5 things to know about flexible lines of credit
Looking to take the next step in life or kickstart your side hustle? Zip Money may be able to help fund your future goals.
Sponsored by Zip. Zip Money is a flexible line of credit designed for not-so-everyday larger purchases, with balances of up to $5,000 when customers apply directly with Zip or $50,000 through select Zip merchants. T&Cs apply. To learn more, visit the Zip website today.
When handling larger expenses, having access to the right type of credit product makes all the difference.
Whether you're ready to go big with your side hustle, finally installing solar panels in your home or are just looking to take a holiday, sometimes a traditional credit card isn't the best fit.
A flexible line of credit -- like Zip Money -- can be helpful for managing these sorts of expenses.
1. Broader credit limits
When you apply for Zip Money directly through Zip, you're able to get a credit limit between $1,000 and $5,000.
The limit can increase over time, if you're using the account regularly for more than 6 months.
However, when you apply for Zip Money through select Zip partners, you can potentially access a credit limit of up to $50,0000.
Having access to a broad range of funds can help you pick a partner to suit your particular credit needs.
2. Flexible repayments
When you join Zip Money, you have the option of flexibility on the amount, date and frequency of your repayments.
This can give you more control over your repayments, which can be particularly handy when managing expected and unexpected expenses.
Zip Money accounts have a monthly $9.95 fee, which is waived if your balance owing is $0 at the end of the month.
Whether or not you're required to pay interest varies depending on a few factors, including:
- Minimum monthly repayment
- Interest-free period of the merchant
- Your account status
If you are outside an interest-free period, interest is charged at the standard variable interest rate of 25.9% per annum.
Make sure you budget accordingly and that you are able to afford the repayments.
However, some Zip merchant partners allow for extended interest-free periods of up to 5 years -- more on that in a moment!
Zip Money Essentials
Zip Money allows you to access $1,000-$5,000 credit when you apply direct with Zip, or up to $50,000 credit limit when applying through select Zip partners.
As a Zip customer, you'll also gain access to:
- Flexible repayment schedule, starting from $10/week.
- Over 58,000 partnered merchants
- Up to 5 years of interest-free terms available at select Zip partners
- Use Zip with over 60,000 BPAY® Billers
- Earn instant cashback
3. Shop online and in-person
Zip Money allows you to shop for what you need both online and in-store, anywhere Visa is accepted.
Using the Zip App for online purchases, you're able to generate a digital single-use Visa card that automatically expires after one use. So you don't need to worry about your payment details being compromised.²
In-store, simply generate a barcode in the Zip App and present it at checkout.
4. You can use it for BPAY
Getting your finances organised and managing bills is crucial.
So having a line of credit that lets you pay via BPAY can be helpful.
Fortunately, Zip Money allows you to pay more than 60,000 providers via BPAY.³
5. Extended interest-free periods via the Zip Merchant Network
When you're making larger purchases, it's still important to minimise the long-term cost.
With a Zip Money account, you can make use of the extended interest-free deals available at select Zip merchants. This can allow you up to 72 months interest-free!
This can be helpful when trying to limit the long-term cost of larger purchases by reducing the amount of interest paid.
Learn more about Zip Money today
Sponsored by Zip. Zip Money is a flexible line of credit designed for not-so-everyday larger purchases, with balances of up to $5,000 when customers apply directly with Zip or $50,000 through select Zip merchants. T&Cs apply. To learn more, visit the Zip website today.
More information about Zip Money
T&Cs, fees and credit approval apply. Other charges may be payable. Credit provided by ZipMoney Payments Pty Ltd (ABN 58 164 440 993), Australian Credit Licence Number 441878.
1. Zip Money: The interest free period is the maximum period of time when no interest is charged on the purchase. The availability of the interest free period for a purchase will depend on the purchase amount, the minimum monthly repayment and account status. Minimum monthly repayments are required and vary according to credit limit. Minimum monthly repayments may require repayment of the purchase prior to the expiry of the maximum interest free period. In other cases, paying only the minimum monthly repayment may not repay the purchase in the interest free period. Any purchase amount outstanding at the expiry of the interest free period will be charged at the standard variable interest rate, 25.9% per annum, as at 1 June 2023. Zip Money is available to approved applicants and subject to completion of a satisfactory credit assessment. A monthly account fee of $9.95 applies and a one-off establishment fee may apply for new customers. Other charges may be payable, see T&Cs. Interest, fees and charges are subject to change. Terms and Conditions apply and are available on application. Credit provided by ZipMoney Payments Pty Ltd (ABN 58 164 440 993), Australian Credit Licence Number 441878.
2. Zip Single-use card T&Cs apply
3. Payments may take up to 5 business days to reach your Biller. Certain Biller exclusions apply including but not limited to credit institutions, gambling, share trading, personal loans and DEFT rent. A $2.50 processing fee may be payable for each transaction processed using Zip Pay (to a maximum of $1000) or Zip Money. The amount of the fee will be advised and authorised by You at the time of any relevant bill payment. Exceptions may apply. ® Registered to BPAY Pty Ltd ABN 69 079 137 518
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