Monday, April 20, 2020

Cred’s latest update brings a redesign and new finance products

Cred, the rewarding online credit card bill payment app has gone through an overhaul, bringing an interface redesign as well as new financial products for its users.

Cred app aims to make credit card bill payments simpler and rewards you for paying the bill on time. As you pay the bill, you will get an equivalent amount of Cred coins that can be burnt in exchange for the rewards across several categories. 

Cred is a member-only credit card payments app that was launched in 2018. Founded by Kunal Shah, who is also the founder of FreeCharge, Cred raised one of the largest Series A funding ever by an Indian startup. 

Today, the fintech startup, Cred announced the launch of two new products on the platform. Cred RentPay allows users to pay monthly rent payments on credit and the Cred Stash will offer instant credit with low-interest rates. Also, the app got a new design overhaul with the latest update.

Cred RentPay

Cred RentPay will allow the users to pay their monthly rent with their credit cards using the app. The option for the same is now available on the home screen. Users can add the landlord’s bank account or UPI details and transfer the rent instantly using their credit cards. Cred will also charge a transaction fee that will range from 1% to 1.5% depending on the credit card network.

Some of the benefits of paying rent through credit card on Cred app include up to 3.3% additional reward points and up to 45 days of the credit period. Going forward, Cred will also enable auto payments for timely rent payments. Also, the ability to make other payments such as maintenance and security charges will be added.

Cred Stash

Cred Stash being piloted with IDFC FIRST Bank, members will be progressively pre-approved for an active credit line of up to Rs 5 lakh with no forms, documents, phone calls or physical visits. In three steps, members can get any amount from their available limit at any hour of the day, and instantly receive the selected amount in their bank accounts. 

Cred members can select their preferred payback duration (no minimum tenure). The bank will charge interest only on the amount withdrawn, at a third of the interest rates charged on credit card usage. Stash depends on members’ credit scores, credit card limits and previous card repayment. Initially, the Cred Stash will be rolled out to a limited group.

The first time a Cred member will need to do a one-time KYC verification (one-click using CKYC) and set up auto-pay to automate payments from their bank account on a date of their choice to be able to use the Cred Stash.

In addition to the two new products, the Cred app has received a new design experience which is based on neumorphism, a new design principle which is gaining traction among the designers. Cred is the first major app around the world to apply its principles. 

Kunal Shah, Founder and CEO, CRED, said, “High-trust communities result in high-performance societies because the reduced risk allows institutions to offer a wide range of products and services with less friction and greater convenience. That’s why CRED is able to offer powerful and customized products in partnership with several institutions for our creditworthy members. With the intent of enabling members to maintain their good credit track record and increase confidence at a time of economic uncertainty, we have fast-tracked the launch of two products with the support of banking partners, including IDFC FIRST Bank. CRED Stash and CRED RentPay are particularly useful in optimizing cash and credit, which is critical in the current environment.”

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