Neo Mastercard review (formerly Neo Credit Card)
Oct 30, 2025
While we adhere to strict editorial guidelines, partners on this page may provide us earnings.
Overall rating
First year value
$243
Get this card if you:
- already have a savings account with Neo so you can earn more cash back
- are a smart shopper who is good at checking for Neo partners to earn more rewards
- want to avoid paying a high annual fee
Scores by category
Cash Back 2.2
No Annual Fee 1.5
At a glance
The Neo Financial Mastercard is a no-annual-fee credit card that offers cash back rewards on everyday purchases, with higher rates available when shopping at participating partners. Cardholders can redeem cash back at any time without minimum balance requirements, and the card is accessible to Canadians nationwide, including Quebec.
Highlights
$243
First year value
$0
Annual fee
$10 for a supplemental card
Interest Rates
19.99% - 29.99%
Purchase APR
22.99% - 31.99%
Cash advance APR
Eligibility
Fair
Recommended credit score
Quick overview
Quick overview of the Neo Mastercard
The Neo Mastercard (also known as the Neo Financial Mastercard) is a high-rewards credit card with no annual fee. It has a tiered earn rate based on the amount in your Neo Everyday account. With $10,000 in your account, you'll unlock the highest earn rate of 1% on gas and groceries and 1% on everything else. The card charges no monthly or annual fees and offers unlimited transactions without any out-of-pocket costs.
Who's it for?
Who’s this Neo credit card for?
The Neo Mastercard is designed to benefit a wide range of individuals. Whether you are a frequent shopper looking to earn cash back on your purchases, especially gas and groceries, or want the flexibility to redeem rewards in various ways, this credit card has something to offer.
That broad appeal doesn’t mean some Canadians won’t find more value with Neo than others. The following Canadians will benefit most from a card like the Neo credit card:
- Everyday spenders who love to save: Neo rewards you more based on how much you have saved in a Neo savings account, up to 4% cash back on groceries with a $10,000 account balance.
- Savvy shoppers looking to maximize rewards with Neo partners: While Neo caps the bonus categories depending on your Neo savings balance, earning bonus rewards with over 10,000 Neo partners is an easy way to maximize rewards without worrying about account balances.
- Credit builders: Neo is a compelling option for those with limited credit history thanks to its secured Neo Mastercard option (with a $5 monthly fee). Combined with no annual fee and credit limits starting as low as $500, the Neo Mastercard is perfect for those just starting their credit journey.
If you prefer a hassle-free redemption process without any minimum balance requirements or waiting for an annual statement credit, the Neo Mastercard is the perfect fit for you. Best of all, the Neo Mastercard is available Canada-wide, including Quebec, so Canadians across the country can enjoy the great cash back rate wherever they shop.
Pros and cons
Pros and cons
Pros
- No annual fee
- Cash back rewards on purchases
- Even more cash back potential with 10,000 Neo partners
Cons
- Potentially high APR
Welcome bonus
Neo credit card welcome bonus
While the Neo Mastercard does not provide a welcome bonus in the traditional sense, however, new members do enjoy massive cash back on first-time purchases at participating partners. And new offers are constantly being added by Neo.
How to earn rewards
How to earn cash back with Neo Mastercard
The main allure of the Neo Financial Mastercard is the ability to earn a big ol' 1% cash back on gas and groceries and 1% on everything else...so long as you have $10,000 in your account.
Right, $10,000 in your account is a lot. Here's the breakdown of the earning tiers for cash back.
| Account balance | Gas and groceries | Everything else |
|---|---|---|
| $0 | 1% | 0% |
| $1,000 | 1% | 1% |
| $3,000 | 1% | 1% |
| $5,000 | 3% | 1% |
| $10,000 | 1% | 1% |
Spending caps
Now, there are spending caps as well with the Neo Financial Mastercard.
To max everything out, with your $10,000 account balance, you'll spend $$500 on gas on groceries, $$500 on grocery on gas, and $$1,667 on all else on everything else. That would give you $56.66 per month or $679.22 per year, which is a pretty fat cash back reward for a no annual fee card.
If you're like me, I overspend in the grocery category, underspend in the gas category, and unfortunately would blow past the limit on everything else. And, the worst part, I wouldn't hold that much cash in my account (while all the big banks do this to waive the monthly fees, it's usually $4,000 to $6,000.
