How do Zip Money repayments work?
This article is applicable for Zip Money only
We've made repayments simple and flexible. Here's how it all works:
How much is required?
Repayments start from just $40 a month (they increase depending on your credit limit) and are based on your account’s credit limit. A $6 account fee will be added to your balance for the following month when there is a balance owing. If your balance is paid down before your contractual date, then the monthly account keeping fee is waved.
The minimum monthly repayment is either a dollar figure (e.g. $80), or 2-3% of your balance owing - whichever is greater. The minimum monthly repayment for your account is outlined in your contract, and is dependent on your account limit.
As your balance owing will change with each purchase, please check your monthly statement to ensure your scheduled payment will cover your balance owing.
Payment schedules are flexible too - choose from weekly, fortnightly or monthly, and pay any amount you like as long as you meet the minimum monthly repayment.
Important: You can make additional payments at any time, and there are no early repayment penalties. Just be aware that additional payments won’t stop or replace your scheduled payments unless you manually change your payment schedule.
No balance - no payments.
If you don't have a balance, we won't deduct anything from your nominated payment method. The repayments simply cease until you make your next purchase. And the best is - if there is no balance, there are no fees to keep the account open. Please check out the full overview of our fees here.
Every Zip Money purchase comes with a minimum interest-free period of 3 months, but may retailers offer longer interest free terms - they will be outlined when you make the purchase.
Pay off your purchase within this period and you won't pay any interest. After this period, a standard interest rate of 19.9% for new customers, will apply to any remaining balance; the exact interest rate depends on the retailer and will be outlined in your contract.
Important: Your repayments go towards the purchase with the interest free term ending soonest.
When is my payment due?
Your payment due date typically falls on the day after you accepted your contract. For example, if you accepted your contract on January 10th, your repayments would be due by the 11th of each subsequent month.
You can find your payment due date for any outstanding balance on your monthly statement and in your contract.