Gold credit card offered in collaboration with IndusInd Bank, exclusive by CRED comes with features
CRED Announces New Offerings, Expanding Beyond Credit Card Payments
Bengaluru-based fintech unicorn CRED has announced a series of new offerings, aiming to expand its footprint beyond its origins as a credit card bill payment app. Here's a rundown of the latest developments from the innovative company.
Co-Branded Credit Card with IndusInd Bank
Next week, CRED will release its first co-branded credit card in partnership with IndusInd Bank. This card comes with zero joining fees and digital onboarding, making it an attractive option for many. Cardholders can earn rewards of 5% on online purchases and 1% on offline spends via UPI using CRED Scan & Pay.
Sovereign Card and Gold Investments
For a niche segment of its user base, CRED has introduced the Sovereign card, a gold-faced, invite-only credit card. In addition, the company has rolled out digital gold investments, offering delivery within 48 hours or redemption at retail outlets of Tanishq and CaratLane.
Partnerships and Cross-Selling Opportunities
CRED has partnered with banks including HDFC Bank, ICICI Bank, and NBFCs like Bajaj Finance to jointly offer Fixed Deposits. Over 1.8 million users utilize the CRED Money dashboard, which consolidates income and expense data across accounts. The company's growth is based on its ability to cross-sell services to its users. Users can open fixed deposits of up to Rs 20 lakh each through partnerships with five banks and two NBFCs on the CRED platform.
Auto-Insurance and Loans
CRED Garage now manages more than 11 million vehicles in its auto-insurance vertical. The company also offers unsecured personal loans and loans against mutual funds.
The Sovereign Card Benefits
The Sovereign card offers exclusive access to early-stage startup investments alongside top angel investors, as well as curated benefits such as art and collectibles. Rewards can be redeemed across more than 500 CRED Pay merchants as well as products on the CRED Store.
IndusInd-CRED Partnership
The IndusInd-CRED partnership is described as a natural fit, with both brands sharing a DNA of innovation, exclusivity, and premium experiences. IndusInd Bank brings banking pedigree, credit expertise, and lifestyle benefits to the co-brand, while CRED brings a highly curated, digital-native community.
CRED's User Base and Leadership
CRED's user base includes more than 15 million monthly active members. Kunal Shah, the leader of CRED, noted that the cross-selling opportunities on the platform are potent and are currently driving growth. He also stated that they are launching a membership for a small group of users and building a card for the majority of their members, reinforcing CRED's leadership in the premium consumer space.
Regulation
It's important to note that the Reserve Bank of India regulates the banks and NBFCs involved in the fixed deposit partnerships.
Positioning the Co-Branded Card
The co-branded credit card aims to capture the fast-growing e-commerce and affluent spend segment, positioning the card as the default choice at checkout. With these new offerings, CRED continues to push the boundaries of digital finance, providing innovative solutions to its ever-growing user base.
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