Let's say you carry very little in this account, say a few hundred bucks, (because you're in one of the best high interest savings accounts instead). Let's say you spend $200 on gas, $1,200 on groceries and make about $2,000 in purchases outside those categories every month. Your cash back drops to $7.00.
Neo top tip:
Milk those partner stores for all they're worth! We're talking 2 to 6% cash back at local Canadian shops. It's like finding loonies in your couch, but way more lucrative.
Earn more cash back with Neo partners
But, Neo has over 10,000 partners where you can earn extra cash back.
You can view Neo Financial partners and their cash back offers directly in the app. You can even take a peek by signing up with your email before you apply for the card. Just browse Neo partners by looking at the map based on your location or by category (i.e. Restaurants, Health & Wellness or Apparel).
How lucrative can those offers be? According to Neo, the average cash back with Neo partners is 5% back. Let's say you spend $5,000 annually at partner stores. That's an extra $250 in cash back, on top of your regular earnings!
You can find a full list of Neo partners via the Neo app or website. Simply open the "rewards" section of the app and use the search bar to find partners in your area. Here are some of Neo's biggest partners:
| Restaurants | Apparel | Other |
|---|---|---|
| Freshii | Roots | Shell |
| Mucho burrito | Hudson's Bay | Public Mobile |
| Boston Pizza | Harry Rosen | Pet Valu |
Some of the best cash back offers come from local businesses, so cardholders can earn the highest rewards by supporting business owners in their own neighbourhood, not just the big chains.
How to redeem
How to redeem cash back with Neo Financial credit cards
The Neo Mastercard isn't just about cash back – it's about making your money work smarter, not harder. With instant cash back earning, no worries about point devaluation, and the flexibility to use your rewards however you want, it's like having a little financial wizard in your wallet.
Redeeming cash back from Neo Mastercard is a simple process. You can access your cash back at any time to pay off your credit card statements, deposit it into a savings account or purchase merchandise online at the Neo Store. Best of all, unlike other cash back credit cards, there are no minimum balance requirements or the need to wait for an annual statement credit to redeem your rewards.
Key benefits
Key benefits of the Neo Mastercard
The Neo Mastercard from Neo Financial offers plenty of benefits, but here are our top benefits:
- Bonus cash back offers: Double-digit cash back offers pop up regularly from Neo partners. Expect great rewards from first-time and repeated visits to your favourite local businesses.
- Fully digital: Unlike a traditional Financial Institution, you don’t need to set foot in a branch to apply for Neo Mastercard because you can do everything from your mobile device.
- No annual or monthly fees: Where most credit cards have an annual fee you need to pay to receive their benefits, Neo charges $0.
Secured Option Available
Like other Neo credit cards, the Neo Mastercard also offers a secured version for potential applicants. The Neo Secured Mastercard requires a security deposit to open, with the deposited amount equal to the credit line of the card. Need more credit? Simply deposit more funds to boost your credit limit.
$184
First Year Value
$0
Annual Value
Get this card if you...
- have a low credit score
- want to improve your credit score
- want to earn cash back on everyday purchases
Annual Fee & Annual Interest Rates
$96
Annual Fee
19.99% - 29.99%
Purchase
22.99% - 31.99%
Cash Advance
Our Take
The Neo Secured Mastercard is a secured credit card designed to help individuals build or rebuild their credit history. It offers cash back rewards on purchases, with earn rates that increase based on the balance maintained in a linked Neo Everyday account.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
- Low minimum security deposit
- Cash back rewards on purchases
- No hard credit check
Cons
- High APR range
- $7.99 monthly fee
Annual Interest Rates
19.99% - 29.99%
Purchase
22.99% - 31.99%
Cash Advance
Fees
$96
Annual Fee
Rewards cash back
1%
1% cashback on gas and groceries
Up to 15%
Earn up to 15% back at over 10,000 Neo partners across Canada
Our Take
The Neo Secured Mastercard is a secured credit card designed to help individuals build or rebuild their credit history. It offers cash back rewards on purchases, with earn rates that increase based on the balance maintained in a linked Neo Everyday account.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
- Low minimum security deposit
- Cash back rewards on purchases
- No hard credit check
Cons
- High APR range
- $7.99 monthly fee
Annual Interest Rates
19.99% - 29.99%
Purchase
22.99% - 31.99%
Cash Advance
Fees
$96
Annual Fee
Rewards cash back
1%
1% cashback on gas and groceries
Up to 15%
Earn up to 15% back at over 10,000 Neo partners across Canada
Neo top tip:
Every on-time payment is reported to Equifax and TransUnion. It's like doing push-ups for your credit score – no sweat required!
