Out shopping for furniture yesterday and we were asked if we wanted to use zipmoney to pay instead of our credit card. We said we never heard of them and asked who are they and what are the benefits. We ended up paying by credit card but had a look at their website. Has anyone used them?

Hey Nadine,

Zip money is essentially a credit card. What they do is advance you the money for your product with a 12 month interest free period.

If you don’t pay it off in that time though your rate will jump to 20%.

Obviously their business model is based on the fact that a chunk of their clients won’t be able to pay it off in that time.

Bottom line, if you’re good at managing cash flow, perhaps a good option. If not, I’d steer clear.

Kind regards,

Tim Russell
Multipart Finance
0400 530 868
tim@multipartfinance.com.au