Cred, credit card payment app has launched its two new lending product i.e Cred Rent Pay, Cred Stash
Cred Rent Pay Product Details:
- With the help of Cred Rent Pay user can pay monthly rent, household expenses and bills using credit card
- To pay monthly rent user need to add its landlord’s bank account or UPI details
- RentPay can be availed with a small transaction fee range from 1% to 1.5% depending on the credit card network
- Whenever users pay the rent via credit card they will earn a reward point
- The Cred coin which users have earned can spend on the products Cred have done partnership
- In future company is also planning to enable auto payment for rent payments
Cred Stash Product Details:
- With Cred Stash user can get low-interest credit line currently
- Your Credit Score should be above 750
- One time KYC verification (One-Click) and the user has to set up auto payments from their b ank account according to the date of their choice
- Allowed members will get pre-approved with an active credit line of up to Rs 5,00,000.
- Cred member can draw the amount from their available limit
- The bank will charge interest depending on the amount.
According to Kunal Shah, Founder and CEO, CRED High-trust communities result in high-performance societies because the reduced risk allows institutions to offer a wide range of products and services with less friction and greater convenience. With the intent of enabling members to maintain their good credit track record and increase confidence at a time of economic uncertainty, we have fast-tracked the launch of two products with the support of banking partners, including IDFC FIRST Bank. CRED Stash and CRED RentPay are particularly useful in optimising cash and credit, which is critical in the current environment.”
Note: “Both of these above features are rolled out for the limited set of people as mentioned last week by Cred if things go well it will be rolled out for all the Cred customers”.
