CRED - Simplify Credit Card Bill Payments With Exclusive Rewards

Making your credit card payments play a positive role in improving your CIBIL score. Most of the time, you may not get the notification messages the day before the due date; this may incur late fee charges. Under these circumstances, Fintech companies arrived to save your time and money by saving all your credit cards, and they never let you cross the due date. 

CRED is one such reliable Fintech platform that manages all your credit expenses smartly and offers rewards through loyalty programs. 

Beginning of CRED

Kunal Shah has started CRED with the vision to make credit card bill payments simple. The company has onboarded over 5.9 million users and processed 20% of almost all credit card payments. He is the former founder of FreeCharge. This serial entrepreneurship gave him enough experience to adapt to the current business trends.

Recently, CRED started to seek new investors accounting for a $5.5 billion valuation. This platform keeps on expanding with the distinctive range of products - CRED RentPay, CRED Cash, CRED Pay, CRED Store, and CRED Travel store.

CRED Success Strategy

The founder played a key role in customer acquisition and engagement. To keep all the users engaged, it has launched an ecommerce store and rent-paying facility. In a 120 crore deal, CRED contracted as the sponsor for the Indian Premier League from 2020-2022. CRED adopts a great content marketing strategy to educate the users on financial topics. It has all the content that users look for in its blog post and YouTube channels.

For optimum brand exposure, CRED has launched social media contests, advertisements, and marketing campaigns. 

CRED Revenue Model

CRED generates revenue by offering listing and data monetization. This platform allows the users to discover the offers available across fashion retailers, spas, Amazon gift cards, and more. CRED will receive the fee for driving the potential customers to the business. The app collects your data as long as you continue to pay the bills. Banks and credit card companies need potential customers to share their products. Financial institutions pay CRED to access the user data.

Benefits that CRED Members can Avail

Rewarding Benefits

CRED has partnerships with premier and luxury brands in the industry to offer its members amazing reward points on every credit card bill payment. CRED members can earn rewards in CRED coins and Gems that can be used to claim the rewards from the top brands. For every referral, you can earn 10 gems. 

Seamless Credit Card Bill Payments

CRED members can pay their credit bills unlocking several benefits with seamless payment benefits through UPI, net banking, and debit cards. CRED protect makes everything transparent by revealing the hidden charges. Members can manage all the credit cards in one place with timely payments. 

Free Credit Report

Checking the CIBIL score and credit history is free for the CRED members. This app will fetch the credit score from the Experian and CRIF. 

CRED Drawbacks

There are a few complaints that the payments on CRED are not getting processed on time. CRED doesn’t have a contact number other than email and chat support which involves long queues. CRED’s partner line is mostly from wellness and luxury, which is out of most user preferences. 

Wrap Up

CRED keeps you secured by encrypting your data and transactions. It supports the credit card bill payments for all the top banks in India like American Express, Standard Chartered, Citibank, HSBC, HDFC, ICICI, SBI, Axis, Kotak, RBL, PNB, etc. This platform is expected to come up with many appealing brands that attract the majority customer base.