Red Rat is changing the way it calculates interest on your account.
Effective from 1 June 2014, interest will be calculated daily on the debit balance in your account at the end of each day. Until now, interest has been calculated on the debit balance outstanding at the end of each month.
Interest will still be charged monthly but the amount will be calculated by adding together all the daily interest charges incurred in the month. The change brings Red Rat into line with the way interest is charged by most other New Zealand retailers providing credit to consumers.
Please be aware that the annual interest rate of 22% will not change. It is only the method of calculating your interest that will change.
If you have any questions regarding the change, please contact our customer services department on 0800 728 728 and we will be happy to discuss these with you.
We hope your EZPAY account continues to provide you with a convenient budgeting option for both Red Rat and Homie product ranges. We look forward to continuing to supply you with a great range of good value streetwear and homeware products.
For further information about EZPay terms, click here