Zip Pay Credit Limit Reduced

LUntalentedllama on 08/06/2023 - 19:09
Last edited 09/06/2023 - 10:13 by 1 other user

Dear X,

We have recently completed a review of our Zip Pay account portfolio, including account credit limits. As a result of this review, your credit limit has been reduced to $350.

Unfortunately, the outcome of our review cannot be changed at this time. However, our team is here to help. If you have any questions about your account, please submit a support request to Customer Care.

Sincerely,
The Zip Team

I started with $500, anybody else get this? Damn, now it's going to be even more annoying to BPAY with it after July.

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• 

  Jimothy Wongingtons on 08/06/2023 - 19:11

  People use zip pay when there’s no cashback offers?

  • 

    Untalentedllama on 08/06/2023 - 19:13

    +1

    Was gonna use it to replace Beemit (RIP) for Bpay payments (https://www.ozbargain.com.au/node/778636)

  • 

    Neoika on 08/06/2023 - 19:28

    +4

    It can be paid off by most credit cards and is eligible transaction for rewards points. Nothing wrong to use it as priority as it also builds up at least one month cash flow buffer.

• 

  Heaps for Cheaps on 08/06/2023 - 19:18

  Out of interest, do you pay it off in full and avoid the $7.95 monthly fee?

  • 

    AustriaBargain on 08/06/2023 - 21:32

    If the algorithm reduced his limit then I'm guessing he does because he's only using it for bpay instead of regular shopping.

    • 

      Guybrush57 on 09/06/2023 - 01:14

      What would be the advantage of making BPAY payments using Zip Pay over a regular bank account?

      • 

        AustriaBargain on 09/06/2023 - 01:19

        No idea. Maybe there's an advantage to paying your ZIP account with a certain credit card over using a regular bank account with Bpay?

      • 

        kyle on 09/06/2023 - 06:46

        Because most credit cards don't give you points for government charges like rego, so you bpay first with zip (they got rid of the $2.5 fee a little while ago for bpay) and then repay zip with a card that earns points.

      • 

        dcep on 09/06/2023 - 21:21

        +1

        use zip pay to pay bills , then use credit card to pay off zip pay , so your money stays with you longer in your offset homeloan account for about 2-3 months of interest savings.

• 

  Guybrush57 on 08/06/2023 - 19:48

  Are you saying you BPAY to Zip to have it in a surplus balance?

  • 

    kyle on 08/06/2023 - 20:37

    You can use Zip to bpay bills

• 

  Typical16-bitEnjoyer on 08/06/2023 - 21:14

  +1

  Their default rate is probably skyrocketing and they've probably calculated will continue increasing.

• 

  judoman09 on 09/06/2023 - 07:33

  +1

  I just go this too, but i almost never use Zip, and think i have a good credit rating. So this may be more to do with Zip's internal financial situation, and not a reflection on us?

• 

  MrKnowItAll on 09/06/2023 - 17:18

  I got the exact same email. I haven't used the account for spending in about 4 months now since paying it off. I kept it active as an emergency fund of sorts - a reserve to have in the back pocket.
  Anyway, $2k down to $350 is laughable so I told them to stick it and closed the account, it's not worth having it anymore.

  • 

    Untalentedllama on 09/06/2023 - 17:26

    +1

    Ooft that's a big drop! Yeah the only reason why I'm holding out is for the BPay thing but at this point…not sure if it's worth it!

• 

  Ughhh on 09/06/2023 - 17:36

  Just checked my account, still $2k limit. I haven't used it for months too.

  • 

    capslock janitor on 20/06/2023 - 15:00

    how do get 2k cred limit quickly?

  • 

    bohn on 06/12/2023 - 16:32

    how often do you use your zip account, and do you ever let it roll over to the next month and pay their fee or whatever?

    I really want my limit raised

    • 

      Ughhh on 06/12/2023 - 19:37

      Only time I use it is when there's a promo cashback, and when I accidently swiped left when paying via NFC.

      I dont pay any fees because it pay it all in a week or two with my credit card.

• 

  Pjf on 11/06/2023 - 16:57

  +2

  I recently got a similar email, but my limit went from $2000 to $1500.

• 

  perfectlydark on 29/12/2023 - 18:51

  I still have $1K zip pay limit and $5K zip money limit, my issue is for some reason i cant get a transaction to process with digidirect. will have to wait till tomorrow to see whats going on, doesnt show in zip and digidirect site is acting weird (says i have item in cart, go to cart, says its empty…)