Everything you need to know about cred app

Whether it is the Rahul Dravid’s Gunda avatar or the Javelin song and Neeraj Chopra’s obsession, CRED has established a brand name that is known by the new Digi-age Indians. The brilliant marketing strategy and the accountability of its CEO, Kunal Shah who is also the founder of Freecharge, brought credibility to the app and has helped CRED build a user base of over 7.5 million. So what is the CRED app and how CRED app works? Is the CRED app safe? The entire working and concept of the app and the CRED business are explained below.

About CRED: Background and Origin

Cred was founded in the year 2018 by the Freecharge founder Kunal Shah. By the year 2021, the company had over 5.9 million users and now it has over 7.5 million users. CRED is processing over 20% of all the credit card bill payments in India. CRED is a fintech company based in Bangalore. The app’s main function and feature are to give rewards to consumers on paying the credit card bills on time.

CRED allows the users to make house rent payments and has also introduced short-term credit lines. The aim of the app is to make using the credit card payments earlier or on time and make them automated. For the same objective, the app has an array of rewards of different kinds that can be redeemed from the app. One of such rewards is CRED coins. The CRED coins use are to be redeemed for cash or for other offers.

So how does CRED help manage credit?

Not everyone is allowed to use the app. The app asks the users to submit their phone numbers for registration. Then, using the user’s phone number, the app gets the credit score of the user tested by various credit rating agencies, and only if the user’s score is over 750, are they allowed to use the app. If their score is less than 750, they are put on the waitlist.

We all know the horrors of mismanaged credit. Even having a high score but mismanaged credit can cause a lot of financial burdens. Understanding and applying smart tricks in credit card management establishes the creditworthiness of a user. CRED makes the entire credit management easier and rewarding. So how do the CRED app offers and rewards help manage the credit? 

  1. Every time someone makes their credit card payment using the app, the CRED app benefits the customer by giving them CRED coins. This creates a psychological effect on the consumer that on-time or early credit card payment will help them get more and more rewards. Hence helping the user develop a habit of on-time bill payment.
  2. So that the users do not miss their due dates, the app features a reminder feature that reminds them about their settlement dates and hence making sure that they are not missed.
  3. Through the CRED Protect feature of the CRED app, the user can get a category-based analysis of all their transactions and they can see if there are any hidden charges. Through the app, they get control of their spending and limits by the analysis of their expenses.
  4. People who pay their rent using the CRED app’s feature of RentPay get the reward of 45 days of a credit-free period. They can also make use of CRED coins to get cashback on monthly rent paid.

Features of CRED App:

  1. CRED RentPay: This allows the users to pay their monthly rent with their credit cards and earn benefits of a credit-free period, free cash flow, loyalty programs, CRED Coins, Reward points on the card, and much more.
  2. CRED Cash: It is the fastest and fully digital way for availing of credit. Users can be pre-approved for an active credit line of up to INR 5 lakhs. 
  3. CRED Store: The CRED coins can be redeemed through the in-app e-commerce store that has an array of curated and handpicked products as well as travel expeditions to various luxurious travel destinations across India and the world with member-exclusive prices.
  4. CRED Pay: It is a new payment system by the app that allows the users to pay using their added credit cards on the merchant websites.

Safety and Security of CRED app:

CRED app founder Kunal Shah has had prior experience in handling Millions of users in his previous startup Freecharge. That itself is a big plus point towards the trustworthiness of the app. The following safety regulations of the app will make you further convinced about the safety and security of the app:

  1. PCI DSS compliant and matches all the requirements needed to manage all the credit cards and related information securely
  2. CRED uses 256-bit encryption technology that stores the user’s credit card information. 
  3. RBI approved: NCPI verified (NCPI is a part of RBI)
  4. Partnered with AXIS Bank for processing UPI Payments

However, all that glitters is not gold. CRED app surely ticks multiple checkboxes to assure the safety of the data submitted by the users. However, all the features that they provide are for free and they have collected sensitive information of the users like their name, phone number, credit card details, and email addresses. So, even to the slightest chance, there is the possibility that it sells users’ data to third parties.

So using the app is entirely at the user’s discretion and they should read the terms and conditions very carefully. If there is any complaint or customer support inquiries, the users can go on to the app and get help from the “get support” section of the app. There is no CRED app helpline number as of now.


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