The Zip Money Flex Schedule is automatically set when you make your first purchase on your Zip Money account. Your Flex Schedule gives you control over how often you make repayments - weekly, fortnightly, or monthly.
What are Minimum Monthly Repayments (MMPs)?
Your minimum monthly repayment is the minimum amount you are required to repay each month as outlined in your Zip Money contract. The minimum amount will be $50 or 3% of your closing (owing) balance at the end of each statement period, whichever is greater. This amount is due on your Contractual Date.
Repaying more than your MMP will help you repay your balance faster and may help you avoid interest.
Please make sure your set repayment schedule meets your minimum monthly repayment or we will debit the remining amount to make up your minimum repayment on your Contractual date. This ensures your account does not become overdue.
Note: The minimum amount may vary if you have signed up for a Zip Money account directly via one of our retail partners. Your MMP is outlined in your Zip Money contract. You can view your contract anytime in the Zip App under "Manage My Zip Account”, “View My Zip Contract”.
Example: If you make your first purchase on 15 January, your Minimum Monthly Repayment (MMP) will be due on the 15th of each month thereafter.
Important: Extra repayments or one-off repayments won’t count toward your monthly minimum unless you use the “Pay Now” feature. To make an additional repayment that counts toward your minimum, select “Make an extra repayment” in the app or website.
How do repayments work?
Repayments are automatically debited from your default payment method.
Your scheduled Flex repayment will cover:
- your MMP
- any account fees
- interest (if applicable)
If your scheduled repayment is higher than your closing balance, we’ll only deduct what you owe.
To make additional repayments please see How do I make an additional repayment?
How are repayments allocated on a Zip Money account?
When you make a repayment, Zip automatically allocates it in the way that best helps you avoid interest:
-
Interest-bearing balances are repaid first. This includes:
- interest charged
- monthly account fees
- any establishment fee
- Once all interest-bearing balances are repaid, your repayments are applied to the interest-free portion of your balance starting with the amount where the interest-free period ends soonest. This ensures upcoming expiring promotional periods are prioritised to help you stay interest-free wherever possible.
Interest-Free Periods & Fees
If you repay your Flex balance within the interest-free periods on each of your purchases, you won’t pay any interest.
Once the interest-free period for a purchase ends, any remaining balance will begin to accrue interest at a standard rate of 25.9% p.a. (check your contract for merchant-specific rates).
If you have no balance, there are no fees to keep your Zip Money account open!