Cred : Reward App for Credit Card Repayment

Cred Creditworthy Gets Rewarded

If you have been following Kunal Shah over the internet, you must have come across his tendency to ask his followers via polls and interesting questions. The FreeCharge & Cred founder has been one of the few startup founders who have thought beyond their product domain and experimented with new ideas.

Cred is one such startup, which encourages repayment of credit card dues. When fintech is getting oriented towards instant loans, payments, line of credits and other liability based products and services, Cred stands apart: as it asks for nothing, but regular repayment on credit cards.

Being marketed as the most rewarding credit card payment ever and promoted with hashtags like kill the bill, It has hit the conventional and unconventional, just where it needed to.

Repayments made via Cred are rewarded by Cred coin, which can further be used to redeem gift vouchers, discounts, experiences and other goodies via various websites. Kunal Shah and his team have taken an extra step to ensure that the rewards are equally exciting. They have teamed up with some of the biggest names, to curate rewards ranging from gadgets, lifestyle, experiences and even lucky draws.

But how does Cred manages the same? Can anyone join Cred and make payments for his credit card? Is It available to only credit holders? We shall explore this and other interesting features about this application in this interesting article.

Installing and Registering on Cred

Like any other app, Cred can be installed via Google Play Store. Unlike installing the application, registering and using the application is not everyone’s piece of cake. Registration

Credit Report Experian

How to Use Cred's App

One has to enter the mobile number, which he has registered with the credit card companies.

The app shall also ask you for permissions like this:

ApplicationThen, one has to allow Cred to check the credit information and score via Experian or CRIF. It can ask  for more data such as PAN card to generate a report:

How to Use Cred

A report is then generated, if your credit score is less than 750, you will not be allowed to use application or say “Enter the Cred Club”. The report is also emailed to you for your own perusal. If your score is above the threshold of 750, you can then enter the club. Luckily, our researcher got a respectable score:

Experian Credit Score Cred

This user selection does prove a very vital point about modern day banking, you are your credit score.

Fetching Credit Card via Cred

While most credit cards are fetched by the app itself (via the Experian report generated), the user can also add the card, which are not listed. The cards, outstanding balance, bills associated etc., are also automatically fetched by the app.

Credit Card on Cred

Interface

The interface is easy to use, one can browse through the rewards, check out how many successful referrals he has made. There are two types of rewards, that are available with Cred:

(a) Cred’s Coins: Which one earns whenever he pays for his credit card dues.

(b) Cred’s Gems: These are earned on successful referrals made.

Both of these rewards can be viewed via the remote control interface of the app.

Other than the above, user has access to Cred support, how many times has he redeemed his coins and what are the rewards available with the app. Moreover, customer care / support is also an easily accessible icon on the bottom.

Cred's interface

Making Payments Using Cred

Cred has several options to enable the user in making payments. UPI is indeed the most preferred one, as it requires one time authentication, and then a 6 digital password can be used to make payments. Next to UPI is the internet banking option, which also has almost all available banks. Payment via debit cards is restricted to only Rs. 2000/-, and thus, is not a convenient option when the bill amount is high.

Cred Protect

Apart from rewards, It goes the extra mile for the user, via a feature named Cred Protect. The user has a choice to enable or disable it. Once activated, Cred takes care of the following for its user:

(a) Due Amount in Credit Cards

(b) Any unexpected fee / charge deducted on Credit Card: A major concern which has always created a mess out of credit card is the unknown charges that company levies the customer with. Several credit card companies run campaigns on insurance or luxury based services which are initially free, but are later charged a hefty price tag. The user is unaware of these charges and pays the bill as and when it pops up. Cred scans through the credit card statement to assess such mysterious, rather mischievous entries and alerts the user regarding the same.

(c) All due dates pertaining to each credit card are available to Cred. It drops a message through Whatsapp, the app, email and other notifications to ensure that you pay no late fee.

Cred Scan

Credit score is the first step which determines whether a user can access Cred or not. It has now launched a feature named Cred Scan, where credit history of past -24- months is analyzed by the app. Emphasizing on one’s credit score is a necessity for financial education, and can prevent one from hampering his creditworthiness due to insignificant reasons.

Thus, if one has a good credit score, Cred will try its best to ensure that the score remains the same or even better.

Privacy with Cred

When it comes to one’s financial records, privacy is of utmost importance. As of now, Cred has strict customer privacy policy, which states that the app shall never:

(a) Access mails other than Credit Card Statement

(b) Upload any of its user’s email on their server.

(c) Share user information with third parties.

These three covenants do hold a crucial level in maintaining user’s personal space intact.

Future for Cred

Finding new customers isn’t a difficult task, keeping them loyal is.

Gone are the days when credit was highly selective. Now, it is the finding the creditworthy, which is a mission. Through an app like Cred, not only the creditworthy is rewarded, but is also encouraged to keep up with the payments.

Kunal Shah’s Cred has made enough headlines, penetrated almost all age groups and income groups, and is improving dynamically. Turning repaying of a liability into a rewarding experience, is indeed a tough task. The competition has already popped up with PhonePe and PayTm also getting into the credit card repayment features, but they do lack the exclusive feel, which Cred provides.

While it is expected that the app shall not limit itself to credit card repayments, it has already garnered itself with young, good credit holding customers. These customers with good scores are not only exhibiting trustworthy nature, but also ready to be a part of loyal customer base. Once on Cred, the user is indeed hooked to the application.

How is Cred going to get more of these? Hiring people like Jim Sarbh for their marketing is one sure way to do it:

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