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What is buy now, pay later?
Buy now, pay later products offer you the ability to split up purchases into smaller repayments so you can pay them off over time. With StepPay, you'll be able to split purchases of $100 or more into four fortnightly repayments.Smaller purchases under $100 will come out of your linked CommBank account in one go, two days after posting.
Who is eligible for StepPay?
StepPay is available to CommBank customers who meet our eligibility criteria and who satisfy credit assessments.
Something went wrong in my application, how do I apply for StepPay?
Jump into the CommBank app and search ‘StepPay’. Tap ‘StepPay’ and then tap ‘Apply now’ to see if you're eligible.
Why can't I activate my StepPay account?
If you try to activate your StepPay and get an error or something has gone wrong after your application, you can always try again by navigating to the ‘Cards’ section in the CommBank app.
It might take a bit of time to appear in the ‘Cards’ section so try again later on if you can’t see it straightaway.
See AlsoHow Multiple Credit Card Payments a Month Can Boost Your Credit ScoreWill paying off my credit card balance every month improve my credit score? | Consumer Financial Protection BureauWhen Is the Best Time to Pay My Credit Card Bill? - NerdWalletHere is the best time to pay your credit card billI successfully activated StepPay in the CommBank app, but it isn’t showing within the StepPay repayments and transactions tabs. Instead it looks like a regular Credit Card. Is something wrong?
It's likely you're accessing StepPay on an old version of the CommBank app. Once you've downloaded the latest version of the CommBank app, you'll be able to view the correct StepPay screens.
Where can I use StepPay?
You can split your purchases of $100 or more into four equal repayments everywhere in-store and online. Whether it's paying for a weekend getaway, utility bills, yoga classes or those new shoes you have your eye on.
Do I pay fees or interest?
You don’t pay any account fees or interest. A late fee of $10 will apply if you miss a repayment, but there are caps in place to minimise the amount of additional fees charged. Fees and charges may apply to your linked CommBank repayment account.
What happens if I miss one of my StepPay repayments?
StepPay will automatically deduct the four repayments from your chosen linked transaction account.
If there aren't enough funds in the account, the card will be temporarily blocked until the funds are available.
I missed a StepPay repayment and now my card is blocked. What should I do?
If this happens, please don't transfer funds into StepPay. It's faster and easier to use the new PayNow feature to repay due or upcoming instalments.
If PayNow is unavailable on your CommBank app, make sure that the required funds are in your linked account
We’ll automatically check this account a few times a day and once cleared, your StepPay will be ready to use in 1-2 business days.
Can you repay instalments early?
Yes, the new PayNow feature on the CommBank app allows customers to repay upcoming instalments with the click of a button.
Can I change my StepPay limit?
Yes, you can move your spend limit up or down all in the CommBank app.
When moving your spend limit down, keep in mind if you wish to move it up in the future, you’ll need to reapply.
Moving your spend limit up is subject to eligibility.
You can also apply a temporary spending cap to manage your short-term budgeting needs. It’s a way to reduce how much you can spend, without permanently decreasing your overall spend limit. You can turn it on or off at any time, all in the CommBank app.
Is there a list of eligible CommBank repayment accounts for StepPay?
Initially, StepPay can only be linked to a CommBank transaction account. These eligible CommBank accounts include:
Business Transaction Account, Cash Investment Account, Cash Management Call Account, Cheque Account Bearing Interest, Cheque Account Not Bearing Interest, Complete Access, Everyday Offset, Premium Business Cheque Account, Private Banking Account, Smart Access, Streamline Basic Account.
Can you access CommBank Yello Cashback Offers with StepPay?
Yes. StepPay is eligible under the CommBank Yello Cashback Offers program.
What are the differences between StepPay and CommBank AdvancePay?
They are both CommBank products.
StepPay is the CommBank buy now pay later product.
CommBank AdvancePay is where you apply to access money you expect to be paid, before your next pay day.
