CRED coins are received as rewards when one pays credit card dues. It is like a positive incentive and reinforcement for maintaining credit discipline. A win win for both CRED and it’s customers. CRED only accepts customers, who have a credit score of 750 and above. It enables it to have first hand access to data of the most creditworthy clients. When you have a creamy databases available with you the possibilities are numerous. Who would not like to give loans to credit worthy customers. This is exactly CRED is doing, while pushing other brand products through it’s store and travel packages.
How can CRED coins be used?
There are many channels to burn the coins within the platform. They are as follows:
Credit Card payments – It is a unique feature of CRED, wherein it allows CRED coins to be used for credit card payments. Here you receive an instant cash back into the credit card, which lowers the amount due. Earlier there were no rewards for payment on time but this feature has changed the game.
CRED Rent Pay – CRED coins can be used to get cashbacks when you pay your rents via this channel. Simultaneously, one can also earn CRED coins.
CRED store – This section of the app boasts of 1500+ brands with 500+ being active at any point of time. One can choose to redeem CRED coins to buy products here. Almost all the products are advertised as discounted, which is a big attraction.
CRED travel store – Travel packages are listed in this section. Exotic destinations are a key attraction. One can use CRED coins to lower the expense further.
CRED Pay – A wonderful addition to it’s arsenal of products is CRED Pay. The tie up is with select merchants, which offer one click checkout for credit cards saved on CRED platform. One can choose to redeem CRED coins and claim additional discounts, which checking out of these merchant platforms. Few of the merchant names include Dineout, Bombay Shaving Company, The Man company etc.
Games and Raffles– It also allows one to spend CRED coins on Games and Raffles. These are conducted on it’s platform. Here one may win cashbacks.
Social causes – One can also spend CRED coins on the various social campaigns run by them through the app.