Ordering Food Online? How To Get Unlimited Access To Modern Credit Options And How They Work?
Fintech start-ups are offering credit services to clients who order food through the Internet. With a sharp increase in the number of web-based food ordering and delivery apps in metros and prominent cities, the majority of the people are getting used to the idea of online food delivery. Customers in the median age of 20-40 are finding it very convenient to order lunch during office hours through web-based food delivery companies.
You need not sweat about paying from your wallet now and also avail fabulous Cashback offers that can give you a delightful deal. Clients can make use of Swiggy offer and Dunzo offer in parties and weekend celebrations.
According to Redseer, about 75% of online food delivery is carried out by third-party companies. Consumers are getting cosy with online services offering a myriad of cashback offers. Food ordering apps are gradually increasing their share of delivery spend of food aficionados.
How does the Credit process work?
The choice to delay payment
If you’re facing a funds crunch in the bank account, these food delivery companies like Swiggy and Dunzo allow you to order food without the need to pay immediately. These companies give a multitude of benefits like cashback offers and coupons which can be redeemed later at select stores. After downloading the third party delivery app, you need to register and can immediately start enjoying their credit services and cashback offers. Once you select the Pay Later option, clients will get 15 days to clear the dues. If you do not pay within the due date, a flat fee of Rs 250/- is charged as penalty or 3% interest on the amount overdue for the remaining period of the month.
Customers can delight their family and friends using Swiggy offer, Dunzo offer and other e-vouchers. The food delivery companies are constantly expanding their customer base across the country. The cashback offers can be redeemed by showing the SMS/e-mail at different stores near you.
Should you opt for the delay in paying for food?
This service was created by financial institutions to increase the convenience factor of customers, particularly those who do not have a credit card. Customers should carefully evaluate before selecting this option.
Financial checklist
· Check the extra service charges.
· Impact of these transactions on credit history and privacy
· The repayment period before which you will be liable to pay the penalty on the amount.
· Making use of cashback offers to the maximum extent.
Credit History and User Data privacy
Customers should take care not to default on repayment of the credit amount, as it will have an unwanted effect on the credit report and credit score that is monitored by credit bureau companies like Cibil and Equifax. There is also the possibility that your personal data will be distilled to get a better understanding of your spending patterns and other retail behaviour.
Final Thoughts
Make sure not to get carried away with the tantalizing credit availability and act in a fiscally responsible way. Apart from the above, the financial technology companies are offering sizzling cashback offers and discounts and provide a certain sense of immediate relief and financial comfort to food lovers.
