The instalment fee is calculated at 1.1% of the transaction value when extending the interest free period at checkout, or when generating a single-use card for Zip Money.
For instance, a $1,000 purchase on Zip Money with a 3 month interest free period. If you choose to extend it to 6 months interest free, here's what happens:
1.1% of $1,000 is $11, this fee is then multiplied by the 3 month extension period, giving a total of $33.
The $33 total extension fee will be split evenly across all instalments meaning you'll pay an additional $5.50 per monthly instalment repayment.
It is important to note: If you decide to opt out of your extended instalment repayments early and after your standard interest free period (3months) has expired; you will not be eligible for a refund on any instalment fees that have already been charged, however any upcoming fees will be waived.