Commonwealth Bank business credit card. The limits, fees and need-to-knows

Roberto Efflandrin

With so many business credit cards on the market, it’s hard to know which one suits a company's needs the most. Interest rates play a big part in the decision, and CommBank has a card that may benefit those concerned with high rates.

The Commonwealth Bank of Australia (CBA), now commonly referred to as CommBank, was established in 1911 and has almost 16 million customers. It has representation in New Zealand, Asia, Europe, the UK, and North America.

The CommBank Neo Business interest-free card is an interesting offering. Let’s take a closer look.

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What business credit cards does Commonwealth Bank offer

CommBank has a range of business cards covering a broad selection of requirements. Some are geared towards rewards earning, while others have interest-free periods or discounted variable rates²:

  • Low Rate credit card
  • Interest-Free Days credit card
  • Business Awards credit card
  • Business Platinum Awards credit card
  • Corporate Interest-Free Days card
  • Corporate Low Rate card
  • Corporate charge card

Then there’s the one we’re featuring today:

  • Neo Business interest-free card

Do you need a CommBank Neo Business interest-free card? Who is it for?

If high-interest rates on purchases are a financial concern, the Neo Business interest-free card takes a different approach. It works on monthly fees based on certain conditions and no interest.³

For small businesses who require a low-limit credit card without paying interest on purchases, this card might be appropriate. It’s not for all businesses though, it does have some limitations which may make it unsuitable and we’ll cover those too.

What are the main features and benefits of this credit card?

The Neo Business interest-free card from CommBank does what it says, there is no interest payable on purchases. As well as that it has the following features³:

  • Simple monthly fee structure
  • Earn CommBank rewards to spend on a variety of items, including travel
  • No fee if not used during that month (see fees below for conditions)
  • Set spending caps via the NetBank app, and change it whenever needed
  • Accounting made easy - link to Xero or MYOB

The fee structure is very simple, it’s linked to the credit limit and is detailed below in the fees section.

The cons of using this credit card

There are a couple of limitations with the Neo Business interest-free card:

  • No cash advance option³
  • Maximum credit limit of $3,000 AUD³
  • No balance transfer offers³
  • Only 1 additional cardholder can be added⁴

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The credit limit provided by this credit card

The card comes with 3 credit limit options in Australian dollars³:

  • $1,000
  • $2,000
  • $3,000

At the time of application you determine which credit limit you’d prefer. It may be adjusted based on credit approval.

Can credit limits be increased?

Credit limits can be increased and decreased only within the 3 amounts listed above. If you’ve been approved for $3,000 you can adjust it at any time via the app. The fee you pay for that period will be based on the credit limit at the end of the month³

What are the fees for the CommBank Neo Business interest-free card?

The CommBank Neo Business interest-free card differs from others on the market because you’re only charged a monthly fee based on your credit limit. If the card isn’t used at all during a month, then no fee is charged for that month. The table below explains it further.

Fees & rates CommBank Neo Business interest-free card³
Monthly maintenance fee
  • $12 for a $1,000 limit
  • $18 for a $2,000 limit
  • $22 for a $3,000 limit If no purchases are made in a month, and you pay your total balance owing in full, no fee applies for that month.
Cash withdrawal or advance rate Cash advances are not an option with this card.
Foreign exchange conversion fee Fees are generated by CommBank and are shown here
Late repayment No late repayment fees
Purchase interest rate 0%
Additional cardholder fee - 1 only No extra monthly fee

fees current as at 20 February 2023

How to get a CommBank Neo Business interest-free card

Existing customers can apply via NetBank, and get their answer soon after.

New customers will need to complete an online application following these steps⁵:

  1. Provide details of earnings, expenses, assets, and all outstanding debts
  2. Confirm all the details are correct
  3. Choose the limit of $1,000, $2,000 or $3,000 and customise your card
  4. Upload photo ID and proof of income (payslips or letter from employer).

The entire process should take less than 20 minutes.

Read more: Opening a CommBank business account. All you need to know.

What are the eligibility requirements for getting this credit card?

There are a few requirements to meet before being able to apply for this card⁵:

  • You must be over the age of 18
  • Have the right to work in Australia (residency or appropriate visa)
  • Are not currently bankrupt
  • Confirm you’ve read and understood the terms and conditions

You may also be asked to provide:

  • Your proof of income (payslips are preferred)
  • Statements of money owed
  • Visa details if not a permanent resident

How long does it take to get the business credit card

CommBank doesn't state on its website how long it will take to receive your credit card to your address. Factors like location, postal service delays, and national holidays can all affect this time period.

What if your application is rejected/declined?

An application for a credit card, even a low-limit one like the CommBank Neo Business interest-free card, doesn’t automatically guarantee approval.

The two most common reasons for an application to be rejected are an error in the application or a poor credit rating.

If there was an error in the application, CommBank, at its discretion, may allow you to resubmit it with the corrected details.

Personal and business credit checks are performed with every new application. Before applying, it would be worth confirming with one of Australia’s 3 credit agencies that your rating is strong.

What else do I need to know?

This card may be appropriate for businesses that don’t want to pay interest and prefer a monthly fee. The low maximum credit limit, no cash advance options, and the ability to only add one extra cardholder may be a deterrent for some.

Compare the other business credit cards that CommBank has to offer. The low-rate business card, for example, has a maximum limit of $50,000 AUD, and has a larger range of services.²

Commonwealth Bank Business contact details

CommBank business customers can call 24/7:

  • Within Australia: 13 1998
  • From overseas: +61 2 9009 0593

There are alternative contact options:

  • Via the NetBank app on your smartphone
  • The online FAQ section has a range of questions and answers
  • Contact your business banker

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The Wise business debit card can be used at ATMs, in-store, or online shopping via the Mastercard network. Additional cards can be made available for other team members as you choose, with one fixed card-creation fee per card and no monthly fees.

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  1. CommBank our company
  2. CommBank business credit cards
  3. CommBank Neo Business interest-free credit card
  4. CommBank additional cardholders
  5. CommBank application process - new customer

Sources checked on: 20 February 2023

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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