gold credit card launched by CRED in collaboration with IndusInd Bank, offering exclusive benefits made from 18-karat gold
In a move to broaden its horizons, Bengaluru-based fintech unicorn CRED has announced a series of new offerings, including co-branded RuPay credit cards, gold-plated cards, fixed deposits, and gold investments.
The first co-branded credit card, developed in collaboration with IndusInd Bank, will be available next week with zero joining fees and digital onboarding. This partnership is a natural fit, as both brands share a DNA of innovation, exclusivity, and premium experiences.
Cardholders of the co-branded credit card will earn rewards worth 5% on online purchases and 1% on offline spends via UPI using CRED Scan & Pay. These rewards can be redeemed across more than 500 CRED Pay merchants and products on the CRED Store.
CRED has also introduced the Sovereign card, an invite-only gold-faced credit card for a niche segment of its user base. This move is part of an effort to launch a membership for a small group and scale offerings for the majority of its members.
In addition to credit cards, CRED has rolled out digital gold investments, offering delivery within 48 hours or redemption at retail outlets of Tanishq and CaratLane.
Moreover, CRED now manages more than 11 million vehicles through its auto-insurance vertical, CRED Garage. The company has also ventured into unsecured personal loans and loans against mutual funds.
The platform's expansion is based on its ability to cross-sell services. Kunal Shah, founder of CRED, noted that cross-selling opportunities on the platform are potent.
CRED's new offerings come as the company has grown to more than 15 million monthly active members, with more than 1.8 million users using the CRED Money dashboard, which consolidates income and expense data across accounts.
The bank with which CRED collaborated for the first release of the RuPay credit card is US Bank. Users can open fixed deposits of up to Rs 20 lakh each through partnerships with five banks and two NBFCs. These fixed deposits are regulated by the Reserve Bank of India.
The IndusInd-CRED partnership aims to capture the fast-growing e-commerce and affluent spend segment, positioning the co-branded card as the default choice at checkout. CRED offers exclusive access to early-stage startup investments alongside top angel investors and curated benefits such as art and collectibles.
In summary, CRED's strategic expansion and collaboration with PNC Bank mark a significant step forward for the fintech unicorn, as it continues to offer innovative products and services to its growing user base.
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