In all kinds of scenarios, being able to buy now, pay later can be a lifesaver. Whether you’re covering your everyday staples like groceries or petrol, shopping for a new outfit to impress at a job interview, or if you’re hit with a bill you didn’t expect.
It might be something you need, or just something that helps you lead a fuller life, but you don’t want everyday and unexpected costs to bite into funds you've earmarked for other things. You also don’t want it to mean you miss out on something else that’s important to you. You don’t want to have to choose.
That’s when it makes sense to “spend and split” – spread out over four equal payments and give yourself some breathing room. And that’s where StepPay, CommBank’s buy now pay, later product, comes in.
The benefits of all-in-one-place payments
StepPay sits in your CommBank app alongside all your other banking so you can see, at a glance, your account information, what you’ve spent, and any repayments coming up.
It’s far easier than tracking repayments spread across multiple banks, lenders, apps and online dashboards. And not having to use lots of different passwords is a bonus too. Not to mention the relief of feeling in control of your spending, and on top of your budget.
Use StepPay wherever
With StepPay you’re not limited to participating retailers – there’ll be no awkward moment at the register waiting to see if your card is accepted. So, your medical specialist, your favourite online retailer, even your local market stall – if they accept Mastercard®, then they’ll accept StepPay. Online and in-store.
It’s the go-to banking product you can use for all your wants and needs, every day. And activating your StepPay is easy – just three simple steps.
Buy now, pay later and stagger your repayments
StepPay can help give you greater financial control as well as peace of mind knowing that whenever and wherever costs crop up, you’ve got them covered. You can use StepPay to make purchases of between $100 and $2000, and then split your repayments into equal, more manageable instalments. These will automatically come out of your linked CommBank repayment account. No need to nibble away at your savings for everyday bills or break your carefully crafted budget.
Apply for StepPay to check your eligibility, and once activated, add the card to your digital wallet to start spending.Learn more about the simple steps to eligibility
No hidden extras
When you purchase using StepPay there’s no interest charged and no account-keeping fees. There are late payment fees if you default, but they’re capped at a maximum yearly late payment fee.
FAQs
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 ...
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 ...
Why can't I get step pay? ›
To be able to take advantage of StepPay, ensure any other credit products you have with CommBank are in good order. We will run a credit check, to assess your eligibility, so make sure any credit products you have with other providers are also in order.
What is the limit on StepPay? ›
You can enjoy: No interest charges. No monthly or annual fees. Spend limits up to $2,000.
How does StepPay work? ›
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. These will automatically come out of your linked CommBank repayment account.
Is there a buy now pay later with no money down? ›
BUY NOW - PAY LATER - INTEREST FREE: homePLUS makes it easy to get what you need today, even if you don't have the funds available for a few months. $0 Down, 0% Interest for up to six full months after purchase!
Is StepPay like Afterpay? ›
While aspects of StepPay like the upfront credit checking, lower merchant costs, and ability to use the card anywhere are different to Afterpay, other aspects of the product are similar, including limiting customers who are late on repayments from using the product again until all payments are up to date.
Does StepPay increase credit score? ›
Using StepPay does not necessarily improve your credit score, however it is beneficial because it generates a credit history. Having a positive credit history is important when individuals apply for loans, such as significant investments like property.
What is NAB now pay later? ›
How NAB Now Pay Later works. NAB Now Pay Later is our buy now pay later service connected to one of your NAB accounts. It lets you split the cost of a purchase into four fortnightly repayments. You pay the first instalment up front and the remaining instalments every few weeks.
Does Step let you borrow money? ›
We offer loans from $500 to $2,500.
Link your Step account to a bank account or other financial institutions like Venmo, Cash App, Paypal to transfer funds (arrives in 1-3 business days)
What is smart pay on Step? ›
We built Step Smart Pay so you never pay interest or fees of any kind and you cannot spend more than what you have in your account. Each time you use your Step Card, it reflects positively on your credit history and helps build up your credit.
Does Step pay take the first payment straight away? ›
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.
What is buy now and pay later? ›
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.
Does step pay you early? ›
How early do you get paid with Step direct deposit? When you set up direct deposit in the Step app, your paycheck will be available as soon as Step receives it. That's often up to two days earlier than you'd get it at some traditional financial institutions.
Do you pay anything upfront with Afterpay? ›
We pay the retailer in full and upfront on your behalf. You pay for the first instalment of approx. 25% at the time of purchase, and the remaining three instalments will be automatically deducted from your nominated debit or credit card over the following six weeks. How do I set up an Afterpay account?
How does step pay work under $100? ›
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.
What does pay upfront? ›
An upfront payment is when a business collects payment (either in full or with a partial payment) before they've delivered the service or goods.
