The Credit Card Reward Apps In India – With the evolving technology, people rely more on online systems rather than dealing physically with their payments. With this evolution, one should know what app to use for paying their bills. This have a knowledge on which app offers the best rewards; here is a list of few apps in India which bonus you on credit card payments:
CRED:
Cred is the most famous and well-known credit card payment app in India. This third-party app is known for its user-friendly usage and the rewards it offers. This app is compatible with most devices, and one can pay bills through UPI and net banking. Additionally, you can schedule payments which is the auto-pay feature of the app. It allows you to pay at the time you mentioned in the app. It automatically transfers money from your bank account or the debit card linked with your account to the credit card company. And other financial institutions. The app is super convenient as well as secure to use. One who has to deal with many bank cards. It transactions can keep all their financial details in this one app. And can perform their fund transfer through this app.
The only conditions to become a Cred member are, firstly, to register with Cred. You need to have a valid Indian number, and secondly, your credit score must be 750 or above. Otherwise, the cred app will give you tips on improving your credit score and put you on the waiting list. In case you don’t improve, then they will remove you from the member waiting list.
Cred app is the best app that provides
Cred app is the best app that provides you with many rewards and has many famous brands partnered with them. You enjoy various benefits from different brands like Myntra, Zomato, etc.
For example,
• Gourmet passport offers 1+1 on restaurants and bars, which is an excellent opportunity for regularly dine people.
• You might get a free Rs.500 voucher from Moja club, which is an affordable brand with some great designs.
• You get Rs.1000 voucher from Ixigo if you burn 5000 cred points. This one is perfect for people who take frequent domestic flights.
• You get a raw juice from The Raw Juiciery just in exchange for 5000 cred points.
• If you burn 20,000 points, you can get a 1+1 offer on dining and a 2+2 offer on drink by Zomato.
• For every rupee transaction, you get one cred point; one can burn these cred points for cashback or rewards.
• You get a 5 to 10 rupee cashback on every payment. So your credit card bill is reduced by 1%.
• Another great initiative by Cred is that by burning 2000 cred points, they will feed a child. This campaign is known as The Give India. Even the owner himself has provided a lot of homeless children. It is excellent charity work on behalf of your rewards.
Cred seeks permission from you to access your email
Cred seeks permission from you to access your email. Once they have your email, they can track your expenditure pattern and check your credit card statements. The best thing about the cred app is that it will immediately send an alert to you. If it notices some suspicious activity regarding your bank accounts or credit card. Along with this, they will remind you of the dues you have to pay and whether you have to pay extra charges or not. In this way, CRED has access to all the details of your bank accounts as well as your email.
One thing that is wrong with the app is that, for example. You have paid your credit dues via some resources other than the cred app. But the app will still show that you have a pending payment. Worse is that if you have set it up to automated charge. Then it will pay your dues without knowing that you have already paid. The developers are working on this problem, but still, it can cause financial trouble for you.
Paytm:
Paytm also known as pay through mobile, is one of the oldest payment apps in India. Launched ten years ago, Paytm is one of the first e-commerce payment systems established in India. It is very well known for the rewards it offers and the variety of services they offer. No other such payment app provides these services. They show, for example paying bills, recharging mobile balance, booking flights, buses, trains, booking events, movies, and other entertainment events. Along with this, they offer several purchases, for example, in pharmacies, grocery stores, vegetable and fruit shops, restaurants, hotels, parking tickets, challan, loans, cable bills, online shopping, educational institutions, book shops, and other in-store payments.
Paytm allows you to keep all of your bank accounts in one app. It helps you track your records and manage your finances in one place. So that you can be saved from the hassle of having and dealing with different bank accounts.
Making a Paytm account is also very easy. You need to visit the web page, sign up with your email, mobile number, and a strong password. Click on create the wallet option and enter your name and date of birth correctly. After this, enter your OTP and who will make your account. Do similar steps if you have installed the application. Paytm works well with both webs as well as the application.
Paytm is known for giving a lot of cashback rewards:
- You earn one point on every rupee transaction; this cashback is added to the gift voucher, which you can redeem later.
- You have complimentary access to the airport lounge, but this is only for Paytm SBI select card users.
- Paytm collaborates with famous brands like KFC, Zomato, Zee5, Gaana plus, Gyntra, etc.
- Paytm offers 2% cashback on the Paytm app expenditure. It also provides 5% cashback on traveling and movie bookings. 1% cashback on every other outlays, for example, dining, shopping, etc.
However, there are specific issues with the application. For example, it requires a very high-speed internet connection to run. And even customer support is not up to people’s expectations. It does not support the transfer of money from Paytm to UPI and vice versa. Also, it has some extra charges while transacting money from Paytm wallet.
Phonepe:
Phonepe app launched almost six years ago in India is a digital payment service and has grown tremendously in recent years. The phone app recently crossed the user mark of having 100 million app users, and over 5 billion transactions have occurred through the app.
The app has many services, for example, transferring funds from one account to another in simple clicks, balance recharging, bill payments, in-store and online shopping purchases, investing in tax savings funds, and making mutual funds liquid funds, and buying insurance. Along with this, the Phonepe app has partnerships with well-known apps and brands to provide you a better experience. You can book ola rides through this app, book with specific hotels, and book a ticket for the bus ticket.
