foreign transaction fees
Cons
- Rewards limited to $20 on some transactions
- Limited rewards DasherDirect
- Limited functionality for Android users
Everything to Know About the DasherDirect Card
The DasherDirect Card, provided in conjunction with Stride Bank, was specifically built with Dashers at the forefront. This Visa business card brings perks for Dashers who choose to pick up the card.
Features
- Instant No-fee Direct Deposits: After every delivery that a Dasher makes, they can subsequently cash out their earnings to be transferred to their bank immediately.
- Cash Back Rewards: General cash back rewards are a blanket of 2%, including gas, at any station and at any time.
- Access to Earnings: When using the Payfare app, Dashers can manage their money in a prepaid debit account.
- No Fees: There are no fees associated with direct deposits, which means no percentage taken off the top to deposit your earnings.
- All-in-one App: In the DasherDirect app, Dashers can find a no-fee in-network ATM for withdrawals or check their balance and transfer within the app.
Pros
- No credit check
- Instant payouts, including tips
- Free withdrawals
- 20,000 in-network ATMs, found in the app
- Minutes for approval
Cons
- Low rewards percentage
- Deposits earnings directly into the DasherDirect account, limited options
- A $150 minimum for gas purchases
Additional Reading: How to Understand Your DoorDash Earnings Statement
Everything to Know About the Lyft Direct Card
Working with both Payfare and Stride Bank to get your card functioning and in your hands, Lyft has created a card for Lyft drivers to thrive on. Here are the details you need to know.
Features
- Instant Pay: Drivers can get paid instantly after every ride they make. Drivers will not need to worry about fees or waiting periods. This appears to be an automatic process, meaning there is no need to manually activate the transfer.
- Easy Account Management: Once you’ve downloaded the Lyft Direct app, all earnings and data will be in one convenient place.
- Cash back: Cardholders can earn cash back on select purchases. Drivers can earn up to 7% on fuel costs and up to 4% on dining, though it depends on your status. Alternatively, Lyft Direct offers a blanket of 1% for cardholders without status and 1% for a bonus category and groceries.
- Mastercard Easy Savings: Lyft Direct cardholders can access Mastercard Easy Savings rebates.
- No Fees: Cardholders will enjoy a no low-balance fee and a no-maintenance fee. Lyft Direct estimates this saves the average American over $163 a year.
- Built-in Savings: For those with a savings mindset, they can opt-in to setting a percentage of earnings to set aside within their Lyft account.
- Associated Discounts: Presenting your Lyft Direct Card can bring discounts like car repairs. Participating businesses include Jiffy Lube and Pep Boys, among others.
Pros
- Discounts for necessary expenses
- An in-account savings function
- No fees for banking
- Payfare support in the Lyft Direct app
- Additional rebates via Mastercard
Cons
- Low cashback or rewards on purchases, unless you have a high status
Additional Reading: Your Full-proof Guide to Understanding a Lyft Earnings Statement
Uber Pro Card, DasherDirect, or the Lyft Direct card: Which Gig Card Should You Get?
The golden question: which credit or debit card is right for you as a gig worker: the Uber Pro Card, DasherDirect, or the Lyft Direct card?
The answer, as you might have guessed, completely depends. No gig card is a universal answer to every gig worker’s needs. Each card offers its own unique benefits and drawbacks that can make it not the right card for you.
For example, someone who already has a credit card with high cash-back/reward benefits may not see a high reward percentage as the most important aspect of the card. They may simply prefer the benefit of immediate withdrawals, which all cards offer.
The decision may then come down to which company you work with most. If you’re both an Uber and Lyft driver, consider which one you earn more with and whether that card fits your needs best. To help make the decision a touch easier, here are a few specific matters to consider:
- Which benefit is most appealing to you – then compare between cards
- Which option offers convenient in-network ATMs near you
- What is your primary use for the card? Which card offers the best return for equal use?
Additional Reading: Your Full-proof Guide to Understanding an Uber Earnings Statement
The Takeaway: Is a Gig Card Necessary?
A gig card can be the perfect addition to your financial health while being a rideshare driver or delivery worker.
While they’re not necessary to do your job well, they can offer unique benefits other general cards that banks outside the gig work economy can compete with, like immediate pay.
If that is an alluring benefit, it may be worthwhile to get a gig card, but otherwise, all other benefits can usually be found in any other general card option.
With all that being said, the best gig card will depend on your unique needs, including who you most often gig with. Take some time to consider the nature of your business before applying for one card or another.