Received email from Zip Pay, this will no doubt affect a lot of people here who use it to pay off bpay and still receive credit card points.
From 13 December 2023, the maximum credit limit for all Zip Pay accounts will be reduced to $1,500.
This means that the credit limit on your Zip Pay account will be reduced to $1,500 on 13 December 2023.
If you would like to access higher credit limits, Zip Plus is now available. You can learn more about Zip Plus here.
What system would you prefer over capitalism?
Benevolent dictatorship with once yearly random beheadings of ceo's….
You?
While it pains me to know that people will fall for this and rack up more debt, they are ultimately paying for those of us who diligently pay off total balance.
Yay 9.95 per month for zip plus if a balance of owing.
Isn't this ironic? A bnpl model that charges people extra to afford things they can't upfront.
I love capitalism!!
you prefer a system where people have no option and cannot to live so they just go without?
How were people surviving without the modern BNPL scheme we have today? Let's say there's no BNPL such as Zip and Afterpay and Paypal pay in 4…
There was lay by and credit cards and the same argument you have can be said about those payment processes. How can people survive without a credit card?
Well, interesting enough people can live without BNPL and without credit cards. They live within their means.
Stats show, in 2023, there are 13.4 million credit card accounts open in Australia, but 17.7 cards out there, stating one person has more than 1 card. Based on Australia's adult population, there are around 0.69 credit card accounts per person, or 1.4 per household.
So is a credit card a need? No. Is BNPL a need? No. But these credit facilities affords people to access things immediately and does make life that much easier to 'afford' goods and services.
Now the real insight will be if people are using credit cards and BNPL for necessities in this modern life such as shelter, food, clothing, hygiene, insurance, urgent repairs, urgent life mishaps, phone, phone plan…. And when I mean need, I seriously mean, they need it or else they will die or become sick or those non-repairs will their life unlivable, need a phone to get in contact with X Y Z.
I am not talking about someone buying clothing on BNPL because they have nothing to wear for their friends party but they have a wardrobe full of clothes.
I am talking about someone buying that shirt cause all their other shirts are either ripped or doesn't fit them anymore or it's worn out to the point it's not presentable.
And let's say I needed a shirt, there's also that level of affordability and mindset that you have a credit card and/or BNPL to buy that shirt you need though do you have the actual money to pay it back? The beauty with credit cards and BNPL makes people think it's their money, so I could buy a shirt for $200 but a reasonable $40 shirt would have been suffice. Therefore, what are the stats of people's buying power through credit cards and BNPL limits? Sure I can buy that $200 shirt, but the real question is, can I afford it when I get my next paycheck?
So what are the stats on people buying on BNPL with want vs need. Cause people think they 'need' X but really it's a want.
your 'rant' has nothing to do with my comment you had ago at capitalism which has nothing to do with people using BNPL
capitalism is about making choices of your own financial situation and power to create ones own financial destiny in a free market - stupid people will make stupid decisions and they have to live with that - smart people make smart decisions and benefit from it
the alternative is communism in which stupid people will make stupid decisions but it is everyones problem, smart people make smart decisions but dont get a lot of benefit …we're seeing how socialism is ruining the f out of Victoria
@hasher22: you ask about 5 rhetorical questions thats a rant boss
for what it is worth i dont disagree with you bagging on BNPL but having a go a capitalism when it is hands down the best system is what i had issue with
@Trying2SaveABuck: I disagree, a rant is me focusing on all the negative aspects about BNPL. I simply gave you other perspectives such as lay by and credit cards, also current modern BNPL didn't exist as a mainstream way to pay until less than a decade, afterpay was founded in 2014 but traction took off a few years later when it became mainstream.
And I did answer your question: "you prefer a system where people have no option and cannot to live so they just go without?" I said: "Well, interesting enough people can live without BNPL and without credit cards. They live within their means." Then I gave statistics of people with a credit card in Australia. Those who don't have credit cards or even BNPL are surviving, are they not?
Who said I hated capitalism? I was sarcastic when I said "I love capitalism!!" but doesn't mean I hate it nor against it.
