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Whats CRED? Just another App? Cred Cashback?
You have already enjoyed credit card benefits like up to 50 days of interest free period, now its time to pay the outstanding credit card amount. You have multiple options to pay the amount however, what if you get some cashback for paying credit card bills? Sounds interesting. Its possible today with CRED with cred cashbacks.
Key Benefits
I have been using CRED for last couple of years and sharing you my experience. Its not a paid promotion as at spicemoney.com, we try to share ideas with the motto- ‘Anything that spices up you money life’. I have been receiving cred cashbacks so motivated enough to share my experience.
Cred Cashback on paying Credit Card Bills:
You simply need to add your card at Cred. Once your bill has been generated, just go to Cred app, select the card and pay amount like the usual ways UPI or Netbanking. You get some cred cashback along with some Cred Coins. However cashback is pretty low. For example, for a 10k bill, you may get max up to Rs. 10 (based upon my experience) . But if you are the one for whom every penny counts, then you can opt for this. However, I use this for convenience. This cred cashback is credited back into your Credit Card account.
Is this safe?
In my view, 100%. They never store your CVV of your card and while paying with UPI or netbanking it will prompt for OTP or PIN as usual. In general, In India banking system and processes are very robust. The site is secure ( refer lock sign).
Cred for Convenience
Today some of us use multiple credit cards to get the best out of credit cards. Like for Amazon we use ICICI Amazon Pay Credit card or for Flipkart we use Flipkart Axis Bank Credit Card to get the maximum benefit however the bigger challenge is managing so many credit cards. If we miss a single date, we not have to bear a bigger penalty wiping out all our benefits also potentially denting out CIBIL score. Cred comes as a saviour where we can list all our credit cards (most banks are supported) and with granting some permissions you can see outstanding as and when bill is generated. I know one gentle man who uses 27 credit card and manages with using pen and paper. With the technology, CRED does this for you!
Other Benefits:
Cred Coins
When you pay your credit card bill, you not only get cred cashback but also Cred Coin. In general its of the same value as of credit card bill. Personally speaking, I dint find any good value for Cred Coins unlike credit card general reward points which have values from 25 paise to 1 rs. My personal view, cred coins are useless.
Cred Rewards
Whatever coins earned through rewards, we can burn during the shopping option. Here is a catch, coins only cover partial amount however, remaining amount for the product you need to pay in most of the cases. However, I found certain deals very motivating to buy. Another interesting marketing tactic I found, by spending some coins you can given a special price for certain items. So, in general you will be compelled to buy as you have already invested some coins . Overall its not a bad deal, as you are getting these coins for free and if this gives us some benefit then whats wrong?
Cred Pay
Cred Pay, I found really good. Cred has tied up with many merchants where you get an option to pay via Cred. I remember using this option couple of times with Urbanclap. At times you get additional special discounts which you wont get while paying. Earlier, I have got additional discount via Cred up to 10%.
Cred Rent
Facility to pay Rent via Credit Card. However, its not free. You need to pay some service charges. It makes sense to use this service in following scenarios:
a. You are holding a credit card and need to incur minimum amount to get annual fees waived off. Like for Citibank card what I use, If I spend Rs.50000 in a year then my annual fees is waived.
b. Reward Points earned on the credit card are actually higher than service fees paid to Cred.
c. You are really short of money during the month.
Good option however use it wisely. You can find similar option from nobroker.com and magicbricks.com.
Cred Mint
What is CRED Mint? CRED Mint has been rolled out in partnership with Liquiloans, a RBI-registered P2P non-banking finance company. It is a community-driven product that enables CRED members to earn up to 9 percent interest per annum on idle money by lending to other CRED members with a credit score above 730
Source: https://www.moneycontrol.com/news/business/personal-finance/cred-mint-allows-you-lend-money-and-earn-9-interest-does-the-return-compensate-for-the-risk-7621961.html
Related Videos at You Tube
CRED App Overview ⚡Awesome Indian App That Will Save Your Money!
CRED App Use kaise kare | Credit Card Bill Payment Cashback Offers
CRED – Credit Card Payment App Honest In-depth Review (HINDI)
Conclusion
I have tried to cover important information that you should know about CRED. As again said this is an unpaid review and have shared thoughts based upon my personal use. I personally like the concept when it was first launched as I love using credit cards.
I would suggest to download the app if you have multiple credit cards and managing them is a challenge. If you are using only one credit card, then amount of cashback is not worth the efforts. However Cred Pay is a good option for now, as for many merchants if you pay via Cred Pay, you can get additional discounts. So, even you are not a credit card user, you should have Cred Pay to not to miss out additional cents. Happy Cred Cashback for expert kamai!