Insurance coverage
Neo Mastercard insurance coverage
Neo standard Mastercard does not provide insurance coverage. Instead, Neo offers a selection of "Perks" for an additional monthly fee (you can cancel anytime). The following premium perks provide additional insurance coverage:
Plan
Perks
Cost
Travel
2% cash back on all foreign transactionsPriority Pass airport lounge access at over 1,300 locations worldwideSmartDelay free airport lounge access when registered flights are delayed by more than an hourComprehensive travel insurance coverage from Chubb including emergency travel medical, trip cancellation, car rental protection, flight delay, and more
$7.99 per month
Mobile and personal
Mobile device damage and theft protection (up to 2 claims per year with $49 deductible and $500 limit), Dashlane Premium subscription for secure password management, $1 million in fraud, ransomware, and social engineering coverage
$9.99 per month
Premium
2% cash back boost on gas and groceries, boosted cash back with Neo partners (6% back), Get access to credit monitoring directly in the Neo app—provided by TransUnion®, Enhanced purchase protection and extended warranty, plus $2,500 group life insurance and 24/7 legal assistance
$9.99 per month
As mentioned, these plans are an additional charge to your account and these charges can be cancelled at any time. However, keep in mind that adding the Travel perk is an additional $95.88 per year in charges, which you should consider as an annual fee if you plan to keep.
It's important to note that the Travel perk is not available in Quebec, and some perks may have specific terms and conditions. You can manage your perks through the Neo mobile app, adding or removing as desired to tailor your preferred rewards experience.
Extra benefits
Extra benefits of the Neo Financial Mastercard®
The Neo Card is powered by Mastercard®, so your Neo Credit Card is accepted anywhere Mastercard is accepted. Applying for the Neo Mastercard will count as a new credit application and your payment history will contribute to your credit score.
Other benefits:
- Real-time spending notifications
- Track cashback rewards in your Rewards wallet
- Up to $10,000 credit limit
Other Neo Perks
Neo Mastercard also features two other Perks for an additional cost. These options are Neo Food Perk and the Mind and Body Perk:
- Food and Drink ($1.99 per month): 1.25x more rewards at partner restaurants and cafes, 1.25x more rewards on food deliveries from Neo partners.
- Mind and Body ($9.99 per month): 1.25x more rewards at gyms, fitness classes, yoga studios, recreational centres, vitamin & supplement suppliers, and wellness practitioners, free subscription to Headspace Plus, with hundreds of meditation and mindfulness exercises, one free fitness class per month and FitOn PRO workouts including unlimited access to premium music and personalized meal plans.
How it compares
How does the Neo Credit Card compare?
Here's how the Neo Financial Mastercard® (Neo Card) compares with other cards:
5% cash back
Welcome Bonus
$401
First Year Value
$276
Annual Value
Welcome Bonus: Get up to 5% cash back in your first 3 months and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.† Expires Jan 31, 2026
Get this card if you...
- want to earn cash back on everyday purchases
- value the flexibility to redeem cash back at any time
- value a great welcome offer
Annual Fee & Annual Interest Rates
$0
Annual Fee
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Our Take
The BMO CashBack® Mastercard®* is a no-annual-fee credit card that allows cardholders to earn cash back on everyday purchases, with elevated rates for categories such as groceries and recurring bill payments. It offers flexible redemption options and includes benefits like purchase protection and extended warranty.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
- No Annual Fee: A rare find in Canada for a cash back card
- A generous 3% cash back on groceries (up to $500 monthly)
- Easily redeem from $1, set up automatic redemptions, or use as a statement credit
- Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
- Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
- Monthly caps on top earn rates for groceries and recurring payments
- A 2% balance transfer fee applies
- The interest rate on the remaining balance transfer amount increases after the introductory period
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
Rewards cash back
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
Get up to 5% cash back in your first 3 months and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.†
Plus, enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
*Terms and Conditions Apply
Our Take
The BMO CashBack® Mastercard®* is a no-annual-fee credit card that allows cardholders to earn cash back on everyday purchases, with elevated rates for categories such as groceries and recurring bill payments. It offers flexible redemption options and includes benefits like purchase protection and extended warranty.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
- No Annual Fee: A rare find in Canada for a cash back card
- A generous 3% cash back on groceries (up to $500 monthly)
- Easily redeem from $1, set up automatic redemptions, or use as a statement credit
- Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
- Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
- Monthly caps on top earn rates for groceries and recurring payments
- A 2% balance transfer fee applies
- The interest rate on the remaining balance transfer amount increases after the introductory period
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
Rewards cash back
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
Get up to 5% cash back in your first 3 months and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.†
Plus, enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
*Terms and Conditions Apply
BMO Cashback Mastercard - 🏆 winner, best no fee card in the Money.ca Credit Card Awards
The BMO CashBack MasterCard charges no annual fee† yet provides one of Canada's highest cash back on groceries at 3%*. That’s competitive with a number of upper-tier cards and a serious contender against the Neo Mastercard. The BMO CashBack Mastercard also offers a second accelerated earn rate of 1% on recurring bills, as well as a more standard 0.5% on all other eligible purchases*.
