CRED has launched two co-branded credit cards with IndusInd Bank today: an entry-level CRED IndusInd Bank RuPay Credit Card and an invite-only premium card called Sovereign.
This marks CRED’s official entry into the credit cards, moving beyond its usual bill payments, lending, and commerce play.
Here, we’re looking at the entry level credit card that runs on Rupay network.
Features & Benefits
- Joining Fee: Nil
- Rewards: 5% on ecommerce transactions & CRED UPI (online)
- UPI Rewards: 1% on offline, CRED UPI (Offline) and other UPI Scan and Pay
- Capping: 5000 CRED Points on accelerated 5% categories per statement cycle. 500 Points on Scan and Pay per statement cycle.
- Instant redemption at 500+ CRED Pay merchants, hotels (Expedia) & flights (Ixigo)
- Point Value: 1: 1 INR for above redemptions; 1:0.50 INR for bill payments on CRED
All details of the card are up on IndusInd portal and here’s the Bank’s press release of the launch.
My Thoughts
Partner Bank: IndusInd Bank is not so popular for Credit Cards, but that’s probably the very reason why CRED choose the Bank. This is a great win for both parties in terms of business. But for end users, only time will tell.
This partnership, if well executed is bound to increase IndusInd Bank’s market share in the Credit Cards significantly.
Rewards: Wonderfully done, in par with industry demands at the moment. While it’s all good on paper, we’ll have to wait and see how the reality is.
Redemption at CRED Pay merchants is going to be one of the sweet spot and this is going to be a wonderful USP for CRED to sell CRED Pay Services. If implemented well, CRED Pay has the potential to become as popular as Amazon Pay in under 5 Years.
Bottomline
CRED IndusInd Bank Rupay Credit Card looks wonderful on paper and hope the real world user experience is as good as it looks.
While it’s wonderful for millennial looking for travel redemptions, the SBI Cashback Credit Card remains as the King of Cashback Credit Cards in this segment, which is great for those who love direct cashback, instead of points.
That said, expect a detailed review of the CRED Rupay Credit card in the coming weeks.
What’s your view on the newly launched CRED IndusInd Bank Rupay Credit Card? Share your thoughts in the comments below.
The card *looks* appealing.
I challenged myself to find something positive about this product. And of course, they are gonna dilute points just like they devalued coins and will launch something else.
Here’s the big problem with cashback cards which lock themselves to a specific platform e.g. Amazon Pay ICICI, Tata Neu, Yes Pop Club or IndusInd CRED . To utilize that cashback we have to spend again on a few transactions where we don’t earn any cashback or save anything, instead on those txns we are simply using up earned cashback. Instead if we always use a statement-cashback card, we save on every single transaction
IndusInd? Why? Why? Why?
Single most important reason I won’t be looking at this one. Have the Legend which has been devalued so much that it can’t be devalued any further, and the Eazydiner Signature that got m*rdered in July this year that I am thinking of closing before next inflated fees are charged.
Cred with all that data, doing a very poor job by partnering with the least popular major cc issuer in the country.
I am sorry to say the service of CRED is very poor and should not exist. A great dissatisfaction. I have many examples where I faced lot of problems when done transacrion using cred application. Moreover, they don’t have any customer care support to resolve the query.
Don’t use the service if they can’t support the customers.
No customer care support.
In short, I have a policy of staying away from anything which is linked with CRED 😉 Too much schemes and gaming the users without real benefit or honesty.
My policy is simple.. Go for premium cards, which give back the real value.
Khodaa Pahaad,
Nikla chuhaa…
I have so many expectations from Mr.Kunal Shah as he did very good job by making Cred. Inevitable application for credit card users.
Hi Zunaad,
Wrong expectations set, CRED is in loss from Day 1, its a diversion tactic from Kunal Shah to open something new to get a fresh funding. CRED can never give good returns. Initially they burnt investors money to give cashbacks. Now its a dead elephant, which needs cash for funeral, hence, a tie-up with another flop partner IndusInd was done.
IndusInd is a bank, they don’t require a partner like CRED to boost their card business they need self-analysis.
With the amount of information they already have, I would be surprised if they ask for KYC again.
lol, but that’s bank’s requirement. So they’ll have to.
If you’re patterning up with indusland bank, you might as well add in a BOGO offer on movie tickets which some of the indusland cards do provide. I hope that’ll be a game changer option for some of the users out there.
Hi Sid,
Good to hear about a new card in the market but CRED whose coins are a waste & IndusInd bank is an exhausted player in cc market, there combination would make a difference, I highly doubt. It would be a bummer. 😀
Well, Support is the only downside on free cards, and IndusInd is indeed poor at it. But let’s hope they build the product as smooth as Scapia so that we don’t need to reach out to the Bank for any support.
P.S. CRED Coins and CRED Points are different, just incase, as many might perceive it as same.
CRED should ideally recalibrate those coins for a better value to avoid this misunderstanding.
Good you mentioned that Sid, coz I too had assumed so. Because Cred Coins are absolutely useless. I have a ton of them and don’t know what to do with it. They give fake discounts on products by bloating up the price and still, even after discount, not matching the price of what we get elsewhere or just matching it.
Redeem your CRED points on the CRED app.
1 CRED Point = INR 1 on flights and hotels booked via CRED, CRED store and select CRED pay merchants
1 CRED Point = INR 0.5 on bill payments through CRED
CRED points can only be redeemed on CRED.
Redemptions are governed by the terms and conditions of CRED.