It is rare that we come across a new mobile app that has a novel idea not seen before. Cred is a new fintech app that has a simple premise. It helps users pay their credit card bills and rewards them for doing so on time. I have been using Cred since it launched. Here is a review of the Cred app.
How to register for Cred Club?
First off, Cred works only through its mobile apps – available for both Android and iOS. We need to register by providing your mobile number – the same one used for the credit cards that you hold. At this point, Cred pulls your credit report and score from Experian and CRIF. Yes, both are available with your mobile number. This was surprising for me as well!
We get access to the app only if our credit score is greater than 750. If not, Cred puts the user on the waitlist to give access when the credit score improves.
Post-registration, we can our credit cards by providing the 16 digit card number. Cred validates this by depositing Rs 1 against the card.
Rewards – Kill the Bill and more!
Here is where it gets interesting. Cred gives you 1 Coin for every Rs 1 of payment you make towards your credit cards. So if you pay Rs 10000, you get 10000 coins in rewards.
The standard rewards that Cred gives you come under ‘killthebill’ category. These are scratch cards that you can redeem by burning cred coins – available when making a credit card payment of more than Rs 1000. If you are paying more than Rs 10000, then you get an extra scratch card worth 10000 Cred points. The two scratch cards have the largest win probability of Rs 1000 and Rs 10000. In practice, though the greatest I have won so far is Rs 123. 😉
But, people have reported winning Rs 1000 as the scratch card value!
That is not all!
Apart from the kill the bill rewards that you get, you can redeem the remaining Cred coins for other interesting rewards.
For example, there is an option to get an Ixigo voucher worth Rs 6000 against 200000 Cred coins. So essentially a free flight ticket just for paying credit card bills.
Other rewards available are from companies like The Man Company, Bombay Shaving Company, UrbanClap etc. These are mostly discount vouchers which give you 500 or 1000 off on your purchase at these websites.
From time to time, Cred also runs special offers – I have got an Uber Rs 300 gift voucher, 6 month of Grofers Smart Bachat Club membership and 1 year of Swiggy Super all from Cred. 🙂
So, go ahead try out the app. An interesting way to earn some rewards while paying your credit card bills.