Are you a Lyft driver seeking ways to get instant, easy pay-outs, or do you want to save up to meet your long-term financial goals?
If yes, you’re in luck because you landed on the right page. Lyft Debit Card, a financial program, aims to provide economic security to drivers.
You no longer need to wait for long periods or pay a transfer fee. Instead, your hard-earned money will be in your wallet with a debit card in split seconds.
Check out the Lyft Debit Card review to learn more about its features.
And if you haven’t signed up to drive for Lyft yet, you’ll first have to apply to be a driver before you can sign up for the debit card.
What Is Lyft Debit Card?
A service launched in 2019, the Lyft debit card is meant for drivers to receive a quick paycheck and make everyday purchases while simultaneously getting cashback rewards.
Typically, US drivers have to wait for some days to a few weeks to get their paycheck.
There’s nothing more inconvenient than waiting to receive the well-deserved payment you earned through your hard work. Of course, people have responsibilities to fulfill and a family to feed.
Luckily, a Lyft debit card eliminates the hassle by allowing drivers to receive their cash directly into their pockets after every ride.
This allows for an instant and easy cash collection process. This service was released by the collective efforts of Stride Bank and Payfare in 2019.
Lyft drivers do not need to deal with outside banks and can manage their payment accounts from the comfort of their homes – or vehicles.
Once you qualify for the card, you can control everything from the Lyft Driver app. In fact, it provides features similar to Uber Instant Pay, helping you unlock your well-earned money faster than before.
Lyft Debit Card Features
A look at some notable Lyft Debit card features will give you an idea of what it offers. Because the service aims to make life easier for Lyft drivers, it provides a ton of beneficial features. Some key advantages are listed below.
No Maintenance of Low Balance Costs
Traditionally, banks charge a fee for maintenance or low balance. In fact, US citizens spend around $164 a year on vexing bank fees associated with most accounts.
Americans are obliged to manage yearly costs with regular banks, from maintenance charges to minimum balance fees and money transfer costs.
Lyft debit cards, on the other hand, do not require you to spend a penny for low-balance or maintenance charges.
Instant payout is probably the best part of the Lyft debit cards. Gone are the days when you’d need to wait for days to receive your money.
The card takes convenience to the next level by allowing you to get quick payments into your online account.
No-Fee ATM Access
ATM fee is yet another cost linked with regular bank accounts. Yes, it might not be too much, but it certainly makes a difference in your yearly savings. Luckily, the Lyft debit card gives access to over 20,000 no-fee ATMs.
Now, you can easily place the ATM-fee charges in your savings and meet your financial needs.
Save Money on Car-Related Costs
While driving undoubtedly limits your financial distress and makes up for a fair income source, you are required to maintain your vehicle to earn your bread and butter.
Constantly driving makes your vehicle prone to wear and tear, and you must spend money for maintenance purposes.
Thankfully, the Lyft Debit card considers your needs by offering handsome discounts at some of the most popular service centers, including National Tire and Service Center, Jiffy Tube, Pep Boys, and the Tire Kingdom.
Saving Up to Reach Your Goals
Not only does the card provide ease regarding cash withdrawal, but it also helps you reach your financial goals.
Utilizing the services of the Lyft debit card naturally saves your money.
While it may not help you purchase a million-dollar mansion, you can undoubtedly spare cash to make specific purchases (more on the topic below)
Apart from such useful features, the Lyft debit card doesn’t compromise your safety and security. The service keenly chose its trusted financial partners to keep your earnings safe.
Lyft debit cards collaborate with reputable organizations like Stride Bank and Payfare.
Stride bank, a member of the FDIC, insures deposits up to $250,000.
Rest assured that your money is in good hands – reliable, credible, and secure.
If you need any assistance regarding card usage, the help is one step away. Swipe open the Lyft direct app and get in touch with the customer service to get your queries answered.
Small Card Fee
Considering the many benefits of a Lyft debit card, you might assume you have to pay a hefty fee to subscribe to the service.
Luckily, the fee associated with the card is pretty low. You only have to pay $1 for personal checks, $3 for foreign exchange, and $2.50 on selective ATMs.
In case you lose the card, you’d have to pay $5 for card replacement.
How Can You Earn With a Lyft Debit Card?
While the many features of the Lyft debit card make it attractive enough, the cashback rewards program is the most enticing of it all.
Many drivers who want to subscribe to the service question how they can earn with Lyft debit cards; we’ll explain how.
The card cashback rewards program is pretty straightforward to understand. Here are some of the categories it includes.
- 4% cashback on selective restaurants – consider California Pizza Kitchen, for instance.
- 1% cashback at grocery stores
- 4% cashback on gas stations through 6/30/22 (pretty appealing, right? Considering the hiking petrol prices)
- 5% cash return at selective gas locations
- 1% on a bonus rotating category (pharmacies, phone, and more) The bonus category will be gas from April to June 2022.
This explains how using your Lyft debit card for everyday purchases can help you earn additional money.
How Does It Work for Drivers?
Luckily, there is no secret sauce to applying for your Lyft debit card. In fact, it is as simple as receiving instant cash after you subscribe to the service.
- To begin with, if you aren’t a Lyft driver, you need to sign up.
- Once your application approves, and your account is created, you have to proceed with the Lyft app download.
- After installing the app, search the menu bar for “Payment Info” – your eligibility will be primarily determined by your valid driving license and driving history.
- Now, navigate the Lyft Direct option and finish up your application procedure.
- Your application will be forwarded for approval to Payfare. As soon as the company approves your application, you’ll receive an update regarding your approval status.
