Today is the chance for you to win back your income tax paid for the assessment year 2019-20. CRED, a very popular financial technology startup, has rolled out a rather interesting chance for users to win back their FY2019-20 Income Tax payment. CRED says that any user on the platform with a good credit score, is eligible to take part in this offer. The credit card payment platform for individuals with a good credit score wants users to make a credit card payment on February 1, during the Budget day in Parliament. One lucky winner, however, will be eligible for a reward that is equal to 100% of their FY 2019-20 income tax, up to a maximum of Rs 10,00,000. That is, one winner out of all CRED users who will actually pay their credit card bills during that window. Those are some mighty odds to overcome. The Union Budget 2021 will be presented by Finance Minister Nirmala Sitharaman in the parliament today.
The way this works is that you need to head to the My Money section in the CRED app on your Apple iPhone or Android phone, and select the Credit Score tab. The CRED app will be able to collect your credit worthiness score from Experian and CRI credit bureaus. Anyone with a score higher than 750 will be eligible for this offer. Then, you need to pay any credit card bill via your CRED app using either UPI or netbanking as the payment method, to be eligible for the luck of the draw. What also doesn’t help your odds at winning is the fact that CRED themselves say that the beginning of the month is very much in the middle of the average credit card payment cycle, which means more and more users will likely take the chance to pay off their credit card dues.
It is also a bit perplexing that when we checked, the app at the time of writing this, CRED is demanding we use 5000 CRED points in-app to get the refreshed score. The thing is you might as well take a shot at this one-in-a-whatever-is-CRED’s-user-base chance at winning back what you paid as income tax in FY2019-20. As per the last reported numbers, CRED has a user base of 5.9 million credit card users with a median credit score of 830. Essentially, you are looking at 1 in a 5.9 million chance to win. How likely? You know the answer as well as I do. If you do have a credit card bill payment coming up, why not, rather than waiting perhaps a couple more days to pay the bill anyway.