Is Earning 2 Membership Rewards Points/Dollar on Uber Rides a Good Deal?

Last week, American Express and Uber rolled out a new partnership that essentially gives Amex card members (with a MR earning card product) the ability to earn 2x points on Uber rides.  They also launched the ability to redeem Membership Rewards points for Uber rides which is definitely NOT a good deal.

Earn 2x Amex points for Uber Rides

Membership Rewards points are pretty valuable thanks to great partners (i.e. Singapore Airlines, British Airways, etc...) and easy to rack up thanks to monster (i.e. 100,000) sign-up bonuses and a variety of consumer and business card products.  I value you them on par with Chase Ultimate Rewards points (about 2 cents each).

I personally have my Uber account linked to my Chase Sapphire Preferred Card.  Because Uber is coded as "travel" I will earn 2x points per dollar spent and also earn a 7% annual divided on that spend.  The dividend effectively makes my earnings 2.14x so while the new partnership with Uber is really cool, I will stick to my current setup!

If you don't have the CSP card, definitely link your Uber account to a Membership Rewards earning Amex card.