Cred App Benefits & Uses

Want to know what is Cred app benefits? Well, you have landed on the right article!

In the past few years, technology has changed the way we handle our finances. Though mobile banking has made banking easier, many apps provide an even more sophisticated way of handling your money. 

Most people use mobile apps for making online transactions. CRED is one of the most popular apps that helps you to pay your credit bills online. With over 9 million users, CRED’s popularity has seen tremendous growth.

For the uninitiated, it is the brainchild of Freecharge founder Kunal Shah who is one of the pioneers of the UPI startup. Earlier, paying credit card bills was possible only by using the respective bank’s app.

For the first time, you can pay multiple credit card bills with one app and CRED credit card has made it possible. It is a one-stop-destination to manage all your credit card bills. You can pay your multiple credit card bills on the CRED app for free. 

This app is available in the Play store as well as the App store to cater to both Android and IOS users. It not just makes bill payment easy but also offers attractive reward points and guaranteed cashback for every bill payment.

What is Cred App & How Cred App Works?

It’s crucial to understand that CRED is not for everyone. CRED eligibility is linked with the CIBIL score. If you can use the CRED app only if your CIBIL score is 750 or more. CRED has a way of verifying your accurate CIBIL score by obtaining your CIBIL information from verified entities.

Only if you qualify with desired CIBIL score, the CRED application will let you connect your credit cards with the app for further usage. 

Steps to use the CRED app:

1. To use this app, first, and know about cred app is you need to download the CRED app on your Android or IOS mobile phone. If you are an Android user, you can simply go to the Play store to download the CRED app. For IOS /Apple users, the CRED app is available in the App Store for downloading.
   
   
2. After installing the CRED app, you need to start the verification process. The verification is done via your registered mobile number with the OTP mechanism.
   
   CRED app will start checking your CIBIL score once you verify your mobile number with the One-time-Password received as a text message.
   
   After assessing information about your CIBIL score, the CRED app will let you start using its services if your CIBIL score matches the eligibility criterion.
   How to add credit card in cred app:
3. Once you meet the criterion of 750 or more CIBIL scores, your verification process will be complete. Post this step, you add your credit card details in the app.
   
   You can add multiple credit card details. All credit cards must be linked with your registered mobile number. The limit of adding credit cards to the CRED app is set to 10. Use add more options to add multiple credit cards.
   
   
4. After entering card details, verify all of your cards with the help of masked numbers. Add masked numbers to complete the process.
   
   
5. In the next step, CRED will verify all your credit cards. As a part of verification, CRED will deposit Rs.1 by using UPI or IMPS. Once your verification process is complete, you start using the CRED app to pay your credit card bills. You can earn reward points and cashback.
   

How to make credit card payments by using the CRED app?

Making credit card payments by using CRED is easy than you can imagine. Simply follow the below-mentioned steps:

Step 1: Log in to your CRED account. Make sure that your verification process is completed.

Step 2: Go to the ‘Card’ tab to select the desired card to make payment.

Step 3: Once you see the due amount, click on the Pay Now option by adding the desired amount.

Step 4: Now you can choose a bill payment method to complete your payment. You can choose UPI, net banking, or debit card method. Once you complete the transaction, you will receive a transaction ID and the amount you just paid.

Step 5: Depending upon the type of payment method, your payment will be processed and gets reflected in a maximum of up to 2 days by your bank.

Step 6: In case of any queries or issues, you can connect with customer support.

Cred App Benefits & Cred App Uses:

Apart from the sophistication of the process to pay your credit bills in one place, there are numerous benifits of cred for its users. Here’s a list of the most exciting benefits you can avail by using the CRED app:

Manage all credit card payments at once:
Paying credit card bills was a tedious process, especially if you possess more than one credit card. Before CRED, every time you needed to pay your credit card bills, you had to log in to multiple bank accounts and remember the payment due dates to avoid excessive late fees.

This problem is solved by the CRED app. It is the first app that allows users to pay and manage multiple credit card bills in one place. CRED made the bill payment process seamless and easy.

You can directly pay credit card bills via this app without the need to manually check credit card statements and due amounts. Paying bills is made easier by the use of UPI or net banking so that you instantly make payments without any hassles.

No-nonsense Guaranteed cashback:
To attract new users, CRED introduced guaranteed cashback on credit card bill payments. During the early days of the CRED app launch, it provided attractive cashback for as much as Rs.1000 to its users.

However, now you can get up to Rs.1000 cashback every month by collecting up to 5 scratch cards. Even if you make a payment as low as Rs.1000, the CRED app offers guaranteed cashback.

Referral cashback:
Most brands use referrals as a powerful tool to incentivize new users with the referral of an existing one. If you have been using this app, you would be aware of the referral cashback.

If you refer your friends and family to use the CRED app, it offers up to Rs.500 referral cash back as a reward. You can simply send the referral link to your friend circle by using WhatsApp and start earning some handsome cashback.

Redeem CRED coins and attractive gifts:
CRED benefits are not just limited to cashback on every transaction. You can earn CRED coins that are equal to the credit card payments you make.

For example, if you make a payment of Rs.10,000 you get 10,000 CRED coins. You can use these CRED coins to make online purchases with heavy discounts at the CRED store. From buying books to television, you can make payments with the help of your CRED coins.

Other than shopping, you claim many gifts and rewards by using CRED app for travel, in-app purchases, and more. You shop products from Amazon, Myntra, Ajio, or even get dine-out deals.

