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CBA trials another no-interest credit product

Commonwealth Bank is trialling a new interest-free credit service called AdvancePay, offering customers up to A$750 without interest.

It follows the launch of the bank’s no-interest credit card CommBank Neo in September and CBA’s partnership with buy now pay later provider Klarna at the start of the year.

NetBank customers receiving regular income can apply for “money they expect to be paid,” the bank said.

Customers pay an upfront fee of $5 for advances of up to $500 and $10 for larger amounts.

If the money is repaid by the nominated pay date, the bank charges no interest. If the customer does not make the repayment on the scheduled date interest is charged against the outstanding amount.

AdvancePay will not be offered in every pay cycle and it will not be available to customers in hardship or arrears with credit payments.

 

 

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