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."
CommBank StepPay has no monthly or annual fee. Additionally, it offer the benefit of no international transaction fees.
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.
CommBank StepPay has no international transaction fees, which makes it a good choice for online shopping and overseas travel.
CommBank StepPay offers a limit of up to $2,000.
CommBank StepPay can be used anywhere that Mastercard is accepted.