CommBank introduces StepPay, new buy now pay later service launching soon
Big four bank CommBank has announced that it will soon be launching its very own buy now pay later service, StepPay.
The bank has not released an official launch date yet, however keen CommBank customers can pre-register to join StepPay now. Plus, to sweeten the deal anyone who pre-registers before 30 July 2021 will go into the running to win $100 worth of MenuLog vouchers!
How will StepPay work?
Digital banking lovers who enjoy the convenience of leaving their physical wallet at home will be happy to hear that StepPay is a digital-only card.
Customers can therefore manage StepPay through the CommBank app and make tap-and-pay purchases with the digital card in-store and online. CommBank says StepPay can be used anywhere Mastercard is accepted. Eligible purchases made with StepPay will automatically be split into four equal payments, each one of which will be due fortnightly.
Are there payment limits with StepPay?
As with most buy now pay later services, standard payment limits apply with StepPay. Eligible users can make purchases from as little as $100 to as much as $1,000.
Not all StepPay users will be approved for the full $1,000 purchase limit though. This is because CommBank determines limits for each individual customer based on a credit assessment. So, if your credit score isn’t excellent, for example, you might not be approved for the maximum $1,000.
Does StepPay charge fees?
CommBank says StepPay will not charge interest or monthly or annual fees. That said, StepPay isn’t completely fee free. Late fees will apply if fortnightly installments aren’t paid on time. So if you are approved, make sure you read the terms and conditions to see how much these might be and when they kick in!
CommBank says fees and charges may apply to the user’s linked CommBank account.
Who is eligible for StepPay?
StepPay will be a service available to eligible CommBank customers. So, if you’re not with the bank already, you will have to sign up to gain access. As mentioned above, approval to use the service will be on a case-by-case basis, depending on individual credit assessments. This means not all CommBank customers may be eligible.
Not sure if this is the right service for you? Head to Mozo’s buy now pay later hub to learn more about how it all works and what other providers are out there.
Or check out the Buy Now Pay Later statistics report, covering everything you ever wanted to know about BNPL.