ZIP - Monthy Schedule Repayments

Iluvfreebies-freeDel on 01/05/2022 - 16:12
Last edited 01/05/2022 - 16:13

Hi fellow Ozbargainers,

I made a purchase on 27 April for $200 form JB HIFI using zip. I had no pending payment before this and full $1000 credit was available. I checked my account on 29 april, it showed me the next payment is due for $40 on 30 May.

On 30 april ZIP charged me $40 on my credit card.

When I contacted ZIP about this unknown charge they said it a compulsory schedule repayment. I do not agree with this. How can they charge my CC me without notifying me about the repayment. They did not send any email, sms or a statement for this $40 repayment. When I asked them disable this, they said they cannot do it.

With this logic. If I had made a $30 purchase on 27 april, I will have to repay it on the 30 april as schedule payment. So I only get credit for 2 days? How do they claim "buy now pay later"?

From their FAQ " If you make two purchases in February, on the 1st of March, we will send you a statement showing your closing balance. You'll then have until 31st March to pay the statement closing balance off to waive the monthly account fee."

So according to their FAQ I should not be paying anything until the end of May but they still charged me. Does everyone here have to pay monthly schedule payment for purchases made in the same month?

I have asked ZIP for a refund and they have not done so and have not received any reply from them since.

Financial

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Comments

  • [Deactivated] on 01/05/2022 - 16:17
    -2

    credit card chargeback. they are dodgy.

    • Iluvfreebies-freeDel on 01/05/2022 - 16:21

      Contacted my CC provider. They said they have to block my CC and reissue. This is going to be lot of hassle for $40.

    • USER DC on 01/05/2022 - 20:02
      +2

      you really think blocking a lender who has lend you money is a good idea?
      It might leave a black dot of your credit history (just saying)

      anyway what's the big deal in it?
      One should only Always only spend money that he actually has, if he doesn't have money dont spend money (or borrow to spend money)

      • [Deactivated] on 01/05/2022 - 20:41
        +2

        if it's zip, yes. they are a joke of a company, shady as hell, as evidenced by what they've done to the guy who made this post.

        it won't leave a black dot, we don't even have a universal credit history like in the US. there are a few different providers, but if you are getting a loan or something important from a reputable (for banks) bank, they are not going to look at your "credit score" and base their decision on that, they have their own criteria.

        that's not the issue here, the issue is that zip made a mistake and are choosing to ignore the customer, rather than rectify it. being charged when he shouldn't have been charged, that's the problem.

        • Iluvfreebies-freeDel on 01/05/2022 - 20:43
          +2

          My point exactly. thank you.

          • [Deactivated] on 01/05/2022 - 20:47
            +2

            @Iluvfreebies-freeDel: no problem. you might find some more helpful advice on reddit, wider exposure, less troll responses for some reason.

    • barcer on 02/05/2022 - 08:13
      +1

      They're dodgy because they took a payment as outlined in their T&Cs? Zip always charges a minimum of $40 or the outstanding balance (if lower) at the end each month, and you're blaming them for OP's inability to read?

  • kerfuffle on 01/05/2022 - 16:17
    +1

    They did not send any email, sms or a statement for this $40 repayment.

    This is why I prefer Afterpay over Zip. Not to mention the monthly account fee

  • brendanm on 01/05/2022 - 16:20
    +4

    Pay in cash or pay with credit card, no problems.

    • Iluvfreebies-freeDel on 01/05/2022 - 16:24
      +1

      The deal required to pay with ZIP to get cashback. I was tempted.

      • Neoika on 01/05/2022 - 16:25
        +2

        It is still a good deal if you pay all back right away.

        • Iluvfreebies-freeDel on 01/05/2022 - 16:27
          +1

          I was going to in the first week of may. But they charged me anyway. They could have at least informed me.

          • techlead on 01/05/2022 - 18:52
            +1

            @Iluvfreebies-freeDel: They did inform you, in the terms and conditions. You should have read it. Its quite clear there.

      • brendanm on 01/05/2022 - 16:32
        +2

        Then what's the issue? It will just get paid off quicker? Why not just pay the entire thing off now?

        • Iluvfreebies-freeDel on 01/05/2022 - 16:36

          I have to pay my car rego and insurance. Now I don't have enough balance in CC to pay it off.

          • brendanm on 01/05/2022 - 16:50
            +1

            @Iluvfreebies-freeDel: Pay off credit card with money from bank account? If no money in account, why are you buying things if you have no money, and a maxxed out credit card?

            • Iluvfreebies-freeDel on 01/05/2022 - 16:53
              -2

              @brendanm: CC points and flexibility to pay at the EOM. CC only get maxxed when I have to pay for my rego and insurance. I have enough money in saving to pay for everything but that is not the ozbargain way.

              • brendanm on 01/05/2022 - 16:56
                +2

                @Iluvfreebies-freeDel: Then pay some off your credit card it you are going to pay it anyway, you have already accrued the points for your other purchases, and will then get points for paying off your zip pay. You are making a mountain out of a molehill.

              • Quantumcat on 01/05/2022 - 19:41
                +3

                @Iluvfreebies-freeDel: I have to agree with brendanm, if you can't afford it you shouldn't have bought it, deal or no deal, and if you can afford it then you can easily pay off your credit card from your bank account. There's no problem here.

                • Iluvfreebies-freeDel on 01/05/2022 - 20:28

                  @Quantumcat: Not sure where I said I cannot afford? I just want to pay via CC to get maximum benefits. You did not even read the post or my comment. Just blindly comment.

            • mattyman on 02/05/2022 - 11:47

              @brendanm: Pay for car Rego and Insurance with Zip!