Timely reminders and payment automation:
When it comes to bill payment, timely reminders are crucial to avoid late fees. CRED gives you a timely reminder to pay your credit card bills and make payments hassle-free.

You can choose to automate your bill payments with CRED’s payment automation option. This is one of the most important benefits of CRED over a traditional means of making credit card payments.

Secure way of payment:
CRED considers the safety and security of your financial transaction with utmost seriousness. That’s why it offers a secure way to make payments.

It also offers real-time alerts for any duplicate transactions or frauds to safeguard your money from malicious elements. It also informs you about any hidden charges slammed by your credit card providers, so that you have better control over your payments.

Know your real-time credit score:
CRED app enables you to check your real-time credit score. With this feature, you know your credit history and CIBIL score without any cost. The credit history includes many essential aspects such as credit usage, payment history, and credit card usage.

How to get cashback by using the CRED app?

You can get a guaranteed cashback by using this app. You can refer a friend and get a cashback up to Rs.500. You can send a referral link to your friends. Another way to earn cashback on CRED is by simply making credit card payments via CRED.

CRED offers up to Rs.1000 cashback in a month for your bill payments. Dividing your payments into smaller bits can help you get more cashback.

How to use and redeem CRED coins?

CRED coin is one of the most popular benefits of using CRED to make credit bill payments. Every time you make bill payments, you earn an equivalent number of CRED coins.

If you make a payment of Rs.30,000 in three equal installments, you get 30,000 CRED coins in your account. A number of CRED coins earned are simply equal to the amount of payment made by using CRED.

Shopping:
You can redeem your CRED coins by claiming offers on lifestyle brands listed in the CRED store. It is a great way to get irresistible deals on shopping products.

You use your CRED coins to shop products online and avail of CRED exclusive deals on products listed on e-commerce giants such as Flipkart, Tata CliQ, Myntra, Ajio, and more. You need a minimum of 1000 CRED coins to avail of deals.

Travel deals:
If you are a traveler, CRED coins can help you get exciting travel deals with huge discounts.

KillTheBill:
You can also turn your CRED coins into cash with the help of the KillTheBill option in the CRED app. Turning your CRED coins into cash is also popularly known as burn.

To be able to burn your CRED coins, you need at least 1000 CRED coins. The cashback you receive from burning your CRED coins is reflected in your credit card.

Advantages of Cred app:

CRED app not just allows you to make credit card payments and track your credit score, but also offers cashback, CRED coin burning, and gifts. With the KillTheBill option, you easily turn your CRED coins into cash. 

This cash gets transferred to your credit card account once you avail of this option. CRED app has many other products such as CRED Rent Pay is used to pay your monthly rent.

It allows you to use a credit card for paying rent. CRED cash offers an easy to get credit instantly. The CRED store allows you to gain exciting deals on lifestyle products and you can use CRED coins for purchases.

Scope of improvement in CRED app:

CRED is a great fintech startup with a new offering that helps credit users in many ways. However, it can surely address some issues to make the CRED experience better.

The problem of email access requirement:
CRED offers credit statements, but to do so it asks for email access. This may be an unnecessary step that can also be alarming when it comes to your sensitive bank data.

Some people see it as a security concern to allow access. Instead of asking for email access every time you need credit statements, CRED can simply partner with banks to get the needed data for creating a credit report.

By removing the need of providing email access from users’ end, CRED can come across as a more secure app that is concerned about the data privacy of its users.

Relevant offers and rewards:
CRED offers can become more attractive if they manage to give relevant offers to its users. CRED can ask for feedback from users to make relevant rewards discoverable to its users. This will help users to discover relevant rewards in a quicker way.

Better tools:
CRED can offer better financial management tools to its users. With the use of filters, and sorting options CRED can improve its experience and allow users to manage and utilize their CRED coins in a much more effective way.

What do you need to know about the safety and privacy concerns of the CRED app?

When it comes to online payments and transactions, safety plays a crucial role. Most apps use SSL certificates, and firewalls to provide a secure way of transactions. However, safety and privacy concerns don’t end there.

Data safety:
CRED does not store your entire credit card information. You need to enter your card details only while making payments. It does not store sensitive data such as CVV number or card validity date, which suggests that CRED is a safer way to make online payments on your credit cards.

Need for email access:
CRED offers a detailed credit report with crucial aspects such as credit score, card usage, history, and more. Every time you request a credit report, CRED asks for providing email access.

Instead of obtaining information directly from the bank, CRED relies on your email access. This may be alarming when it comes to safety concerns.

Credit delays:
Whenever you pay credit card bills via mobile banking apps, at times you may experience delays in reflecting your credit. It can be a nightmare especially when you pay bills on the due date.

CRED app ensures same-day credit reflection in your account. However, it is still recommended that you pay your credit card bills at least a few days before your due date.

Refunds:
At times technical errors or glitches may cause unforeseen delays in credit refunds. Credit refund delays usually get resolved within 1 to 3 working days. To avoid such delays, it is wise to divide your large sum of money into smaller chunks before making payments.

Final word:

In a nutshell, there are numerous benefits of cred app and also there are various rewards. Instead of making normal credit card payments via a mobile banking app, choose CRED to gain handsome rewards and cashback.

CRED is a trusted startup backed by many investors. It is loved by over 9 million users over the traditional way of making payments as it is a more profitable and easier way of making payments.  

I hope you liked our article on what is cred app and everything about it, if you have any comments or suggestions do share them in the comments below.