CRED is also founded by Kunal Shah of Freecharge. CRED help individual to pay their credit card bill through Cred App and earn rewards in form of Cred Coin.
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What is Cred Coin?
You earn Cred Coin when you pay your credit card bill through cred app. You earn cred coin equivalent to credit card bill you paid.
Example: You paid credit card bill of Rs.1000 then you will get 1000 Cred coin.
As per details in cred app, cred coin never expire.
How to Use Cred Coin?
#1 Burn Cred Coin for Cashback (killthebill)
Killthebill: This is one of the favourite option of the all the people using CRED App. You will get different burn option based on the amount of transaction.
Example: You paid a bill of Rs.3000 in one transaction, then you will receive 1 burn of 1000 CRED Coin. When you burn the same, you can receive a cashback in your respective credit card up to Rs. 1000. (So basically your 1000 cred coin will be deducted)
But generally you receive cashback in range from Rs.6 to Rs.25.
Paying Credit Card will fetch you burn as follow
1. 1000 to 4999 will fetch you 1 Burn (upto Rs.1000)
2. 5000 to 14999 will fetch you 1 Burn (upto Rs.5000) and so on.
Trick to get more out of burn
Tip 1: Pay Credit Card bill in multiple transaction. Also note you can receive maximum 5 burn per credit card per calendar month.
Tip 2: Don’t go for bigger burn. Always burn 1000 Coin as I have seen from experimenting that there is no use of burning bigger cred coin. Once I burn 30000 cred coin and received only Rs.58.
Important Update: Now you get only 5 Cred Burn Per Account Per Month. Also some new feature are added. Kindly check this post for same
#2 Use Cred Coin to get Voucher
In this option you can get a voucher of a brand. The same can be used to Purchase Goods or Services as per the terms and condition of offers.
Example: Voucher of Rs.500 of Mama Earth for is available on burning 501 Cred Coin.
Tip 1: When using Cred Coin for redeeming Voucher of Brand it is Must to read terms and condition of before redeeming the voucher.
Tip 2: Also check the conversion ratio and price of brands products.
Example: You are redeeming voucher of a Brand XYZ at 20000 Cred Coin and the Prices of product starts from 5000 or the prices are higher on redeeming website, then there is no use of redeeming such voucher.
Last month I burn 20000 Cred Coin to get Tatacliq voucher of Rs.1000. In the case of Tatacliq voucher you have redeem the same with 2 mins on credit card bill payment. I was suppose to receive voucher from Rs.200 to 5000. I received a voucher worth Rs.1000. So I used the same to purchase MI Band 4 @1299 after using the voucher.
#3 Use Cred Coin for Free Entry to Events
Cred have partnered with various Clubs and Events Organiser for providing Entry tickets by burning Cred Coin.
Tickets for such events comes in range of 75000-300000 Cred Coin.
Sunburn tickets (Goa December 2019) where available on Cred for approx. 200000 Cred Coin.
Tip: Check the price of event (on BMS or it’s website) and see the conversion ratio.
#4 Use Cred Coin for Discount on Products
In this we get discount in range of 20% to 100% based on the offer.
Currently offer for Boats Bluetooth earphone is going.
Tip: If you want higher discount you need to burn substantially more coin, so check on same.
What are Cred Gems & How to use Cred Gems?
You receive 10 gems when you refer a friend and he Join Cred using your link and make first credit card bill payment.
Cred Gems can be redeem for products or vouchers of different companies.
Cred offer Voucher of Filpkart, Amazon, Starbucks etc.
For 30 Gems you can expect a voucher worth Rs.1000 (i.e. 333 per referral)
For 20 Gems you can expect a voucher worth Rs.500 (i.e 250 per referral)
For 10 Gems you can expect a voucher worth Rs.200 (i.e 200 per referral)
Cred once came up with the offer that a user can redeem 500 gems for MacBook Pro. They offer 5 Macbook Pro. (i.e. 4000 per referral)
Apart from voucher you can burn 30 Gems and receive cashback from Rs.1000-Rs.10000 in your credit card.
Is it Safe to use Cred?
To Understand this we need to we need to understand how Cred App is earning or is willing to monetize in future.
Currently Cred is almost making Zero revenue from Operation and as suggested by Kunal Shah in one interview, “They are testing on different monetization ways such as Charging brand for Brands to display there products in lifestyle section of app.”
BUT Monitizetion is NOT there priority, Kunal Shah vision for Cred is to create a community of people have a good credit score (750+ Credit Sore).
So it’s very unlikely Cred will sell your data or misuse it.
Hence we can Trust Cred App as Kunal Shah was founder of Freecharge and have a good track record on handling large volume of user data.
I am using cred from May,2019 and have made a credit card bill payment of more than Rs.550000 and never faced any issue.
Cred customer Care Number?
Cred directly don’t have a customer care number.
The best and easy way to contact cred is through App
Click on 4 Dots (on right hand Side) – Support – need more help? – Other issues – Write to us.
Once you follow above process the concern team from Cred connect with you. Also you get email on your registered email. You can also reply to same mail for if you need to communicate something from your side.
Apart from above method you can connect with Cred Team by mailing on pearl@cred.club
Conclusion
Cred is one of the best app to manage multiple credit cards. It not only give user to manage multiple cards but also rewards for keeping a good credit score, which was never rewarded in India.
Only make sure you are paying your credit card bill a 6-7 days prior to due date. Because if in case if there is any issue you can have fair enough time to take necessary action.
If Cred App continue to provide relevant deals (vouchers, discount, killthebill etc.) so the user of Cred App doesn’t feel that there Cred Coin or Cred app are worthless.
Do let me know where you redeem you redeem your cred coin.
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