Latest news with #CRED
News18
22-05-2025
- Business
- News18
'Worship Founders, Then Discard Them...': CRED's Kunal Shah On Indian Startups
Last Updated: Kunal Shah stressed that in fast-changing fields like tech and AI, only those who adapt will thrive, as the top 100–200 companies change every 5–7 years CRED founder Kunal Shah has sounded a warning about India's startup ecosystem, pointing to a lack of a culture of excellence. He noted that many Indian startups focus more on mutual comparison than on driving genuine innovation. Speaking at Prosus' Luminate event in Bengaluru, Shah said, 'We start comparing ourselves with each other very quickly, without working hard towards excellence. Excellence has not yet become a culture in India," he remarked. Shah argued that India possesses significant potential, but innovation often arises from overcoming constraints. 'Our way of understanding the market may be different, and in the future, many companies will be built in the same direction, but we need to work on a strong foundation," he added. He stressed the importance of continuous adaptation and innovation, particularly in rapidly evolving fields like technology and AI. 'Top 100 or 200 companies change every 5 to 7 years. Only those who can adopt the change will move ahead," Shah emphasised. He also pointed out that an individual's ambition is shaped by their environment. Without examples of excellence, people struggle to dream big. Shah criticised the tendency in India's startup culture to idolise founders, only to abandon them when things go awry. 'We worship founders like gods, and when things go wrong, we immerse them," he said. Shah's insights serve as a wake-up call for young startup founders in India, urging them to pursue excellence through real innovation and hard work rather than mere comparison or funding. Key services offered by CRED include: Credit Card Bill Payments Users can link all their credit cards to CRED and earn cashback, rewards, and exclusive offers for making timely bill payments. CRED Cash An instant personal loan service that provides quick access to funds at low-interest rates. CRED RentPay Allows users to pay their rent directly to their landlord using a credit card, helping manage large monthly expenses more conveniently. CRED Store & Experiences A curated marketplace within the app where users can redeem reward points to access exclusive products, brand deals, and premium experiences. Watch India Pakistan Breaking News on CNN News18. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! First Published: May 22, 2025, 18:24 IST
Mint
16-05-2025
- Business
- Mint
Can you pay rent with a credit card? Yes—here's how in 5 Steps
As digital transactions become immensely admired in India, numerous tenants are exploring the opportunity of paying their monthly rents through credit cards. This particular method provides several benefits such as cashbacks, reward points and improved cash flow management. Still, it is crucial to acknowledge and understand the associated fees and regulatory considerations. Choose a reliable platform: Opt for a trusted rent payment service that permits you to pay your rent using your credit card. These services often offer additional benefits such as timely reminders, comfort in making payments and potential rewards. PayZapp, CRED, Freecharge etc., are some of the examples of such service providers. Complete the KYC registration process: Sign up on the chosen platform. Then complete the Know your customer (KYC) process to ensure complete compliance with required stipulations and regulations. Add your landlord details carefully: Set up your landlord as a beneficiary in your account, by adding your landlord's bank account information, including account number, IFSC code. Properly re-check the details before final submission, to avoid any errors. Enter the amount of rent: Specify the exact rent amount as per your rental agreement and click on the 'submit' option. This will help you in adding the amount of money you aspire to transfer into your landlord's bank account. Make the payment: Use your credit card to complete the transaction. Be careful of the processing fees. This particular fee generally ranges from 1% to 3% of the total rent amount and it varies from one financial institution to another. Processing fees : Most of the platforms charge a convenience fee for credit card transactions. For example, the Freecharge application charges 0.9% + GST whereas others may charge up to 2.5% + GST. The fees discussed here are illustrative in nature. For the updated details on fee charges refer to the respective website of the platform. : Most of the platforms charge a convenience fee for credit card transactions. For example, the Freecharge application charges 0.9% + GST whereas others may charge up to 2.5% + GST. The fees discussed here are illustrative in nature. For the updated details on fee charges refer to the respective website of the platform. Interest-free period : Credit cards offer an interest free period of up to 45-50 days. This provides temporary relief in cash flow management and financial planning. : Credit cards offer an interest free period of up to 45-50 days. This provides temporary relief in cash flow management and financial planning. Impact on credit score : Consistent and timely repayment of credit card dues can influence your credit score in an immensely positive way. Still, consistently high credit utilisation may have adverse effects. : Consistent and timely repayment of credit card dues can influence your credit score in an immensely positive way. Still, consistently high credit utilisation may have adverse effects. Reward exclusions: Not all credit cards provide rewards on rent payments. Some credit card issuers exclude them or provide reduced or limited discounts. That is why it is always prudent to check your credit card's terms and conditions before proceeding. Not all credit cards provide rewards on rent payments. Some credit card issuers exclude them or provide reduced or limited discounts. That is why it is always prudent to check your credit card's terms and conditions before proceeding. Regulatory oversight: While the Reserve Bank of India (RBI) has not issued any specific restrictions or prohibitions against using credit cards for P2P transactions such as rent payments. Still, all such transactions may still be flagged by banks or digital payment platforms due to concerns over credit misuse or regulatory compliance. On a holistic account all such transactions come under the broader purview of RBI's efforts to ensure responsible credit usage and reduce systemic risk in the unsecured lending space. Hence, paying rent through credit cards is a feasible option and can offer several benefits. Still, it is important to be careful of the associated fees, applicable interest rates, and regulatory landscape That is why on your part you should always ensure timely repayment to avoid interest charges and potential negative impacts on your credit score. Disclaimer: Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit scores. Mint does not promote or encourage taking credit, as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
