Spending power* is the estimated amount you have left to spend on Zip app orders. We’ve introduced a new way to increase your spending power by paying off a streak of 5 app orders on-time or early.
How does it work?
You need to pay a streak of 5 on-time orders over $35 each to be eligible to earn a spending power increase. The first 5 orders over $35 become active when the first installment is successfully paid at time of purchase. Each order becomes active once the first installment is successfully paid at time of purchase. Both scheduled and early payments count towards the streak progress. You will be notified to collect your new spending power in the app after paying all 5 orders.
Why don't some of my installment payments count toward the streak?
All 4 installments of an order must be paid for that order to count towards your streak progress. Single installment payments do not count towards streak progress until an order is successfully paid. If you miss an installment payment for more than 3 days, your streak progress will be reset to zero and you need to start again.
Additionally, only orders placed after program launch will count towards your payment streak. Paying past orders will not increase your streak however positive payment behavior for previous orders is taken into account when the spending power increase amount is awarded on program completion.
Since the first 5 orders over $35 are part of the streak at the time of the first successful installment payment, any orders placed after the first 5 will not count towards the streak even if they are paid off first (unless one of the first 5 were refunded). See ‘How do refunds work?’ for more information.
How does it work?
You need to pay a streak of 5 on-time orders over $35 each to be eligible to earn a spending power increase. The first 5 orders over $35 become active when the first installment is successfully paid at time of purchase. Each order becomes active once the first installment is successfully paid at time of purchase. Both scheduled and early payments count towards the streak progress. You will be notified to collect your new spending power in the app after paying all 5 orders.
What will be my next spending power increase?
Spending power increases range from $25 - $100 depending on a number of factors including your payment behavior, current spending habits and how long you’ve been with Zip. Your exact spending power increase amount will only be rewarded after you have successfully paid 5 on-time orders.
How can I view my streak progress?
As you pay orders and progress in the program, the streak tracker will be automatically updated. You can track this in the app anytime by clicking on the orders tab or on the spending power section on the upper right side of the homescreen.
What happens if I make an early payment?
Early payments count towards increasing your streak progress. You can make as many early payments as you’d like to earn that spending power increase faster!
What happens if I delay my payment using a payment date change?
Payment date changes do not impact your streak progress as long as you pay back your delayed installment on time.
What happens if I miss a payment?
You will be notified in the app upon missing installments and you can pay missed installments directly from the app. If you miss an installment payment for more than 3 days, your streak progress will be reset to zero and you need to start again.
How often can I get a spending power increase?
You can get a spending power increase every 60 days. If you have paid your 5-on-time orders and earned your first increase, you would need to wait another 60 days from the date of your first increase before you are eligible to start earning your second one.
How do refunds work?
If the order amount after receiving a refund is still more than $35 then the order will still count towards the streak. If the order amount after the refund is less than $35 then the order will not count towards the streak, but the streak will not reset. The first eligible order placed after the refund date will be the next to count towards the streak.
*Your spending power is not guaranteed and is impacted by a number of factors, such as your payment behavior and how long you've used Zip. Your spending power is not an open line of credit. Each transaction is separately reviewed for approval.