Zip offers Zip Pay and Zip Money, two types of consumer accounts that put our customers in control by letting them buy now and pay later at their own pace.
A comparison of the main account details are listed below:
|
Account Type |
Zip Pay |
Zip Money |
|
Reusable |
Yes |
Yes |
|
Instore and Online |
Yes |
Yes |
|
Minimum Repayment Amount |
$40 minimum monthly repayment (or $80 if the credit limit is greater than $1,500) |
From $40 per month, determined according to the credit limit of the account OR 3% of the outstanding balance, whichever is greater. The higher the credit limit, the higher the minimum monthly repayment may be |
|
Credit Limits Available |
$350 - $1,000 (some eligible accounts can increase up to $2,000) |
From $1,000 - $5,000 directly, or apply through a merchant for accounts greater than $5,000 |
|
Fees |
No establishment fee, $7.95 monthly account fee (when a balance is owing, which is waived if the customer pays the statement balance by the due date) |
Establishment fee based on credit limit from $0-$99, $7.95 monthly account fee (when a balance is owing at the end of the month) |
|
Interest |
Never! |
Guaranteed 0% interest for 3 months, partners may offer promotional interest-free periods ranging from 6 months to 60 months. Interest at 19.9% per annum (21.9% per annum as of 1 July 22) after the interest-free period expires |
|
Pay bills With Zip |
Available |
Available |
|
Direct Debit payment method |
Either credit card or debit card |
Debit card or bank account details |
|
Shop Everywhere Single-Use Card |
Available |
Available (for non-exclusive accounts) |
|
Instore Code |
Available in Zip App or Web Wallet |
Available in Zip App or Web Wallet |
|
Remote Order |
Available |
Available |
|
Tap to Pay |
Available - Instore only |
Not available |
|
Pay Invoices |
Not available |
Not available |
Please note, customers can simultaneously hold all types of Zip accounts and can use them interchangeably with all of our affiliated merchants.