Mint
23-04-2025
- Business
- Mint
750 credit score and still rejected? Here's why premium credit cards say no
A credit score of 750 or more is generally considered excellent in India. Still, many applicants find themselves in difficult situations, facing denial when applying for premium credit cards. This contradiction clearly highlights that a credit score is important but still, it is not the sole determinant for the approval of premium, high end credit cards. Let's discuss some important reasons and considerations such as optimum credit scores, income stability, past loan settlement, payment history, over-all debt etc., that all credit card applicants must be aware of before applying for a premium credit card. According to Akshay Aedula, product and growth at CRED, 'Credit score is an output of past financial decisions and an input for financial institutions to understand the level of risk that you may pose as a borrower. A score above 750 indicates that you can understand and manage credit responsibly, and that you have demonstrated a history of paying consistently and on time. It's a strong signal of creditworthiness.' 'However, different issuers have different cutoffs for eligibility, and credit score is just one factor in decision-making. Beyond a good score, income, employment status, existing bank relationships all play a role.' He further added, 'A high score can also unlock higher limits, faster approval, and access to better cards. If the card you'd like has a higher credit score cutoff, you can set a target on CRED and the feature will provide personalized recommendations to guide you on the right actions to achieve it within the desired timeframe.' Hence, a credit score of 750 or more is generally considered as a strong number for approval of new premium credit cards, personal loans etc. Still, there are numerous other factors that influence the decision of providing premium credit cards to applicants. Employment stability and income: Premium and top notch credit cards come with stringent income requirements. For example, HDFC Bank's Diners Club Black Card makes it mandatory to have a net monthly income of more than ₹ 2.5 lakhs for salaried individuals. Not only this, if you are self employed then you must have an annual income of over ₹ 30 lakhs. Further, erratic job changes, gaps in employment etc., can project instability to the lenders and such developments can result in rejection of applications. Credit utilisation and debt to income ratio: Now, even if you have an excellent credit score, still a high debt to income (DTI) ratio can be a serious drawback. Banks generally prefer individuals who have a DTI of less than 35%. On similar lines, utilising a significant portion of your credit limit i.e., credit utilisation ratio, this may indicate financial pressure and over dependence on credit. Past credit behaviour and lack of accuracy in application: Mistakes in application forms such as incorrect address, incomplete documentation, wrong PAN and Aadhaar details etc., are all such factors that can result in immediate rejection. Further, also applying for several different credit cards within a short period of time can project credit hungry behaviour, which can in turn adversely impact your credit rating and chances of approval. Hence, given a high credit score is a significant asset, it is still important to consider other factors such as employment stability, income level, debt obligations, accuracy with application forms, and meeting all eligibility criteria. For example, for a credit card that has an eligibility criteria of over ₹ 2 lakh monthly income, just a good credit score won't suffice. Therefore, being aware of these rules, criteria and additional requirements can boost the prospects of seamless approval of your premium credit card applications. Disclaimer: Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit scores. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit. First Published: 23 Apr 2025, 03:50 PM IST
CBS News
03-04-2025
- Business
- CBS News
Detroit family expands city's culture through CRED business
A Detroit family of five is building more than just businesses. They're building a legacy, shaping the city's culture through their firm, Crawford Real Estate and Development (CRED). "It was always in our heart to add to the culture of the city," Will Mac Jr. said. "Working with family gives me the 'Want to' every day. It gives me a reason beyond just money or dream chasing." Born and raised on Detroit's west side, Mac says his parents worked for the city for 30 years while he and his brothers spent countless hours on the basketball court, a passion that led to his two older brothers playing professionally. However, their mother was always thinking about life after the league. "She found this property in 2017," he said. "We got it that January and that's how we got into the commercial property game." Once in the game, the family established CRED and, in 2023, opened their first multiuse gathering space, CRED Café. "There's a coffee shop up front, we're sitting in the speakeasy now, which opens at 4 p.m.," he said. In the back of the business is a members-only lounge where curated events often take place too. "We always wanted to provide a space where people could grow—themselves, their ideas, their businesses—or simply relax and decompress after work," Mac said. Mac is proud of CRED, his family's collaboration and the community the café fosters every time someone walks through the door. When asked what makes him "Detroit Proud," he said, "It's just a spirit in us that we take everywhere, and that makes me proud to be a Detroiter—to know I carry that too." But the Crawford family isn't stopping with CRED Café. Their goal is to own more property in the city and eventually turn CRED into a global brand. Visit the cafe's website for more information on the Member's Club including cost and perks.
Yahoo
07-02-2025
- Business
- Yahoo
Mayor Adams expands job training and employment programs for youth
NEW YORK (PIX11) – Looking for a job in New York City? There will soon be a new workforce program for people ages 18-40 involved in the criminal justice system who are at risk of involvement in community violence or residing in communities with the highest rates of gun violence. More Local News Mayor Eric Adams announced Thursday that $15 million would be allocated to the Community Resources for Employment and Development Initiative or CRED. The New York City Department of Youth and Community Development (DYCD) and its network of providers, including Common Point Queens, will oversee it. Commonpoint Queens currently offers job training programs to youths and teens who are residents of New York City. 'To be able to provide meaningful, impactful services for community members, especially when you're down on your luck or made a mistake, they're life-changing,' said Danielle Ellman, the President and CEO of Common Point. You can learn more about the CRED Initiative in the coming weeks here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
