On 13th May, a CRED user from Delhi named Gurjot Ahluwalia posted on his X/Twitter page how he received a low amount of cashback on his very hefty credit card bill.

The user is talking about how as per the CRED website members become eligible for rewards like cashback, access to events, experiences, gift cards and more when they pay their credit card bills through the app.

Ahluwali in his post wrote “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 the bank portal”.

Several people in the replies shared their thoughts on CRED with one user writing, “Worst part is they continue to pull data even after you have deleted all cards from the account and even your account!”

Another few commented on how they also noticed that the amount of cashback had reduced writing “Did that over about 1.5 years ago? Rewards were worthwhile only in the beginning, and then they reduced the cash burn,” and “Stopped it two years back! Useless app”.

The post certainly brought forth many people who claimed to not have had a good experience using the app or found certain things about it shady. This is also not the first time that people have called out the platform or side-eyed its services.

Michael Rupam Makhal (@mrmakhal) in a comment said “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”.

Read More: Beware Of Misleading Cashback Offers Before Buying Your First Smartphone Of The Year

Personal Experiences With Cred

User Murtuzah Wadiwalla (@MurtuzahWadi) posted on X/Twitter his experience with CRED writing “@CRED_club you all are fooling people. I have lost my 200 Rs while transferring to a friend. #CRED #UPI #NPCI #CHEATERCRED #noresolution its 3 months now, I lost my money because of #CRED. Not even bothered to call back, once call received but without any resolution.#FRAUD”.

Another user Dheerendra Kumar (@Dheeru2402) on May 11 wrote “#cred it’s a fraud running all over the internet and trapping the individuals. While ordering on swiggy it shows me cashback up to Rs 200/- and after that guess what I got Just Rs 2/- I must say they are just doing frauds to people”.

User Shreyansh (@izshreyansh) replying to Gurjot’s post revealed his own personal experience writing “One of my relative got duped from Cred for 32,000 transaction from CRED. Upon registering complaint they banned their account & they have no way to contact any human through support channels. Now the ball is in cyber police’s court. @CRED_club @kunalb11 Thiefs” and further clarified that the case has been registered with the Gujarat Cyber Cell.

Some people also accused CRED of increasing the prices of items on their platform when in reality they are not that expensive. User @paisabazar in a post on February 21 wrote “Scam of @CRED_club The product was never ever sold above 970, still they are making fools by promoting a huge discount for using their app. This stupidity should be stopped and the company should focus on real business”.

While @manishrathore93 on March 30 wrote “I might be few of one who noticed scam like @CRED_club doing in name of offer.. Pic 1: voucher says the product is free (worth 229), Pic 2: it takes you to their site with delivery charges of Rs 99. Pic 3 & 4: if you search the product in Google it’s less than 50 rs of price”.

Another user wrote about how a product that was just Rs. 1799 at the main price, not discounted, was suddenly priced at Rs. 8,999 stating “How they are making fools to their customer. It was 1799/- when I was purchasing it on 6th Mar and voucher not giving me exact discount of 80% when I complain against it and now the cost they have increased by 8499/- This is a scam what @CRED_support is doing. PFA SS of scam”.

A user on Reddit @shubhank008 3 months ago posted about CRED cash writing “Had been using CRED CASH since a couple of years at 13.5% rate of interest which was reducing and quite good as far as PL goes, plus the over draft facility was a nice backup if you ever needed funds at a moment’s notice. Recently they upgraded my cash limit to 5L and I was checking things out when I noticed Interest Rate shows 14.5% now which felt weird considering they have been constant at 13.5%.

Nevertheless, coincidentally at same time I got message/email by IDFC Bank about the upgraded credit line (yes, they use IDFC as the back bank for financing CRED CASH). I checked the sanction letter and immediately noticed that it quotes 12.5% interest rate instead. To double confirm this, I loggedin to IDFC portal (anyone can if you have taken loan/cred cash) to check my account and even in their portal, the sanctioned amount says 12.5% instead.

Am I right to understand that CRED is taking the loan in our name from IDFC at 12.5% but charging us the repayment at 14.5% with a 2% markup?

Is that not fraud, considering the repayment is still being done to our own loan at IDFC bank, by cred, which is basically just routing of funds ? I have contacted IDFC bank regarding the same and waiting for their view on this, and ideally to provide me the Credit Line directly”.

A LinkedIn user Arijit Hajra also posted about a scam he experienced with the CRED app writing “But today I experienced a bizzare fraud incident with CRED and Go digit car insurance. I got a pop up about cred garage and joined it. After joining the app fetched all of my data from the already given data points on the cred app. From there it showed that my car own damage insurance is expiring today. So it asked me to renew the policy and suggested the go digit insurance.

Fraud 1: from the beginning of the buying process it showed me a off of 48% (20% from insurance company + 28% for membership benefit from cred). At the time of payment on final stage it prompted that insurance company is not giving the 20% off. Still I paid the whole amount and bought the insurance.

Fraud 2: after purchasing It said that I have to update my kyc and redirected me to chat bot. When I select want to upload kyc it said it arranging a call with their team and next momement saying all our executives are busy. I tried for 20 times same loop.

Fraud 3: now I tried to install the go digit app and after i log in I get to know there is not active policy so I called the customer care and they said the policy is invalid as the customer name is missing and only the place holder is there and also the location said to bangalore where in I based at kolkata.

But in the whole process cred didn’t ask for customer details they actually fetched it. And they suggest me to cancel the policy and renew it again today but the refund will come after 7-9 days and they cant tale any responsibility beacuse its done on cred.

Then the question is why they are available on cred platform as well as who will take the insurance money of customers??? Then why cant they take responsibility.

Now lets calculate the scam with nos – My isurance amount is around 16k. If they are doing this scam with 100000 customers ( among 3 cr customers go digit is having as per their data) a day then total amount they are rolling for 7-9 days is 160cr.

Who will pay the interest of this money??? And after refunding this amount also dont need to give tax on this( as per my knowledge needs to be confirmed). This is just rediculous and was actually not expected from Kunal Shah. If you cant have proper amount of resources to maintain customer problems why do you need to open so many financial srvices at a go. You are in fintech thats most trust oriented section. And we users are absolutely not expecting this kind of erroneous financial apps from such credible person like you”.

Image Credits: Google Images

Feature image designed by Saudamini Seth

Sources: Hindustan Times, Moneycontrol, TOI

Find the blogger: @chirali_08

This post is tagged under: CRED, CRED scam, CRED fraud, CRED cashback, CRED cashback low, credit card, cashback, cred safety, cred shady, cred app, cred app India

Disclaimer: We do not hold any right, or copyright over any of the images used, these have been taken from Google. In case of credits or removal, the owner may kindly mail us.

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