Should you download and sign up for cred?
Short answer: No
So recently I saw this Rahul Dravid add on TV. It is indeed really funny add and I am sure CRED might have taken a lots of mileage from this.
So the CRED app concept, at least for consumer is very simple
- Pay Credit card bills (On time apparently)
- Get reward points
- Use them to buy stuff from the CRED app.
- Mostly coupon and discount offers.
- But products are also available.
Phone Access Required
- phone (Mandatory)
- It is a mandatory permission require if you want to setup UPI.
- But unlike other apps, they don't say that they will not read your sms and store it on their service, it is not just for OTP, it is for on the fly knowing your financial information
- To show you offers (Ads) according to your location
It want to take full read access of your email!
It seems like not even skippable step as there is no skip option, but once cancel the authorization request, as I got spooked when they ask for full email access, cancel the authorization and came back. Then suddenly the skip step showed in pale grey color at top right. This is a major red flag, this barely 2 year old startup, with big valuation of $800 million and losses of Rs 420 Cr, in two year. Even with all of their good intention, we should not trust it with our full email access. They primarily want credit card statement and they could have easily asked to setup a email forward for this analysis, rather than asking for full email access.
We only read emails from financial service providers including banks and credit card issuers and do not open, read or access any personal e-mails. We hereby confirm that we do not access any other personal information.
So you get fed up and you want to delete you email account!
- All your cards information
- The financial transaction
- your statements information
- and the financial mails they have already read because of audit reasons