Exclusive 18-karat Gold Credit Card introduced by CRED in collaboration with IndusInd Bank - explore its advantages now.
In an exciting development, the Bengaluru-based fintech unicorn CRED has partnered with IndusInd Bank to introduce a new RuPay credit card. The card, set to be available next week, comes with zero joining fees and digital onboarding, making it an attractive option for many.
CRED, known for its origins as a credit card bill payment app, is expanding its services beyond its core offerings. The new card is part of CRED's strategy to cater to a wider audience, as Kunal Shah, the leader of CRED, stated that they are building a card that can be more inclusive and work for the majority of their members.
The co-branded card offers rewards to cardholders. They can earn 5% rewards on online purchases and 1% on offline spends via UPI using CRED Scan & Pay. These rewards can be redeemed across more than 500 CRED Pay merchants as well as products on the CRED Store.
IndusInd Bank brings banking pedigree, credit expertise, and lifestyle benefits to the partnership with CRED. The partnership aims to capture the fast-growing e-commerce and affluent spend segment, positioning the co-branded card as the default choice at checkout.
CRED's user base has grown significantly, with more than 15 million monthly active members, including 1.8 million using its CRED Money dashboard. The platform's expansion rests on its ability to cross-sell services, as Kunal Shah mentioned.
In addition to its credit card offerings, CRED offers unsecured personal loans and loans against mutual funds. The company has also introduced the Sovereign card, an invite-only, 18-karat gold-faced credit card for a niche segment of its user base.
CRED has expanded into savings and investments, offering fixed deposits of up to Rs 20 lakh each through partnerships with five banks and two NBFCs. Digital gold investments are now available on the CRED platform, with delivery within 48 hours or redemption at retail outlets of Tanishq and CaratLane.
Moreover, CRED's auto-insurance vertical, CRED Garage, now manages more than 11 million vehicles. The platform's growth is a testament to its success in offering a highly curated, digital-native community to its users.
With its new co-branded RuPay credit card, CRED continues to innovate and expand its offerings, providing its users with a comprehensive suite of financial services.
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