Is CRED a scam?

[theglobalinvestor]

Has anyone won anything more significant than ₹3-5 in cashback? Like they have some slots jackpots for laptops, iphones, etc. And the winners are never listed or announced anywhere afaik.

 

[AritraSaha]

There are a bazillion apps doing what cred is doing.
0 differentiation, lot's of very low margin businesses. CRED is just a Jack of all trades.

I am totally agree with you. I am just saying that how the vc & founders make money even if the company balance sheet is all negative.

 

[maheshspanicker]

While Cred is no longer attractive in terms of rewards, think its still a decent credit card management app. Customizable notifications, capturing unbilled transactions and so on. And while their travel deals are absolutely useless, the store can sometimes give you some very good deals, at much better rates than Amazon or Flipkart, even for those who would have the ICICI or Axis cobranded cards with the platforms. So Rewards and travel utterly useless, UPI and store decent.
And I got a recent feedback mail from them, with a few questions on insurance. Think they might be planning to step in to selling vehicle insurance next up.

 

[robimahanta]

I wouldn’t call it a scam from the end user perspective. Granted that coins are near useless but even the nominal cashback we get is something. Also their scan and pay is decent, convenience of all cards in one app and offer details. I have never shared my actual email for statements etc. Just use it for card payments and scan/pay. Been a member since late 2018 and have got cash back of over 25K ₹ till date.

 

[rohitpgarg]

I am totally agree with you. I am just saying that how the vc & founders make money even if the company balance sheet is all negative.

Founders can make money, (secondary sales/over the top salaries etc) from CRED.

How on earth will VCs make money from a loss making company, with barely a path to profitability, let alone justifying >$1B valuation.

CRED is now ditching their USP (top 1% of india's consumers), and becoming a me-too app (UPI+bill payments+BNPL).

They are becoming a me-too app because they can't figure out making money from what they aimed for.

 

[rohitpgarg]

I wouldn’t call it a scam from the end user perspective. Granted that coins are near useless but even the nominal cashback we get is something. Also their scan and pay is decent, convenience of all cards in one app and offer details. I have never shared my actual email for statements etc. Just use it for card payments and scan/pay. Been a member since late 2018 and have got cash back of over 25K ₹ till date.

Paytm/gpay/mobikwik, all offer these services.

UPI+bill pay+cc pay is a commodity service, with no differentiation, no lock in, and almost no value add for user.

 

[robimahanta]

Paytm/gpay/mobikwik, all offer these services.

UPI+bill pay+cc pay is a commodity service, with no differentiation, no lock in, and almost no value add for user.

Just because it is a similar app doesn’t make it a scam. We feel obliged to get huge benefits out of nothing and if it doesn’t work out we start bad mouthing companies. Similar state with the ongoing Axis Magnus saga. I just felt the title of this thread was misleading/click bait. We are free to use any app or card we like. Choice is ours end of the day.

 

[rohitpgarg]

CRED is a scam for investors, not users.

Is CRED a scam?

You wantedly pay 1k ? For this cb? Didn't got you. I paid bills and got 1k cashback once. Recently cashbacks have dropped.most of my cashbacks are from previous years

www.technofino.in

 

[kishorvr]

I do not but a lot if stuff. I gave more than 6 lakhs in Cred coins. It is trapped. No way to convert it into real cash.

I spun wheels and did other things for 2 to 3 rupees cashback. Any other way?

 

[Calm Radiance]

curious, has anyone won any jackpot (777 on spinny wheels) till date?

also cred, IMO I don't see it as scam, till the time my credit card bill payments are done timely (primary purpose of using cred), anything above that ie. cashback, voucher, etc is an add-on.

 

[pranaym]

Use it for small transactions, you will get good return as cashbacks.

 

[Astrella]

Coins are worthless, but i have never faced an issue with payments. I use it if bill is more than 75000 (for 1% HDFC cashback). I get 4-50rs (mostly around 10rs) for transactions across few cards of 5-20k. Also instant settlement for many cards.

