Looking for how to burn Cred Coins into Cash? We have got you covered. CRED is a popular credit card bill payment and rewards app in India. It was founded in 2018. It has an exclusive membership base of creditworthy individuals with a credit score of 750 or higher.
CRED offers an in-app loyalty program called CRED coins. These are reward points earned for paying credit card bills and referring friends to CRED. CRED coins can be redeemed for exclusive rewards or ‘burned’ to convert them into cash. This article will walk you through all about burning Cred Coins into cash, how you can earn them, and how to use and maximize their value.
What are CRED Coins and how to earn them?
CRED coins are a unique digital currency offered exclusively to members of the CRED app. They form the backbone of CRED’s loyalty and rewards program. Let’s understand CRED coins in detail. There are several ways to earn CRED coins:
- Bill Payments: The primary way – you get 1 CRED coin for every ₹1 spent when paying your credit card bills through CRED. There is no limit on how many coins you can accumulate this way.
- Referrals & Sign-up Bonuses: You get 10,000 CRED coins as a joining bonus when someone signs up via your referral link and pays their first credit card bill. You earn more coins every time your referred friend pays bills.
- Tasks & Activities: You can earn 100-5,000 coins by completing quick tasks like checking your credit score, playing games, downloading apps, etc.
- Special Events: Mega coin rewards are offered for exclusive events like workshops, fan experiences, surveys, etc. depending on the type of activity. Certain special events can pay even 1 lakh+ coins.
How To Burn CRED Coins Into Cash?
Burning CRED coins to get cashback on your credit card bills is simple and quick. Follow this 5-step process:
Step 1: Access your CRED coins wallet
Open the CRED app and tap on the ‘Coins’ icon on the home screen. This will open your CRED coins wallet, showing the coin balance and expiration. There are 2 types of coin balances – Total and Available:
- Total – Your entire lifetime coin earnings.
- Available – Coins that can actually be redeemed (excludes expired/reserved coins).
Check your total available coin balance. You need to have sufficient coins for burning.
Step 2: Pay credit card bills
- Pay any or all of your credit card bills on CRED as normal.
- Higher bill amounts will earn you proportionately more CRED coins in your wallet automatically.
- Even bills exceeding your credit limit can be paid partially. Coins will get added per your paid amount.
Step 3: Claim cashback reward
- Within 2 days of bill payment, claim your assured cashback reward in the ‘Rewards’ section.
- If the reward not reflecting automatically, tap ‘Claim Missing Rewards’. Select your credit card bill transaction.
- Actual cashback % age will depend on the amount paid. From 2-20% generally.
Step 4: Tap ‘Burn’ option
- After claiming a reward against your credit card bill payment, Go to rewards > Claim reward > Choose the ‘Burn’ option.
- Burning converts your earned CRED coins into an equivalent cashback amount – 1 coin = ₹1.
- Choose how many coins you wish to burn from your available balance. Tap ‘Confirm Burn’.
Step 5: Check credit card for cashback adjustment
- The cashback from burned coins will be reflected in your credit card statement within 3 days.
- This directly lowers your overall bill amount payable for that particular statement cycle by the cashback amount.
That’s it! The power to burn CRED coins gives you the flexibility to redeem rewards or lower your bills.
The Importance of Burning CRED Coins
Burning CRED coins is crucial because:
- Bill Payment: Burned coins get adjusted against your actual credit card bill amount. Even large bills can be paid completely using a sufficient coin balance.
- Credit Score: Burning coins to pay bills on time helps improve your credit score by maintaining good repayment behavior.
- Cashback & Rewards: Members can unlock more cashback offers and rewards by keeping credit scores high through timely bill payment using burned coins.
- Exclusive Benefits: The higher the number of coins burned, the more exclusive invites you get for special online/offline CRED events and experiences.
- Future Benefits: CRED keeps innovating on coin benefits – coin burns could become eligible for insurance plans, loan down payments, retail store purchases, etc.
In summary, burning coins helps repay card debt, maintain credit health, and access more rewards.
How to Use CRED Coins? 5 Different Ways!
Here are some smart ways to use coins without burning them:
- GINI Powerplay: Earn assured cashback by playing the Powerplay lottery daily using 2,500 coins. 100% success rate in winning up to Rs 500 cashback.
- In-app mobile recharges: Instantly recharge prepaid mobile within CRED using coins at attractive rates. 15,000 coins = Rs 100 talk time.
- Coins Store: Shop premium products like iPhone and OnePlus devices by redeeming coins + small additional costs. Better value than just burning.
- Brand vouchers: Save up to 80% on Zomato Gold, CultFit, Decathlon, and FreshMenu by redeeming CRED coins instead of burning them.
- Event passes: Get free invites to fan experiences, sports events, and club access using CRED coins. Better utility than cashback.
Tips and Tricks for Maximizing CRED Coin Value
Follow these best practices to earn more coins and maximize their utility:
- Pay higher credit card bills via CRED: Paying larger bill amounts like rent, tuition, etc, through CRED earns proportionately more coins. Even if the bill crosses your credit limit, you can use the ‘Pay Partial’ option.
- Refer regularly: Keep sharing your referral link with friends and family actively. Having 4-5 successful monthly referrals can earn you up to 50,000 extra annual coins. Track referrals under ‘Get Coins’.
- Unlock bonus coins: Check the ‘Bonus Coins’ section to complete small tasks like downloading apps, taking surveys, etc. Easily earn 5,000+ extra coins monthly.
- Redeem selectively: Save coins for big-ticket items only. Do not burn coins as soon as they are earned. Participate in workshops and exclusive events by redeeming coins.
- Keep track of expiry: Set reminders to redeem coins before they expire in 365 days. The scanner section shows the coin expiry status.
Common Mistakes to Avoid
Some errors to watch out for:
- Not enabling nudges: Turn on payment nudges in the Profile to get timely bill payment alerts. Else might miss out on earning coins despite using CRED frequently.
- Claiming rewards late: Collect rewards within 2 days of bill payment. Delaying this leads to missing out on higher-value rewards.
- Confusing coins sections: Check ‘Total’ coins, not ‘Available’ coins which exclude reserved/expired coins while redeeming.
- Overvaluing referrals: Referral bonuses are capped at Rs 750 despite higher advertised value. So manage expectations accordingly.
- Ignoring gambling restrictions: Certain states restrict coin games under gambling laws. If games seem blocked, check your state’s rules.
We hope this guide clarifies how to earn, burn, and maximize CRED coins. Using them at opportune moments can unlock great savings. Keep track of your coin activity. As CRED expands its services, coins would prove even more valuable.