Commonwealth Bank wins over millennials with new Neo zero interest credit card

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Commonwealth Bank is hoping its zero interest credit card will buck the trend of declining popularity of personal lending products. 

The country’s largest retail bank at its half-yearly results revealed its new Neo card made up a third of all credit card approvals in the December quarter.

CBA retail banking executive Angus Sullivan said the zero-interest card had primarily been adopted by younger customers, who are looking for more simple and easier to understand credit products.

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