Want to know whether to use CRED App or not? Well, you have landed on the right article. Check our easy to read article on Cred Review.
Customers are rewarded for utilising a variety of mobile apps these days, including PhonePay, Paytm, and many others. The CRED App is one of the most recent apps to hit the digital payment market.
It has gained a lot of traction, and many people are looking for more information about it. This application has received over 1 lakh downloads, with a great rating. As such, the popularity of this application is growing by the day.
Continue reading to learn more about the CRED app and the functions it performs. CRED is an online payment system, linked to your credit-card, and was created by Kunal Shah, the founder of the startup FreeCharge.
The CRED App aims to make credit card use more convenient and automatic. The program also offers a variety of incentives in the form of CRED coins, which can be exchanged for cash or special deals.
The app, however, is not available to everyone. Users with a credit score of at least 750 can use the CRED app. Your credit score is checked using your phone number, which is linked to your bank account.
If you do not meet the requirements for access to the app, you will be placed on a waiting list. Payments can be made through debit cards, UPI, or CRED Cash balance.
Furthermore, users get rewards through CRED coins when they make a purchase using their credit cards through the CRED App. CRED points can be used to earn discounts on online shopping, buying tickets, and making payments, among other things.
Most major banks supply American Express, MasterCard, RuPay, Visa, and Diners Club credit cards, which Cred accepts. Individual and Corporate Consumers are two main types of credit card users, thus are also CRED app users, based on the User Personas outlined.
- Individual consumers who make purchases and consume using a credit card
- Corporate consumers, i.e., professionals who use a credit card issued by their employer.
How does CRED Works?
CRED is only accessible if your credit score (CIBIL) is 750 or higher. CRED obtains access to your present credit score to credit agencies such as Experian, Crif, and CIBIL and validates it.
If you meet the requirements, the app will link your current cards to your CRED accounts. The following is a full registration guide:
- Download an app on any Android or iOS device and register with your phone number.
- This app will check the credit score and inform you if you are qualified for the services after confirming your phone number using an OTP.
- The software will add all credit cards connected to your mobile phone after successful authentication. You may add up to ten credit cards at once, with the ability to add more if necessary.
- You must double-check your card information by entering the masked numbers.
- By contributing Re.1 via IMPS/UPI, CRED will promptly verify your card(s).
- You can repay your credit card bills after confirmation and get reward points equivalent to the bill total paid.
User Needs:
- Relevance and Discovery of Awards: As a user, I want to view relevant rewards to save time.
- Faster Payments: As a credit card bill payer, I expect faster and more consistent payment of my dues, as well as prompt resolution of payment issues.
- Improved Financial Management: As a time-pressed professional, I'm looking for practical strategies to better manage my income (assets/investments) and costs (spending/liabilities)
Major Benefits of CRED App
- Credit card payment:
You may use the application to sum up your existing credit cards, monitor payment due dates, and pay bills straight from the application. You don't have to go over your credit card bill every month.
Net banking or UPI applications can be used to make payments. The entire payment method is incredibly quick and easy. - Getting cashback:
On each bill payment process, you will receive cashback. After paying a bill of over Rs. 1000, you will be given the opportunity to #killthebill.
This works similarly to a scratch card, and then you can earn up to Rs.1,000 in cash back. In a full month, customers can earn a total of five scratch cards with a reward value of up to Rs 1000. - To redeem presents, earn CRED coins:
You'd get CRED coins in the amount of the credit card payment. For instance, a transaction of Rs 15,000 will give you 15,000 cred points. CRED points can be redeemed for a purchase discount. The offers are regularly updated. - You can earn up to Rs 500 by recommending your friends.
With their next paying bills, you and your recommended buddy could receive up to Rs 500 cashback. - Credit Report & Score for Free
Your CIBIL score and credit history will be available to you for free. Currently, the app displays Experian and CRIF credit scores. Your first report will be provided at no cost to you.
After that, by buying 1000 CRED points, you can check your most recent score. You may check your repayments, credit card usage, and credit history age in the complete credit report.
How to earn cashback from the Cred app?
There are two fantastic ways to generate money with the Cred application, each of which may earn you between Rs.500 to Rs.1,000 each day.
However, you need only a subscriber with a credit card to make money because only the credit card holder may use this application, and only then will you earn money.
- Earning from Referrals:
To earn from referrals, go to App's Control Section and select Invite Your Friends from the drop-down menu. By clicking on it, you may share it on Whatsapp, Facebook, Instagram, and other social media platforms.
You will receive 500 rupees for each successful recommendation, and the person who was referred will also receive the same amount. Only after the recommended subscriber has paid his initial bill will this amount be refunded to the card. - Cashback on every bill:
Every time you pay a bill through the Cred App, you'll receive a coupon for cashback. If you wish to obtain extra money back, divide your bill amount when paying.
If your bill is Rs. 12,000, for example, you can divide it into three parts of 400, and get three times the cashback.
How to Use Cred Coins?
