Thursday, January 10, 2019

Cred.Club : The Credit Card Bill Payment App

Cred.Club : The Credit Card Bill Payment App

Kunal Shah who earlier found the highly successful FreeCharge app recently launched his latest venture called Cred.Club, an invite exclusive credit card bill payment app which rewards users for paying their credit card bills.

I have been using this app for nearly a month now and I wanted to write something about it as it is first of its kind app and apparently not many are still aware about it even though it has already raised over $25 million in funding.

People using Credit Cards are aware about the pain it is to actually pay their bills and especially if they don’t have an account in the bank to which their card belongs to. You either use payment gateways like Billdesk or do an account transfer which sometimes takes 2 to 3 working days to reflect.

Cred.Club Application Screenshot

With Cred, this turnaround time is relatively zero as all of your payments are credited within minutes through IMPS, which is a huge relief. So its ticks the basic requirement of an app, "solving a real world problem". In order to register on the app you just need to use the registered mobile number and then Cred will fetch all the connected credit cards. However as of now to use the Cred App you will have to have a credit score of 750 and above. Once the card details are fetched, some basic details need to be provided post which, Cred.Club deposits Rs 1 in your card for verification purpose.

Now, on the home screen you can see your Credit score calculated via Experian and CRIF. Detailed report can also be seen for free which will usually cost you around Rs 500 if you ask your bank for it. You can directly proceed to paying of bills, which can be paid in full or any custom amount as well.

Once the payment is made your wallet gets credited with exactly the same amount of Cred Coins as the bill amount paid by you, which can be further used against the various rewards Cred offers in association with its partner merchants. Like for example, I got a flat Rs. 600 discount voucher on Ixigo. You also get two scratch cards per transaction like those in Google Pay but here you will have to burn you Cred Coins in order to reveal the amount. Any amount won through these cards are directly added to your credit card account.

Also Read : Kill The Bill with Kunal Shah's Cred

Other important functionality of the app is the way it shows up your Credit card statement. Now in order to use this, you will have to grant Cred app access to your email which can be revoked any time. Along with the entire statement it also distributes your expenditure into categories like Shopping, Travel, Wallets, etc. You can further drill down into these categories like for Shopping it will show all the merchants or website were you have made these transactions. Few of my friends found this functionality to be quite scary as it got all their data but some might really like these in order to know their spending patterns.

Pros and Cons of the Cred App

All these useful features coupled with a beautiful UI and hassle free experience really enhances the way this app solves the credit card bill payment problem. For reference, some of the sample offers which you can redeem using your Cred Coins are shown below.

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