Summary: CommBank StepPay is a new Buy Now Pay Later app that gives Commonwealth Bank account holders access to up to $2,000 in credit.
The StepPay app is considered the best buy now pay later scheme because they charge no monthly fees, no interest and allow you to repay over 4 fortnights.
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What is CommBank StepPay?
StepPay is a new digital-only buy now pay later product that is offered exclusively to Commonwealth Bank account holders. The app connects with your CommBank app, or digital wallet on your iPhone or Android device. Users can leverage the StepPay app in any store and get access to up to $2,000 in credit with $0 in interest repayments.
Released in late 2021, StepPay has quickly grown to become one of Australia's most popular buy now pay later apps because of its low fees and benefits. If you sign up now, CommBank are offering a $50 with 5% cashback program if you use the product by 30 September 2022.
How CommBank StepPay Works
To use CommBank StepPay you need to be an existing CommBank customer with an activated CommBank Debit Mastercard. You then download the CommBank StepPay app and sign in with your CommBank details.
Once you’re signed in, you can shop at any of the CommBank StepPay merchants and select ‘Buy Now Pay Later’ as your payment method. At the end of your purchase, you’ll choose how much you want to repay each fortnight over a 4-week period. The minimum repayment is $40 and the maximum is equal to the value of your purchase. CommBank will then deduct the repayments from your CommBank account on the scheduled dates.
If you need more time to repay, you can extend your repayment period by 2 weeks (1 fortnight) for a one-time fee of $5. To do this, simply log into the app and select ‘Manage my account’. From there, you’ll see the option to ‘Extend repayment period’. If you miss a scheduled repayment, CommBank will charge a late payment fee of $10.
Benefits of CommBank StepPay
There are many benefits of using CommBank StepPay, including:
- No monthly fees
- No interest charges
- You can repay over 4 fortnights
- Extend your repayment period by 2 weeks for a one-time fee of $5
- A minimum repayment of $40 is required each fortnight.
The Bottom Line
Overall, CommBank StepPay is a great way to shop interest-free at your favourite stores. It’s also a good option if you need to make a big purchase and want to spread the cost over time. Just remember to keep up with your repayments, as late payments will incur fees.
About Commonwealth Bank
Commonwealth Bank commonly referred to as CommBank, is one of the big four banks in Australia. It provides a range of financial products and services to its customers, including personal banking, business banking, investing with CommSec corporate banking, and institutional banking. Commonwealth Bank has a network of over 1,100 branches and 3,700 ATMs across Australia. It also offers online and mobile banking services. Commonwealth Bank is a publicly listed company on the Australian Securities Exchange (ASX).
Commonwealth Bank was founded in 1911 by the Australian Government. The bank was created to provide financing to the Commonwealth of Australia and its citizens. Commonwealth Bank has been owned by a number of private banks over the years, but it was nationalised in 1947 and has been wholly owned by the Australian Government since then. Commonwealth Bank is one of the four major banks in Australia, along with National Australia Bank (NAB), Westpac, and ANZ.
Commonwealth Bank is the largest bank in Australia by market capitalisation and has a market share of around 17% of all deposits and loans in the country. CommBank has a strong presence in both the retail and commercial banking markets in Australia.