Lyft Driver & Rider Promotions for 2018 (updated February 2018)
Lyft is the fastest growing rideshare company in the country. Lyft’s rideshare services are currently available in 95% of the United States, up from 54% at the beginning of 2017. In 2017, Lyft accepted a funding round led by Alphabet (Google’s parent company) that valued the company at $11 Billion. In October 2017, Lyft gave its five hundred millionth ride. But the company is growing so fast, it has just passed the one billion rides mark!
Lyft achieved this explosive growth by concentrating on U.S. growth, while keeping overhead expenses lower than their main competitor, Uber. Lyft has also used a stellar combination of driver and rider promotions to drive growth in new markets. As Lyft just arrived in many markets just last year, most of these driver and rider promotions are still available.
The main difference between the Lyft rider and driver promotions is that Lyft driver promotions are paid in cash, while Lyft rider promotions are paid in ride credits or ride discounts.
New Lyft drivers can earn a sign up bonus of up to $1000 by using the Lyft driver referral code RIDESHARECENTRAL.
New Lyft riders can earn up to $50 in free Lyft ride credits or Lyft ride discounts by using the Lyft promo code RSCLYFT.
Current Lyft Driver Promotions
Most drivers prefer Lyft over Uber. Nationally, per hour pay on Lyft is a couple of dollars higher on Lyft than on Uber – $17.50 per hour. Also, most drivers feel that Lyft treats them better. After all, Lyft has had in app tipping since the company started, and Lyft pays drivers higher rates than Uber for shared rides. Another reason drivers may prefer Lyft is the sheer number of promos available to new and existing Lyft drivers.
There are currently six different Lyft driver promotions:
- Lyft Driver Sign up Bonus (used with Lyft Driver Referral Code)
- Lyft Driver Weekly Guarantee
- Lyft Driver Average Hourly Guarantee
- The Power Driver Bonus
- New Passenger Referral Bonus
- New Driver Referral Bonus
Lyft Driver Promo 1: The Lyft Driver Sign Up Bonus
The first and most lucrative Lyft promotion is the new driver sign up bonus. This bonus is paid to the new Lyft driver on a per ride basis as soon as the driver starts completing rides.
Lyft Driver Promo 2: Lyft Driver Weekly Guarantees
Lyft offers new and existing drivers in certain markets weekly guarantees. Lyft may send a new driver a guarantee of $800 if they complete 70 rides in a week. If the driver completes the 70 rides but only receives ride payments of $700, Lyft will pay the driver the difference. This helps incentivize new drivers to stay on the road for longer shifts.
Lyft Driver Promo 3: Lyft Driver Average Hourly Guarantees
Lyft also offers new and existing drivers in some markets guaranteed average hourly earnings. For example, Lyft may guarantee a driver $24 per hour (pre commission) during certain hours. If a driver satisfies the requirements while driving during those hours and does not make the guaranteed amount, Lyft will pay the driver the difference.
Lyft Driver Promo 4: The Power Driver Bonus
The Lyft Power Driver Bonus rewards drivers based on how much they drive each week. These bonuses can be very lucrative and can allow drivers to earn back most or all of the commission Lyft takes.
Lyft Driver Promo 5: New Passenger Referrals
In order to keep the Lyft community growing, Lyft allows drivers to refer new riders to Lyft and receive a cash bonus.
Lyft Driver Promo 6: New Driver Referrals
Once you’re approved as a driver, Lyft has an awesome driver referral program. Basically, you can refer new drivers to Lyft and both you and the new driver will receive a bonus. The referred driver must be approved and begin completing Lyft rides for you to begin receiving your driver referral bonus.
Current Lyft Rider Promotions
In addition to the various Lyft driver promotions, Lyft also offers new and existing Lyft riders the opportunity to earn ride credits on Lyft.
Lyft New Rider Promo 1: Lyft Ride Credit
New Lyft riders can receive up to $50 in ride credits on Lyft. The credit amount is determined by city. These credits are limited to a certain amount per ride. Even if your city if offering $50 in Lyft credits for new riders, you will not be able to use all $50 on one ride. Most cities have a limit of $5 or $10 per ride.
Lyft New Rider Promo 2: Lyft Ride Discounts
New Lyft riders can also receive discounts on their first few rides. Lyft may offer a discount of 20% on the first 10 Lyft rides you take. The amount of the discount is determined by city.
Lyft New Rider Promo 3: Refer New Riders For Ride Credits
If you’re already a Lyft rider, you can get Lyft ride credits by referring new riders to Lyft. From the Lyft app, click on “Free Rides”. Then, you can email or text your friends your rider code. Once they sign up for Lyft using your code and take their first Lyft ride, you will receive a ride credit in your account. Usually, the new rider referral amount is $5. You can also share your code on your social media accounts
Next Steps – Sign Up To Ride Or Drive With Lyft
That was a lot of Lyft driver and rider promo information to digest. However, if you’re now ready to sign up to ride or drive with Lyft, or just want to see your Lyft sign up bonus amount, simply click one of the buttons below to get started.
If you would like more information about signing up to drive for Lyft, be sure to check out our page about Lyft Driver Sign Up Bonuses.
Want to drive rideshare, but don’t have a car? Visit our Vehicle Financing guide, which contains information on how to buy, rent or lease a car for Lyft or Uber.
If you’re considering purchasing rideshare insurance (highly recommended if you’re going to drive rideshare), visit our Rideshare Insurance State Marketplace.
Other resources that you may find helpful: