Third-Party
Zip Money has now essentially become a Latitude card.
They will still have an interest free period, but will no longer have instalments to help keep people on track to repay each purchase within the interest free period (not that there truly was one with the monthly fee).
The interest rate is 25.9%, but in reality it is higher when you account for the $10 monthly fee. This fee means there is never really an "interest free" period as it is payable for any month you end with an outstanding balance.
So now not only do you need to pay the $10 per month on an "interest free" purchase, but they will remove a tool to help you avoid 25.9% interest.
Really scummy. BNPL is dying - now better off with a low interest, low annual fee credit card.
We are writing to inform you that from 12 August 2025, Instalment Plans will no longer be available for new purchases made on your Zip Money account.
These changes will create a simplified Zip Money repayment experience for you.
What’s changing?
- From this date, all new purchases will be placed onto the Flex repayment schedule, which requires making minimum monthly repayments. Learn more.
What happens to my existing instalments?
- If you have an active Instalment Plan as at 12 August 2025:
- These changes do not affect your existing Instalment Plan - continue to repay your instalments as usual.
- You can check your current Instalment Plan in the Zip Money account overview by opening the Zip app.
- If we need to make any changes to your active Instalment Plans in the future, we’ll notify you before they take effect on your account.
We appreciate you being part of Zip and thank you for choosing us to support you on your financial journey.
Just Zip Pay works perfectly. Any further product is a trap.