Is Cred App Safe? 10 Facts You Should Know About Cred

In recent years, as India’s digital economy continues to develop and people more rely on credit cards or credit line cards that aid them, the list of credit consumers has expanded. Rent, taxes, and other financial obligations of the cardholder, such as credit purchases, can be met with the help of credit cards.

India has prospered in the area of credit facilities, leading to the development of the Indian enterprise CRED which allows customers to settle their debts via an app. CRED is a member-only credit management digital club that gives eligible members access to multiple rewards, games, and cashback.

Over the past two years, CRED has increased the scope of its financial services and established a solid reputation for credit management in India.

But Is CRED app safe? Let’s check out the top 10 facts about CRED

10 Facts You Should Know About CRED

1. CRED is a UNICORN Start-up

Twenty-four Indian start-ups joined the Unicorn Club of 2021 despite this pandemic scenario. In the first eight months of 2021, unicorn start-ups descended upon the Indian Market like a cascade.

The title for one of the quickest start-ups to achieve unicorn status goes to the financial start-up CRED. Mr. Kunal Shah, CEO of CRED, launched this great endeavor in 2018.

The term “unicorn” is used to describe start-ups with a valuation of at least $1 billion. The valuation of any firm is crucial to its success, and CRED has done a fantastic job in this area. In barely two years, the Bangalore-based financial business “CRED” achieved a staggering valuation of $2.2 billion and joined the unicorn club.

CRED is the sixth firm to join India’s unicorn club this year, joining NBFC Five Star Finance, Digital Insurance, Innovaccer, Meesho, and Infra Market.

2. CRED User Base

According to Kunal Shah in a statement made public in April 2021, CRED manages “22% of all credit card payments in India on a monthly basis.” After a $200 million fundraising round, Cred’s valuation increased to $6.5 billion in 2022. CRED’s total user base grew to 7.5 million in 2021

3. The Dynamic CEO

Behind every successful startup, there is a great mind of the entrepreneur who makes it possible. And the great mind behind CRED is the most successful entrepreneur, Mr. Kunal Shah.

Kunal Shah was born in Mumbai, Maharashtra, on May 20, 1983. He received his Bachelor of Arts in Philosophy from Wilson College in Mumbai.

He launched his own business in 2010 under the name “FREECHARGE,” which at the time was among India’s most promising internet companies. Later, he sold Freecharge to Snapdeal for $400 million. He made roughly 80 startup investments with this significant sum, both in India and internationally.

He also served as an advisor for AngleList and The Times Group. He was also the chairman of the Indian Internet and Mobile Association.

When you have not had money all your life, the value that you have for money is what it can do to other people’s lives.” – Kunal Shah (CEO, CRED)

4. IPL Sponsor

Everyone who watches IPL will be able to relate to the frustration of having to sit through many adverts or the same ad repeatedly throughout the entire game.

However, several of the IPL’s 2020 and 2021 seasons’ advertisements managed to grab the public’s attention. Yes, we are referring to the CRED advertisements with Madhuri Dixit and stars from the 1990s as well as Indira Nagar Ka Gunda.

Jim Sarbh wasn’t exaggerating when he informed you that the incentives on CRED are as incredible as Rahul Dravid’s rage. Paying your bills can be fun with CRED, a members-only credit card bill payment network that offers awards to its users for making on-time payments.

CRED has contracted to sponsor the IPL for three years, from 2020 to 2022. And in 2020, the IPL Campaign has grown CRED Membership sign-ups daily by 6-7 times. It was also well appreciated to pay credit card bills during the powerplay for the chance to win 100% cashback.

Cred Secure

5. CRED Mission

CRED wishes to establish a credit-worthy community. They want to rethink the ideal lifestyle based on mutual respect and trust. Every association, team effort, and concept CRED develops aims to deliver a remarkable experience. Each team member is driven to achieve this objective.

6. CRED’s Customer Strategy

CRED is embracing the customer-oriented strategy and putting a lot of effort into changing how society behaves by giving people lots of offers, incentives, etc., just like most of the previous large corporations did. For instance, when Jio first began, they offered deals like free SIM cards, free calls, and free Internet that were almost too good to be true.

7. CRED help improves your credit score

You may view your credit utilization status and payback score on the CRED app dashboard. These are essential elements to boosting your credit score, and CRED assists you in regularly checking these crucial scores.

The app can inform you of the instructions to take to raise your credit score because your credit score report is readily available. To track the quarterly ups and downs in the score, there is a helpful “Refresh Score” option, which is almost an exclusive function of this app.

You can see all the elements that went into your score by scrolling down further. You can work on LOW scoring areas to raise your credit score as a whole.

8. Make Better Financial Choices with CRED

CRED’s software analyzes your recurring credit card charges and provides a sobering reality check. This function is optional because you must give CRED permission to access your emails.

Additionally, it reminds you of charges or unexpected fees on credit card bills, sends WhatsApp reminders for due dates, and gathers information about credit card bills and outstanding balances.

9. CRED’s CSR

The oxygen supply was a significant disruption in India during the second wave of the ongoing COVID 19 pandemic. In such situations, CRED stepped up to offer assistance and teamed up with India’s top healthcare fundraising site, Milaap.

The business set out on a quest to distribute 1 billion liters of oxygen. By donating their CRED coins, the company enables its customers to contribute to the improvement of the oxygen supply for Covid patients. 1000 liters of oxygen will be added for every 10,000 coins.

Later, the company reported that more than 7.5 lakh of its members donated CRED coins to the cause of donating oxygen, totaling Rs. 10 crores. Utilizing oxygen concentrators, Milaap uses the funds earned to provide oxygen in hospitals and non-profit healthcare organizations across the nation.

Read More: Top 10 Best DTH in India: Best DTH operators 

10. CRED Products

I. CRED Cash

Customers can obtain credit quickly and easily online using CRED Cash. Customers don’t have to spend their time on time-consuming application procedures or in-person bank visits, which is what effortless means. You can easily get a credit line up to 5 lac rupees approved.

II. CRED RentPay

Customers of CRED RentPay can pay their monthly rent using their smartphone on a credit-based arrangement. You can take advantage of rewards points, loyalty programs, and CRED coins on every rent payment made through the app in addition to paying with your credit card. Cashback can be obtained using the coins earned in the CRED app.

III. CRED Store

Like other online retailers, CRED Store is an e-commerce site. It is a center for expensive stores selling luxurious goods at premium pricing. Over 1800+ brands, like Jimmy’s Cocktail, ITC, Boat, Starbucks, and many more, are available on the store app.

IV. CRED Travel Store

Users have the option to only book their travel itineraries using the CRED app through the CRED travel store. On upscale accommodations like TAJ, ITC, and Lalit, you can also use the “Buy Now and Travel Later” option. Consumers can visit a variety of opulent locations in the future thanks to this option. On the business’s app, you may also accrue CRED points and special offers.

V. Cred Mint

The most distinctive feature ever offered by this fintech app is CRED Mint. Customers can put their unused funds to productive use and earn better interest rates than they would with conventional investments.

You can lend money in CRED Mint to potential borrowers and receive interest payments of up to 9%. Your investment will be lent to a reliable CRED member community and can range from Rs. 1,000,000 to Rs. 10,000,000.

Mx Soothsayer is a Life Enthusiast & a self-taught guitarist who has been voyaging with his Axe for 10 years now and believes that “HAPPINESS comes with STRINGS attached.” He believes that Life is a Rhyme and speaks his mind about not wasting your time on another dime. There are two things he cherishes the most, his curiosity & privacy. He loves to pen down his thoughts about life to communicate his prognoses and writes about the musical wisdom he could acquire.

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