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Our verdict

A no interest, flat fee credit card with 0% foreign currency fees, CommBank Yello cashback offers and a monthly fee based on your credit limit.

The CommBank Neo card is a flexible alternative to buy now pay later and traditional credit cards. It gives you a way to make purchases and pay them off over time, without interest. Instead, you're charged a monthly fee of $12 for a $1,000 credit limit, $18 for a $2,000 credit limit and $22 for a $3,000 limit. Similar to other no interest credit cards, 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.

The other features on the the CommBank Neo are relatively simple. But it does offer no foreign transaction fees when you use it overseas or online with businesses based overseas. You also get access to cashback offers through the CommBank Yello program. But, as with any credit card in this category, make sure you weigh up the potential cost of the monthly fees to decide if it's worth it based on how often you'll use the card. If you plan to repay what you spend monthly, you may want to consider other credit cards that offer interest-free days for purchases as another way to keep account costs down.

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 promotion through the CommBank Yello Cashback Offers program

Cons

Maximum available credit limit of $3,000 is low compared to standard credit cards
Unable to make cash advances
You will not earn CommBank Awards points for your spending
Does not offer any insurance cover

The CommBank Neo offers low credit limits of up to $3,000, with a higher limit attracting a higher monthly fee. Although it doesn't charge interest, you still need to make minimum repayments for each statement period. The amount you need to pay is 2% of your closing balance or a minimum of $25, and will be listed on each statement.

Details

Product details

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

Eligibility

Available to temporary residents	Yes - Conditions apply
Joint application	No

Rewards

Bonus points

N/A

Fees

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

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.

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.
No foreign currency fees. The CommBank Neo card charges 0% fees for transactions made overseas or online in a foreign currency.

CommBank Yello Cashback Offers. This card gives you access to cashback promotions at major brands and retailers through the CommBank Yello customer recognition program. You can view the latest offers by selecting "Yello" through the CommBank app, select the ones you want to activate and then redeem them with this card.
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.

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.

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Amy Finder

Editor

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September 10, 2023

if i use the card and pay off the enite balance within the statement period, do i incur the monthly fee?

Amy Bradney-George Finder

September 12, 2023

Hi AJ,

Yes, the monthly fee would still apply if you used the card for spending. Here are the terms and conditions on the CommBank website:

“If you don’t have any processed transactions in a given statement period and pay your previous statement closing balance in full by the due date, you won’t be charged a monthly fee for that statement period. We may process transactions later than the day you originally made them. This is when your transaction is no longer a pending transaction and has been fully processed by us.”

If you want a card that doesn’t charge a fee when you use it, you could compare no annual fee credit cards to find one with an ongoing $0 annual fee. I hope this helps.

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saroj

June 17, 2023

i recently got my neo credit card from commbank and i made some purchase.

My question is how do i get to know the due date to pay so that i can avoid the interest

Sarah Megginson Finder

June 20, 2023

Hi Saroj,

You will receive a statement from CommBank every month, which will outline the statement balance and due date for payment.

If you have online banking, you will be able to see the statement there, otherwise they may be posted to you.

Hope this helps!

Constance

September 27, 2022

I am waiting for my Permanent Residency to go through. I am traveling to the US and want to have a credit card. Can you help me?

Alanna Glenn Finder

September 27, 2022

Hi Constance,

You don’t need to be a permanent resident to apply for the Neo card. You just have to have the legal right to work in Australia, and you’ll need to provide your visa details to CommBank when you apply. You can also compare other credit cards available to temporary residents on Finder.

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CommBank Neo Card

Pros

Cons

How to apply

Eligibility criteria

Documents and details

Card benefits

Rates and fees

Compare 0% purchase offer credit cards

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