Third-Party
Starting 31st July the current $2.50 fee for making BPay transactions from your zip pay account will be removed.
This will apply to all Zip pay accounts (used to be with a limit over $1000)
Source: email from Zip
$0 BPay Transactions Fee (Was $2.50) @ Zip Pay
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It used to be for limits above $1k only. Now it's for everyone.
Forum post and not a deal post????
Deal post means it will be game over after a few days.
Starting 31st July
Hasnt even started yet!
I used it 3 times last month even with $3 amount and no fee
mate common how is this even a deal? They shouldn't have been charging it in the first place. And why did you also not mention that they are hiking their monthly fees to $9.95. And guys FYI zero interest instalments from ZIP is a farce, I have learnt this the hard way. Unless you pay the entire balance by the end of month you would be paying $9.95 until you finish off the payments. Lets say if your EMI term is 10 months then you would be paying ZIP $100 in monthly fees even if you pay your instalments on time.
That's a flat fee, thats clearly in their terms:
"The only cost is a $9.95 monthly account fee depending on your limit which is waived if you pay the statement closing balance, in full, by the due date"
exactly, if you are able to pay full Bpay amount using Beem it, or other means then why can you not pay full Bpay amount using Zip ?? (apart from having $2.50 fee)
agree it's misleading. $9.95/month adds up quickly. stopped using zip long ago for this reason.
It's not misleading in the slightest - the monthly $9.95 is the fee for them providing you the credit. How else do you think they're going to make money ? The monthly fee instead of a percentage rate is the entire point of Zip/Afterpay !
What rubbish are you talking about? Afterpay has no monthly fees, that is the difference between Afterpay and Zip Pay. Afterpay is a true no interest pay in instalment service whereas Zip Pay is not. i.e unless you always pay your entire amount within statement closing date which is one month. That is no different to a credit card.
@ninohax: Sorry I don't even know what you're trying to say.
Lets say if your EMI term is 10 months then you would be paying ZIP $100 in monthly fees even if you pay your instalments on time.
You can't even do this with Afterpay because it splits your payment into 4 chunks. So if you want to spread over 10 months then you're using Zip and paying the fees.
If your point is that Afterpay is cheaper for short term credit, then yes it is !
@Nom: My point is that Zip advertising as a interest free EMI payment service is misleading as no interest concept even though valid technically, functionally it is not the case. You are paying something over the amount you owe every month which is not the case with Afterpay. My only point is that Zip should be upfront about this and be crystal clear that this is not a totally free service alike afterpay and will cost you to make use of the EMI facility. Many think they are the same as Afterpay and give in until the realize it is not.
Ok Let's say you made a purchase of $1000(max credit limit) are wanting to spread your payment over 10 months which means you are paying $100 on top of the $1000. In that case it just basically means that you are paying a whopping 12%PA interest rate. Agree?
Ok Let's say you made a purchase of $1000(max credit limit) are wanting to spread your payment over 10 months which means you are paying $100 on top of the $1000. In that case it just basically means that you are paying a whopping 12%PA interest rate. Agree?
Yep, those are the numbers. I wouldn't use Zip for a 10 month payment on $1000 either 👍
But this isn't misleading, it's just how their product works.
@ninohax: Afterpay requires you to make full payment by a certain date often 4* 7 days or 14 days period.
If you were to not pay in one installment period - Afterpay will put a charge on the account too.
Compare this to Zip - YOU ARE DELIBERATLY CHOOSING TO NOT PAY FULL MONTHLY CLOSING balance. If you pay in full or in other words CAN MANAGE you finances well. you wont need to pay any charges
that's a decision you made dude - BY not choosing to pay your monthly balance.
AND THIS is way cheaper than what credit cards would have chosen to slap you with ( > 15% interest rate).
If you need a balance transfer offer that is a different scenario
Unless you pay the entire balance by the end of month you would be paying $9.95 until you finish off the payments.
Er yes, that's how Zip works.
Lets say if your EMI term is 10 months then you would be paying ZIP $100 in monthly fees even if you pay your instalments on time.
