INTERNATIONAL – Lyft Inc on Wednesday said it has teamed up with JPMorgan Chase & Co to offer extended rewards to Chase customers using their credit cards to pay for Lyft rides.
The ride-hailing company said the partnership was aimed at attracting and retaining high-value riders who travel often and use its services frequently.
The announcement comes after Lyft’s management in October said it planned to expand its partnership with corporations to incentivise business travelers who outspend other riders.
Lyft and its larger rival Uber Technologies Inc have struggled to convince investors they can turn a profit, with Lyft’s share price falling more than 30% since going public in March.
Under the new offer, launching on Jan 13, members of Chase’s Sapphire Reserve credit card will earn 10 rewards point on every dollar they spend on Lyft rides.