Bengaluru, CRED, the visionary fintech platform led by Kunal Shah, has launched its much-anticipated 18-carat gold credit card in collaboration with IndusInd Bank, marking a striking fusion of exclusivity, innovation, and financial empowerment for India’s affluent and digitally savvy consumers. This launch introduces not just another credit card but a symbol of prestige, freedom, and lifestyle elevation rarely seen in the Indian market.
Introducing the Sovereign: An Exclusive 18-Carat Gold Credit Card
The new credit card, dubbed the “Sovereign,” is a bespoke creation engraved with intricate guilloché patterns on 18-carat gold, available exclusively to a highly curated invite-only society introduced by CRED. Designed to serve India’s elite, this card integrates art, craftsmanship, and financial utility into one seamless offering, promising an enhanced lifestyle experience that goes beyond typical financial transactions.
Kunal Shah, founder of CRED, unveiled the card with a strong emphasis on freedom of choice and flexibility in rewards programs. “Most credit cards today restrict users with loyalty tied to specific merchants and platforms,” he stated during the launch event in Bengaluru. “Sovereign challenges that norm by offering rewards that follow the user’s taste, not the terms of a few merchants. It’s about real freedom in rewards.”
The key benefits of CRED’s RuPay co-branded credit card with IndusInd Bank for the average consumer
The key benefits of CRED’s RuPay co-branded credit card with IndusInd Bank for the average consumer are:
- Zero Joining Fee: The card comes with no joining fees, making it easy and cost-effective to start using.
- Attractive Rewards: It offers 5% cashback on all e-commerce transactions online and 1% rewards on offline spends as well as UPI transactions made via CRED Scan and Pay.
- Instant Redemption: Rewards points are equivalent to one rupee each and can be instantly redeemed across more than 500 CRED Pay merchants, products on the CRED Store, flights (powered by ixigo), and over 8 lakh hotels (powerful by Expedia).
- Flexible Rewards: Unlike many co-branded cards limited to specific merchants, this card provides freedom to earn and redeem rewards across various categories, addressing consumer demand for exploration rather than lock-in to particular brands.
- Digital Onboarding: The card features a fast, two-minute digital application and approval process, enhancing user convenience.
- Lifestyle Focus: It targets the growing segment of affluent, digitally savvy consumers who prioritize lifestyle benefits alongside financial products.
- Additional Perks: Users also get 1% rewards on offline payments and UPI spends, and the card includes benefits like fuel surcharge waivers on fuel purchases.
The CRED-IndusInd Bank Co-Branded RuPay Credit Card: For the Mass Affluent
Alongside Sovereign, CRED also announced a mass-affluent lifestyle credit card in partnership with IndusInd Bank and RuPay, aimed at capturing the growing segment of digital-first consumers who seek rewarding and flexible financial products. This co-branded card promises zero joining fees and a frictionless two-minute digital onboarding process, underscoring CRED’s commitment to simplicity and user convenience.
Cardholders can benefit from a rewarding 5% cashback on all e-commerce transactions along with 1% rewards on offline spends and payments made via UPI through the CRED Scan and Pay system. The rewards earned translate directly into rupees and can be instantly redeemed across an extensive network of over 500 CRED Pay merchants, more than 2,000 products in the CRED Store, as well as flight and hotel bookings powered by platforms like ixigo and Expedia.
Soumitra Sen, Country Head of Consumer Banking and Marketing at IndusInd Bank, emphasized the strategic significance of this partnership. “Co-branded credit cards are a cornerstone of our consumer banking strategy, and with CRED’s tech-first approach and strong user base, we are uniquely positioned to offer unparalleled value. Together, we are reshaping what premium credit means for India,” he added.
Market Insights and Consumer Trends Driving Innovation
CRED’s launch comes at a pivotal moment when the behavior of creditworthy consumers is shifting rapidly. The founder elaborated that currently 60-65% of card spending is through e-commerce, a significant leap from 25-30% just a few years ago. This change reflects millennials and Gen Z’s expansive exploration of brands, demanding more freedom without restrictive loyalty locks.
Furthermore, the partnership leverages CRED’s existing ecosystem, which boasts over 13 million monthly active users, many of whom are premium professionals accustomed to multiple credit cards. This helps CRED tailor its product offerings, providing niche perks such as higher reward rates, exclusive lounge access, integrated shopping and travel benefits, as well as access to curated investment opportunities.
CRED’s approach to rewards differ from traditional co-branded credit cards in the market
- Freedom of Choice in Rewards: Unlike typical co-branded cards that lock users into specific merchants or brands for earning and redeeming rewards, CRED’s system offers flexibility. Rewards follow the user’s preferences rather than restricting them to a fixed set of partners, allowing more freedom to explore and redeem across a wide variety of merchants and categories.
- Personalization and Data-Driven Offers: CRED uses advanced data analytics and AI to understand individual user behavior and tailor rewards accordingly, making the experience more relevant and engaging compared to one-size-fits-all traditional programs.
- Gamification and Community Exclusivity: CRED incentivizes financial discipline by rewarding users for timely credit card bill payments and participation within an exclusive community of creditworthy members, building a sense of belonging that traditional credit cards usually lack.
- Instant and Transparent Rewards: CRED allows instant redemption of reward points at numerous partner merchants and platforms, with many rewards converted directly into rupee value, making the benefits transparent and straightforward versus complex traditional point systems.
- Lifestyle Integration: Beyond rewards, CRED blends financial products with lifestyle experiences, including premium clubs (like the Sovereign card community), cultural events, startup investment access, and exclusive travel perks, turning credit cards into a lifestyle tool rather than just a payment instrument.
- Seamless Digital Experience: The onboarding, management, and reward redemption are designed to be frictionless and digital-first, aligning with how modern consumers prefer to interact with credit products, contrasting with the often cumbersome traditional processes.
Beyond Payments: A Deepening Financial Lifestyle Platform
Originally launched as a credit card bill payment platform, CRED has transformed into a diversified fintech ecosystem. Its services now include unsecured personal loans, secured loan products, auto insurance under the Cred Garage initiative, and gold investment options with physical delivery or conversion to ornaments in partnership with leading jewelers.
The Sovereign card membership further enhances this by offering rare global privileges including access to elite travel experiences, curated cultural events, startup investment syndicates, and even civilian spaceflight opportunities—turning a credit card into an invitation to a rarefied lifestyle club.
A Bold Vision for the Future
Despite market challenges, including a recent valuation adjustment, CRED continues its trajectory toward profitability and innovation. Kunal Shah remains optimistic, highlighting that the Sovereign gold card is a distinctive product unlikely to be replicated soon. “Take a good look because you will probably not see it again. Most people will not get it,” he remarked, drawing attention to the exclusivity and innovation embedded in this launch.
The 18-carat gold credit card co-created with IndusInd Bank is not just a luxury but an emblem of status and smart financial choices suited to India’s urban elite, digital natives, and future-forward consumers.
