CRED launches RuPay credit card in partnership with IndusInd Bank

Fintech unicorn CRED showcased a range of products at its launch event in Bengaluru yesterday, including a credit card and an exclusive 18-carat gold-plated card for select users, developed in partnership with IndusInd Bank.

The Bengaluru-based fintech said these initiatives are aimed at strengthening its position as the go-to platform for high-credit-score customers seeking both convenience and premium financial experiences.

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The credit card, powered by RuPay and issued by IndusInd Bank, comes with no joining fee. It offers 5% rewards on all online purchases and 1% on offline transactions, including UPI payments via CRED Scan and Pay.

Reward points can be redeemed across 500+ CRED Pay merchants, more than 2,000 products on CRED Store, flights through ixigo, and 800,000 hotels via Expedia, with each point valued at one rupee. 

Unlike most cards with restrictive redemption rules, CRED IndusInd Bank RuPay credit card holders can “spend, earn, and redeem wherever they choose,” as founder Kunal Shah puts it.

"In the country, banks issue 100 new cards each month. Sixty of them are Cred-members… So, that's the potential for launching cards," said Kunal Shah, the founder of Cred, speaking at the event.

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Soumitra Sen, country head of consumer banking and marketing at IndusInd Bank, said, "When there are large transactions, we always use our cards... At least for IndusInd, I can tell you it's one of our key strengths, not only from a revenue perspective but also for brand building."

The launches follow CRED’s $72 million internal funding round from existing investors GIC, RTP Global, and Sofina, at a revised valuation of about $3.5 billion—down from $6.4 billion in 2022. 

In FY24, CRED’s revenue rose 66% to ₹2,473 crore from ₹1,484 crore in FY23, while operating losses narrowed 41% to ₹609 crore from ₹1,024 crore.

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