Australia is not a capitalist country, we have a mixed economy system.
Australia is not a capitalist country, we have a mixed economy system.
we are capitalist generally- however we have had a slide in to socialist ideals and it is why our country is going backwards - nothing is good about socialism it doesnt work
Healthcare is not socialist the cost benefit to free/affordable health care far out weight the cost of not having a accessible system
Education - better education generally cost money or requires you to live in a affluent area which ALSO costs money
the only thing i can think of that is a main policy that Australia has that would been seen a 'socialist' is social housing but even the USA has things like 'Rent Control' too keep people in a home…..
@Trying2SaveABuck: You might find it's been the other way since 1989….the sell off of public goods, the fracturing of workplace securities, the abandoning of a social understanding of life for a privileging of an individual entitlement version.
Socialism is very out of favour in Oz….last 35 years, know coalition has done a huge amount and what's left the right wing of the Labor party has seen off.
I'd agree that socialism doesn't work but free market post liberal oligarchic capitalism isn't that great right now. When there was socialism, democracies had to prove they were better, hence education and health care in this country being better than most other countries.
the sell off of public goods, the fracturing of workplace securities, the abandoning of a social understanding of life for a privileging of an individual entitlement version.
from what i can see the younger generations are increasingly socialist and are probably the most over-entitled people ive ever seen
im a millennial but i shake my head when i hear the some young person moaning about housing being unaffordable wanting to work only 4 days a week but get paid 5 whilst planning their 2nd-3rd oversea holiday for the year….
@Trying2SaveABuck: I'm a little older ….my guess is some young people see the material parts of our society and want that. You know that there's a lot of work to get anything, and even then there's no guarantee. They have even less guarantees but have never lived through a recession unlike people ten or fifteen years older.
So …to me (and I respect your opinion) this is more about individual capitalism and young kids not being able to access what they think they're promised, rather than wanting a socialist version…now I might want something like Norway or Finland, and I hold healthcare, housing, a living wage etc as sacred…..different socialism….but I also recognise that as an ideology or model for running countries it's failed … For some reason leads to authoritarianism….but anyone who's had to spend all day in meetings trying to get consensus will verge on that….
Getting back to the first prompt for this though, I think op was commenting on how rapacious businesses can be….there seems to be very little responsibility at a high level….
@TheRealCher: You're of course allowed you opinion and socialist love to point at Scandinavian nations where more 'socialist' principles seem to dominate - completely ignoring countries like Finland, Norway etc have a population lessern than Victoria are are less than half the size of NSW.
also issue with crime and homelessness are just as bad if not worse in places like Sweden….
Scandinavia are the pilots that show why socialism 'might work' however the problem with pilots is when you do a 'full scale' study USSR China Russia etc you realise the conditions are not replicated simply put in practice you cant trust someone else [the government] to look after you.
Dan Andrews was loved by the extreme left - he had was the most 'woke' Premier we have ever seen - he is now retired on 300k pa playing Golf flying 1st class whilst the entire state of Victoria health system is broke, homelessness is rampt, the state is bankrupt and swimming debt whilst education standards are on the floor. - it is just classic socialism the ones running it end up on the top of the pyramid and everyone else suffers.
Melbourne is the poster child why capitalism is the superior way rule - it was once the most livable city, and the wealthy City in the world - it is now the most bankrupt state with a lack of basic social services for the citizens that hold said services in high regard….
You compare that t WA and Perth which is the 'best' mining jurisdiction in the world and is by far the richest state in Australia and one of the richest states per-capita in the world
I spent almost the whole $2000 limit on Activ Visa sale in Woolworths early this month. I won't pay the $9.95 fee when the whole balance is paid off by the end of December. It will be paid off by a reward points earning credit card, another up to 55 days interest free to enjoy.
Here Zip's per month period is actually up to 60 days (to incur $9.95 fee). Perfect card cycle aligning can make it 115 days interest free.
Mine is still at $350
I use it when churning credit cards; I'd love $1500.
