Zip Money has two different repayment schedules;
- Flex Schedule: this schedule you can set to a weekly, fortnightly, or monthly recurrence; whichever suits you best. Flex will include your purchases under $300, Gift Cards, and any purchases you have switched off instalments. Flex will align with the date of your first transaction, for example, if you made your first Zip Money purchase on 15th January, your minimum monthly repayment (MMP) would be due on the 15th of every subsequent month. Learn more here.
Please note that additional repayments or one-off payments will not replace your repayment schedule for that month unless you use our "Pay Now" function. If you’d like to make an additional repayment that covers your monthly minimum amount please use the "Make an extra repayment function".
- Instalments Schedule: designed to help you avoid interest charges on individual purchases. If you make an eligible purchase, we'll automatically split your repayments into equal fixed monthly instalments to be repaid within the offered interest-free period. Learn more here.
You’ll also have the option to repay an instalment early with our "Pay Now" feature. This allows you to repay your instalment repayment ahead of time, once repaid early your instalment schedule will skip forward to the next due date to give you more flexibility.
Repayments for both Flex and Instalments schedules are automatically debited from your default payment method. 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 owing balance, we'll only deduct the remaining balance.
If you repay your purchase on Instalments or within the interest-free period on Flex, 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 your Zip Money account open!