Understanding Zip Pay Payment Cycles

freestyle18 on 12/04/2021 - 14:53

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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Comments

  • nomoneynoproblems on 12/04/2021 - 15:08

    Disregard, just re read your post.

  • tsunamisurfer on 12/04/2021 - 15:10
    +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?

  • PissLUR on 12/04/2021 - 15:10
    +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.

    • dmbminaret on 12/04/2021 - 16:35

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

  • freestyle18 on 12/04/2021 - 15:40

    thank you!!

  • Belv on 12/04/2021 - 17:27
    +1

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

  • Neoika on 12/04/2021 - 18:26

    Manual repayment recommended.

    • Neoika on 12/04/2021 - 19:39

      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.

  • jimbobaus on 13/04/2021 - 09:10

    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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