Credit cards may seem like a good idea, but if you don’t fully understand the fees, limits, and fees involved, you may end up reaping more fees than you want.
Fortunately, CommBank Neo’s credit card fees and credit limits are fairly straightforward, and are explained in more detail below.
Is there an annual fee?
Rather than listing an annual fee (which is common in the credit card industry), CommBank lists the Neo card fee as a monthly fee. This charge is $12, $18, or $22–depending on the cardholder’s credit limit.
However, this monthly fee is only charged if the cardholder has not paid off his monthly balance. Therefore, if you use a CommBank Neo card, and pay it off within the specified timeframe, you won’t see any monthly fees.
The same thing applies if you don’t use your CommBank Neo card and the existing balance is paid off in full.
What is the credit limit for CommBank Neo cards?
The credit limit refers to the amount of credit that the bank will provide to the customer. These are often listed as minimum credit limits and maximum credit limits, because having a lower credit limit is better for a customer’s credit rating (and for avoiding debt).
The CommBank Neo card has a minimum credit limit of $1000, and a maximum credit limit of $3000.
It is important to understand any additional fees that may accompany a credit card. Often, these fees are related to late payments, international transactions, or additional cardholders.
With CommBank Neo, there are no hidden costs: no late payment fees, no international transaction fees, and no additional cardholder fees.
Are balance transfers offered?
A balance transfer on a credit card refers to transferring the amount you owe on one card (into a balance) to another credit card. To do so, you first need to make sure your credit card offers the feature.
With respect to the CommBank Neo credit card, balance transfers are not available.
Related: Credit Card Balance Transfer Guide