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Commonwealth Bank Credit Cards

CommBank Neo

Updated 14 September 2020

The CommBank Neo is an interest-free credit card without any late fees or surprise charges - just a flat monthly fee.

Purchase Rate (p.a)

0%

Balance Transfer (p.a)

N/A  

Annual Fee (p.a)

$0

$0

My transfer amount

Balance transfer from:

My annual fee

My interest rate

Pros and cons

  • No interest, no late fees
  • No foreign exchange fees
  • No additional cardholder fees
  • Monthly fee of $12 for a $1,000 limit
  • Monthly fee of $18 for a $2,000 limit
  • Monthly fee of $22 for a $3,000 limit

  • Fixed low credit limits

Creditcard.com.au review

Editor Review

CommBank Neo

Roland Bleyer
Credit Card Expert with over 15 years card experience and the founder of Creditcard.com.au. about this card.

The CommBank Neo Credit Card Review

Providing you an alternative way to access credit, the CommBank Neo Credit Card charges no interest or late fees, and instead charges a flat monthly fee depending on your credit limit. And, if you don’t happen to use your card through the month – while keeping your balance at zero – you don’t need to pay your monthly fee.

How It Works

As the CommBank Neo Credit Card works in a somewhat different way to most other credit cards out there, we thought we’d spend some time discussing how it works.

With a standard credit card, you typically pay an annual fee for the use of the card, and interest on your balance carried over from month to month. With its Neo card, CommBank decided to play things a bit differently. With this card, there is no annual fee or interest. Instead you pay a flat monthly fee that is based on your credit limit.

  • For a credit limit of $1,000, your flat monthly fee is $12
  • For a credit limit of $2,000, your flat monthly fee is $18
  • For a credit limit of $3,000, your flat monthly fee is $22

And if you don’t use your card through the month? As long as your balance remains at $0, you will not have to pay the monthly fee.

The card also helps you save on other fees too.

Unlike most other credit cards, there are no late fees to worry about on the CommBank Neo Credit Card. There are also no additional cardholder fees if you choose to add another cardholder to your account. And if you use your card to pay in a foreign currency, you won’t have to shell out on foreign exchange fees. This could save you heaps when you travel overseas, or if you have a penchant for online shopping at international retailers.

What’s not so great...

Without the annual fee or interest, the CommBank Neo Credit Card keeps things simple. That means no rewards earning on CommBank’s Awards program, and no fancy extras such as insurance covers and airport lounge access.

This is a card that offers purchases only. That means no balance transfers and no cash advances. While this obviously means no withdrawals at the ATM, bear in mind it also means no gambling transactions or purchases of foreign currency, prepaid cards or lottery tickets.

If you’re a big spender, you may find the card’s relatively low credit limits somewhat limiting. On the other hand, if you’re trying to avoid the temptation to spend and want to keep a close rein on your spending, having a smaller credit limit could be ideal.

Why should you choose this card?

The CommBank Neo Credit Card is designed to make it easier for you to manage your finances, with no annual fee or interest to worry about. Instead of paying annual fees and racking up interest month to month, you could get a firmer grip on your spending with this credit card, paying a flat monthly fee as you pay off your balance each month.

And if you choose not to use your card, you can keep your monthly outgoings to zero. As long as your balance stays at $0, any month you don’t use your card will result in a $0 monthly fee.

Further helping you manage your finances, the card will not let you go over your credit limit. Any transactions you try to make that will exceed your limit will be declined. And while it may act differently to standard credit cards, the Neo still allows you to build your credit score as you use it responsibly.

You may also choose this card for its simplicity. In essence it’s a basic card, which means extras are kept to a minimum. While you can enjoy the same contactless payments and security features as any other credit card, there is nothing to distract you, such as rewards. With that being said, you can still take advantage of the benefits on offer via CommBank Rewards.

Overall Rating

With the CommBank Neo Credit Card you can say goodbye to annual fees and interest, opting instead for this simple card that allows you access to credit, while charging a flat monthly fee depending on your credit limit. While still allowing you to build your credit score and access CommBank Rewards, the card can further help you save with no late fees, additional cardholder fees or foreign currency fees.

User reviews

CommBank Neo ( based on 1 Creditcard.com.au user review )

87% rating based on 1 review

Rates
Fees
Rewards
Customer Service
Value

Rates and fees

Interest rates



Purchase rate 0% p.a.

Cash advance rate N/A

Interest free period on purchases N/A

Credit limits

Minimum credit limt $1,000

Maximum credit limit N/A

Fees & repayments

Annual fee $0 p.a.

Additional card holder fee 0

Foreign transaction fee 0%

Minimum repayment $25 or 2%

Cash advance fee N/A

Late payment fee $0

Additional features

Complimentary insurance

International Travel Insurance No

Flight Inconvenience Insurance No

Transit Accident Insurance No

Smartphone Screen Insurance No

Purchase Protection Insurance No

Extended Warranty Insurance No

Rental Vehicle Excess In Australia Insurance No

Overview

CommBank Neo

Key features

  • No interest, no late fees
  • No foreign exchange fees
  • No additional cardholder fees
  • Monthly fee of $12 for a $1,000 limit
  • Monthly fee of $18 for a $2,000 limit
  • Monthly fee of $22 for a $3,000 limit

Minimum criteria to apply for this card

  • Be over 18 years old

  • Good Credit and have not applied for multiple credit cards recently

  • Resident or citizen of Australia

  • You have your personal details ready to complete the online application

Roland B Bleyer

Roland B Bleyer founded Creditcard.com.au in 2005 and has extensive knowledge about credit cards. He personally answers all questions and write the editor reviews for each card here. Always keen to share his passion to educate consumers and help you select better suited credit cards.

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