Unfortunately, Indian society is structured to ensure that our parents handle important tasks like filing taxes and paying rent. This means that even adults in their late 20s and 30s have poor financial knowledge.
When it’s time to take the reins from our parents, we are often prone to making mistakes that are as simple as not paying your credit card bill on time.
Kunal Shah,
Essentially, CRED is a platform where people with a credit score of above 750 can pay all their different credit card bills and, in the process, earn ‘cred coins’ that can be used to avail of offers from over 30 brands like Myntra, Blue Tokai, BookMyShow, and Airbnb.
CRED already has a blazing fast on-boarding process and easy-to-use interface.
After downloading the app, you will be asked to enter your mobile number, email address, and name.Them, it will gather details from Credit Bureaus like Experian and CRIF to ensure your credit score is above 750. After your score is approved, all credit cards linked to the number you provided will be added to your CRED account.
The app awards you one ‘cred coin’ for every point on your credit score and every rupee you pay towards your bills. These coins can then be redeemed as rewards from CRED’s brand partners. There’s also a cashback option.
After the Qrius team used offers by Zomato Gold, Myntra, and Cult.fit, we all agreed that the rewards process is smooth and quick.
As members of a generation that loves instant gratification, we’re simply waiting for our next free coffee, flight or pair of jeans–– all courtesy of the CRED app.
If you ask the Qrius team, we highly recommend using gift cards worth Rs. 1000 by The Man Company Company and the 1 month Cult.fit membership. Another special reward we’re very excited about is the 1+1 offer by DineOut that is valid for 3 whole months!
Image source: https://itunes.apple.com/in/app/id1428580080
CRED also has two unique features that users say are a godsend: “Card Protect” and “Smart Statements” analyse your spending patterns and alert you to unnecessary fees levied on your card. Anand Subramanian, Senior Director of PR & Marketing Communications at Ola, tweeted that he received “interesting trivia” on his spending habits from CRED and that the app is “slick and does what it is supposed to.”
However, there have been privacy concerns regarding the app’s access to emails. Responding to users wary of the app’s ability to read their emails, Shah tweeted, “Hidden charges are not detectable on SMS as they are not sent and only available in statements.”
Although users can use the app without linking their email address, CRED’s security policies clearly state that all stored data is protected by encryption and will not be republished, sold, rented, or copied in any manner. CRED also states that interactions between the user and the app are governed by Indian law, quelling concerns for privacy and security.
Image source: https://twitter.com/kunalb11/status/1069668153087660032?
Some users also complained about the app’s slow customer service and that it only accepts Gmail addresses. Shah clarified that CRED is still in developing stages and is actively working to add more functionality.
So is the app worth using? Absolutely.
The sleek interface and absence of glitching during use is already a huge win when compared to other Indian banking apps that are clunky and crash constantly. CRED also educates users about their finances, spending habits, and credit score while operating as a single platform that can be used to pay all your different credit card bills. This app takes the hassle and risk away from paying bills, a task that we may not be fully prepared to tackle to begin with.
For everything else CRED, check out their app!
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