Disclosures:
- *Terms and conditions apply
-
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
5% cash back
Welcome Bonus
$393
First Year Value
$243
Annual Value
Welcome Bonus: Earn 5% Cash Back†† on eligible gas and grocery purchases for the first 6 months (until the total gas and grocery purchases in the applicable month reaches $500).
Get this card if you...
- want to earn cash back on gas and groceries
- value a no-annual-fee card that still offers strong rewards
- want a flexible rewards program
Annual Fee & Annual Interest Rates
$0
Annual Fee
21.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Our Take
The MBNA Smart Cash Platinum Plus® Mastercard® is a no-annual-fee credit card that offers cash back on everyday purchases, with elevated rates for gas and groceries. Cardholders also benefit from features such as purchase assurance and extended warranty.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
- Generous Welcome Bonus to earn accelerated rewards during the initial six months of account opening
- No annual fee
- Ongoing cash back rewards after the welcome bonus - up to 2% cash back on eligible purchases
- Car rental discounts
- MBNA Payment Plan: Flexible payment options for purchases over $100, which is a nice perk for budget management.
- Purchase assurance and extended warranty
Cons
- Monthly spend cap on the welcome bonus rewards earn rate
- Limited reward categories
- Potential fees for payment plan
- No travel rewards or premium perks
Annual Interest Rates
21.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
Rewards cash back
2%
Cash Back‡ on eligible gas and grocery purchases thereafter (until the total gas and grocery purchases in the applicable month reaches $500)
0.5%
Get 0.5% Cash Back‡ for all other eligible purchases
Insurance Benefits
$200,000
Rental car insurance amount
Earn 5% Cash Back on eligible gas and groceries purchases for the first 6 months†† ($500 monthly spend cap).
Our Take
The MBNA Smart Cash Platinum Plus® Mastercard® is a no-annual-fee credit card that offers cash back on everyday purchases, with elevated rates for gas and groceries. Cardholders also benefit from features such as purchase assurance and extended warranty.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
- Generous Welcome Bonus to earn accelerated rewards during the initial six months of account opening
- No annual fee
- Ongoing cash back rewards after the welcome bonus - up to 2% cash back on eligible purchases
- Car rental discounts
- MBNA Payment Plan: Flexible payment options for purchases over $100, which is a nice perk for budget management.
- Purchase assurance and extended warranty
Cons
- Monthly spend cap on the welcome bonus rewards earn rate
- Limited reward categories
- Potential fees for payment plan
- No travel rewards or premium perks
Annual Interest Rates
21.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
Rewards cash back
2%
Cash Back‡ on eligible gas and grocery purchases thereafter (until the total gas and grocery purchases in the applicable month reaches $500)
0.5%
Get 0.5% Cash Back‡ for all other eligible purchases
Insurance Benefits
$200,000
Rental car insurance amount
Earn 5% Cash Back on eligible gas and groceries purchases for the first 6 months†† ($500 monthly spend cap).
The MBNA Smart Cash Platinum Plus® Mastercard® is another popular option without an annual fee. The card earns 2% back on gas and groceries‡ (up to $500 in spending per month) plus 0.5% back on all other purchases‡ for all other eligible purchases.
Disclosures:
-
‡, ††, ✪, Terms and Conditions apply.This offer is not available for residents of Quebec. For residents of Quebec, please click here.Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.
$297
First Year Value
$0
Annual Value
Get this card if you...
