Zip Pay will remain open and active for existing customers and for any new customers who would like to apply. However, there will be a reduced maximum credit limit of $1,500 for all Zip Pay customers, effective as of Wednesday 13th December 2023.
If you are a new customer or an existing customer with a credit limit of $1,500 or less, this change will not affect you.
If you are an existing customer on a $2,000 credit limit, you will receive communication to notify you of this change and your credit limit will be reduced to $1,500 on the 13th of December:
- If your total owing balance is less than $1,500 this change will not impact your ability to transact as normal and your repayment schedule will not change.
- If your total owing balance exceeds $1,500 on this date, don't worry you will not incur any additional fees and your repayment schedule will not change. However, you will not be able to transact on your Zip Pay account until your owing balance is below the $1,500 threshold.