CRED, a members-only club that rewards individuals for their timely credit card bill payments by providing them with exclusive offers and access to premium experiences, has introduced 2 new products aimed at increasing financial confidence for creditworthy individuals. CRED RentPay allows members to pay their highest recurring household expense, their monthly rent payments, on credit. One feature of the product is that it 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. The other product, CRED Stash, is a flexible, low-interest and instant credit line. The second product has been launched as a pilot with IDFC First Bank and is the only offering of its kind in India. The product is being designed to be the fastest, most seamless and fully digital way to get credit in India, without the tedious application and verification processes typically associated with loans and at an interest rate at one-third of typical credit card interest charges. CRED intends to scale up the product with multiple partners upon completion of the pilot. Kunal Shah, founder and CEO, CRED, said with the intent of enabling members to maintain their good credit track record and increase confidence at a time of economic uncertainty, CRED has fast-tracked the launch of 2 products with the support of banking partners. The 2 products are particularly useful in optimizing cash and credit, which is critical in the current environment, he added.
