You can win a Bitcoin (yes you read it right), Harley Davidson Fat Boy, and many never-before-seen rewards. These are difficult times and two things that are providing a diversion are IPL and CRED Mega Jackpot Week. In this article we shall look at the CRED Jackpot Week and how can one participate. Download CRED app from here

Overview of CRED and Mega Jackpot week

CRED, Naam to Suna hi hoga. Remember the ads of Anil Kapoor, Madhuri Dixit and Govinda auditioning for CRED advertisements? You couldn’t have missed Rahul Dravid’s Indirinagar ka Gunda hoon Main Ad.

CRED is an app that allows one to make credit card payments and rewards its members for paying the credit card bills on time.  The company behind CRED is a unicorn startup, founded by Kunal Shah.

One can become a member of CRED only if one has a Credit Score of more than 750. The process of becoming a CRED member is easy: download the App, enter your name, mobile number & email ID and get your Credit Score, explained later in the article.

CRED has around 6 million members and it processes 22% percent of all credit card bill payments in India.

When you pay your credit card bills through CRED App, you get CRED coins which you can use to participate in Jackpot and win other exclusive rewards from cool brands.

CRED’s Mega Jackpot Week

CRED’s Mega Jackpot Week is from April 27 – 3 May

Prizes: Bitcoin, Harley Davidson Fat Boy bike, Gold, iPhones for a decade, a TATA Safari car, a complete home makeover, free flights for five years.

Who can participate? CRED Members

How will the prizes be announced? 1st May onwards, on the CRED app

What is CRED?

The idea behind the CRED app was that in India people have very little experience handling credit, and there is a stigma against using credit mainly because users are punished for not paying on time. CRED takes the approach of nudging, encouraging, and incentivizing responsible use of credit, providing timely reminders, visibility into hidden charges, and rewards for bills paid on CRED.

All major credit cards are supported on CRED.

For every rupee paid in CREDit Card bill, CRED offers you CRED coins which can be redeemed for rewards from many brands it has partnered with such as Cure.fit, Freshmenu, Airbnb, UrbanClap, Myntra etc.

On Enrolling with CRED, you start with CRED Coins equivalent to your credit score. So, if your Credit Score is 800 you would start with 800 CRED Coins.

CRED has also introduced features like CRED Pay to pay rent using Credit Card and CRED Cash to enable members to manage their money and credit better, especially useful during these times.

By paying rent using CRED Pay, members can free up their cash flow by transferring the biggest recurring household expense onto credit card, enjoying the interest-free repayment period, earn more loyalty points on their cards, and redeem the CRED coins earned when they pay down their bills.

CRED Cash is a personal credit line in which eligible members can access credit at an interest of 12%-15% instantly in three simple, fully digital steps. The flexible credit line allows members the convenience of choosing a repayment tenor that works for them.

CRED’s app is simple and minimalistic, with a modern and functional approach.

It is safe as CRED uses a secure connection with 256-bit encryption for your transactions.

You can also set up a screen lock for the app such as password, fingerprint, pattern and iris scanner.

Features of CRED:

• Check & track your credit score with CRED.
• Gives credit card bill payment reminders
• Manage multiple credit cards at one place
• Automatically detects hidden charges and alerts on duplicate transactions
• Track where you spent from your credit card with spend analysis charts
• You can pay your credit card bills from CRED app and win CRED Coins
• Use CRED coins to get rewards/discounts from various merchants. The rewards are updated every month
• You can also pay also your rent with a credit card

Note:

• You can continue paying the CREDit Card bill through earlier ways like Net Banking, So, once you download CRED it is not necessary to pay the bill through CRED.
• You can remove a CREDit Card from the CRED app.
• You can also delete your account from CRED anytime you want.

Complaints against CRED

There have been complaints regarding failed payments or delay in payments. The CRED team has worked on the issues. My request is that don’t wait to pay your credit card bill till the last date.

The fastest way to get issues resolved is through mail to support@cred.club. For any sort of technical issue, you can email them at feedback@cred.club.

You can also post your queries to their active Twitter handle, https://twitter.com/CRED_support

There is no customer service number; any number available online is fraudulent and not authorized by CRED.

How to become a CRED member?

The process is simple

• Download the CRED app from Google PlayStore (Rating 4.6) or Apple App store (4.8). (Download here)
• Fill your name, mobile number & email ID
• Get a free credit score
• If your credit score is 750+, you will be prompted to verify your credit card details.
• Add your credit cards
• If your credit score is lower, you will be waitlisted and can try again once your credit score has improved. Your credit score improves when you pay bills on time.

What is Credit Score?

Credit score is a 3-digit number which is a summary of your credit history given by credit information bureaus.  Credit History depends on how many loans you have taken, how good you have been in paying the EMIs, whether you have defaulted. Your credit report shows your creditworthiness. Higher the Score more favorably your loan application will be viewed by a lender. Based on your credit score, a bank will decide whether to give you a loan or how much interest to charge you on the loan.

There are 4 credit bureaus in India – CIBIL, Equifax, Experian, CRIF giving credit score in a range of 300-900.

Note: There is a difference between Credit Score and Credit History. A credit report is a record of your history handling loans and credit cards, and a credit score is a three-digit number, calculated using this credit report.

How to monitor credit score using CRED?

• Download the CRED app & signup using your full name and mobile number to get your first credit score result on CRED. If your score is more than 750 you become a CRED member.
• Pay the credit card bills on CRED to get CRED coins.
• You can track your credit score every month by using the CRED coins.
• You also receive personalized insights to improve your credit score.

Have we used CRED?

Yes, I have been a CRED member, since 2019.

I found the App easy to use.

I have used rewards like Cure. fit membership, discounts in the restaurant’s bill.

I find the CRED coins a tad bit expensive for the discounts offered but then I remind myself that It’s freebie, how much greedy can I get!

And yes, we are participating in the Jackpot Week (Fingers crossed, though we usually don’t win. Have you won any such Jackpots ever?)

If you have been wanting to explore CRED, now is a good time to try it. You would also know your Credit Score (if you haven’t found it till now). What would you like to Win in the Jackpot week? Have you been luck in winning any such Jackpots ever? Which ones?