Commonwealth Bank Neo card

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A no interest, flat fee credit card with CommBank Rewards perks, plus $20 cashback.

The CommBank Neo card is a flexible alternative to buy now, pay later services and traditional credit cards. You can make purchases and pay them off over time - without paying any interest. Instead, when you use the card or carry a balance, you'll be charged a monthly fee of $12, $18 or $22 depending on your selected credit limit.

$0 p.a.

Annual fee

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Details

Product NameCommonwealth Bank Neo card
Purchase rateN/A
Annual fee$0
Min credit limit$1,000
Max credit limit$3,000
Card typeMastercard
Foreign currency conversion fee0%
Available to temporary residentsYes - Conditions apply
Joint applicationNo

Pros

  • Charges a monthly fee based on your selected credit limit
  • The monthly fee is refunded if you don't carry a balance or make purchases
  • Zero interest charges, 0% foreign currency conversion fees and no late payment fees
  • $20 cashback promotion
  • Access to cashback offers through the CommBank Rewards program

Cons

  • Maximum available credit limit of $3,000 is low compared to standard credit cards
  • Unable to make cash advances
  • Not connected to the CommBank Awards program and does not offer any insurance cover
Annual fee$0
Minimum monthly repayment2% of the closing balance or $25, whichever is greater
Late payment fee$0
Foreign currency conversion fee0%
Additional cardholder fee$0

Expert review

Alanna Glenn

Review by


Alanna Glenn is the publisher for credit cards and loans at Finder. She has an Honours Bachelor of Commerce from McMaster University in Ontario, Canada and likes to get into the nitty gritty of all things financial and legal.

Expert review

The CommBank Neo card strays from other credit cards on the market because it doesn't charge interest. You can still pay off purchases over time (like regular regular cards), as long as you make the minimum repayments ($25 or 2% of your closing balance, whichever is greater). This structure makes the CommBank Neo more comparable to buy now pay later services.

How to apply

You can apply for the Neo card on the Commonwealth Bank website. You'll need to meet the following criteria and have your documents handy.

Eligibility criteria

  • Residency. Available to permanent and temporary Australian residents as long as you're legally allowed to work in Australia.
  • Credit history. You must have a good credit score with no current bankruptcies. You can get your credit score and copy of your comprehensive credit report for free through Finder.

Card benefits

  • No interest charges. This card charges an ongoing rate of 0% interest. No interest doesn't mean no payments and you are still required to pay at least the minimum amount listed on each statement by the payment due date. This card works like a standard credit card and you can use it anywhere Mastercard is accepted, however, you can't use it for balance transfers or cash advances.
  • Don't use, don't pay. If you don't use the card at all for an entire statement period and have a $0 balance at the end of the period, the monthly fee will be refunded back to your account for that statement period.

Rates and fees

  • Monthly fee. A $12 monthly fee applies for a $1,000 limit, a $18 monthly fee applies for a $2,000 limit and a $22 monthly fee applies for a $3,000 limit. This fee is charged each month when you use the card or carry forward a balance from previous months.
  • Minimum payments. The minimum amount you have to pay off each statement period is $25 or 2% of the closing balance, whichever is greater.

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