What is CRED App? Know all about this app that rewards users with CRED coins

There are a lot of mobile apps these days that reward customers for using them, such as PhonePay, Paytm and many more. One of the latest apps to enter the digital payments market is the CRED App. The CRED App has become quite popular and many people have been searching on Google for more information on this app. Read on to know what is CRED app and the functions it fulfils. 

What is CRED App?

CRED is an online payments app that's linked to your credit cards. The app has been made by Kunal Shah, the founder of the company FreeCharge. The CRED App aims to make using your credit cards earlier and automated. The app also offers many rewards for using in the form of CRED coins, which can be redeemed for cash or offers. However, not everyone is eligible to use the CRED app. The CRED app only accepts users who have a credit score above 750. The app checks your credit score through your phone number which is connected to your bank account. If you do not qualify for entry into the app, you are put on a waitlist. 

You can also use the CRED App to make payments via debit cards, UPI or CRED Cash balance. When users make payments with the CRED App using their credit cards, the users are rewarded with CRED coins. Users can use the CRED points to get discounts on online shopping, booking tickets, making payments etc. 

Users can also redeem CRED coins for actual money with their 'Kill the Bill' option, which is essentially a cashback offer. When you use 'Kill the Bill', all of your accumulated CRED coins are transferred into the credit card you have registered on the app. Users can get Rs.5-10 for redeeming 1000 CRED coins. CRED App makes using credits cards easier. The app tracks all of your credit card activity and spending pattern and sends the users reports. The app also informs users about any unexpected fees or charges that have been charged to your credit card. Additionally, the CRED app also notifies users about any upcoming payments. CRED is a good app to keep track of your credit card expenses, however, there is also one catch. 

When using apps like these, users have to store their personal data onto these apps. Many times the database of apps like these can get hacked and if you store sensitive debit/credit card information in these apps, the hackers can get this information, essentially leaving you vulnerable. Before using any online payments app, users should research the security measures that are in place to protect user data. 

Image Source: CRED Website