Zip will send you a statement at the start of each month. This will provide a summary of any purchases you made during the month prior and your closing balance. You’ll then have until the end of the month to pay off your balance in full so that the $6 account keeping fee is waived.
If you’d prefer to take extra time to pay off your balance, it’s no problem – you’ll just need to pay the monthly minimum of $40, and a $6 account fee will be added to your balance for the following month.
For example: If you make two purchases in February, you’ll receive a statement on March 1st showing how much you owe for these two purchases. You’ll then have until March 31st to pay this amount without being charged the $6 account fee. Any purchases you make during March will appear on the April statement and are therefore due by end of April.
If you don’t meet your minimum monthly repayments within 21 days after the Due Date, a $5 late fee will be added to your account.
All information provided on this webpage is general information about our products and services. Nothing on this webpage is intended to be professional advice of any kind and should not be relied on as such. You should obtain specific financial, legal or other professional advice before relying on the content of this webpage. By not seeking such advice, you accept the risk that the information on this webpage may not meet the specific needs of your business. Our liability is limited to the maximum extent permitted by applicable law in accordance with our website terms and conditions.
Updated — Feb 20, 2019