CommBank launches StepPay to compete with Afterpay

CommBank customers can now pay in 4 interest free instalments, anywhere that Mastercard is accepted, and without monthly, annual or international transaction fees, using the new StepPay card.

18 Aug 2021 - 2 min read

Following the success of Afterpay, Zip Pay and other Buy Now Pay Later (BNPL) services, CommBank has launched StepPay, the first BNPL card to be offered by a major Australian bank. StepPay comes hot on the heals of CommBank Neo Card, CommBank's interest free credit card, which itself was launched only 11 months ago.

Similar to Afterpay, CommBank StepPay, allows customers to split purchase into four payments, however unlike Afterpay, can be used anywhere Mastercard is accepted. And unlike the CommBank Neo Card, CommBank StepPay offers the benefit of no monthly or annual fee.

In addition to being able to split purchases in to four fortnightly repayments, another key benfit of StepPay is that you won't be charge international transaction fees when you shop overseas, incluidng online.

With a limit of up to $2,000, CommBank StepPay is targeted at smaller purchases.

CBA’s Executive General Manager, Marcos Meneguzzi said “We’re excited to create the first BNPL from a major bank which can be used anywhere our cards are accepted. We know BNPL is a popular choice among customers, but is hampered by its limited use and availability in only selected retailers and businesses. With StepPay, customers have freedom around where they’d like to shop, offering the same accessibility as our other CBA cards."

You can learn more about StepPay and other BNPL and Interest Free Cards, as well as CommBank's full range of Credit Cards on Stay or Go.

Does CommBank StepPay have a monthly or annual fee?

CommBank StepPay has no monthly or annual fee. Additionally, it offer the benefit of no international transaction fees.

Does CommBank StepPay charge a late payment fee?

If you miss a repayment on your CommBank StepPay, a $10 late fee may apply. Additionally, you won't be able to spend on StepPay until you have made the repayment.

Does CommBank StepPay charge international transaction fees?

CommBank StepPay has no international transaction fees, which makes it a good choice for online shopping and overseas travel.

What credit limit does CommBank StepPay offer?

CommBank StepPay offers a limit of up to $2,000.

Where can I use CommBank StepPay?

CommBank StepPay can be used anywhere that Mastercard is accepted.

Terms of Use | Privacy Policy
Copyright © 2024 Stay or Go Pty Ltd
Stay or Go Pty Ltd (“Stay or Go”) provides information about and compares credit products in the Australian market and is authorised to do so as the holder of Australian Credit Licence 527092. We do not compare every credit product in the Australian market. We are not a credit provider and we do not provide credit assistance. When we provide information via this website, we are not providing you with a recommendation or suggestion about a particular credit product. When you apply for a credit product via our website, you are not applying with us, you are applying directly with the credit provider and will be redirected to their website. We endeavour to ensure that the information on this website is current and accurate however, before entering into any credit product with a credit provider displayed on our website, you should confirm the fees, rates, product information, and eligibility criteria with the credit provider and read the Target Market Determination (TMD) available via their website. All information on this website is general advice only and does not take into account your objectives, financial situation or needs. You should consider whether this advice is right for you and we encourage you to seek independent financial advice. The use of any trade name or trademark on this website is for identification, comparison and reference purposes only and does not imply any association with the trademark holder or their brand. Please refer to our Terms of Use for more details.