Neo credit card review

Earn 1% (+2% with a Premium Plan) cash back on gas and grocery purchases with the Neo Financial credit card, and enjoy a $0 annual fee. Neo Financial is a fully online financial institution that competes with traditional banks by offering innovative, low-cost ways of spending and investing. But there are some drawbacks to the Neo credit card, which we break down in this review.

Neo credit card plans

When you get a Neo Financial credit card, you can choose between two plans:

• Standard (free): Depending on the spending category, you can earn an average of 5% cash back at Neo partner retailers. Earn 1% cash back on gas and groceries and 0% on all other spending.
• Premium ($9.99/month): Earn accelerated cash back at Neo partner retailers (between 2% – 6%, depending on the spending category). Earn 3% cash back on gas and groceries. This plan comes with credit score monitoring, purchase protection, legal help, group life insurance and priority customer support.

How to boost your cash back with the Neo Mastercard

Compared to other Neo Financial credit cards, the cash back rate with the Neo Credit Mastercard is limited. But you can jump to a higher tier by holding $5,000 or more in a Neo Everyday Account. This increases your cash back rate from 1% to 3% on groceries and gas, plus you can start earning 0.5% cash back on all other purchases.

Neo credit card perks

• Accelerated cash back. Earn an average of 5% – 6% cash back when you spend at Neo partner retailers. Earn 1% – 3% on gas and grocery purchases (depending on your monthly plan and spending category).
• No monthly/annual fees with standard plan. Standard plan members pay $0 maintenance fees for the Neo credit card in Canada.
• Premium plan perks. For $9.99 a month, Premium plan members get priority customer support, credit score monitoring services, extended warranty protection, purchase protection, legal assistance and group life insurance.
• Highly rated mobile app. Available for Android and iOS, the Neo Financial app is well designed and gets great reviews.
• Easily control your card settings. No need to reach out to customer support to freeze your card, disable specific transactions or request a card replacement. You can do all this directly in the app.
• Low minimum, high maximum. The Neo Mastercard credit card limit runs from $500 to $10,000 (subject to approval).
• Neo insights. Track your spending and get AI-generated personalized financial insights, regardless of whether you have the standard or Premium plan.

What to watch out for with the Neo credit card

• High interest rates for bad credit cardholders. If you have poor credit, your Neo card interest rate could be as high as 29.99% for purchases and 31.99% for cash advances.
• Limited and confusing cash back rewards. A $500 spending cap applies to cash back earnings on gas and groceries. Reward limits can vary by type, partner and special offer.
• Limited benefits with the standard plan. Unless you pay monthly for the Premium plan, you’ll be missing out on many of the perks you can get with other rewards credit cards like complimentary travel insurance, auto rental discounts, extended warranty coverage and purchase protection. Rewards are cash back only; you can’t redeem rewards for merchandise, gift cards or experiences.
• No balance transfers. You can’t initiate a balance transfer with the Neo credit card in Canada.
• No in-person service. Neo Financial operates entirely online, so you can’t go to a local branch for in-person support.

The standard Neo Mastercard requires a hard credit check. If you’re looking for a cash back credit card with no credit check and no annual fee, check out the Neo Secured Mastercard.

Neo credit card interest rates

What should I know before I apply for the Neo Mastercard?

Thinking about applying for the Neo credit card in Canada? Here’s what you should know.

Eligibility requirements

To apply for the Neo Financial Mastercard you must:

• Be a resident of Canada
• Be at least the age of majority in your province or territory (18 or 19 years old)
• Have a credit score of 640 – 900

Required documents and information

• Your full name and contact information
• Your Social Insurance Number (SIN) and date of birth
• Your employment details
• Your financial information, including any debts and assets
• Canada-issued photo ID

How to apply for the Neo credit card

1. Go to the Neo Financial website, or select the button below.
2. Create a Neo Financial profile, if you don’t already have one. Provide your name, email address and phone number.
3. Enter basic details such as your date of birth, address and employment information.
4. Verify your identity by taking a photo of yourself and your photo identification such as a driver’s license, provincial ID card or Canadian/international passport.
5. Set your preferred credit limit. Review and submit your application.
6. If approved, you’ll receive your card within 15 business days (3-5 business days with rush delivery).
7. Activate the Neo Mastercard online without signing into your account. Go to the account login page, select the Activate button and follow the prompts.

How safe is the Neo credit card?

As a Money Services Business, Neo Financial is subject to regulation by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). The company partners with other well-known financial institutions to provide services, including Mastercard and Peoples Bank.

Neo uses verification codes as an added layer of protection for customer accounts. If an unauthorized user gains access to your card, you can easily login to your account and freeze your card, disable certain transactions or request a replacement card.

Bottom line

The Neo Mastercard offers cash back rewards up to 5% at partner retailers and 1% – 3% on gas and groceries. There’s no annual fee (with the standard plan), but if you upgrade to the Premium plan for $9.99/month, you’ll get extra perks like credit score monitoring and priority customer support.

If you’re looking for a luxury credit card with lots of benefits and optional in-person service, the Neo credit card might not be a good fit. But it’s a great option if you want a low-cost card with cash back rewards and flexible mobile money management tools.