Repayments start from $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.
When you do have a balance owing, a $6 monthly account keeping fee will be added to your balance at the start of the following month.
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.
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.