Hi did everyone receive an email about the new Zip Plus account?
It seems like they are applying an interest rate of 12.95% pa. for debt more than $1500 per month.
Seems like there is zero international fees for this account.
Pay balance in full and no monthly fee still.
What's your opinion on this?
Sounds like a credit card now. That's 12.95% plus whatever the monthly account fee for carrying a balance is?
Yeah I got that too. Looks like you have to re apply, I'll just stick with the downgraded to 1.5k from 2k version.
Yes, Pay account will be closed after the opening of Plus account. It seems Zip plans to restructure all Pay accounts to it in the future.
For those having $2k limit for Zip Pay, it is better to not apply for the Plus account as there is no penalty (interest charge) to carry the whole $2k spend in the current month into the next month. A savvy customer doesn't pay 12.95% interest on it any way.
Just to add, from 13 Dec, all Pay accounts will have max $1500 limit.
Yeah I'm happy to drop $500 in this case.. I usually just pay bills / rego etc out of it.. So never get close to the 2k limit.
This was my thinking too.
I looked at it after the post. Described in a way that i am confused. I would consider upgrading if they can clarify how I can ensure no fee or no interest.
Is it simply to pay off all dues by end of month?
I like Zip Bpay with no fees so I hope they keep that up. Unsure whether to “upgrade”
I tried applying this morning - they force you to use bankstatements.com.au (Illion) to verify your income. (Income verification is fair enough).
Decided not to because they're not using the Open Banking standard and just the "screen scraping" implementation which requires you to enter your banking details onto the Illion platform. Having a look at my bank's T&Cs this voids my fraud protections and opens me up to being responsible for fraud on my accounts.
I'm not keen on sharing my details with Illion and Zip - Don't need another weak chain in my digital security/identity and put myself at risk of a data breach which could result in my banking details being leaked. They need a manual statement or Open Banking solution for me to go ahead with this.
Have you checked with support if there is an option to send the bank statements manually
Sent through a request - they replied saying
As part of the Zip Plus application, we may ask you to connect to your online banking to confirm your identity.
To assist with this process, we use a banking verification process called CreditSense. CreditSense instant banking verification is safe and secure and we never see or store your credentials. This is a standard verification process used by financial institutions.
If you are not able to complete the banking process within the application, you will be unable to continue your application.
Guess it’s not for me or any other security focused folk.
From https://www.creditsense.com.au/consumers/faqs/
Do you store my access credentials?
As part of our service we store your access credentials in our secure secrets vault until we have completed your instructions to share your information.
If you are sharing your information on a once off basis, we may store your credentials for up to three (3) business days before we permanently delete them. We do this to manage for technical issues or if your bank is down when you ask us to share your bank transaction information.
If you are providing a business with ongoing access to your bank transactions, we will store your access credentials for the term of your authority. When that term expires, or at the time you withdraw your authority, your credentials will be permanently deleted.
Shame. I was somewhat interested in switching over for the fee-free international transactions, but I won't be handing over my internet banking details to anyone regardless of how secure they say their process is.
From all the recent data breaches, it's clear that what companies say they'll do versus what they'll actually do with your personal data can be two very different things.
Is there a credit check for upgrading?
Does zip pay have international fees? Or only after you upgrade?
I think before was only 1% fee but this new upgrade product is zero fee
Customer support has confirmed that Zip Bpay will continue to be free with the upgrade. I have asked other questions about interest charges and credit checks for the upgrade. Will report back here once I hear.
Any update on the credit check?
No point having the 4k limit. The interest free option is if you have less than 1.5k credit each month.
Yes, it is a trap.
The question is will there be credit check on your file and will there be "Credit Account Open" on your credit file.
Yes!! & Yes!!
Just upgraded to Zip Plus and it no longer allows to repay with a credit card. Didn't realise this before upgrading and now looking to downgrade!
It is a trap.
It made your first comment after 8 years of lurking.
Did it really decline a credit card from adding? Pay account tells you to add a debit card, but actually accepts credit card.
Yes, it declined my CC used for Pay account.
You can BPAY, however it won’t get you CC points.
Thanks for the heads up and sorry you had to be the guinea pig. That's an absolutely huge drawback. One of the main reasons why I use Zip is to be able to earn credit card points on things I normally wouldn't able to or would otherwise have to pay a fee if I were to use my credit card directly
@GreenGuava: ZipMoney also doesn't allow CC, only debit cards. Nearly signed up to it hoping to get around my low zippay limit but luckily avoided the credit check.
Wonder if they'll ever be dastardly enough to remove CC for the zippay portion but might be to hard for them to separate repaying normal retail purchases and bpay ones.
That's correct! As Zip are now under the same financial umbrella as the 'big boys', you can't pay off credit with credit…
So I spoke to them and now back with Pay!
Did they change your account back to zippay? If so how? I tried calling them and i was told its not possible
Hmm, I lodged an online ticket and asked them to revert it. However I did that before they changed the credit limit to 1.5K for existing Pay accounts. Maybe tell them you will need to close the account otherwise?
https://help.zip.co/hc/en-us/requests/new?ticket_form_id=360…
Damn, I closed my account and tried reopening and they said I had to wait a year before reopening.
Thanks for this news- this is important to me!
Thanks for the heads up. Definitely won’t upgrade.
I have asked them to confirm it in the hope they have made an error. They have told me today that there is no credit check to “upgrade”
Yes there is… regardless of what they have told you. FWIW, Zip now come under the same financial umbrella as mainstream credit providers (hence all these changes)… Their business model just got a lot more expensive :(
Apparently if you still owe over $1500 on the Zip Pay account after December 13 it will just continue on with the scheduled repayments as usual. But i think it must lock the account from any more purchases until it's under $1500 owed.
is there a way to use zippay as auto top up for Opal card?
No way.
Wrong
Have to generate a new card each time you pay.
No you don't
Yes, use the "pay a subscription" option and choose Opal from the list
OK, but OZBers have some better ways to save a bit.
I think Zip is trying to screw me, I am under the impression that my Zip Pay limit was $1500, I was approved for $2000 with Zip Plus so I elected to upgrade just so I had a little extra limit, but instead of just my limit going up, my owing amount has also gone up by $500. But now that I’ve upgraded to Zip Plus, there is no evidence of my previous Zip Pay statements to double check my previous limit. I’ve emailed Zip to resolve the issue but they say there is no issue on their end and sent me pdf’s of my statements that I believe they have changed to show my Zip Pay limit was $2000 not $1500
It's fine til it's not. Make an online savings account and make purchases when you have the money