Zip Money has two different repayment schedules the first one is your custom schedule which you can adjust to a weekly, fortnightly, or monthly cadence that will include any purchases under $300, Zip Bills, Gift Cards, and any purchases that have been switched off instalments.
The custom 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.
Please note that additional payments or one-off payments will not change your repayment schedule. If you make an additional payment that covers your monthly minimum amount and don’t want your normal schedule to run, you will need to move your scheduled repayment to the next month.
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.
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 custom 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 custom 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!
**Available to approved applicants only and subject to completion of satisfactory credit check. Minimum monthly repayments are required. Paying only the minimum monthly repayment amount will generally not repay the purchase within the interest free period. A monthly account fee of $7.95 will also apply and a one-off establishment fee may apply for new customers. Any balance outstanding at the expiry of the interest free period will be charged at the standard variable rate, 25.9% per annum as at 1 May 2023. Other charges may be payable, see T&Cs. Interest, fees and charges subject to change. Terms & Conditions apply and are available on application. See your contract for further details. Credit provided by ZipMoney Payments Pty Ltd (ABN 58 164 440 993), Australian Credit Licence Number 441878).