          • techlead on 01/05/2022 - 18:53
            +5

            @Iluvfreebies-freeDel: Really?!? You don't have an extra $40 from somewhere else?

            • Iluvfreebies-freeDel on 01/05/2022 - 20:31
              +1

              @techlead: The question for this forum was not whether I can afford. It is ZIP charging repayment with out notice.
              I miss out on my CC points as I cannot split my rego or insurance payments.
              You guys did not even read the post.

              • kusama on 01/05/2022 - 21:40
                +1

                @Iluvfreebies-freeDel: You're spending a lot of energy on this, you could have just transferred the $40 to your card and moved on with life.

                • Iluvfreebies-freeDel on 01/05/2022 - 21:43

                  @kusama: It would take 2- 3 days for the CC payment to clear. my rego and insurance are due tomorrow. My point here is ZIP need to inform when they are going to deduct repayment.
                  Not sure why I am being trolled for make a very important point. This should be our right to know.

                  • Quantumcat on 01/05/2022 - 22:17
                    +1

                    @Iluvfreebies-freeDel: Solution: Withdraw cash from your normal account, go the bank your card is with, deposit into your credit card account over the counter with a teller.

                    For the longer term, you should make an account with that bank and keep a few hundred dollars there, for times like these where you need to be able to instantly transfer to your card.

                  • brendanm on 02/05/2022 - 10:33

                    @Iluvfreebies-freeDel: So let me get this straight. You have your credit card maxxed accurately to the last <$40?

  • Neoika on 01/05/2022 - 16:21
    +2

    Check the similar topic not long ago.

    I did the same. I updated my payment schedule to fee waiver and it shows balance to be confirmed and due on the 31 May. I did it twice to make sure.

    It seems if you do not update it, you'll be charged monthly minimum payment.

    • Iluvfreebies-freeDel on 01/05/2022 - 16:28

      Thanks for the tip. I have also done so now.

      • Neoika on 01/05/2022 - 16:32
        +1

        In my case, I do not have outstanding balance in March to be paid off in April. I think for person who use it for consecutive months, it would not be a problem.

      • Neoika on 03/05/2022 - 12:00

        My April statement was issued. No account fee in my case.

  • chrisn26 on 01/05/2022 - 16:45
    +2

    The regulation hammer is going to come down hard on these BNPL.

  • Trying2SaveABuck on 01/05/2022 - 17:07
    +1

    Z1P to 10cents by Christmas

  • PissLUR on 01/05/2022 - 17:21
    +1

    That is the minimum payment per month to avoid the $7.95 fee

    • Iluvfreebies-freeDel on 01/05/2022 - 20:41

      Yes, It was showing 30may for me not 30 april.

    • DemocracyManifest on 01/05/2022 - 22:22

      Don’t you get charged $7.95 if you have a balance still as a monthly fee?

      • PissLUR on 01/05/2022 - 22:22

        Yes charged if you don't pay the due amount on time.

      • Iluvfreebies-freeDel on 01/05/2022 - 22:23
        +2

        From FAQ:
        " If you make two purchases in February, on the 1st of March, we will send you a statement showing your closing balance. You'll then have until 31st March to pay the statement closing balance off to waive the monthly account fee."

  • techlead on 01/05/2022 - 18:51
    +2

    This is how Zip works. You should read the terms and conditions more.

    I like Zip because I can extend the interest free period on my credit card for an extra month, because apart from the $40 minimum repayment each month, the rest can be paid off in the following month. Afterpay only gives you 6 weeks max and you need to start paying it back either upfront or every fortnight.

    You are making a mountain out of a mound hill. Accept their terms or close your account, its that simple.

    • Iluvfreebies-freeDel on 01/05/2022 - 20:40

      Did you even read the post?
      The minimum repayment was showing 30 may not 30 april.
      I don't have issue repaying. They should notify us for the repayment.

      • techlead on 01/05/2022 - 20:55

        Its not about repayment.

        If you used it in any given month, you must pay $40 to avoid the $7.95 monthly fee. That's why they charged you most likely.

        End of the day, its within their terms and conditions and its only $40. Shouldn't affect anything.

        • Iluvfreebies-freeDel on 01/05/2022 - 20:59
          +1

          $7.95 monthly fee comes in effect when you don't pay the closing balance by the due date which is EONM.

          From FAQ:
          " If you make two purchases in February, on the 1st of March, we will send you a statement showing your closing balance. You'll then have until 31st March to pay the statement closing balance off to waive the monthly account fee."

          • techlead on 01/05/2022 - 23:07

            @Iluvfreebies-freeDel: Just seems like you are making such a trivial issue into this huge saga. Its very very minor.

            Let it go, mate

            • Iluvfreebies-freeDel on 01/05/2022 - 23:10
              -1

              @techlead: It is not a trivial matter. They need to inform us when they are going to charge us for repayments. This is the law.

  • USER DC on 01/05/2022 - 19:58
    +3

    You might have set up your "Managed payments like that to 'Auto pay to avoid $7.95 fee'" or something like that.

    I always pay everyone in full, Treat everything like a debit card, max i will ever owe is like $100, which might be delayed just due to payslip incoming

  • Sweet3st on 01/05/2022 - 20:51
    +1

    I’ve been happy with Zip until this month. I have auto payments set up to avoid the $7.95 fee. Had plenty of funds to cover the monthly payment. At 8am I get email to say payment unsuccessful, no explanation. I immediately paid it manually, same payment method with no issues. BUT they have already charged me the $7.95 fee! Have requested refund and will only pay manually in future. Absolutely no problem with payment method so seems shady to me.

  • megadeth on 02/05/2022 - 08:43

    Spent a fortune with them however their rewards program was shit and didn’t end up getting anything. Stopped using them altogether now.

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