When you complete your Due Amount in this App, you will receive Cred Coins. You can spend those Coins to gain discounts on certain items when buying online.
Additionally, by rotating the Jackpot Spin option, you can win Daily Cred Coins and gift cards for certain products. You can also save money by booking hotels & restaurants through Cred Co.
- Step 1: To settle your credit card, go to the Application and select Card from the drop-down menu.
- Step 2: All of your cards will appear in front of you.
- Step 3: Navigate to Pay, and pay your credit card bill.
- Step 4: Now type in the amount you need to pay and click Continue.
- Step 5: Now, choose one of the alternatives below. Select Net Banking, UPI, or another Proceed option.
- Step 6: Complete the payment. Your transaction has now been completed.
You earn points as you pay your bill; it's nearly like paying your credit card monthly. It's available in My Cred.
Advantages of Using CRED
You receive bonus points for each Rupee you put towards your account, in addition to providing a one-stop portal for settling your credit card bills. The incentive points are known as 'CRED coins,' and they may be redeemed for a variety of items on the application.
The app's offers are updated on a regular basis, and you can use your CRED coins (also known as 'burning CRED coins') to redeem them across categories.
- You can keep records of your repayments for all of the card numbers you've added to the framework, as well as forthcoming bills.
- Features like 'Kill the bill' allow you to earn rewards toward your bill repayment.
- Every time your card invoice is issued, you will receive a notification, ensuring that you do not miss or delay payment.
What Needs to be Improved
There have been concerns about failed payments in the recent past. The CRED Application team is aware of the problem and is trying to resolve it.
Allow this flaw to not deter you from using the App; perhaps you could make a little test payment to see how it works for you.
- There is no requirement for email access.
CRED should attempt to strengthen its relationship with the bank so that it may obtain credit card bill statements directly from the bank. CRED now requires email access to retrieve credit card bill details, which may be a security problem for some. - Superior Offers
Deals from the reward catalogue aren't nearly as useful as they formerly were. For similar products, you could receive a better deal on other buying sites.
CRED should be able to offer some fantastic bargains that benefit the user. They may be able to offer certain exclusive launch promotions that benefit both the user and the partner companies.
Safety & Privacy Concerns
There are a lot of benefits attached to this app. But there are a few points that need to be addressed;
- Security of Credit Card Information
The CRED app will not save the entire credit card number. For bill payments, you merely need to enter your credit card number into the app. No one may exploit your card lacking an expiry date and CVV. - Access to Statements through Email
To retrieve the contents of credit card bills that you obtain via email, the CRED app requires access to your email. CRED maintains that they really do read anything in the mails other than credit card bills.
If you have sensitive data in your email, don't give the CRED user access. Only one function would be lost: credit card expected date and amount alerts.
CRED must have established partnerships with banks to obtain credit card statement balances after three years of operation. They might create a system to obtain the user's permission to obtain data from the bank. - Refunds for Failed Payments
Payments may fail as a result of technical or financial issues. Your money will be reimbursed to your account within 1 to 3 days, or faster. You should use it at your risk. CRED is run by trustworthy individuals.
Therefore, your funds will be protected and returned to your account. It’s an inconvenience when money gets removed from your regular savings account, and you will have to wait for several days to just get back.
If you have a large bill to pay, I recommend breaking it into smaller payments. (Perhaps, in multiples of 10,000, as depicted in the image below) - Credit for Payments Made Late
Don't pay your credit card debts on the due date's last day. There may be a delay in the payments being reflected on your credit card bill. Usually, pay 2-3 days before the credit card's expiration date to be safe.
Verdict : Is Cred App Safe Or Not?
The benefits of the CRED app go beyond credit card rewards and cashback. There's no reason to pass up the additional cashback and benefits that come with paying bills via the app.
You're already using net banking to pay your credit cards, so why not maximise your savings? CRED app gets a three out of five from me for its attractive design, ease of purchase, and reward point value.
One point was deducted due to delayed/failed payment situations, and One point was deducted for not enticing offers to the users.
I hope you liked our article on CRED App Reviews. If you have any comments or suggestions please leave a comment below.
Frequently Asked Questions (FAQs)
Q1. Is there a limit on the bill amount I can pay using CRED?
No, users can pay the full amount of their bill for all cards linked to the system. Fees paid with debit cards, on the other hand, are limited to Rs.2,000 for security concerns.
Q2. Does CRED charge a fee for card verification/bill payments through the app?
No, there are no fees associated with CRED's card verification or credit card transactions made through the application.
Q3. Despite having paid my bill through the app, I haven't received a notification from my bank? Why does this happen?
The bank may take up to two business days to complete your payment transaction, based on the bank and mode of payment.
Q4. What type of flow is supported on CRED Pay?
All types of flow are supported by CRED. CRED Pay, which was launched by CRED in collaboration with Razorpay, allows customers to pay with their CRED coins and enjoy a seamless checkout experience across all partner sites.
Q5. What is the TAT to enable CRED Pay on my account?
From the time of the request, it can take up to two weeks to enable CRED Pay.