Understanding Zip Pay Payment Cycles

Hoping some experienced users can help me understand how to repay properly without incurring fees. My understanding is that you have to pay off the balance of your statement by the due date to avoid monthly fee/interest

So say I made a purchase Mar 15 for $700. Mar 31st statement generates. I need to pay the $700 by April 30th in full to avoid any extra charges

If I make another purchase of $200 Apr 15th, is that moved onto my next statement? or is that also due by the April 30th to avoid the monthly charge?

Confusing myself a bit. More used to credit cards paying them in full before due date. Thanks for any clarification that anyone can provide!

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  • Disregard, just re read your post.

  • +3

    Zip is a rort. Pay off the balance in full to avoid any fees. I learnt this hard way recently when I checked my Amazon ps5 deal.

    Shouldn't you have learned this the easy way whilst reading the PDS before clicking Sign Me Up?

  • +5

    you just have to pay the closing balance of the previous month on the last day of the current month.

    so in your example, its $700.

    • This is how i understand it. or you pay $6.

  • thank you!!

  • +1

    Yes. Essentially you get a line of credit that costs you $6 a month if you still have a Ballance owing

  • Manual repayment recommended.

    • I always pay it off on the day that I receive the CC monthly statement. No need to wait till the 30th/31st.

      Since each month spend is different, default amount is set to make users to pay monthly fee. Why no full amount paid off option? Coz it'll make Zip hard to charge monthly fee.

  • There is also a minimum payment which needs to be made either fortnightly or monthly and the amount is based on your limit
    $40 for $500 and $80 for $1000/$1500 limits

    So using your example:

    March 15th $700 : Due in full before April 30th to avoid $6 fee
    April 15th $200: Due in full before May 30th to avoid $6 fee
    You will also have to make an automatic payment of $40/$80 at some point which cant be skipped unless the balance is $0
    (if you choose fortnightly it would be $20/$40)

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