Prepaid cards are one option for loading money onto your Uber account. But which prepaid cards work with Uber Instant Pay? This guide will help you find out.
Uber’s Instant Pay option for drivers is the answer to the prayers of all Uber drivers who found their money stuck with the app and nothing in hand! While Uber’s Instant Pay feature offers a lot of control and flexibility, there are many questions about how it exactly works and what cards and withdrawal options are compatible with it.
In this post, you will read more about Uber Instant Pay, the prepaid cards that work with it, how you can cash out the money, and how fast you can process the same. Uber brings several other provisions for its workers’ financial well-being. For the sake of this post, let’s explore what Uber Instant Pay has to offer.
What is Uber Instant Pay?
An Instant Pay option was recently announced by Uber for all its drivers who can use debit cards to instantly access their earnings. Before this, there was a default weekly withdrawal system that was hardly seeming sufficient for some who needed some funds in between the week.
This, coupled with the inconvenience of not being able to pay for rent or other amenities when required, becomes a fundamental requirement. Uber Instant Pay is a simple way to link your card to resolve these issues. With Uber Instant Pay, you can make a transfer up to 5 times a day!
What Prepaid Cards Work With Uber Instant Pay?
Cutting to the chase, typically, most Mastercard, Visa, or Discover cards that are eligible will work with Uber Instant Pay. There are many cards that do not work. The most tried and tested options are prepaid cards with a Visa or Mastercard logo.
Once you find an eligible card that your bank is affiliated with, here’s how you can set up Instant Pay for quickly cashing out your earnings:
- Start the Uber Driver app.
- Click on the main menu and select “Earnings.”
- Click on “Instant Pay.”
- Add your compatible debit card.
- Click on “Transfer Now” and proceed with the withdrawal.
How Long Does It Take?
Another valid question is – how long will it take to actually be able to use your card to cash out money? Is the whole hassle of linking your card with Instant Pay worth it? If you’re starting out with linking a new card, it might take 5-6 days for the verification process.
However, for Uber Instant Pay, no extra time is required to get your cash on hand. You can make a transfer with the above-listed steps and immediately have the cash in hand. In some cases, owing to issues with the banking server in use, a few hours or days might be needed to clear out a failed transfer.
This remains limited to the banking server’s drawbacks. Uber Instant Pay processes your payments instantly but is still dependent on quick processing at the bank’s end to make this possible. Thus, much like GPay or PayPal, banking issues can delay the process occasionally.
As per Uber’s help portal, these are the banks that might take a few days to process your funds:
- California Bank and Trust
- Silicon Valley Bank
- H&R Block
- Webster Bank
- Bank of New York Mellon
- Northern Trust
- First Citizens
- First National Bank of Omaha
More on Prepaid Cards with Uber Instant Pay
To process payments through Uber’s Instant Pay features you can either use your personal debit card or apply for an Uber Debit Card. Both options have their own benefits.
Most people are likely to have a personal debit card linked to an account already in use. If it’s a Visa or MasterCard account, it can be readily linked with the app. To avoid any additional charges levied for Instant Pay, especially if you’re going to cash out multiple times in the week or day, getting an Uber debit card account with GoBank can be smarter.
Does Instant Pay cost anything?
Well, yes. There is a transaction fee depending on the prepaid card you are using. For instance, with a Visa card with a GoBank account, there are no charges with Uber Instant Pay.
A 50-cent fee is charged each time a transfer is made. For the maximum use, that is five times a day, up to $2.50 could be charged every day. The same is waived off with ‘Uber debit card’ in use.
Uber’s Instant Pay solves the ‘pending’ cash problem
Whatever prepaid card you choose to use with weekly or even daily cashouts, it is safe to say that Uber’s Instant Pay does solve the pending cash problem for many who need to use their payments on a daily basis. With a little bit of research, you can set up Instant Pay to suit your requirements and avoid paying too much on transactions. Read more on prepaid card issues with Uber to solve any pending queries.