What is the difference between Zip Money and Zip Pay?
Zip Money and Zip Pay are two separate products with a couple of key differences, but customers with any of the 2 accounts can now shop at all merchants who accept Zip.
|In-Store and Online||Yes||Yes|
|Minimum Repayment Amount||$40 each month (Unless the owing balance is less)||From $40-$299 each month or a percentage of your balance owing, whichever is greater. |
The monthly amount will depend on your credit limit and will be confirmed in your contract.
|Credit Limits Available||$350,|
(Apply through a merchant for accounts greater than $5000)
|Interest||Never||0% interest for 3 months, Promotional offers 6-48 months; 19.9% p.a after your interest-free period expires|
|Pay Your Bills With Zip||Available||Available|
|Direct Debit Payment method||Either Credit or Debit Card.||Debit Cards or BSB and Account number.|
Zip Pay is an interest free online shopping wallet with a credit limit of up to $1,000, offering you the ability to buy now and pay later, on your terms. Repayments start from as little as $10 a week, or $40 per month.
Zip Money is a line of credit for larger amounts, generally $1,000 and above. Zip Money offers customers a guaranteed 3 months interest-free across all products and up to 48 months with some retailers. The length of the interest-free period varies among individual merchants and is confirmed with the user prior to purchase. For Zip Money accounts greater than $5,000 please consult the merchant you would like to check out with.