Interest accrues daily against all completed transactions and would stop accruing once the outstanding balance is cleared in full. Any interest accrued in that period is then applied on your statement date.
Interest is calculated based on the outstanding balance, using the daily percentage rate. If payments are missed or incomplete, the overall repayment amount increases due to the daily addition of interest.
Please note that we do have a 35 day interest free period for those who pay their statement balance in full each month.
This period is ideal for avoiding interest on purchases, provided you meet the full repayment requirement by the specified date.
To make use of the interest free period, you would just need to make sure your statement balance is paid on or before your chosen payment date. This can be through recurring repayment or by making a one-off repayment on the Repay tab in the Zable App.
If you would like us to attempt to charge the statement balance automatically each month, please follow the instructions below:
You can also verify your repayment dates and statement balance within the app to make accurate and timely payments.
Go to the "Repay" tab of the app
Tap "Edit monthly repayment"
On the right hand side of the "Amount" row, tap the pencil icon
Enter the amount you would prefer to pay (statement balance), tap save and then confirm