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.

CommBank StepPay CommBank StepPay
Application Time Verification within minutes
Fees Max $40 per fortnight. No Monthly Fees or Interest Charges.
Loan Limit $2,000 AUD per 4 weeks
Repayment Time Must be repaid within 4 weeks
Available 24/7 Image
Available for all CommBank accounts Image
Product Rating Image
Visit CommBank StepPay

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Table of Contents

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.

CommBank StepPay
CommBank StepPay App.

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.

What are the Pros and Cons of Buy Now Pay Later (BNPL)?

Buy now pay later (BNPL) schemes like CommBank StepPay are a payment options that allow customers to purchase items and pay for them at a later date, usually with interest or fees added. Here are some potential advantages and disadvantages of using BNPL:


  1. Convenience: BNPL offers a convenient way for customers to purchase items without having to pay for them upfront. This can be especially useful for people who need to make a purchase but don't have the funds available at the time.
  2. Flexibility: BNPL plans often offer flexible repayment terms, allowing customers to choose a payment plan that works best for their budget.
  3. No credit check: Some BNPL plans don't require a credit check, so they can be a good option for people with bad credit or no credit history.


  1. Interest and fees: BNPL plans often come with interest and fees, which can add significantly to the overall cost of the purchase.
  2. Credit score impact: Using BNPL can affect a person's credit score if they don't make timely payments.
  3. Limited availability: Not all merchants offer BNPL as a payment option, so it may not always be available.
  4. Overspending: BNPL can make it easier for people to overspend and make purchases they can't afford, leading to financial problems down the road.

Overall, it's important for consumers to carefully consider the pros and cons of using BNPL before making a purchase. It can be a convenient and flexible payment option, but it's important to understand the terms and conditions and make sure you can afford to pay off the purchase in a timely manner.

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.

Visit CommBank StepPay