CRED Coins are the coins accumulated in your CRED wallet. CRED Coins are coins given to you as a reward for making a Credit card payment. Any payment you make through the CRED app through your Credit card you get CRED coins.
CRED is a leading fintech company in India. It is based on rewarding customers with Credit card payments. That means they reward you every time you make a payment through your Credit card.
Currently, CRED has 6 major products that are CRED Rent pay, CRED Cash, CRED Store, CRED Pay, CRED Travel store, and Peer to peer lending.
How to Earn CRED Coins?
When you pay your Credit card bill on time you are rewarded with CRED coins. You are given 1 coin for 1 rupee paid through your Credit card payment.
For eg, if your Credit card bill is 70,000 rupees then after timely payment you will be rewarded with 70,000 CRED coins. You can also earn CRED coins through referral. If a new customer has joined the CRED app through your referral code then you earn CRED coins.
You can only use the CRED app if your Credit score is a minimum of 750. If your Credit score is below 750 then you won’t be able to use the app nor the exciting rewards it has.
To use this app you should be financially disciplined. Do remember You are rewarded with CRED Coins only when you pay your Credit card bill timely.
How to Use CRED Coins?
CRED coins can be used for availing offers from the lifestyle option in the CRED app and while doing any payment to reduce the amount you are paying.
Availing Offers from the Lifestyle Option
Availing offers from the lifestyle option in the CRED app. CRED app has a lot of amazing offers from various companies in its rewards store.
Like 20 – 100% of the company’s products. You can use your CRED coins to avail such exciting offers. You not only get discounts but also some free products like free movie tickets or vouchers, etc.
For eg: Swiggy super subscription of one year, cashbacks on Moms Co. products, discounts for online grocery websites, lifestyle products like straightener, AirPods, jewelry, etc can be bought through CRED coins.
You are given 1 coin for 1 rupee paid through your Credit card payment. But for these offers the number of coins is different. Each offer has a certain decided number of CRED coins irrespective of the product value.
Doing Any Payment to Reduce the Amount
You can use CRED coins while doing any payment to reduce the amount you are paying. If You accumulate enough CRED coins then you can pay any kind of bill using CRED coins.
How to Use CRED Coins in Flipkart, Amazon, Myntra?
You can use your CRED coins for shopping from Flipkart, Amazon, Myntra, etc. You can avail vouchers, cashback offers, or burn (using CRED coins as cash) them. Open your CRED app. Go to the Club section. You will see various offers from different online stores.
Among them, you will have vouchers from Flipkart, Amazon, Myntra which can be used while purchasing any stuff from the respective website / Application. Vouchers can be from 15% off to 100% off. It depends on the number of CRED coins.
You need a minimum of 1000 CRED coins converted into cash for availing of any kind of voucher in the Club section.
How to Redeem CRED Coins For Cash?
You can redeem CRED coins as cash under the segment of Kill the Bill. Converting CRED coins into Cash is called burn. These CRED coins are converted into actual cash through cashback offers.
When you make a payment through your Credit card and select the burn option then cashback is automatically added to your Credit card. From this added cash you can further purchase anything you want.
CRED is a growing company that is upscaling every day. It is not just based on earning huge profits. It educates people about their expenses, imbibes discipline for paying off all the bills on time by rewarding them with CRED coins, offers, and whatnot.