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Thinking about using CRED? Here are 5 Pieces of Online Legal Advices to Remember Before Using it

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In today’s digital age, UPI apps have become our new wallets. CRED, a popular app, has gained significant attention from the youth with its smart marketing and attractive rewards. While apps like CRED simplify our lives, concerns about the safety of your hard-earned money may arise with these digital advancements. Like other fintech platforms, CRED comes with its own challenges that may need online legal advice. Kanoon 360 is here to address those concerns:

1. What is CRED?

CRED is an app where you can register, unlike any other UPI app. The difference between other apps and CRED is that it helps manage credit cards easily, and credit scores can be fetched anytime effortlessly. Anyone can pay credit card bills via net banking, UPI, and the auto-payment feature on the app. If you have a credit score of 750 or above, you can join the CRED community and manage payments.

2. What are the Advantages of the CRED app?

  • Credit Score Monitoring: CRED members can fetch their credit score data without any additional charges, which helps plan spending.
  • Rewards: CRED offers cashbacks and rewards for transactions, paying bills on time, and more.
  • Alerts and Notifications: CRED sends reminders about upcoming due bills.
  • Bill Payments and Adding Credit Cards: CRED allows you to add up to 10 credit cards, enabling you to pay multiple bills through a single platform.

3. What is CRED Cash?

CRED is recognized by the RBI and has partnered with IDFC Bank to provide users with a credit line similar to a personal loan, called CRED Cash. The minimum credit limit is ₹80,000, and only CRED users can avail of this opportunity. To use CRED Cash, your credit score must be above 750.

A few features of CRED Cash:

  • Users can withdraw cash or loan amounts as per their requirement.
  • Borrowers don’t need any documentation to avail of the loan amount.
  • The loan amount is disbursed instantly.
  • Interest is calculated on a daily basis.

4. Is CRED a safe app for loans and Payments?

Yes, CRED is a secure app. While the app is secure, we provide online legal advice for any consumer complaints online you may have. The app prioritises the security and privacy of its users’ financial and personal information by implementing the following security measures:

  1. Secure Connections: CRED encrypts all information between the app and the server, preventing unauthorised access.
  2. Two-Factor Authentication: An additional layer of protection that requires users to input a verification code.
  3. Device Authentication: Users must verify their devices to access their accounts, preventing unauthorised access from unrecognised devices.
  4. PCI-DSS Compliance: CRED adheres to Payment Card Industry Data Security Standards, ensuring secure handling of credit card information.
  5. Privacy Policy: CRED has a strict privacy policy to protect users’ financial and personal data and does not share information without consent unless required by law.

5. What security measures should you take while using CRED?

Although CRED is secure, as a consumer, you should take the following precautions:

  1. Use strong passwords.
  2. Always enable two-factor authentication.
  3. Avoid granting email access to the app.
  4. Immediately contact CRED customer care if you sense any issues.
  5. Never share your password or other credentials.

6. How to Contact CRED Customer Care:

Contact Through Chat:

  1. Open the CRED app and tap on ‘Get Support’.
  2. You’ll be redirected to a page with options for recent conversations, FAQs, or raising a new issue.
  3. If you’ve already reported an issue, check updates in the ‘Recent Conversations’ section.
  4. Browse the FAQs for answers to common questions.
  5. If you need further assistance, tap ‘Need More Help?’ to raise a new issue.
  6. Select a query topic or choose ‘Other Issues’ for specific support.
  7. The chat support team will assist in resolving your query.

Contact via Social Media:

  • Facebook: DM @support.cred or visit @CRED.club.official to interact.
  • Instagram: DM @cred_club for queries or browse updates and offers.
  • Twitter: DM @CRED_support for support or visit @CRED_club for updates.
  • LinkedIn: Visit CRED’s LinkedIn page for the latest updates.

Escalate an Issue to CRED’s Grievance Redressal Officer:

  • Grievance Officer: Mr. Atul Patro.
  • If your issue remains unresolved, escalate it to the grievance officer by ensuring your ticket is open or resolved within the last 30 days, and proceed through the provided option.
  1. The amount has been debited from the bank, but the credit card bill has not been paid through CRED: This is the most common problem among CRED users. Usually, the amount gets refunded within 3-7 days. If not, connecting with customer care usually resolves the issue. Otherwise, you can connect with your bank and file a complaint in their grievance cell if you think the problem is arising from the bank’s end. But if it doesn’t get sorted, what will you do?
    Ask Kanoon 360: According to the Consumer Protection Act 2019, you can file a consumer complaint online. Kanoon 360 is renowned for being the fastest in proceeding with consumer cases. Our expert lawyers will connect with you once you choose a plan from us. After verifying all the evidence, we can file a consumer case online for you and send a legal notice after getting your approval on the draft. All expenses will be covered in the claim amount, leaving the burden off your shoulders.
  2. My money has been deducted two times, and CRED is not helping, while the bank also refuses to help: Usually, money has been refunded by CRED if it has been deducted due to a technical glitch, or the bank helps to refund it within 7-14 days. But if you are not being treated properly by either the bank or CRED, you can file a legal complaint online.
    Ask Kanoon 360: You can file a complaint with the Reserve Bank of India (RBI) against a bank, non-banking financial company (NBFC), or payment system participant, including CRED, if you are dissatisfied with the bank’s response or if your complaint is rejected by the bank after 30 days. The lawyers at Kanoon 360 will help you escalate the issue with the bank and CRED by utilising the necessary regulations and laws. We will guide you throughout the process and help you get your claim, along with compensation for harassment.
  3. I have paid my credit card bill, but it is still showing due in CRED, and I can see some unauthorised charges as well: Showing a due amount after paying the bill usually happens when you pay the bill via any other payment method outside CRED. The other few reasons for this can be – If the mobile number registered in your CRED app differs from the one registered with your bank or card, it may cause issues with syncing or If you’ve only paid the minimum or a partial amount instead of the full balance, the remaining amount will still be due.So, check twice and then connect with the bank to clarify the situation. If you find anything wrong, Kanoon 360 has the answer. The more serious problem is if you see some unauthorised charges in your app; there is a chance of hacking.
    Ask Kanoon: First, check if you actually missed the due date and if the unauthorised charges are the interest you need to pay. But if you see that the problem is not from your end, then immediately contact Kanoon 360 because delaying can make your cards vulnerable to hackers. Our expert lawyers will guide you on filing a cybercrime complaint and help you navigate through it.

8. Other Common Issues Include:

In addition to the usual problems, users may face:

  • Fraudulent calls claiming to be from CRED.
  • High fees due to missed bill payment deadlines.
  • Unrelated or unauthorised cards appearing in the app.
  • Suspicious emails falsely sent in CRED’s name.

No matter the problem, Kanoon 360 offers solutions for every consumer complaint online, whether it’s related to loan apps or cybercrime. We’ve got you covered for all legal issues. Stay cautious, but stay fearlessIn today’s digital age, UPI apps have become our new wallets. CRED, a popular app, has gained significant attention from the youth with its smart marketing and attractive rewards. While apps like CRED simplify our lives, concerns about the safety of your hard-earned money may arise with these digital advancements. Like other fintech platforms, CRED comes with its own challenges that may need online legal advice. Kanoon360 is here to address those concerns.-reach out to us with just one click!

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