 

[viru5678]

The real CRED SCAM is getting access to your emails and collect data which can be used.

There is a concern of data privacy. CRED seeks permission to access your email account to view your email messages for analysing your spending behaviour and credit card statements.

Please be aware that CRED has access to your emails and this can be dangerous.

 

[ALOAK]

Has anyone won anything more significant than ₹3-5 in cashback? Like they have some slots jackpots for laptops, iphones, etc. And the winners are never listed or announced anywhere afaik.

Offlate nope.last i won was 50rs only once since 4yrs

 

[ALOAK]

The real CRED SCAM is getting access to your emails and collect data which can be used.

There is a concern of data privacy. CRED seeks permission to access your email account to view your email messages for analysing your spending behaviour and credit card statements.

Please be aware that CRED has access to your emails and this can be dangerous.

You are right. They take access to alert your billing due. However cred is scam as they control 777 not once has itncome always nil or 2 77s with nowadays 1 rs cashback even if u pay 60 to 1lakh card payment. Cred is become convienece and their coins are useless u cant offset it for card payment as cash. No value forn4heir coins

 

[joshuatree]

The real CRED SCAM is getting access to your emails and collect data which can be used.

There is a concern of data privacy. CRED seeks permission to access your email account to view your email messages for analysing your spending behaviour and credit card statements.

Please be aware that CRED has access to your emails and this can be dangerous.

Yes, access to emails is a huge concern. And that's what may be used for selling you stuff even if data is not sold to third parties.

 

[doraemon]

You are right. They take access to alert your billing due. However cred is scam as they control 777 not once has itncome always nil or 2 77s with nowadays 1 rs cashback even if u pay 60 to 1lakh card payment. Cred is become convienece and their coins are useless u cant offset it for card payment as cash. No value forn4heir coins

In start they gave good offers to me as well
I joined credit 2 month ago
When my credit score built

I got around 200 cashback till now+1 free hamper from them


Now getting ₹3 almost alternate days in jackpot spins

Overall I used them for cc payments in case due date is around the corner
As they settle fastest

 

[doraemon]

Yes, access to emails is a huge concern. And that's what may be used for selling you stuff even if data is not sold to third parties.

Data sharing is too common nowadays
Cred is also a company and they too want to survive in the market

Every company is sharing some sort of data

 

[joshuatree]

Data sharing is too common nowadays
Cred is also a company and they too want to survive in the market

Every company is sharing some sort of data

That's a fatalistic attitude. Akin to saying so many are getting scammed, so don't bother if you get scammed too.

Not everyone shares data. Your bank cannot share data by law.

Neither does your bank ask for access to read your email.

The point being: If you use services like CRED of CheQ to get some measly cashback, you give them access to your data. You think you've got a few rupees but they are making far more by leveraging your data (even if they don't sell to third parties). And you are opening yourself to a lot of spam calls and worse too. If users knew this before they signed up for CRED or CheQ, most would avoid them like the plague. Yeah, I know about T&Cs, but most users don't bother.

 

[Zacobite]

Yes, access to emails is a huge concern. And that's what may be used for selling you stuff even if data is not sold to third parties.

don't give access.. it is an option..

 

[doraemon]

That's a fatalistic attitude. Akin to saying so many are getting scammed, so don't bother if you get scammed too.

Not everyone shares data. Your bank cannot share data by law.

Neither does your bank ask for access to read your email.

The point being: If you use services like CRED of CheQ to get some measly cashback, you give them access to your data. You think you've got a few rupees but they are making far more by leveraging your data (even if they don't sell to third parties). And you are opening yourself to a lot of spam calls and worse too. If users knew this before they signed up for CRED or CheQ, most would avoid them like the plague. Yeah, I know about T&Cs, but most users don't bother.

You can easily remove the permission from app settings which u think are not needed