CommBank Neo card

A no interest, flat fee credit card with CommBank Rewards perks.

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.

Alanna Glenn

Last Updated Dec 2, 2020

0% p.a.

Purchase rate

$0 p.a.

Annual fee

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Details

Product Name	CommBank Neo Card
Purchase rate	0% p.a.
Annual fee	$0
Interest-free period
Min credit limit	$1,000
Max credit limit	$3,000
Card type	Mastercard
Foreign currency conversion fee	0%

Available to temporary residents	Yes - Conditions apply
Joint application	No

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
Access to cashback offers through the Commonwealth Bank Awards 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 Commonwealth Bank Awards program and does not offer any insurance cover

Bonus points	N/A

Annual fee	$0
Minimum monthly repayment	2% of the closing balance or $25, whichever is greater
Late payment fee	$0
Foreign currency conversion fee	0%
Additional cardholder fee	$0

Review by

Alanna Glenn

alanna.glenn@finder.com

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.

In terms of costs, the monthly fee you’ll pay is $12 for a $1,000 credit limit, $18 for a $2,000 credit limit and $22 for a $3,000 limit. The monthly fee is only charged when you use the account. So if you don’t carry a balance and don’t use the card for an entire statement period, CommBank will reverse the monthly fee for that period.

While the CommBank Neo is a no-frills product, offering nothing in the way of insurance covers or balance transfers, it does come with the CommBank Rewards program. This offers cashback perks at over 80 retailers in Australia through the CommBank App.

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.

Age. You must be at least 18 years of age to apply for a credit card in Australia. However, to participate in CommBank Rewards, you must be at least 21 years old.

Documents and details

Personal information. This includes your full name, date of birth, contact information, residential address, marital status and number of financial dependents.
Proof of identification. You'll need to verify your identity with your drivers licence, passport, Medicare card or another form of identification.
Income and employment. Confirm your current employment and annual income. You may need to provide recent payslips to prove your income.
Finances. This includes any assets, such as savings and investments as well as any liabilities like existing debts or loans.

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.

CommBank Rewards. Not to be confused with the CommBank Awards program, the Neo comes with exclusive personalised offers via CommBank Rewards, which offers cashback promotions at over 80 retailers.
Mastercard flexibility. You can use this card for purchases anywhere Mastercard is accepted.

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.

Foreign currency fees. The CommBank Neo card charges 0% fees for transactions made overseas or online in a foreign currency.

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CommBank Neo card