Repayments start from just $40 a month and are determined by your account’s credit limit - the higher the limit, the higher the minimum monthly repayment. Your repayment due date typically falls on the day after you accepted the contract. For example, if you accepted your contract on January 10th, your repayments would be due by the 11th of each subsequent month.
You can change the frequency of your payments to weekly, fortnightly or monthly, as long as you pay minimum amount outlined in your contract. Choose what works best for you!
If you don't have an outstanding balance, we won't deduct anything from your nominated payment method. The repayments simply cease until you make your next purchase. The best part is - if there's no balance, there are no fees to keep the account open!
When you do have a balance owing, a $6 monthly account keeping fee will be added to your balance the following month. If your balance is paid down before the end of the month, the monthly account service fee is waived.
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 19.9% for new customers 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.