FAQs
Why can't i get StepPay? ›
If customers have a history of late payments, excessive credit loans, or a bad credit score, they are unlikely to be approved for StepPay. While this may seem harsh, it is for the benefit of the customer to not overspend where they cannot afford to.
Do you pay anything upfront with StepPay? ›When you make a payment equal to or greater than the Minimum Amount using StepPay, instead of paying the full amount upfront, we split the full amount into four, equal repayment amounts, and automatically deduct each of the four repayment amounts from your linked CommBank repayment account, every consecutive fortnight ...
Which buy now, pay later is easiest to get approved for? ›Afterpay offers convenient financing at a large selection of online and in-store retailers. An application process and soft credit check are required, but borrowers don't have to undergo a hard credit inquiry to qualify. This ease of use makes Afterpay suitable for shoppers using a BNPL app for the first time.
What happens if you don't pay step pay? ›If you miss a repayment, a $10 late fee may apply, and you won't be able to spend with StepPay until you have enough available funds in your repayment account. If late fees are applied, they are capped at: 1 late fee per instalment (there are 4 instalments per purchase) 2 late fees per purchase.
Why am I not eligible for pay later? ›Any late or declined payments, any previously charged off loans, or bankruptcy. A good payment history shows financial responsibility and can improve the chances of being approved. This includes purchases financed with PayPal Pay Later options.
Why my pay later is not working? ›PayLater Account gets locked when dues are not paid by the due date. After payment of dues, your PayLater Account gets unlocked on the next working day. If you are still unable to use the PayLater Account, please call our Customer Care.
Is StepPay like Afterpay? ›Unlike Afterpay, CBA's StepPay will conduct upfront credit checking upon application, offer lower fees for merchants to use the product, and it has the ability to be used anywhere through a digital card.
What is the limit on StepPay? ›Buy now, pay later and stagger your repayments
You can use StepPay to make purchases of between $100 and $2000, and then split your repayments into equal, more manageable instalments.
BNPL is offered by retailers through payment platforms such as Affirm, Klarna, or Afterpay. Consumers can use the service to make online or in-store purchases and repay only their purchase amount in installments over a short period, typically four installments over six weeks.
Which buy now, pay later doesn't do credit checks? ›Users can select Zip at checkout and choose from flexible repayment options. AfterPay: AfterPay allows shoppers to split their grocery bill into four interest-free payments, payable every two weeks. AfterPay doesn't conduct a credit check and provides a convenient payment solution for groceries.
Is there a buy now, pay later with no money down no credit? ›
homePLUS offers four NO CREDIT NEEDED programs with $0 down options, easy weekly/bi-weekly/or monthly payments, interest free periods, and up to $3500 in available funds to use. The application is quick and simple, and approval is instant.
Can you borrow money from buy now, pay later? ›Many BNPL companies also offer monthly installment loans, with the annual percentage rate (APR) determined by your credit score. The APR represents the total cost of borrowing, including the interest rate and fees, each year.
Does Step pay take the first payment? ›With StepPay you pay 25% upfront, then the rest over three fortnightly instalments.
How does step pay work under $100? ›Once chosen it's easy to pay for it online and we'll automatically split your purchases of $100 or more into four equal, fortnightly repayments. For purchases under $100, the full amount will come out of your linked CommBank account in one go, two days after the transaction is posted to your StepPay account.
Is Step pay invite only? ›StepPay is only available to our existing customers. If you're not already, you can, of course, become a customer by opening an everyday account.
Why can't i get my Afterpay to work? ›The most common reasons are: You have exceeded the $2,000 transaction limit with Afterpay. You do not have sufficient funds available on your card at the time of purchase. There may be restrictions in place with your details in the Afterpay system.
Why is my bank not allowing me to pay? ›It is common for banks not to authorize certain transactions based on their internal policies. When a payment fails, it is likely due to filters the bank applies to certain transactions made online, or amount limitations applied to the card.