Some like me are on $2000 limit now.
$350 here as well, don't think they will be giving us any more since they aren't making any money off us
Bastards
Funnily enough they also haven't bothered to ban people like us. Though it is a pain having to split bpay bills multiple times to get around the limit, but worth it not having to pay sniip or credit card processing fees.
How much were the charges for bpay with $350 limit
Can anyone confirm if we can use zip plus to pay off bpay and still receive credit card points?
TLDR: Don't upgrade to Plus account. It is a trap.
A $9.95 + 12% interest trap. Yikes. This is just an overpriced credit card…
*$13% interest and it is charged on the full amount if your balance isn't under $1500 by the end of each month.
A terrible product. They keep nudging me to "upgrade".
I'm still on $350 limit and haven't received any email relating to Zip Plus. I generally use Zip pay to bpay bills then pay it off with my credit card and have noticed recently my account getting locked quite often. I reached out to zip asking why my account kept getting locked and they mentioned 'Please note that your order repayment behaviour does not suit Zip Pay's current product offering… By order repayment behaviour we are referring to multiple large bill orders which you pay off immediately.'
My first question is, how do I increase the credit limit? I didn't get an email mentioning the $1500, just hoping I won't be stuck on $350 forever. The other question is, to prevent getting account constantly locked, does that mean I need to wait a while after bpaying before I pay off my zippay account?
How long have you had your account for? I think it took like 3 months for them to offer me the upgrade.
Just passed 5 months.
@CodeXD did you ever let your balance pay itself off slowly? Or did you just bpay $350 and then pay it back immediately? And did you make any other purchases or just bpay bills?
I don't remember bills being a thing back when I signed up in 2020, it was all purchases from ebay and whatever deal was available. Sometimes they would have spend x to get y cashback and I would try and fulfil those deals.
All my purchases I've manually paid them off within 24 hours, never waited for auto payment.
I only started using zip pay for bills this year when beem it blocked credit card for bills.
@CodeXD: How does the zip and credit card thing work?
Do i make purchases on my zip pay and then pay off the zip balance using the card link to my credit account?
@Misogi Kumagawa: Yes, you can pay many Bpay bills using zip pay and then pay off the balance with your CC
This will earn you CC points and also make government spend eligible if you are trying to get a sign up bonus on a new CC (eg. spend 4k in 90 days)
@Misogi Kumagawa: Seems that we won't be able to increase our limit as Zip Pay doesn't like people who pay off their balance immediately.
In fact you will probably get blocked for possible fraud from Zip, and you will need to send them screenshots of your online banking to get your account unlocked. This happened after I paid 2/3x $350 bpay payments and it takes about a week to have your account unlocked
@Brick50: That's stupid. I haven't use zip much since the days they were offering up to 10% cashback. I've still got 2k limit which they will be dropping to 1.5k. Fingers cross they do not remove this feature for getting credit card points/meeting minimum spent.
@Misogi Kumagawa: Whatever you do don't upgrade to Zip Plus, you aren't able to pay off the balance with credit card only debit
@Brick50: Yep been blocked many times, but usually only takes 1 to 2 business days to get unblocked. They just ask for the transaction number from your most recent card you made a repayment with, typically starts with 'p' and has a string of about 13 digits. I've been blocked so many times I just reply to the same email they send you when they unblock the account with the transaction number and request for my account to be unblocked.
@excusemesir: Do you know how many times in general you can BPay and pay off before you get blocked? Does it matter how you space it out or do it a few times a day?
I still have $2k limit as today. Outstanding balance $1900+ with some available balance.
BPay payment not free anymore?
Are you having issues? I did one a week ago with no fees
Was about to pay but noticed
“Payments may take up to 5 business days to reach your Biller. Certain Biller exclusions apply. A $2.50 processing fee may be payable for each bill processed through Zip. Exclusions apply.“
Yeah i haven’t been charged it before
Yay 9.95 per month for zip plus if a balance of owing.
Isn't this ironic? A bnpl model that charges people extra to afford things they can't upfront.
I love capitalism!!