1. Interest-free period

Your interest-free period refers to the length of time for which your purchase will not incur interest. After this period, your outstanding balance will accumulate interest at the standard annual rate (outlined in your contract).

2. Application Process

Their online application process takes less than 3 minutes. You simply choose the appropriate credit limit, input your residential, employment and financial information, and verify your mobile through an SMS code. You need to have your own email address and mobile phone number in order to complete an application. After submitting your application, generally, you will get an instant outcome. Only if our accounts team needs more information from you the decision could take a bit longer. If your application is declined, it’s most likely to do with reasons that can be found here.

3. Registering your account

If approved, we will send an activation link to your email address. The activation step will detail your contract and requires you to provide your payment details for your regular direct debit payment.

4. Fees and Charges

  • There is a one-off establishment fee to pay when you activate the account (between $0-$299, depending on your credit limit).
  • There is a monthly service fee of $6.00 when there is an outstanding balance on your account.
  • A late fee of $15.00 may be charged if you do not make your minimum repayment within 21 days of your payment due date.
  • A bank dishonour fee of $5 may be applied if a scheduled payment was rejected/ dishonoured by the bank due to insufficient funds or incorrect bank account details.
  • When paying Bills with Zip, there is a small processing fee of 1.25% for each bill paid.
  • There are no annual fees on your account and no charge for keeping your account open when your outstanding balance is at $0.00.

5. Making a purchase

You can now manage and use your account at any Zip Money or Zip Pay affiliated merchant both online and in-store!

6. Set up repayments

Once you have made a purchase, you can set up your repayments to fall monthly, fortnightly or weekly at whatever amount suits you (provided this meets the monthly minimum). Please note that they only accept debit cards and payments via your bank account. They will automatically attempt to take those repayments so there is no need for you to make them.

7. Additional payments

You can also make additional payments whenever you like via card or BPay.

However, please be aware that your scheduled payment will still process even if you make an additional one-off payment, unless your account is paid off.

8. Failed payments 

If your payment fails, you can either make the payment manually through your web wallet or the app. If your account is in arrears, they will attempt to reprocess the payment the next business day.

9. Closing your account

If you have paid off your account and don’t need it anymore, please Zip

Remember – you won’t be charged anything to keep your account when your balance is at $0.00

*Source: https://zip.co