Cred recently updated the service with the introduction of two new products aimed at increasing financial confidence for creditworthy individuals. The first is Cred RentPay. This allows members to pay their highest recurring household expenses, their monthly rent payments, on credit. The second product, Cred Stash is a flexible, low-interest and instant credit line, has been launched as a pilot with IDFC FIRST Bank, and is the only offering of its kind in India. Also Read - Google thanks all coronavirus front line helpers in final Doodle
Here is more information on both the services that you can use with Cred. Financial help maybe of particular use during uncertain times like these when many people are facing salary cuts and layoffs. Also Read - Sony PlayStation 5 manufacturing will be limited in the first year due to coronavirus
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Cred RentPay – monthly rent payments on credit card
Cred RentPay allows members to pay monthly rent with their credit cards, directly from the Cred app. With the option of paying rent on credit, members can free up cash, enjoy the interest-free credit period, and earn reward points on credit card spends. Upon paying their credit card bill, members will also receive Cred coins to spend on products, services, and experiences from Cred partners equivalent to the transaction value of rent. Also Read - Coronavirus: Apple Mobility data reveals more than 70 percent decline in walking and driving after lockdown
Cred RentPay gives users more choices on paying their rent. Members need to simply add the landlord’s bank account or UPI details and instantly transfer the rent from their credit card, directly on the Cred app. Over time, Cred will enable members to set up auto-pay for timely payments. Upcoming features include the ability to make other landlord payments such as maintenance charges and security charges through credit card, which can then be financed with affordable EMIs. Cred RentPay can be availed at a small transaction fee that will range from 1 percent to 1.5 percent depending on the member’s credit card network.
Cred Stash – instant credit in three steps
Stash, which is being piloted with IDFC FIRST Bank, is designed to be the fastest, most seamless and fully digital way to get credit in India. On completion of the pilot, Cred Stash will scale up with multiple bank partners.
With Cred Stash, members will be progressively pre-approved for an active credit line of up to Rs 5,00,000 with no forms, documents, phone calls or physical visits. In three steps, Cred members can draw down any amount from their available limit at any hour of the day, and instantly receive the selected amount in their bank accounts.
Users may then select their preferred duration to pay back with no minimum tenure. The bank will charge interest only on the amount withdrawn, at a third of the interest rates charged on credit card usage, helping members stretch their stash. The Cred Stash depends on members’ credit scores, credit card limits and previous card repayment, with the pilot rolled out to a limited group first.
The first time a Cred member dips into their Stash, they will need to do a one-time KYC verification and set up auto-pay to automate payments from their bank account on a date of their choice. The lending partner, such as IDFC FIRST Bank, will verify and transfer the requested funds to their account immediately. Members can monitor their Cred Stash at any time, track repayments, pay upcoming EMIs, lump-sum or even foreclose instantly at no extra charges. The available limit will be visible to members at all times, similar to how they track their credit cards, Cred coins, gems.
In addition to Cred Stash and Cred RentPay, Cred members will have a new design experience, based on neuromorphic design principles and a brand-new design system. This system explores the possibilities of design, product, and engineering working together to create fun, immersive product experiences.