Zip Money

Zip Co Limited is a financial technology company, founded in 2013.  Zip has almost 1.4 million customers across Australia and New Zealand and completed  more than $1.6 billion in transactions since the company's inception. 

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 

Our 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. 

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.

The availability of the interest-free period for a treatment will depend on the purchase amount, the minimum monthly repayment, and the account status. Minimum monthly repayments are required and vary according to credit limit. Minimum monthly repayments may require repayment of the purchase prior to the expiry of the maximum interest-free period. In other cases, paying only the minimum monthly repayment may not repay the purchase in the interest-free period.

Why does it say 3 months when I was told it was more than that?

If you do not have an order attached to your application, the promotional interest-free period that you were quoted will not be stated. Only once you register your account and make a purchase will the promotional interest-free period apply and be seen in the payment summary.

Any purchase amount outstanding at the expiry of the interest-free period will be charged at the standard variable interest rate, 25.9% per annum, as at 1 June 2023.

How is interest charged?
Every Zip Money purchase comes with its own interest-free period, from a minimum of 3 months. During this period, your purchase won't incur any interest - which means if you pay off your purchase within this period, you'll only pay the purchase amount (plus any monthly account fees, if applicable).

After the interest-free period ends, interest will be charged at the standard annual percentage rate, 25.9% for all new customers. Your exact interest rate will be outlined in your contract. As each merchant may offer different interest-free terms, it's important to confirm the interest-free offer before completing your purchase.

Interest is accrued daily and charged to your account at the end of each month. This charge will be displayed on your statement so you can keep track of how much interest has been applied.

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 $9.95.

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 $2.50 per bill.