Why Amazon is not a threat to CRED.
Today morning while reading news online I stumble upon an article form Your Story, which said “Amazon takes on CRED with new credit card bill payment feature”.
I have been using CRED for the last 10months for my credit card bill payments and the overall experience has been really good.
1. Add Multiple Credit Cards for Bill Payment.
You can add all of your credit cards in the app, track the payment due dates, and pay the bills directly from the app.
For payments, you can use the debit card, net banking, or UPI apps.
The whole process of payments is very swift and smooth.
2. Reward Program:
As you pay your credit card bills you are credited with Cred coins.
Currently, I have around 3.7Lakhs points accumulated on CRED.
This Points can be burned in exchange for exclusive partner deals across various lifestyle categories.
There are almost 100’s of products listed on CRED where you can use your coins and get almost 30–50%.
I have bought multiple products from CRED at discount by using my coins, and haven't faced any quality issue with any of the products, all products are handpicked and really good.
3. Cash Back on Credit Card Bill Payment:
Every month I receive almost 150- 200 rupees minimum cashback on my credit card bill payment.
4. CRED Gems on referring friends.
On referring friends and when they make a payment you get 10 Cred Gems, which can help you to earn Amazon, Flipkart voucher etc.
5. Timely Alerts
CRED app keeps you well informed about the hidden charges related to credit cards.
During the beginning of COVID like others just out of panic, I thought will just pay the minimum outstanding amount as there is a moratorium available will pay the balance later.
The directive related to the moratorium was so unclear, then when I selected the minimum amount for payment there was an alert by CRED app which stated the interest amount I will be charged based on the outstanding amount.
This helped me to understand more about the moratorium and I paid my outstanding in full to avoid interest amount.
6. Low-interest Personal Loans
Depending on your credit and payment history CRED offers you instant loans at a very low-interest rate compared to what's been charged by banks.
Also, they keep coming up with different offers and rewards every week.
The entire experience has been gamified and there so much you can avail by paying the bill on CRED, because of all this I don't think Amazon can be a threat to CRED at least for now.
