How does it all work? (Zip Money)
This article is applicable for Zip Money only
1. Interest-free period
Your interest-free period refers to the length of time for which your purchase will not incur interest. After this period, your outstanding balance will accumulate interest at the standard annual rate (outlined in your contract).
2. Application Process (more here)
Our online application process takes less than 3 minutes. You simply choose the appropriate credit limit, input your residential, employment and financial information, and verify your mobile through an SMS code. You need to have your own email address and mobile phone number in order to complete an application. After submitting your application, generally, you will get an instant outcome. Only if our accounts team needs more information from you the decision could take a bit longer. If your application is declined, it's most likely to do with reasons that can be found here.
3. Registering your account (more here)
If approved, we will send an activation link to your email address. The activation step will detail your contract and requires you to provide your payment details for your regular direct debit payment.
4. Fees and Charges (more here)
- There is a one-off establishment fee to pay when you activate the account (between $0-$299, depending on your credit limit).
- There is a monthly service fee of $6.00 when there is an outstanding balance on your account.
- A late fee of $15.00 may be charged if you do not make your minimum repayment within 21 days of your payment due date.
- A bank dishonour fee of $5 may be applied if a scheduled payment was rejected/ dishonoured by the bank due to insufficient funds or incorrect bank account details.
- When paying Bills with Zip, there is a small processing fee of 1.25% for each bill paid.
There are no annual fees on your account and no charge for keeping your account open when your outstanding balance is at $0.00.
5. Making a purchase
You can now manage and use your account at any Zip Money or Zip Pay affiliated merchant both online and in-store! See our stores page for a list of current retailers, and here for how to shop instore and online.
6. Set up repayments (more here)
Once you have made a purchase, you can set up your repayments to fall monthly, fortnightly or weekly at whatever amount suits you (provided this meets the monthly minimum). Please note that we only accept debit cards and payments via your bank account. We will automatically attempt to take those repayments so there is no need for you to make them.
Click here to find out How to change your Zip Money repayment schedule
7. Additional payments (more here)
You can also make additional payments whenever you like via card or BPay.
However, please be aware that your scheduled payment will still process even if you make an additional one-off payment, unless your account is paid off.
8. Failed payments (more here)
If your payment fails, you can either make the payment manually through your web wallet or the app. If your account is in arrears, we will attempt to reprocess the payment the next business day.
9. Closing your account (more here)
If you have paid off your account and don't need it anymore, we are sad to see you go but please let us know.
Remember - you won't be charged anything to keep your account when your balance is at $0.00