Gold credit card collaboration between CRED and IndusInd Bank goes exclusive, offering a range of perks for its select members.
Bengaluru-based fintech unicorn CRED, known for its credit card bill payment app, is broadening its footprint with a series of new offerings and collaborations.
Founded in 2018, CRED has grown to boast over 15 million monthly active members. The company, led by Kunal Shah, is now venturing into unsecured personal loans, loans against mutual funds, and fixed deposits, among other services.
CRED's foray into fixed deposits is made possible through partnerships with five banks and two NBFCs on its platform. Users can now open fixed deposits of up to Rs 20 lakh each. The Reserve Bank of India regulates these financial institutions involved in the fixed deposit partnerships on CRED.
In a bid to cater to a niche segment of its user base, CRED has also launched the Sovereign card, an invite-only gold-faced credit card. 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.
CRED is also collaborating with ICICI Bank to develop and launch the first co-branded RuPay credit card. Set to be released starting the next weekend, the card will be available with zero joining fees and digital onboarding. The IndusInd-CRED partnership, described as a natural fit, brings together both brands' DNA of innovation, exclusivity, and premium experiences. The co-branded card aims to capture the fast-growing e-commerce and affluent spend segment.
Moreover, CRED has introduced digital gold investments, offering delivery within 48 hours or redemption at retail outlets of Tanishq and CaratLane.
Kunal Shah, the leader of CRED, noted that the cross-sell opportunities on the platform are potent and seem to be what is working for the company right now. He also stated that they are launching a membership for a small group and a card for the majority of their members.
CRED Garage, the auto-insurance vertical, now manages more than 11 million vehicles. Rewards can be redeemed across more than 500 CRED Pay merchants and products on the CRED Store.
Cardholders will earn rewards of 5% on online purchases and 1% on offline spends via UPI using CRED Scan & Pay. The CRED Money dashboard consolidates income and expense data across accounts for more than 1.8 million users.
As CRED continues to expand, it is clear that the fintech unicorn is poised to offer its users a more comprehensive suite of financial services.
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