CRED Review: Get Rewards On Paying Credit Card Bills In India

CRED, pioneering as the first app in India to reward users with points or cashback for paying credit card bills, has paved the way for other platforms like Amazon, Paytm, and PhonePe to offer similar services. However, the question arises – can these apps be trusted with sensitive credit card details and personal information? In this review, we’ll delve into the key aspects of the CRED app while addressing this concern.

Major Benefits of CRED App

  1. Credit Card Payments

– CRED allows users to streamline credit card management by adding all cards to the app. This enables tracking of payment due dates and direct bill payments through the app, eliminating the need to check individual credit card statements. The payment process is efficient, supporting options such as net-banking and UPI apps.

  1. Cashback on Paying Bills

– Users earn cashback on bill payments, with the opportunity to #killthebill after transactions exceeding Rs. 1000. This feature functions like a scratch card, offering cashback up to Rs. 1000. While earlier users could earn substantial cashback, the current trend sees cashback values capped at Rs. 10. Users can earn a maximum of 5 scratch cards with cashback values up to Rs. 1000 in a calendar month. Additional scratch cards can be earned based on payment thresholds.

On Payment | Earn Up to

– Rs 50,000 | 1,00,000
– Rs 20,000 | 10,000
– Rs 5,000 | 5,000

In reality, cashback from these scratch cards is typically modest, often below Rs. 20 from a Rs. 5000 scratch card.

  1. Earn CRED Coins to Redeem Gifts

– Users accrue CRED coins equivalent to their credit card payments. For instance, a payment of Rs. 15,000 would earn 15,000 CRED points. These points can be utilized to avail product discounts, with offers regularly updated.

  1. Up to Rs. 500 Cashback on Referring Friends

– CRED offers cashback incentives for both the referrer and the referred friend, potentially up to Rs. 500 on their next bill payment. While specific details on this referral program are not provided, it serves as an additional way for users to benefit.

CRED’s innovative features, including streamlined credit card payments, cashback rewards, and the referral program, make it an enticing platform for users looking to optimize their credit card management and gain additional benefits.

  1. Free Credit Report & Score

Users of the CRED app enjoy the complimentary benefit of accessing their CIBIL score and credit history without any charges. Presently, the app displays credit scores from Experian and CRIF. The initial credit report is provided free of cost, and subsequent score checks can be done by utilizing 1000 CRED points. The detailed credit report furnishes insights into payment history, credit card utilization, and the age of credit history.

How to Make the Best Use of the CRED App

Installation Process

  1. Install the app on iOS or Android.
  2. Approval is contingent on possessing a good CIBIL score.
  3. The application commences with the primary mobile number registered with banks.
  4. Approval may be declined if mobile number details do not align with the CIBIL report or if the credit score is not favorable.

If Approved

  1. Input credit card information into the app.
  2. CRED provides intelligent hints for missing credit card numbers.
  3. Validate credit cards by depositing Rs. 1 into your card (visible in the credit card statement).
  4. Initiate bill payments for credit cards.

If Rejected

  1. Modify contact details, especially if multiple mobile numbers are used for banking.
  2. Contact customer support if information is deemed correct.
  3. Wait and reapply after a few months if the credit score is low.

How to Earn & Redeem CRED Coins

– Earn 1 CRED coin for each rupee payment through the app. For instance, a payment of 5000 rupees across 3 credit cards yields 15,000 CRED coins.

Redeem Option 1

– Earn additional cashback on payments exceeding 1000 rupees. The option to use CRED coins for winning up to 1000, 5000, or 10,000 rupees is available, with variations based on the payment amount. Users can win cashback through #killthebill scratch card mystery reward systems, with a maximum of 5 scratch cards per calendar month.

Redeem Option 2

– Utilize CRED coins to redeem rewards from the constantly updated rewards catalog. The current offerings include discounts on Leaf Hush ANC, Kiehl’s, OnePlus TV, Easydiner, and Pepperfy.

The CRED app not only simplifies credit card payments but also provides users with the opportunity to earn cashback, redeem rewards, and access free credit reports and scores, making it a versatile and rewarding financial management tool.

CRED Rewards Redemption

Having claimed 10 rewards through the redemption of CRED coins, I’ve experienced a range of benefits, including:

  1. Swiggy Super for one year
  2. Rs. 100 off on 5 meals from Swiggy
  3. Rs. 500 products from Moms Co
  4. Free gift from Bodycraft
  5. Discount on groceries from Grofers
  6. Rs. 500 gift from EazyDiner
  7. Dineout Gourmet Passport for 3 months
  8. 20% off on Zoom Car
  9. Rs. 150 off on Uber rides
  10. 25% discount on hotels from Yatra

CRED offers two types of rewards, distinguishing them with or without specific terms and conditions. Rewards labeled with “No TnC” indicate straightforward benefits with no conditions attached. Users can easily redeem these rewards by using points, checking the details, clicking on the redemption link, and ordering the products.

However, rewards with ‘Terms & Conditions’ may have specific limitations. For instance, a Rs. 1500 gift card may be valid only on shirts. It’s advisable to choose rewards based on personal preferences and requirements.

Safety & Privacy Concerns

Despite enjoying the benefits of the CRED app, it’s essential to address some safety and privacy concerns

  1. Credit Card Information Safety

– The CRED app does not store complete credit card information. Users only need to add the credit card number for bill payments, and without the expiry date and CVV, the card information is incomplete, reducing the risk of misuse.

  1. Email Access for Statements

– The app requires access to users’ emails to fetch credit card statements. CRED claims to only read credit card statements and not any other content in emails. While this might be a convenient feature, users concerned about email privacy should exercise caution.

  1. Failed Payment Refunds

– In the event of payment failure due to technical or banking issues, CRED assures that refunds will be processed within 1 to 3 days. While I have not personally faced payment failure, it’s essential to note that others in the community have encountered such issues. Users should proceed with caution and consider paying in smaller chunks to minimize inconvenience.

  1. Delayed Payment Credit

– To avoid delays in reflecting payments on credit card statements, it’s recommended to pay credit card bills 2-3 days before the due date. While payments made through CRED typically appear promptly, users should exercise prudence.

In conclusion, while CRED is run by credible individuals, users are advised to be mindful of these considerations and use the app at their own risk, taking necessary precautions to safeguard their information and payments.

Areas for Improvement in CRED

  1. Eliminate Email Access Requirement

– CRED should enhance its partnership with banks to directly obtain credit card bill statements. The current practice of seeking email access for fetching statement details raises security concerns for some users. A more secure and user-friendly approach could be developed to ensure privacy.

  1. Enhance Rewards Offers

– The rewards under the catalog may not always be as beneficial as expected. Often, users can find better discounts on similar products directly from other shopping platforms. CRED should focus on introducing more attractive and valuable deals that genuinely benefit users. Consideration could be given to exclusive launch deals, similar to how platforms like AppSumo offer deals for SAAS products, ensuring mutual benefits for users and partner companies. This would enhance the overall value proposition for CRED users.

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