Here's how to get 20% cash back on every Uber ride you take for the next year

Capital One is offering 20% cash back on all Uber rides for Quicksilver cardholders, and the promotion is good until April 2016.

Is this the best credit card perk ever? Maybe, depending on how much you use Uber.

For those who use Uber regularly, there's massive savings to be had (especially if you live in New York, where Uber cars now outnumber taxis and where fares are expensive). Let's say you use Uber four times during the weekend and twice during the week, for an average $10 one-way fare. That adds up to $60 a week, or $3,120 per year. On an annual basis, you're looking at a cash-back amount of $624 — easily enough for a round-trip ticket for your next vacation.

Sure, the benefit might not be as exciting for non-regular Uber users, but that's kind of the point. Capital One is targeting a specific demographic (cough, cough, millennials) with this promotion, and wants Uber users that aren't cardholders to apply specifically for this benefit. It's a great marketing campaign and brand builder that creates goodwill and excitement for a cash-back card that generally doesn't rank highly in the rankings of those seeking travel points nirvana.

Extra exciting about this deal is that you can simply hook the card up to your Uber account, keep it in a drawer at home so it doesn't take up valuable wallet space, and automatically use it only for this specific perk while using more valuable travel cards for the rest of your daily spend.

The bank understands that it must also appeal to those who haven't even tried Uber. So if you have yet to sign up for the service, cardholders will receive a credit of up to $30 for each of the first two rides on the transportation service. To learn more about the card, visit the Capital one page here. This promotion bodes well for us traveling consumers, as it appears that credit cards are more willing than ever to use increased rewards to encourage more people to sign up for cards.