Zip Pay FAQS
What is Zip Money?
Zip Money is a reusable account to shop interest-free, offering you the simplest way to pay overtime for life’s larger purchases on your terms. Zip is 100% owned by ASX listed Zip Co Ltd (ASX: Z1P), with all operations based in Sydney, Australia. Our mission is to make finance fairer for everyone.
How does it work?
Apply and in a few minutes, we’ll give you a decision on the spot. If approved, you can use your account immediately to purchase wherever you see Zip at checkout. We pay the retailer on your behalf and your purchase can be dispatched or taken home straight away. You simply pay us back over time, with great interest-free terms.
What are the different types of accounts?
Limit: Up To $3000
Apply directly through our website.
Establishment Fee: $0 – $49 (depending on the limit you apply for).
Minimum Monthly Payment: $40 – $80 (depending on the limit you apply for).
The exact details for each limit will be outlined in the application.
Available to customers who are referred by one of our partners.
(Please check our stores’ page for available retailers)
Please note that these account limits and fees are only applicable for applications made directly through the Zip Money website, and may differ for individual merchants.
Account limit increases are explained here.
How can I manage my repayments?
We know flexibility is important, so our product is designed to put you in charge. Simply log into your account to set up your weekly, fortnightly or monthly repayment schedule. Once set up, payments will be taken automatically from your selected payment method, however, you can also make additional one-off payments at any time.
What are the fees?
For larger account limits a one-off establishment fee may be added to your balance.
A $6.00 monthly account fee applies for any month a balance is still owing – no balance, no fees.
A $15 late payment fee may be charged if your account is not kept up to date and you don’t meet the minimum monthly payment within 21 days of your contractual due date.
When paying Bills with Zip, there is a small processing fee of 1.25% for each bill paid.
Is there any interest?
Each purchase comes with its own interest-free period. You’ll always receive at least 3 months interest-free, with some retailers offering up to 48 months interest-free promotions.
Any balance outstanding at the end of the interest-free period for the purchase will be charged at the contractual rate, currently 19.9% p.a for new customers.
How do I reuse my account?
You can re-use your account wherever you see Zip Money and Zip Pay, online or in-store. Simply select Zip Money at checkout, sign in to your account to confirm your purchase and it will be added to your balance. Remember, each purchase has its own interest free period and will be advised to you at the time of purchase.