Your repayment due date will be determined by the date of your first transaction.
For example, if you accepted your contract and activated your Zip Money account on the 10th of January but only 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.
Minimum monthly repayments start from $40 a month, this amount will depend on your account’s credit limit. The minimum repayment may increase from $40 with a higher credit limit, this will be outlined in your contract.
You will pay either the minimum monthly amount or 3% of your owing balance, whichever is greater.
There is a $7.95 monthly account fee when a balance is owing. This account fee is waived if you have paid your statement balance by the due date.
Every Zip Money purchase comes with a guaranteed interest-free period of 3 months, but merchants may offer longer interest-free terms according to your specific purchase.
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 21.9% 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!
If you are currently repaying your Zip Money account balance on instalments please click here for further information.