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ZipMoney vs Afterpay
Look out for repayment terms, late payment fees and flexible payments.
Are you shopping for interest-free finance platforms? There are several options available, with varying costs and features. To help you narrow down your options, we've compared 2 prominent providers: Afterpay and Zip Money.
The main difference between them are credit limits, interest-free periods, fees and repayment flexibility. While both options allow you to buy now and pay later, Zip Money functions more as a line of credit. It has an interest-free period, after which interest will be charged on your outstanding balance.
Be sure to keep in mind credit checks, repayment terms and late fees in your comparison.
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| Afterpay | zipMoney | |
|---|---|---|
| Credit limit | Starts at $500 and gradually increases or decreases based on good or bad spending behaviour. | Between $1,000 and $3,000. |
| Interest | No interest. | Interest-free period of 3 months. After this, interest will be charged at 19.9% p.a. |
| Repayments | To be made over 6 weeks. | Minimum monthly repayments apply. The minimum repayment will be either stated on your contract or will be 3% of the amount owed, whichever is greater. Any outstanding repayments after the interest-free period will incur interest at 19.9% p.a. |
| Payment instalments | 4 instalments, paid every 2 weeks; 25% of the price is paid upfront. The option for no upfront payment is available for Platinum and Mint tiers and eligible accounts in the Pulse tier. | Choose to pay weekly, fortnightly or monthly. Your purchase will be broken into equal instalments for the duration of the interest-free period, unless you state otherwise. |
| Upfront and ongoing fees | None. | A one-off establishment fee may apply, depending on the credit limit you apply for. The fee starts from $25. A $6 monthly account fee applies when you have an outstanding balance. |
| Late payment fees | Starts at $10. The late fee is never higher than 25% of the purchase price or $68, whichever is less. | A $15 late fee will be charged 21 days after your due date. If the payment is rejected by the bank, a dishonour fee of $10 will be applied to your account. |
| Payment flexibility | The number of instalments cannot be changed, but you can make custom payments and pay more or less than the payment due. This feature can be accessed only on the website. | You have the option of changing the frequency of your repayments. You can change it to weekly, fortnightly or monthly, so long as it covers the minimum amount owed. |
| Sign-up | Via app for in-store and online shopping. Registering prior to online shopping is not required; the account can be created afterwards. | You can sign up for Zip Money online. |
| Find out more | Read the full review | Read the full review |
| Eligibility | Afterpay uses a mandatory ID verification process. To qualify for Afterpay, you must:
| To qualify for Zip Money, you must:
|
| Credit check and score | No credit check. Late payments are not reported. | Zip may need to perform a credit check to confirm you can make repayments. They could disclose if you've met your payment obligations and if you've committed credit infringements to credit reporting bodies. |
| Availability | Full Afterpay store list | Full zipMoney store list |
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