- want to earn cash back with no annual fee to pay
- have a credit score in the "good" range
- do most of your spending on groceries, gas, and recurring bills
Annual Fee & Annual Interest Rates
$0
Annual Fee
19.99% - 29.99%
Purchase
22.99% - 31.99%
Cash Advance
Our Take
The Neo World Elite® Mastercard® is a premium cash back credit card offering elevated earn rates on categories such as groceries, gas, and recurring bills, with the potential for increased rewards through Neo's Premium service. Cardholders benefit from comprehensive insurance coverage, including auto rental collision and damage protection, emergency medical insurance, and extended warranty.
Eligibility
Good (620 - 670)
Recommended Credit Score
$50,000
Required Annual Personal Income
$80,000
Required Annual Household Income
Pros
- No annual fee: $0 annual fee means you don't have to pay to access enhanced rewards
- Get up to 2% cashback on purchases
Cons
- Limited insurance: The card provides only basic coverage with more comprehensive coverage costing you more
- Confusing language: Neo could be clearer with its explanations of its products and services
Annual Interest Rates
19.99% - 29.99%
Purchase
22.99% - 31.99%
Cash Advance
Fees
$0
Annual Fee
Insurance Benefits
$1,000
Hotel burglary insurance
Our Take
The Neo World Elite® Mastercard® is a premium cash back credit card offering elevated earn rates on categories such as groceries, gas, and recurring bills, with the potential for increased rewards through Neo's Premium service. Cardholders benefit from comprehensive insurance coverage, including auto rental collision and damage protection, emergency medical insurance, and extended warranty.
Eligibility
Good (620 - 670)
Recommended Credit Score
$50,000
Required Annual Personal Income
$80,000
Required Annual Household Income
Pros
- No annual fee: $0 annual fee means you don't have to pay to access enhanced rewards
- Get up to 2% cashback on purchases
Cons
- Limited insurance: The card provides only basic coverage with more comprehensive coverage costing you more
- Confusing language: Neo could be clearer with its explanations of its products and services
Annual Interest Rates
19.99% - 29.99%
Purchase
22.99% - 31.99%
Cash Advance
Fees
$0
Annual Fee
Insurance Benefits
$1,000
Hotel burglary insurance
The Neo World Mastercard is the closest sibling to the Neo Mastercard and offers many of the same features, with a twist. The Neo World Mastercard® also features no annual fee but offers slightly enhanced rewards based on your spending (and savings).
If you meet the minimum income requirements, the Neo World Mastercard offers better rewards than the base rate with Neo. If you don't meet the income threshold, the Neo Mastercard is still a dependable choice.
Disclosures:
-
Terms and Conditions Apply
Minimum balance in a Neo Everyday account required to earn the highest rate. Cashback earn subject to monthly maximum spend limits. Cashback may be limited and varies by perks, offer, and partner. There may be monthly limits for boosted cashback offers.
Certain terms, conditions and exclusions apply. For more information, please refer to your benefits guide or contact Neo Financial™.
$624
First Year Value
$0
Annual Value
Get this card if you...
- you already bank with Neo and can maximize the cash back rewards
- want premium travel insurance coverage
- are a savvy shopper willing to search for Neo partners
Annual Fee & Annual Interest Rates
$125
Annual Fee
19.99% - 29.99%
Purchase
22.99% - 28.99%
Cash Advance
Our Take
The Neo World Elite® Mastercard® is a premium cash back credit card offering elevated earn rates on categories such as groceries, gas, and recurring bills, with the potential for increased rewards through Neo's Premium service. Cardholders benefit from comprehensive insurance coverage, including auto rental collision and damage protection, emergency medical insurance, and extended warranty.
Eligibility
Good (620 - 670)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Pros
- World Elite Perks: Comprehensive insurance coverage through Mastercard
- Approval Process: Quick approval and instant use of a virtual card
- Lucrative rewards: Up to 5% cash back
Cons
- Annual fee: $125 annual fee
- Income requirements: High income requirements prevent many from accessing the card
Annual Interest Rates
19.99% - 29.99%
Purchase
22.99% - 28.99%
Cash Advance
Fees
$125
Annual Fee
Insurance Benefits
$1,000,000
Emergency medical insurance amount
$1,000
Hotel burglary insurance
$65,000
Rental car insurance amount
Our Take
The Neo World Elite® Mastercard® is a premium cash back credit card offering elevated earn rates on categories such as groceries, gas, and recurring bills, with the potential for increased rewards through Neo's Premium service. Cardholders benefit from comprehensive insurance coverage, including auto rental collision and damage protection, emergency medical insurance, and extended warranty.
