Credit card payments app CRED launches RentPay and Stash

Tuesday 21 April 2020 15:02 CET | News

India-based credit card payments app CRED has rolled out its new lending products – CRED RentPay and CRED Stash.

Both products will help its members maintain their good track record and optimise cash and credit. The first product, CRED RentPay, allows its users to pay recurring household expenses and bills, and monthly rent payments using credit cards. The users need to add the landlord’s bank account or UPI details and instantly transfer the rent from their credit card, directly on the app – according to Entrackr.

Some other benefits of paying rent through credit cards also include members receiving CRED coins to spend on products, services, and experiences from CRED partners equivalent to the transaction value of the rent. The company is also planning to enable auto payments for timely rent payments.

The second product, named CRED Stash, will offer a low-interest instant credit line, through a pilot with IDFC First Bank. While they can draw down from their available limit and can select the preferred duration to pay back the amount, the bank will charge interest only on the amount withdrawn, at a third of the interest rates charged on credit card usage. This feature, however, depends on the members’ credit scores, credit card limits, and previous card repayment, with the pilot rolled out to a limited group first, added the statement.

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Keywords: Cred, credit card payments, RentPay, Stash, India, auto payments, instant credit, payments app, COVID-19
Categories: Payments & Commerce
Countries: India
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