Delhi man receives Rs 1 cashback from Cred for Rs 87,000 credit card bill payment

A user from Delhi recently shared his experience of receiving a mere Rs 1 cashback from Cred after paying his credit card bill of Rs 87,000 through the fintech company’s app. Gurjot Ahluwalia, a manager at Accenture and a proponent of equity and personal finance, expressed his disappointment and announced his decision to switch to paying bills directly through the bank portal rather than using Cred.

Made a credit card bill payment of 87,000 and received a maha cashback of ₹1 from Cred.

Time to stop sharing data with Cred and pay directly from bank portal.

— Gurjot Ahluwalia (@gurjota) May 13, 2024

Taking to X, Ahluwalia highlighted the negligible reward he received for his substantial bill payment and emphasized the need to reconsider sharing personal data with Cred. 

His post resonated with other X users, who echoed similar sentiments regarding the diminishing benefits of using the app.

Did that over about 1.5 years ago, rewards were worthwhile only in the beginning then they reduced the cash burn,” wrote Gurugram Man.

“Once, I asked a fintech friend, why people use Cred and what’s the main benefits. He said Cred reminds you to pay bills on time, and cashback is negligible. I never signed up. Now, reading your story, I think I didn’t miss out on anything extremely special,” commented Michael Rupam Makhal.

Cred, headquartered in Bengaluru, stands as the largest third-party app for credit card bill payments in India, boasting over 15 million active customers. Additionally, it holds the distinction of being the fourth-largest player in the Unified Payments Interface (UPI) segment, capturing a 2.3 percent volume market share on the country’s premier digital payments platform.

Despite its widespread usage, Cred has faced criticism for its meager rewards and incentives, prompting users like Ahluwalia to reassess their loyalty to the platform. While the company recently received the Reserve Bank of India’s in-principle approval to operate as a payment aggregator, it awaits the final license, which is expected to be granted in the coming months.