Interest Free Period
This article is applicable for Zip Money only
When activating your account, your contract will indicate the interest-free period you will receive on your first purchase. The interest-free period applies on the actual purchases on your account rather than the credit limit itself.
"Why does it say 3 months when I was told it was more than that?"
If you do not have an order attached to your application, the promotional interest-free period that you were quoted will not be stated. Only once you register your account and make a purchase will the promotional interest-free period apply.
After the interest-free period, our standard annual interest rate applies
which is 19.9% for new customers. Please check your contract to confirm
your interest rate.
How is interest charged?
Every Zip Money purchase comes with its own interest-free period, from a minimum of 3 months. During this period, your purchase won't incur any interest - which means if you pay off your purchase within this period, you'll only pay the purchase amount (plus any monthly account fees, if applicable).
After the interest-free period ends, interest will be charged at the standard annual percentage rate, 19.9% for all new customers. Your exact interest rate will be outlined in your contract. As each merchant may offer different interest-free terms, it's important to confirm the interest-free offer before completing your purchase.
Interest is accrued daily and charged to your account at the end of each month. This charge will be displayed on your statement so you can keep track of how much interest has been applied.
Follow these steps to check the interest-free period that applies to your order:
- Login to your Digital Wallet
- Go to 'Recent Activity'
- Find the purchase and you'll be able to view when the interest-free period expires on that purchase.