Is CRED Safe and Trustworthy?

is cred safe

Credit cards are a blessing in disguise. We tend to spend unlimited money while shopping with cards. These days we have many credit cards and it can get complicated to manage them. A badly managed credit card can make your life a little difficult by affecting the credit score, which comes into play when you want to take out a loan. 

Cred is a one stop solution to all your credit card problems. It is a simple way to control your cards, and hence making your life simpler. Cred is approved by NCPI, which is a part of RBI, hence it’s trustworthy. There are many benefits of using cred.

Cred is one of the most exciting and creative startups ever built in India. The reward system of Cred is so exciting that there are millions of users already. But is it safe? Yes. How? Find out in this article. 

Is Cred Secure and Safe?

Cred provides a lot of options and features to regular credit card users. But it is understandable, the hesitation to give credit card details to third party applications. But with Cred, rest assured, it is safe.

The app is compliant to DSS and fulfills the minimum security and safety requirements to ensure that your credit card information is secure. Cred uses 256-bit encryption, and is verified by the NCPI. For all the UPI Payment done through the app, Cred has partnered with the Axis Bank. 

Cred, though, has access to Email IDs. But according to its privacy policy, it is only to access finance emails relating to Cred, banking and mutual funds. It does not have access to our personal emails.

In order to make the credit card payment process smooth, Cred uses personal information such as mobile, email and credit card details as well. But do not refrain from doing it, because there has been no major security breach and complaint against Cred so far. So, the app is legitimate, according to the reviews online. 

Benefits of using Cred

  • REWARDS 

At the time of writing, Cred is members-only. If you pay credit card bills through Cred, you get rewarded in Cred coins. The users can use these coins in order to purchase products at a reduced price through the app. 

  • CASHBACK

You get rewarded with cashback if you are paying your credit card balance using the cred app. This cashback gets instantly credited and you can use this money later. 

  • PAYMENT ANALYSIS

We tend to spend a lot without thinking while using a credit card. Cred categorizes your expenses by making it easy for you to categorize where to put less money in. This makes understanding your credit card bills also easier. 

  • SIMPLIFIES STATEMENT

It is a little hard to understand how credit card payments work. Cred has a feature known as cred protects. Cred Protect provides a simple version of your credit card statement, and it sends them to your email address.

Each of these statements are protected by password. And it’s completely optional to link your email to your account. It’s your choice if you want to provide this information to Cred. 

  • PAY AUTOMATICALLY

Paying bills for several credit cards can be a bit of a hassle. You can pay your bills using the auto repayment option through cred. A payment method that has been linked earlier, is used for this process. If you want to have an automated notification through WhatsApp, you can opt for the same. 

  • CREDIT SCORE

Mostly, you need to use another app in order to find out your credit score. Cred coins can be used to get credit score reports. To add to this, Cred shows tips that will help you improve your credit score.

You can view important stats such as credit utilizations scores, repayment scores and repayment trends. Through this, you can understand what is keeping your credit scores low. 

  • OFFERS

We aren’t mostly aware about the offers on our credit card. Cred will show you all offers so that you save maximum. 

Conclusion

Cred is one of the revolutionary apps when it comes to managing your credit cards. But note that there is always a little risk with sharing personal information, in case it falls into wrong hands. While using Cred, you need to accept this risk. 

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