CRED is the only app in India through which you can earn reward points by paying your credit card bills.
Paytm launched credit card payment facility last year but that was limited only to a few cards. While you can pay the credit card bills of any bank through CRED app.
Major benefits of CRED App
#1. Credit Card Payments
You can add all of your credit cards in the app, track the payment due dates and pay the bills directly from the app.
For payments, you can use the debit card, net banking or UPI apps.
The whole process of payments is very swift and smooth.
#2. Cashback on Paying Bills
You would earn cashback on every transaction. You would see the option to #killthebill just after making a payment of more than Rs. 1000.
This works like a scratch card, where you can win cashback from Rs. 10 to 1000.
Some members of my WhatsApp group has earned even Rs. 1000 as cashback.
#3. Earn CRED coins to redeem gifts
You would earn CRED coins with each credit card payment. The coins can be used to buy rewards for online & offline shopping.
I will share the details in the later section of the article.
#4. Earn CRED gems on referring your friends
You can redeem CRED gems for gift vouchers from UBER and Amazon.
They will keep adding the options in the future. Currently, you would earn 10 gems per referral and redeem for Rs. 150 Uber. 30 gems can be redeemed for Rs. 750 Amazon voucher.
#5. Free Credit Report & Score
You would be able to see your CIBIL score and credit history free of cost. Currently, the app shows the credit score from Experian and CRIF.
In the detailed credit report, you can see payment history, credit card utilization and age of credit history.
How to make the best use of the CRED app
- Click here to install on iOS or Android
- You would be approved only if you have a good CIBIL score
- The application starts with your primary mobile number that is registered with banks
- Your application may get denied if your mobile number details could not match with CIBIL report or your credit score is not good.
- Start adding your credit card information in the app.
- CRED is very smart to give you a hint of your credit card numbers. Just fill the missing numbers.
- The app would validate the credit cards by depositing Rs. 1 into your card (that would appear into your credit card statement)
- Start paying the bills of your credit cards
- Change the contact details if you are using multiple mobile numbers for banking
- Contact their customer support if you believe the information is correct
- Wait & Apply after a few months if your credit score is low
How to earn & redeem CRED coins
You would earn 1 CRED coin for each rupee payment through the app. If you are paying 5000 rupees for 3 credit cards then you would earn 15,000 CRED coins.
Redeem Option #1
You would also get a chance to earn additional cashback on each payment above 1000 rupees. You can see the option of burning your CRED coins to win upto 1000, 5000 or 10,000 rupees. The options vary as per your payment amount.
Some people have won 1000 rupees in a single chance while I earned max of Rs. 488 in single transaction.
On average, I earn Rs. 30 by using #killthebill mystery reward system.
You can try your luck. It’s pure FREE money that you get just by paying credit card bills. Till date, my cashback is more than 1% from the CRED app.
Redeem Option #2
The second option is redeeming CRED coins for the rewards catalogue that keeps updating with new options every month.
You can pick rewards from companies like
- The Moms Co
- Dining club
- Flo Mattress
- Uber Eats
(The list keeps on growing every month)
So far I have claimed 10 rewards by redeeming CRED coins.
- Swiggy Super for one year
- Rs. 100 off on 5 meals from Swiggy
- Rs. 500 products from Moms Co
- Free gift from Bodycraft
- Discount on groceries from Grofers
- Rs. 500 gift from EazyDiner
- Dineout Gourmet Passport for 3 months
- 20% off on Zoom Car
- Rs. 150 off on Uber rides
- 25% discount on hotels from Yatra
I have more than 1,00,000 CRED coins in my account that I would redeem for new reward options next month.
Two types of rewards
I love the fact that CRED has clearly defined the terms & conditions for reward redemption.
You would find the rewards with “No TnC” label, that means there is no trick. It’s pure money without any condition.
- Use points to get the reward
- Check on the details
- Click on the redemption link
- And order the products
The second type of rewards have ‘Terms & Conditions’
For example, You can see that Rs. 1500 gift card is ‘valid only on shirts’.
I prefer to use CRED coins for rewards those have ‘No TnC’. You can pick the rewards as per your requirement.
Safety & Privacy Concerns
I am using the app and love the benefits. But there are some concerns that I want to clarify as per the best of my knowledge.
#1. Credit Card Information Safety
CRED app does not save the complete credit card information. You only need to add the credit card number in the app for bill payments. No one can misuse your card without expiry date and cvv.
In my opinion, CRED app seems safe.
#2. Email Access for Statements
CRED app needs to access your email to fetch the details of credit card statements that you receive via emails. CRED claims that they won’t read anything in the emails other than credit card statements.
If you have critical information in your email then don’t give access to CRED app. You would only lose one feature, notifications of the credit card due date and amount.
#3. Failed Payment Refunds
It may happen that payments fail due to technical or banking issues. Your money would be refunded back to your account within 1 to 3 days (or faster).
I have never faced payment failure issue but many community members have faced payment failure/delay with CRED app.
Use at your own risk. CRED is run by credible people so your money would be safe and come back to your account.
It’s an inconvenience that money gets deducted from your saving account and you have to wait for a few days to get that back. My suggestion is that if you have a big amount to pay then pay in small chunks. (maybe in multiple of 10,000 as shown in the snapshot below)
#4. Delayed Payment Credit
Don’t pay the credit card bills on the last day of the due date. Delays may happen in reflecting the payments in your credit card statement. However, I have seen that all the payments made through CRED appeared on the same day in my credit card statement.
To be on the safe side, always pay 2-3 days before the last date of the credit card. My suggestion is to complete the credit card bill payments as soon as you get the salary.
CRED app benefits are over and above the credit card rewards & cashback. There is no reason to miss the extra cashback & rewards that come by just paying the bills through the app.
You are anyways going to use net-banking to pay your credit cards, why not to double the benefits.
I would give 4 out of 5 to CRED app for its beautiful design, ease of payments and value of reward points. 1 point deducted because of delayed/failed payment experience of CashOverflow readers.