Phonepe app has proved itself beneficial for businesses significantly. They can transfer up to one lakh rupees and even use this app to provide salaries. Also, due to its store interaction interface, it is beneficial for people to make purchases. The app allows the linking of credit and debit cards, and one can check bank balance and transfer money at any time of the day anywhere. The phone pe uses PIN authorization; thus, it is more secure.
Phone app offers several rewards if you pay through phonepe:
- It gives you cashback on every transaction you make, although those who can not withdraw the cashback can use it through your phone pe wallet. You can still purchase through the wallet and use the cashback.
- One of the great things about the phone pe app is that it gives you a scratch card on every transaction. Who can use the money in a scratch card to pay your bills, recharge your phone, metro card recharge, and DTH recharge, etc.? The minimum amount to avail of a scratch card is a transaction of at least RS.100, and the maximum amount you can earn in a scratch card is RS. 1000. For example, you get a scratch card or RS—300 when you book your first three rides on Ola. You get a cashback back on the scratch card up to Rs. 1000 if you pay your gas bill. If you recharge your phone pe, then you get a cashback of Rs. 50.
- Similarly, you get coupons from different brands where you can avail yourself of discounts on your purchases.
Net Banking Apps:
Net banking, also known as a virtual bank, is quite popular in the urban areas of India. It allows you to conduct your financial transaction through the website or apply to that specific bank or financial institution. There are four or more types of net banking depending on the time, amount, and individuals.
There is NEFT, a National Electronic fund transfer; due to this system, one can transfer funds from one bank to another.
The second one is Real-time Gross settlement (RTGS). It is used to transfer a considerable sum of money not in thousands but lakhs, and a banker also monitor it.
The third one is ECS, an electronic clearing system for bill payments, such as credit, debit card payments, loans, insurance, electricity, gas, telephone, and mobile phone bills. It makes it easy for people to pay their daily life bills and not stand in queue for long.
The fourth one is the Immediate Payment service, IMPS, a 24/7 available bank, and it lets you transfer and receive funds at any time of the day. Net banking doesn’t reward you on every transaction, but if you pay through your credit card via that bank’s website, you get the credit points in your app.
ICICI Bank has a very secure and straightforward internet banking system
• ICICI Bank has a very secure and straightforward internet banking system. You can use their credit or other bank cards for online purchases and still enjoy many discounts offers as a reward. For every transaction you make, you earn points that you can redeem later. A lot of internet banking discounts are available as rewards. For example, you can get discounts on food services such as Zomato, Swiggy, eat sure, etc. Other partnered brands also offer many discount coupons and gift cards. For example, you can avail of a 10% discount on Licious products, get a Myntra voucher, and other discount gift cards.
• Citi Bank net banking is one of the secure and convenient apps. If you spend through your credit card, you get several discounts and credit points which you can redeem in traveling booking, entertainment ticket booking, etc. The points earned can give you a lot of deals on shopping brands like Myntra etc. Almost 100 local brands have partnered with Citi Bank; you get the rewards in the form of points you can use to buy things.
• Axis bank, one of the largest bank private banks in India, has the best virtual banking services. It has a different edge reward option where you earn points on every use of credit card or debit card payment. For example, you can earn 500 bonus points on your first five transactions in the app. You can earn 20 points on retail shopping. You can redeem these points and earn discounts.
• Now, Amazon pay is linked with an ICICI bank account where you can earn cashback on an Amazon account if you pay from an ICICI bank account.
Advantages of credit card rewards:
There is a bundle of advantages of credit card rewards. Credit card payments help you build up a good credit score which will help you in future loans and purchases. With every cost, you earn credit points that you can redeem in booking for flights, entertainment event tickets, etc. The credit card rewards also include some discounts with famous and affordable brands. You can get bonus points which you can use for dining, hotel bookings, buying groceries, etc.
Credit card payment apps reward you with gift and coupon cards from certain hotels, clothing and makeup brands, restaurants which can help you a little bit in your daily expenditure. Some people even earn free flights and free hotel bookings while traveling as a reward.
Credit card rewards also include cashback. Usually, banks give 1% or 2% cashback on credit card transactions, but now some banks offer 6% cashback. This cashback goes straight to your digital wallet and helps you to earn money through your transactions.
Disadvantages of credit card rewards:
Credit card payment rewards come with perks, but it has some disadvantages as well, for example, the tips or discounts you get are for a limited period, so if you don’t avail the discounts on time then your rewards go in waste. The time to avail of the gift card or that discounts are very short, so if you don’t avail of the value, then it is a waste to have rewards.
In such cases, people want to avail themselves of the 10% discount on their favorite clothing brand, but they tend to spend more than they planned, which causes a disturbance in their financial plans. The same is the case while ordering food. To avail the discounts, people demand more food, food goes to waste, and the money.
The discounts and gifts a credit card company offers to depend on your credit score. If you don’t have a good credit score, then you don’t enjoy the rewards as much as the other people do. To have avail rewards, one needs to have a good credit score.