Eligibility
Good (620 - 670)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Pros
- World Elite Perks: Comprehensive insurance coverage through Mastercard
- Approval Process: Quick approval and instant use of a virtual card
- Lucrative rewards: Up to 5% cash back
Cons
- Annual fee: $125 annual fee
- Income requirements: High income requirements prevent many from accessing the card
Annual Interest Rates
19.99% - 29.99%
Purchase
22.99% - 28.99%
Cash Advance
Fees
$125
Annual Fee
Insurance Benefits
$1,000,000
Emergency medical insurance amount
$1,000
Hotel burglary insurance
$65,000
Rental car insurance amount
The Neo World Elite® Mastercard differs significantly from the Neo Mastercard and Neo World Mastercard in that it charges a premium annual fee of $125 and requires much steeper income thresholds. For that fee, however, you get more rewards, more insurance, more of everything.
The World Elite version of the Neo Mastercard earns 5% back on groceries, 4% back on recurring bill and subscription payments, 3% back on gas and 1% back on everything else. Add to that comprehensive travel and accident insurance and higher credit lines and you have a premium cash back card worth considering.
Here's how the Neo credit cards compare:
Disclosures:
-
Terms and Conditions Apply
Minimum balance in a Neo Everyday account required to earn the highest rate. Cashback earn subject to monthly maximum spend limits. Cashback may be limited and varies by perks, offer, and partner. There may be monthly limits for boosted cashback offers.
Certain terms, conditions and exclusions apply. For more information, please refer to your benefits guide or contact Neo Financial™.
What cardholders say
What Neo users have to say
Cardholder and user reviews for the Neo Mastercard are mixed. Many praise the card’s no annual fee and useful add-ons like credit-building. Additionally, many love Neo’s cash back categories, with Neo savers particularly pleased about the up to 4% cash back rate on groceries.
However, other cardholders note issues with Neo Financial - and particularly the rates, fees and customer service. Some users highlight examples of issues including unannounced APR increases, unexpected credit limit decreases and account freeze woes while others criticize Neo's customer service, with one user (let's call him Aaron D) describing Neo's customer service reps as "just puppets" – ouch!
"It's great there is no fee. However I don't like the fact its not straight forward how much rebate one earns. Seems like its designed to be flexible (for them) and one can not even get a sneak peak without applying? I prefer transparency..."
Online review by user /savemoresaveoften
Is it worth it?
Is the Neo Mastercard worth it?
So, is the Neo credit card a good card? The Neo Mastercard credit card is the most rewarding cash back credit card currently available on the Canadian market. If you’re looking for a rewarding cash-back card for everyday spending, Neo Financial is your best option. The card is especially rewarding if you frequent local restaurants and cafes that are most likely to be Neo partners and offer bonus cash back for first-time or repeated visits.
Neo Financial is revolutionizing the way people spend, save, and earn rewards. Neo currently offers this high rewards cashback credit card and a high-interest savings account (Neo Savings Account). However, expect more from them in the future!
More: Read our Neo Financial review
Eligibility
Eligibility requirements
You need a credit score of at least 710 or higher to qualify for a Neo Mastercard. However, if you’re not quite there yet, you can apply for the Neo Secured Mastercard—a secured card that lets you earn cash back while helping you build your credit history, with responsible use.
Neo offers credit limits up to $10,000 depending on your income history and credit score. Interest rates on purchases range from 19.99% - 29.99% (119.99%-24.99% for Quebec residents). You’ll be able to see your offer in the Neo app before you accept it. Once you accept, you’ll get your Neo Credit to add to your Apple Pay or Google Pay wallet, so you can begin earning cash back right away.
FAQs
FAQs
Bridget Casey
Author
Bridget Casey is the award-winning entrepreneur behind Money After Graduation, a Canadian financial literacy website aimed at 20 and 30-somethings. She holds a BSc. from the University of Alberta, and an MBA in Finance from the University of Calgary. She has been featured as a millennial financial expert by Yahoo! Finance, TIME Magazine, Business Insider, CBC and BNN. Bridget was recognized as one of Alberta's Top Young Innovators in 2016.
Cory Santos
Senior Reporter
Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, BlogTO, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk. He's also the creator and author of the annual Money.ca Credit Card Awards.
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