What are the fees associated with Zip pay?
Your Zip Pay account has a monthly account keeping fee of $6. However, this is only charged when you have an outstanding balance at the end of the month.
You'll receive a statement with the closing balance of the month on the 1st day of the following month. You have until the end of the month to pay off your balance for the account to remain fee-free.
For Example: If you make two purchases in February, you'll receive a statement on the 1st of March showing how much you owe for these two purchases. You'll then have until March 31st to pay this amount without being charged the $6 account keeping fee. If you do not pay the statement balance in full by the 31st of March, a $6 monthly account service fee will be charged on the account on the 1st of April.
What are the fees associated with Zip money?
Your Zip Money account has a monthly account keeping fee of $6. However, this is only charged when you have an outstanding balance at the end of the month.
Depending on the credit limit you apply for, there may be an establishment fee (from $25) for setting up the account.
Every transaction with Zip Money has a guaranteed 3 months interest-free period. The interest-free period is determined by the merchant you shop with.
How to avoid paying a monthly account fee?
Your repayment 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.
If the statement balance is paid down by the contractual date, the $6 monthly account keeping fee will not be charged.
How to avoid paying interest?
Every order on your Zip Money account has its own interest free period. If the order is paid in full before the interest-free period finishes, you will not incur any interest on the order. If the order is not paid off and the interest-free period has ended, you will incur interest on the remaining balance. The interest rate is 19.9% per annum.