Zip Money has two different repayment schedules the first one is your Flex schedule which you can adjust to a weekly, fortnightly, or monthly cadence that will include any purchases under $300, Gift Cards, and any purchases that have been switched off instalments.
The Flex schedule will be aligned with the date of your first transaction.
For example, if you accepted your contract and activated your Zip Money account on the 10th of January and then made your first purchase/transaction on the 15th of January then your minimum monthly repayment would be due on the 15th of every subsequent month. Learn more, here.
Please note that additional payments or one-off payments will not change your repayment schedule unless you use our "Pay now" function. If you do want to make an additional payment that covers your monthly minimum amount please use the "Make an extra repayment function".
We also offer a feature called Instalments, designed to help you avoid interest charges on individual transactions. If you make an eligible purchase, we'll automatically split your repayments into equal fixed monthly instalments within the offered interest-free period. Learn more, here.
You have the option to repay any instalments early with our "Pay Now" feature. This allows you to repay your instalment repayment ahead of time, once paid early your schedule will skip forward to the next due date to give you more flexibility.
Your repayments are debited automatically via direct debit from your default payment method, according to your repayment schedule. Your flex schedule will cover any transaction under $300 and any account fees and charges. This will be debited separately from your Instalment repayment and will appear as two separate repayments in your Zip account and bank statement. If the flex schedule amount is higher than your balance, we'll only deduct the remaining balance.
If you pay off your purchase within the interest free period, you won't pay any interest. After this period, a standard interest rate of 25.9% per annum will apply to any remaining balance. Please check your contract for specific interest rate details, as these may vary according to the merchant you're shopping with.
The best part is - if there's no balance, there are no fees to keep the account open!
Please note: we are constantly working to improve our customer experience in app, if you notice your app layout differs from the above please make you have the latest version of the Zip app.