CommBank launches interest-free credit card Neo: here’s what you need to know

CommBank has officially launched its brand new interest-free credit card Neo, just three months after its announcement. 

Customers who sign up for a Neo interest-free credit card will have their pick of three credit limits and are assigned a monthly fee based on the limit they have selected. 

The credit limits and fees are:

• $12 monthly fee for $1,000 credit limit 
• $18 monthly fee for $2,000 credit limit 
• $22 monthly fee for $3,000 credit limit.

Customers can have the monthly fee waived if the credit card hasn’t been used and has an outstanding balance of $0 during the statement period. 

There also no late or foreign exchange fees with this card, making it a budget-friendly option for any international online shopping.

Aside from interest-free spending, CommBank’s retail banking executive, Angus Sullivan believes the card is set to be a standout, thanks to its exclusive offers and benefits that will be available to cardholders. 

“Using the full power of our innovation means CommBank Neo will also offer access to discounts and cash back offers with a range of retailers through CommBank Rewards,” he said.

To kick things off, the bank has announced a sweet cashback offer to go along with the launch of the new Neo card. 

Aussies who sign up and are approved for a CommBank Neo card before 31 January, 2021 will receive $20 cashback, so long as they make a purchase within the first 30 days of activating the card. 

For more information read Mozo's CommBank Neo Review! 

Or if you’d like to find out how it stacks up to regular credit cards in the market, check out our credit card comparison tool.