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Cred App Review- Paying credit cards bills gets rewarding. Finally!

If you are in India or from India chances are you know Kunal Shah. The man behind the digital payments company, Freecharge who is also one of the poster boys for successful start-up exits. He sold Freecharge to Softbank-backed Snapdeal in 2015.

As they say entrepreneurship is an addiction. Once you have tasted it, you are hooked to it. While Shah had taken up various roles in last 2.5 years like being an advisor to Sequoia India & a chairman of IMAI (Internet & Mobile Association of India), he recently announced his foray into a new business that rewards people with high credit worthiness for paying their credit card bills on time.

In his own words "It's a platform to celebrate & reward the most creditworthy people of India.” Prerequisite: 

You are only granted an instant access to the app if you credit score (CIBIL score, it’s available for free on multiple website. Check yours today) is over 750. The app asks for the permission to access your credit cards linked with your mobile phone. This is purely an app based platform. You can only signup using your mobile.

Excited much? Let's dwell right in. First, you can register yourself in 5 easy steps.

  • Download the app through App Store or Playstore

  • Enter your mobile no. You will receive the OTP soon after punch that in too.

  • Post verification of your mobile no, all the cards that are associated with that no appears. How does that happen?

  • CRED has partnered with Experian, a Credit Bureau that makes it possible for them to fetch the information on a real time basis. The credit score displayed on the app also mentions Experian.

  • The credit card nos would appear half filled on the screen. Punch in the rest of the nos. Cred verifies the details & viola! you can now use your account to manage cards & make payments.

Notable Features

  • The onboarding experience is a breeze in itself. It will take you lesser than 2 mins to fully set up. One of the most striking thing is the clean & minimal UI. 

  • One of the key features is the credit card bill payment. Most of the payments will be updated instantly. This is valid for HDFC, ICICI, Axis & SBI. The payment of other banks are processed within a day or max 2. These include banks like Amex, IndusInd, Standard Chartered etc.

  • The point value for every redemption is dynamic basis their partnership with the brand but the points you get for each payment is the same as the payment you are making for the card. 

  • There’s a feature called as “Kill the bill” which is the same gamification method they have bought in like many other offerings like Google Pay. Here you are just dragging the cards & you are getting cashback that is auto credited to your bank account.

  • Although they are still building this, their partnership is still far better comparatively. They are now also doing tie-ups with exclusive events like Unmmad @ IIM Bangalore.

  • Cred Protect & smart statements enables you to get the bill details in the platform & also get payment reminders. This becomes super handy if you are dealing with multiple cards. They will access your gmail account & will look for credit card statement. 

  • Similarly Smart Statement helps you understand the split of your expenses. They split in amongst categories like Travel, Shopping, Food, Subscriptions etc. This helps if you are someone who likes to understand the details & the colorful cards help you to distinguish amongst the categories pretty seamlessly. 

How secure is it?

One of the things that would you would notice on almost every page is a card that talks about security. CRED is 100% secure as it has 256 bit encryption & is hosted on a virtual private cloud on AWS (Amazon Web Services), one of the most trusted hosting server. You can read all about their privacy policy in the link embedded in the app. The option of giving access for reading the statement is optional. There are two ways to go about it. You can either make a separate account that usually only gets these statements & hence be sure they can’t read any other emails or simply ignore it if you are anyway on top of your spends.

Pro tips: 

  • Re 1/- would be deposited on your credit card to verify the card. This process of verification is very similar to any other platform that needs to verify your card.

  • To be safe, try to make the payments atleast 3-5 days in advance. If the bill amount is > 1 lac, it would be transferred through NEFT. Rest all can be either an IMPS or UPI payment.

So, what's the final word?

Get this already, please. There are a couple of other brands that have started credit card payments like PhonePe, Paytm etc but nothing has the outlook or the charm of CRED. It’s refreshingly simple interface & the rewards system is far superior than anyone operating in the same space. It already has included more partners since the time I first used it & seems geared to become much better. 

I agree that there are a couple of platforms available for tracking your bills & segregating them into specific segments but none of them do anything apart from information handling. CRED helps you manage multiple cards, get timely updates, segregate your spends, pay the bills, get rewarded for paying bills & makes you a part of the elite inner circle. Go ahead give it a try. I am sure you’ll like it. 

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