CRED and IndusInd Bank Launch 18-Carat Gold Credit Card for Premium Users

On September 15, the fintech company CRED, based in Bengaluru, announced Sovereign, an exclusive society for India's elite, which includes a custom 18-karat gold credit card with guilloché engraving. The CRED-IndusInd Bank RuPay Credit Card was also introduced by the corporation.

With CRED Scan and Pay, this lifestyle-focused card delivers a 5% reward on all online purchases and a 1% reward on offline and UPI purchases. Credit cards may only be issued by banks in India, which is why IndusInd Bank and the fintech have partnered. In a standard co-branded card agreement, CRED will handle the sales and marketing.

Benefits of CRED’s New Credit Card

More than 500 CRED Pay merchants, 2,000 CRED Store products, flights (facilitated by the ixigo platform), and more than 8 lakh hotel reservations (facilitated by Expedia) may all be made with the card. Earned reward points are instantly applied at checkout and are worth one rupee each. The founder of CRED, Kunal Shah, stated before the launch that the card was created to fill a basic market need: the lack of reward flexibility.

The majority of other e-commerce and payment companies also use co-branded cards from companies like Amazon, Flipkart, Swiggy, PhonePe, and Paytm. "Work with this merchant, work with that merchant," Shah stated during the press conference, indicating that all the cards were moving in that way. Customers, however, desire freedom.

This card is about rewards based on preference rather than conditions. He went on to say that flexibility is now essential due to the change in consumer behaviour. Shah went on to say that 60–65% of all card spending is already going online, compared to 25–30% only a few years ago. "Credible consumers of the new generation prefer to experiment with a variety of brands rather than being confined to a small number of imposed allegiances."

CRED Attracting Affluent and Digital-First Consumers

The card has a two-minute digital onboarding process and no membership costs. The offering is positioned to appeal to India's rapidly expanding market of wealthy, tech-savvy consumers, claims IndusInd Bank. Shah, a well-known angel investor, expressed optimism about the new products' prospects, particularly those of the Sovereign Gold Card.

"Look closely since it's likely that you won't notice it. "Most people won't understand it," he stated. Cred, the sixth-largest UPI app, was first introduced as a platform for paying credit card bills. The business has evolved into a diversified payments fintech with a range of financial services capabilities.