We automatically allocate payments in your best interest. Payments will go towards the plans incurring/due to incur the highest interest, then to the lowest. If you change this, you may have outstanding balances when your interest free periods expire and incur additional interest.
Paying the closing balance or “Optional payment to reduce further interest” amount on your credit card statement each month is the easiest way to avoid unnecessary fees and interest, but we understand that it isn’t always possible. We want to make sure you understand how your repayments are applied to any outstanding balances on your account.
Breakdown on how Zenpay applies your repayment to your balances
We’ll allocate your payment to the balances that are attracting the highest rate of interest and ensure any minimum monthly payments are met first.
- General purchases, any cash advances, any expired promotional plans, and any fees & charges or insurance premiums (if applicable) will require a minimum monthly payment of 3% of the owing balance.
- For our standard interest free terms, each purchase requires a minimum monthly payment of 3% of the owing balance.
- For instalment interest free terms, they have a fixed monthly payment required in order to have this paid off by the interest free expiry date.
- For deferred/Buy Now Pay Later terms, these do not require any monthly payments, so no payments will be allocated to this for the duration of the term, unless requested by you.
Should you still wish to allocate against this a payment, please call us on 1300 552 079 to request a payment allocation over the phone with one of our agents.
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