We recently came across an article about a new app called Cred.club that had just launched in India. What caught our eyes was, of course, the domain name www.Cred.club, but after reading the article we learned that Cred.club was founded by tech entrepreneur Kunal Shah. Shah is famous among the new age startup/business community in India for his previous online phone recharge app company, ‘FreeCharge ,’ which was later acquired by Snapdeal for around $400 Million.
Cred.club, as stated by them, is “the most rewarding credit card payment app ever.” Shah wanted to create a financial environment where Indian citizens who pay their credit card bills on time get rewarded for their creditworthiness. He also wanted to make sure that they aren’t charged all the various hidden fees that so often apply to Indian credit card holders.
The app works as a ‘members only’ club system, where only users with a credit score above 750 can join the Cred.club. A member who pays his credit card bills on time through the app is then rewarded with ‘Cred Coins’. These coins can then be used to claim rewards from all the 30+ partnered brands such as Airbnb, Ixigo, Zomato, Myntra, Blue Tokai Coffee etc. There is also a cashback option where the Cred member can convert Cred Coins into cash back into their accounts.
The Cred app has a great interface and works seamlessly with banks and partnered brands. It also gives you a good idea of your spending habits. With the current growth of credit cards in India, Cred has already proven to be a hit among Indian consumers. A few friends who have downloaded the app say they love using Cred.club and are already cashing in on all their rewards.
Here’s a short video of founder, Kunal Shah explaining why he started Cred.club.