Prepay loans with shopping rewards and CC points

[sourpai]

See there are two types of people. A: People who don't care about rewards and do all the shopping via Gpay and B: People who are aware of CCs and use them for shopping.

For A, you will have to convince them to move to your card. If it was easy, they would have already moved to cc, but still using Gpay. How do you plan to convince them?
For B, you will need to lay out math on how your reward system compares to credit card reward system and is it more beneficial? If you already know, many cards such as Amazon pay icici, SBI cashabck etc give direct cashback benefit to the tune of 1-5%. For many other cards, statement credit option is also available

Also, home loan tenure reduction etc is long term benefit, where as statement credit is more instant tangible and visible benefit

One customer segment which is available for you right away is the folks who can't get credit cards, but have means to earn rewards using your card and also have some EMI going

 

[Tejo]

One customer segment which is available for you right away is the folks who can't get credit cards, but have means to earn rewards using your card and also have some EMI going

Arindham Ka popular App

TIDE - prepaid personal card ... 3.5% cashback

They are also providing Loans starting from 2% upto 10 lakh ....

@sk767 big competition for you

 

[vishals]

Hey Guys,
I'm Srikanth this side and building EMIswift.
We help users repay their loans faster by converting shopping rewards into cash to prepay EMIs, potentially saving 3 years on a 20-year home loan. We convert all the coupons, cashbacks and other rewards earned by the user on daily shoppings to cash to pay back towards EMIs.

• Convert all daily shopping rewards towards EMIs
• Supported most public banks and all stores. Including groceries.
• No need to visit bank branch

We're in Beta and actively inviting users. I'd love to chat about your loans and shopping habits as we build.

Please do check out and drop your email.

There is a big problem around the loan area, so we know banks don't allow customer to use cc and pay emis. But if it was possible, imagine how easy it would be to reach cc milestones. See if you can make this possible. If you do this and in addition provide 1-2% rewards . You will solve a million dollar idea

 

[prc1990]

Hey Guys,
I'm Srikanth this side and building EMIswift.
We help users repay their loans faster by converting shopping rewards into cash to prepay EMIs, potentially saving 3 years on a 20-year home loan. We convert all the coupons, cashbacks and other rewards earned by the user on daily shoppings to cash to pay back towards EMIs.

• Convert all daily shopping rewards towards EMIs
• Supported most public banks and all stores. Including groceries.
• No need to visit bank branch

We're in Beta and actively inviting users. I'd love to chat about your loans and shopping habits as we build.

Please do check out and drop your email.

What is your valueback rate?

 

[sk767sk767 is verified member.]

What is your valueback rate?

Ranges between 3-5%

 

[prc1990]

Ranges between 3-5%

Would you mind sharing the merchant category and/or names and their respective reward rate?

 

[onlineramarao]

Thank you for the feedback sir. I will do more

Looks like, you started with some better idea but deviated form the original idea.

1)You and your customer both are in loss, if we go with this idea.
2)Brainstorm your self and come out with new idea which saves the money for the customer and you take a cut from it.
3)Provide or facilitate to get higher loans than eligible (more than the housing loan companies policy of 30 times of monthly salary) and both can benefit from the housing loan.

 

[prc1990]

Would you mind sharing the merchant category and/or names and their respective reward rate?

@sk767 Would you mind sharing over here?