Make money through Credit Cards - Yaper + Cred Mint

[metacoder]

This isn't new because you've got apps like Yaper that help you reach milestones.

But, let me show you how to take this a step further using Yaper, Cred Mint and HDFC BillPay.

I ordered two iPhones on Yaper and got back Rs. 1L cash in my account in return.

I had approximately 35 days to pay it back. So, I decided I could put it to use with Cred Mint and get 9% interest.

I take this further by using HDFC BillPay using my HDFC Platinum Debit Card and get back 1% cashback (I have 2 accounts).

So total returns I made:
Cash reward from Yaper - 500 * 2 = Rs. 1000
Cred Mint @ 9% = Rs. 740 (30 day interest)
Reward Points @ 1% = Rs. 1000

Total Cash in Hand = Rs. 2740 + Reward Milestones/Points

I like Cred Mint because it's easy to withdraw money from the App. It does take a few days, so I don't cut it close to the Credit Card Bill due date.

 

[TheMentalist]

Can someone explain me this paradox if someone has good credit score why the hell he will go for loan from cred

It won't show in CIBIL I guess
Btw how much interest do they charge from the borrower if they offer just 9% to the lender?

 

[Batmanbaba]

It won't show in CIBIL I guess
Btw how much interest do they charge from the borrower if they offer just 9% to the lender?

12%


12% club... Gives 12% to lender and take 12% from borrower... Also mobikwik has launched similar to 12% club

 

[metacoder]

It won't show in CIBIL I guess
Btw how much interest do they charge from the borrower if they offer just 9% to the lender?

They’re taking 11.49% from me but I’m sure they’ll charge some other rate from someone else. Probably beta testing this figure.

I read the FAQs and it seems it does affect your CIBIL score. As per CRED FAQs, your score is positively affected if you make payments on time.

 

[metacoder]

12%


12% club... Gives 12% to lender and take 12% from borrower... Also mobikwik has launched similar to 12% club

This sounds better than Cred Mint. Have you tried it?

 

[metacoder]

Problem isn't just whom cred is lending to, its a cred itself. Normal savings a/c or banking investment has insurance of 5 lacs.

There is no insurance for cred flunking you. Like stockmarket, play with money you can afford to lose, not with what you will need to pay bills.

You’re absolutely right about this. There’s definitely a risk if someone fails to pay their principal.

 

[metacoder]

Can someone explain me this paradox if someone has good credit score why the hell he will go for loan from cred

It is definitely a paradox because CRED requires your score to be above 750 I’m guessing.

I guess the interest rate they offer is low. I’m being offered 11.49% which is probably much lower than other personal loans. Also, according to them they don’t affect your credit score directly. Attaching the screenshot from the FAQs.

Don’t get me wrong, there’s always a risk associated with p2p lending. But I haven’t heard bad things about CRED until now, but I’m cautious.

 

[Mogambo]

This makes sense. but believe me there are folks who take loans from Cred even with credit score whether they know interest rate from banks or not. The loan process is also easy and simple which also makes people to choose this.

 

[Batmanbaba]

This sounds better than Cred Mint. Have you tried it?

Yes..... Experience was good.. But took sweet 1 week to withdraw money

 

[prati086]

I was trying to order through Yaper using my credit card for someone on Flipkart
But the Flipkart app is showing Delivery Address as my Address
Do the app works in that manner or the delivery address should be others

 

[Batmanbaba]

I was trying to order through Yaper using my credit card for someone on Flipkart
But the Flipkart app is showing Delivery Address as my Address
Do the app works in that manner or the delivery address should be others

No... U have to select add address... The new address will get autofilled... While ordering.. Mobile nukber you have to give your own... As yaper dont share customers number

 

[prati086]

Ok thanks and is the app genuine and verified as I have not seen any feedback on Play Store after June 2022 and Yaper YouTube channel is also not updated from few months

 

[BankExpertIndia]

It won't show in CIBIL I guess
Btw how much interest do they charge from the borrower if they offer just 9% to the lender?

It Shows In CIBIL

16% Interest They Charge (CRED Cash)... 9% Is What They Give (CRED Mint)...

 

[prati086]

is the app genuine and verified as I have not seen any feedback on Play Store after June 2022 and Yaper YouTube channel is also not updated from few months

 

[Cryptopsycho]

I tried an order from yaper through Flipkart, however the order got cancelled and was informed that it was cancelled because as per purchase history, it does not seem to be intended for personal use!! Does it happen with others too?? It was my 1st order on Yaper!

 

[zealot]

I tried an order from yaper through Flipkart, however the order got cancelled and was informed that it was cancelled because as per purchase history, it does not seem to be intended for personal use!! Does it happen with others too?? It was my 1st order on Yaper!

Yeah, Flipkart do these things, so don't use your personal Flipkart account for this. If you have any secondary numbers, make a new account and use it for yaper.

 

[Cryptopsycho]

Yeah, Flipkart do these things, so don't use your personal Flipkart account for this. If you have any secondary numbers, make a new account and use it for yaper.

yeah I used alternate Flipkart account only.... so how to avoid such cancellations??

 

[CC_Fetish]

I tried an order from yaper through Flipkart, however the order got cancelled and was informed that it was cancelled because as per purchase history, it does not seem to be intended for personal use!! Does it happen with others too?? It was my 1st order on Yaper!

Hey I also just processed my 1st order on Yaper yestd. Now I got a msg it is cancelled by seller (on Flipkart) as was out of stock. But it is in stock so i placed the order again. Lets see.

 

[zealot]

yeah I used alternate Flipkart account only.... so how to avoid such cancellations??

We can't do anything. I prefer Amazon orders.

 

[Cryptopsycho]

We can't do anything. I prefer Amazon orders.

Amazon will have issues for Prime membership. As prime membership is only on prime account. For any alternate account, there won't be any prime membership!!

 

[TheMentalist]

yeah I used alternate Flipkart account only.... so how to avoid such cancellations??

The address might have been blacklisted by Flipkart, so it doesn't depend on your account status.. Usually such cancellations can be avoided by adding random extra words in the address, but idk if that's okay with Yaper policy