When you open a Zip Pay account, your repayment schedule is automatically set to cover your Minimum Monthly Repayment (MMP). But you have the flexibility to customise your schedule to suit your needs.
What is the Minimum Monthly Repayment?
Your Minimum Monthly Repayment depends on your credit limit:
- $40 if your credit limit is $1,000 or less
- $80 if your credit limit is over $1,000
Zip Pay gives you two easy ways to manage repayments:
- Choose Your Repayment Frequency
Pick a schedule that works for you:
- Weekly
- Fortnightly
- Monthly
This helps you stay on top of your repayments in a way that fits your lifestyle.
- Fee Waiver Option:
Want to avoid the monthly account fee? Choose this option to automatically repay your full closing balance each month. It’s the easiest way to avoid paying the monthly account fee.
How to Update Your Repayment Schedule
Make changes in just a few taps in the app:
- Log in to your Zip app
- Tap the ‘Home’ tab at the bottom
- Select your Zip Pay account
- Tap ‘Edit Repayments’
- Choose your preferred schedule type:
- Choose your repayments
- Fee Waiver
- Adjust your frequency or repayment amount to suit your preference.
- Tap ‘Continue’ and then ‘Confirm’
Note: You cannot reduce your repayment schedule amount to be less than your contractual minimum monthly requirement.
If you change your schedule, it will take up to 24 hours for changes to take effect, meaning same day changes won't apply.
If you are having trouble making the minimum monthly repayment towards your account, please read Having trouble making your monthly repayments?