Yes that's the whole point. If you don't want to pay any fees you need to clear the balance within the first month. How else do you think they make money ?
If you don't want to use this model then why are you even using them at all ?!
whats emi ?
To the neggers, this is a deal because there is now a way to BPay bills with credit card, with no fee, and still earn points / accrue dollars towards the sign-up bonuses which require a minimum spend. Previously this was Beem but they axed this in the leadup to HECS indexation (when ppl discovered you could used Beem to BPay HECS debt, with no fee).
loool that's what we did last year, signed up for a new CC just for that. It was so good.
Ya'll should have paid it off last year, even back then the indexation rate was higher than interest rates.Ya'll should have paid it off last year,
don't need to pay it off if way below threshold income
Note if you try to pay off a bill that is larger than your limit (by repaying your balance multiple times) Zip may lock your account.
https://www.ozbargain.com.au/comment/13809966/redirI’ve had my account locked and unlocked. Takes about 2 days for them to unlock it.
Given they ask for the code on the transaction charged to the card, it’s likely they’re doing it to make sure it isn’t a stolen card.
Thanks for that tip, I might be careful to space my payments slightly. So far I have paid 1.5 times my limit in 3 transactions in a single day across 2 seperate bills without being locked.
I do have a history with ZipPay of regular payments (paid off same day) if that makes a difference.
Anything starting in 90 days?
Everyone negging this just doesn't know how to use Zip. It's a great service. I get awards points for paying by CC on bills that you normally either can't pay by Credit or attract credit card surcharges. This is a no brainer, amazing service. I'm stoked it's free and hope it stays.
Just wondering it’s Zippay you are referring to ? Not Zip money ?
ZipPay. I should have clarified as I don't personally use ZipMoney, which has larger lending thresholds but does have interest of up to 3%.
https://help.zip.co/hc/en-us/articles/360001589535-What-is-t…
Totally agree
The same with all credit card deals, no one ask you not to pay them back on time.
I don't see anyone complaining about credit card's interest.
What is this, health insurance? Why the two month wait?
In 51 days? Pass the hat around for the savings.
I paid a dollar via Bpay to SPER. Happy to see they had to put $1.50 on top of it just to please our arrogant chook in QLD. I was wheeling a disabled person across the street on a Sunday. It cost me a $256 fine for ONLY having 5 permits to do so. Aparently I supposed to pay for a 6th permit.
Now the disabled stay locked up in the many mental hospitals they built since. No more drivers will risk such fines!Can you store prepaid mastercard as payment method ? My account is blocked when I added it
what's the catch ?
How does this work?
I have a Zip Pay account, hoping to use my CC to pay off bills so that I can get bonus points
When i logged into Zip Pay it allowed me to pay off my bills via BPAY the money comes from my Zip Pay account.Is the idea that i can get CC points by using my CC to pay off my Zip Pay balance? Thanks !
yep that’s the idea
Thanks for clarifying. And the fees I understand start on 31 July? Will everything else remain the same after that?
The fees of $9.95/month apply if you use the service at all? Or only if you have an outstanding balance at the end of the month?Fees will apply if you have any outstanding balance.
I just pay the balance in full every month before due date just to be safe
Is the max transaction $1k?
depends on your credit limit
Anyone get rego to work for Zippay?
In another thread someone said it didn't work with rego.. Which is a bit weird.
Just like some of the previous comments, account immediately locked after trying to pay off the bpay bill that went through without any issues. Does it really make a difference to them if you pay bpay bills through multiple portions or is this just a oversenstive security bug?
What happens now?
Call or message them and wait the 1-2 days for them to unlock after verifying transaction then repeat all over again lol. No other choice, don't have 2k zip limit like some of the others here and can't be bothered paying the % fees for sniip now that beem is useless.
I only have a $350 limit do you know how to get it increased.
@Yola: I'm the same and there's no way to get it increased except for them to randomly do it in a few months or years based on whatever spending/financial criteria metrics on their end. Also remember reading people getting their limits randomly reduced back down to 350 too so …..
i thought it was removed months ago…i've been using this feature without fees since february