Idea! An interface to manage multiple Credit Cards

[Rcbian]

You all must have heard/used Cred app. It works by reading your mails sms' to find you cc bills and send a notification about its payment.
Cred is lifesaver for those who use multiple Credit Card But... But..
If the beloved RBI brings out some kind of new rules which force the CC providers to provide an interface to add billers like we add out utility bill payment in phonpe pay/ Google pay or any internet banking app. It is also possible that bank can provide it without RBI making it mandatory (it is less likely to happen )

I will explain with an example ,
Let's say I have SBI cc , they provide a faclity to add All-In-One-Pay AIOP (an imaginary altenate to Cred) as my preferred biller. Now I can add AIOP as my biller. SBI will send whatever necessary data to AIOP when statement is generated. I can rest assure that AIOP have genuine data as it shared by bank and not read from mail/sms. I will pay my bills on AIOP app/web.
It will save us consumers from
1. Potential Data Theft/Insecurity as the app gets the necessary data from bank and app don't have acces to my mail/sms.
2. If such standards are brought there can be multiple such apps and users will have choice to select best than sharing all our valuable data with any random app.
3. There can be genuine Paid apps/services developed which will cost you some money but it can assure you that they don't need your data.

 

[SC_23]

ICICI has an option to add your other credit cards, I haven't done it yet but it is there.

Does it fetch your bills?

 

[SC_23]

Won't be possible until enforced by RBI

No credit card issuer wants you to hold multiple cards from different banks plus they benefit if you miss your payment or make only minimum due payments

 

[iAmPm]

1. Exactly the reason for which I haven't used Cred till date ... Because it sells credit data of users

proof or any article where you get to know it sells user's data?

 

[ChurningNoob]

proof or any article where you get to know it sells user's data?

What do you think is Cred's business model? Don't they need access to your emails? You can't be naive thinking they just read only your statement emails and even if only statements the transactions done are gold mine.

 

[iAmPm]

What do you think is Cred's business model? Don't they need access to your emails? You can't be naive thinking they just read only your statement emails and even if only statements the transactions done are gold mine.

If you think that way then probably every company use the data no one is dudh ka dhula. Google, meta kitno kitno ko use krna bandh kre?

 

[007]

Privacy is a myth my friend! 😬

You can only limit the data you share. You can't stop data sharing completely until and unless you live in a cave! 🤷‍♂️

 

[ChurningNoob]

If you think that way then probably every company use the data no one is dudh ka dhula. Google, meta kitno kitno ko use krna bandh kre?

Absolutely right! When you get something for free, you are the product. So chose your risk factor and based on that use a product.

 

[Dr. Drake]

1. Exactly the reason for which I haven't used Cred till date ... Because it sells credit data of users

You shouldn't be using google too in that case it's the biggest advertising company

 

[iAmPm]

Everyone uses
But why are you asking for proof then 🤣😂

cause we have experienced data selling in the case of Google and meta. But in Cred you are not using it still blaming that it sells data so you must have read somewhere.

 

[iAmPm]

PS: Data collection, keeping data for analytics and selling to the third parties are two different things
Everyone is doing the first thing that doesn't mean everyone is doing the second thing as well.

 

[Dr. Drake]

cause we have experienced data selling in the case of Google and meta. But in Cred you are not using it still blaming that it sells data so you must have read somewhere.

True I have been early user of cred & till date not received any spam nor I felt at any point they have shared my data. However, I can't say the same for HDFC, bank bazaar, Idfc

 

[kochiro]

I think the closest option to what you are suggesting will be , RBI allowing you to set your own billing date. Let's say it's 28th for all cards. You can check email on that day for all your cards(*some cc like axis sbi delay bill generation in that case you can check statement on every 1st/30th)and without much hassle of remembering dates. It will be just like paying other commodity bill eg electricity or water.

 

[Akash777]

You all must have heard/used Cred app. It works by reading your mails sms' to find you cc bills and send a notification about its payment.
Cred is lifesaver for those who use multiple Credit Card But... But..
If the beloved RBI brings out some kind of new rules which force the CC providers to provide an interface to add billers like we add out utility bill payment in phonpe pay/ Google pay or any internet banking app. It is also possible that bank can provide it without RBI making it mandatory (it is less likely to happen )

I will explain with an example ,
Let's say I have SBI cc , they provide a faclity to add All-In-One-Pay AIOP (an imaginary altenate to Cred) as my preferred biller. Now I can add AIOP as my biller. SBI will send whatever necessary data to AIOP when statement is generated. I can rest assure that AIOP have genuine data as it shared by bank and not read from mail/sms. I will pay my bills on AIOP app/web.
It will save us consumers from
1. Potential Data Theft/Insecurity as the app gets the necessary data from bank and app don't have acces to my mail/sms.
2. If such standards are brought there can be multiple such apps and users will have choice to select best than sharing all our valuable data with any random app.
3. There can be genuine Paid apps/services developed which will cost you some money but it can assure you that they don't need your data.

I never feel comfortable giving all the financial data to CRED. Installed once but uninstalled immediately and never used thereafter.