App of the Month: Cred

Last Updated on July 27, 2019

We like our apps and we love them if they save us money. Cred is a startup from the former founder of Freecharge, Kunal Shah.

What is Cred App?

Cred is a payment gateway where you can add your credit cards and pay your bills when they are due in return for rewards from affiliated companies.

How does Cred App work?

Cred is basically a portal where you can add your credit cards and pay due bills on them each month. For each rupee, you get a Cred point which you can redeem in the form of vouchers given by Cred-affiliated brands.

The rewards can range from a free haircut to a free beer from Doollaly. Rewards are different for each city.

What are the benefits that the Cred App offers?

1. Cashbacks

It is sort of a lucky draw. After paying your credit card bill, you can opt to sacrifice your points for a cashback lottery where you can get cashback of upto Rs. 5 to Rs. 10,000.

2. Aggregate your different credit cards

You can add all your credit cards and use Cred as a single payment portal so that you don’t miss a due date. Cred sends a reminder on whatsapp when your credit card statement is generated.

3. Cred coin rewards

You can earn cred coins by paying your credit card through the Cred app. You can redeem those coins for services or goods offered by affiliated brands. Currently, you can get offers from:

  • DocsApp
  • Cleartrip
  • EazyDiner
  • Freshmenu
  • Dining club
  • Beardo
  • Bodycraft
  • Swiggy
  • Drivezy
  • Tailorman
  • Flo Mattress
  • Flyrobe
  • Uber Eats

… and the list keeps changing and growing. Cred also has a different set of rewards for referrals. You can collect one Cred gem for each referral you make to the app. The rewards are much better for the gems.

There are some rewards which are free from any Terms & Conditions, they’ll be labelled with “No TnC”.

How does Cred App make money?

So you must be thinking that if this app is free to use and you get rewards in return for just paying your credit card bills which you were going to do anyway, how does the app even make money?

The answer is simple and a very boring new-age cliche: data is the new oil.

Cred App collects your credit score, your credit statement, your payment habits and even the rewards you encash. Soon it will have huge enough repository to market to banks and other financial companies with which they can tailor their offerings to prospective customers.

Cred will provide a holistic database on your spending, borrowing and lifestyle habits. Financial companies will definitely line up to pay Cred for this valuable dataset.

So, should you participate in allowing in app to get your data? Well here’s the thing, most apps like PayTM do collect your data but they don’t really give you anything back. Cred actually has rewards from a host of companies where you can avail discounts and offers, so it is kind of a win-win and one that Indian customers aren’t used to.

Is Cred App safe?

If by safe you mean is your data going to be safe, then yeah. They do not save your data or any sensitive credit information, they only read your statements once you link your email with them and from that they collect all the information they need.

How to set up your account on Cred App?

  1. Go here.
  2. If you have a good credit score, your account will get approved.
  3. Add your credit cards and your email if you wish to be notified of due dates.
  4. Start paying your bills through Cred.

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