- That’s it! You have successfully been approved for your Lyft debit card!
You can manage your account through the Lyft Direct app. It shows your current balance and helps you monitor your earnings and spending. However, make sure you have an active internet connection to benefit from the app features.
Lyft Debit Card Activation Procedure
After successful approval, the company will send you your debit card via mail within 10 working days.
However, the story doesn’t end after you have been accepted for the Lyft debit card program. While this certainly is your first step, you need to activate your card to complete the subscription process.
If you aren’t sure about the activation process, follow the steps below.
- Open your pre-installed Lyft Direct app and find the “Manage Card” option from the dropdown list.
- Navigate “Activate Your Card” and tap on it
- This will open a page requesting your card details. Make sure you enter the correct information.
- If you want to avoid manually entering the card information, you also have the option to scan the given QR code – it quickens the process.
- After giving the card details, you have to create a PIN for the Lyft debit card, similar to the typical ATM card.
- Once you finish the activation process, remember to turn on the automatic payment option.
- To turn it on, open the app and choose Payment Info > Manage Card
- Here, you’ll find the relevant automatic payments option.
In the event of a misplaced or stolen Lyft driver card, you can cancel the lost one and apply for a new card.
It’s easy to report your misplaced debit card, thanks to the Lyft driver app.
Navigate the “Manage Card” screen and choose “Report a stolen or lost card.”
You’ll receive your new Lyft debit card within 10 working days after reporting the problem.
How to Use the Card?
Once you receive and activate your Lyft debit card, you must get familiar with its usage. Luckily, using the card is pretty simple.
As soon as you receive cash in your account, you can use the card to withdraw your money like standard debit cards.
Nonetheless, note that the automatic funds will only be those earned through driving. So, the more you drive, the higher you’ll make.
But certainly, the card has a few irresistible perks. You no longer need to depend on outdated and slow payment methods from cashback rewards to quick access to cash.
Is Lyft Debit Card Legit or a Scam?
As with other new services, drivers often question the legitimacy of the Lyft debit card. Fortunately, the Lyft card keeps up with its promises and offers all the features mentioned on its official website.
Many drivers have subscribed to the services and are pretty satisfied with the results. No individuals have reported any issues with the card. Instead, they have benefitted from instant payouts and cashback rewards.
On top of that, the service partners with trustable and credible Stride Bank and Payfare. The former is an Oklahoma-based financial institution founded in 1913, while the latter is a reputable global FinTech company.
The Lyft Debit card’s collaboration with trustable companies speaks volumes about its legitimacy.
To sum up, the card isn’t a scam. Instead, a legitimate service aiming to ease the life of drivers who work hard to make both ends meet.
Can I Add Cash to my Lyft Debit Card?
While receiving cash from customers is a noticeable feature, does the Lyft debit card allow you to add money? Yes, it does.
If you’re willing to transfer cash to your Lyft debit card, you can do so through an additional prepaid debit, credit card, digital card, or bank account transfer.
Note that you cannot transfer cash to your card via gift cards, Apple Pay, Paypal, commuter cards, or Google Pay.
So, you have to ensure you utilize a supported platform to benefit from the feature. You also have the choice to auto-fill funds from one of the methods mentioned above. For instance, if your remaining credit falls below $15, you can choose the “auto-fill” tab to transfer funds.
The Lyft debit card is transparent about its procedures and allows a safe and secure money transfer procedure.
Lyft Direct Debit Card Pros
- Instant payouts. There a customer takes your service; here, the money gets transferred to your account. Access the payment right away and enjoy!
- No ATM-fee. You do not need to pay to withdraw your hard-earned income. Access up-to 20,000 no-fee ATMs with Lyft debit card!
- Cashback rewards. Get cashback rewards on grocery shopping, gas stations, selective restaurants, and more.
- Impeccable customer service. Reach out to Lyft debit card customer service, and they’ll address your queries right away.
- No car-related costs. Avail enticing discounts for minor vehicle fixes!
Lyft Direct Debit Card Cons
- Fee for a new card. In the event of a lost or stolen card, you would need to pay $5 to get a new one.
- Small cashback rewards. If you’re looking to make a fortune with a Lyft debit card, that won’t be possible with small cashback rewards.
Who Is a Lyft Debit Card for?
The Lyft Debit card is for all the Lyft drivers out there. While driving helps you earn cash, it comes with a set of challenges like other day jobs. Receiving delayed payment is one of the biggest drawbacks for Lyft drivers.
It keeps them from withdrawing money promptly, which often discourages them. However, the Lyft debit card eliminates the frustrating waiting process by giving you quick and easy access to the earned cash.
You can now manage your finances all through a single app. On top of that, you can save up some money through cashback reward programs. The debit card offers multiple cash return offers from grocery shopping to the gas station.
What’s more, you can enjoy discounts on car-related costs. However, note that this offer is applicable to a few service centers. Make sure you check out the list before utilizing the service.
Who Is the Lyft Debit Card Not for?
As the name suggests, the debit card is meant for Lyft drivers.
So, if you aren’t one or do not intend to take up the profession in the future, the Lyft Debit card is not for you.
Also, if you do not mind receiving late payments or seek to benefit from the cashback reward program, you can choose to drive without a debit card.
Whether you found the Lyft debit card enticing because of its prompt payments, no maintenance fee, or cash back rewards through purchases, it proves to be an ideal option for the Lyft drivers out there.
The application procedure isn’t a tough nut to crack. Instead, it is pretty simple as long as you forward the correct guidelines.
You can apply for the card today and discover what it offers!