Bottom line: Lyft launched an all-access subscription plan earlier this month that offers 30 rides for a flat rate of $299 a month. Uber is taking a different approach with its subscription offering, offering reusable discounts rather than a preset bucket of rides. It'll be interesting to see which approach proves more popular.

Uber has launched a discount subscription service that rolls out today in five cities: Austin, Los Angeles, Denver, Orlando and Miami.

Dubbed Ride Pass, the service commands $14.99 per month (or $24.99 a month if you are in Los Angeles) and locks in a flat rate on all UberX and UberPool trips taken during a given month. Rates will be based on historical data and won't be affected by things like surge pricing, traffic or weather. There is no limit to the number of rides a customer can take each month and according to Uber (via The Verge), riders will save up to 15 percent on overall monthly travel.

Uber product manager Dan Bilen said the vision for Ride Pass is that it makes Uber a budgeted line-item for riders.

Customers in participating cities can sign up for Ride Pass from today through the Uber app where you'll also be able to track monthly savings. Ride Pass memberships renew automatically although subscribers are free to cancel at any time. Don't expect a refund for any unused time, however.

Uber's new subscription plan is yet another way for the company to add paying members to its roster ahead of an IPO next year. Uber will still pay drivers based on time and distance, however, so it could be a losing proposition in some instances.