Neo Secured Mastercard review
Nov 12, 2025
While we adhere to strict editorial guidelines, partners on this page may provide us earnings.
Overall rating
First year value
$184
Get this card if you:
- have a low credit score
- want to improve your credit score
- want to earn cash back on everyday purchases
Scores by category
Cash Back 1.9
No Annual Fee 1.2
At a glance
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.
Highlights
$184
First year value
$96
Annual fee
$7.99 monthly fee
Interest Rates
19.99% - 29.99%
Purchase APR
22.99% - 31.99%
Cash advance APR
Eligibility
Poor
Recommended credit score
Quick overview
The Neo Secured Mastercard is a secured credit card with a $7.99 monthly fee, low ($50) minimum security deposit (making it highly accessible) and reports to both TransUnion and Equifax.
So, as a secured credit card, it starts solid and gets even better with cash back rewards.
It's a tiered earning system where the more money you have on the card, the more you'll get in cash back rewards—all the way up to 1% cash back on gas and groceries and 1% on everything else.
Who’s the Neo Secured Mastercard for?
This card is designed for people starting to build credit or looking to rebuild it. Its low deposit requirement is great. If you're keen on earning rewards while building credit, this card's cashback feature adds a layer of benefit not commonly found in secured cards.
Pros and cons
Pros
- Low minimum security deposit
- Cash back rewards on purchases
- No hard credit check
Cons
- High APR range
- $7.99 monthly fee
How to earn cash back with Neo Secured Mastercard
For $7.99 monthly fee, you can start building your credit history and harness the potential to earn cash back for your everyday purchases.
Cash back for the highest earn rates is capped yearly at $6,000 per year on groceries and $10,000 per year on gas. Finally, you get $30,000 per year on everything else.
Now, here's where it gets a bit tricky, but I'm here to simplify.
You earn 1% on gas and groceries and 1% on everything else with when you have $10,000 in your Neo Everyday Money account (like your chequing account).
If you have $0 in your bank account (Neo Everyday Money), you earn % on gas and groceries and, well, nothing else (or 0% on your other purchases).
Of course, it's a range. So to simplify even further, I'll create a table. Scroll to the right to see all the ranges.
| Neo Secured Mastercard cash back earn rates | $0 in your account | $1,000 in your account | $3,000 in your account | $5,000 in your account | $10,000 in your account |
|---|---|---|---|---|---|
| Gas | 1% | 1.5% | % | % | 1% |
| Groceries | 1% | 1.5% | % | % | 1% |
| Everything else | 0% | % | % | 1% | 1% |
Key benefits
- Cashback rewards program
- Low minimum security deposit requirement
- Instant approval with no credit score impact
Insurance coverage
The Neo Secured Mastercard does not include any travel or purchase insurance. You can opt to pay $1.39 per $100 of your average daily balance for credit balance protection.
However, if you were unable to pay your credit card due to a sudden illness or injury, you may want to explore critical illness insurance instead for the lump sum benefit and cash payment that goes to you instead of the provider.
Extra benefits
- Real-time spending notifications
- Ability to adjust credit limit
How the Neo Secured Mastercard compares
Neo Secured Mastercard vs. Home Trust Secured Visa
$0
First Year Value
$0
Annual Value
Get this card if you...
- are looking to improve your credit
- want a secured card with a higher limit
- want to take advantage of an interest-free grace period
Annual Fee & Annual Interest Rates
$0
Annual Fee
19.99%
Purchase
19.99%
Cash Advance
19.99%
Balance Transfer
Our Take
The Home Trust Secured Visa is designed for individuals aiming to build or rebuild their credit, offering two options: a no-annual-fee card with a standard interest rate or a low-interest version with an annual fee. Cardholders benefit from features such as purchase protection and extended warranty coverage, but are required to provide a security deposit, which determines the credit limit.
Eligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
- Reports to credit bureaus every month, helping to quickly build your credit rating.
- Requires a $500 minimum deposit, with the credit limit scaling on a 1:1 basis all the way up to $10,000.
- High approval rate
- Monthly credit reporting to major credit agencies every month, expediting the credit repair or improvement process
- Low foreign transaction fee
- Cardholders get a 21-day no-interest grace period
- Low monthly minimum payment options; pay either the greater of $10 or 3% of the monthly balance.
Cons
- Standard interest rate although, if you opt for the annual fee version of the card, it comes down
- No rewards or perks
- Charges a monthly inactivity fee of $12 if the card is not used for a period of 12 months.
- Despite a high approval rate, there are still chances of being denied based on deal-breaking factors
- No welcome bonus offer as it is designed for credit building
Annual Interest Rates
19.99%
Purchase
19.99%
Cash Advance
19.99%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
Our Take
The Home Trust Secured Visa is designed for individuals aiming to build or rebuild their credit, offering two options: a no-annual-fee card with a standard interest rate or a low-interest version with an annual fee. Cardholders benefit from features such as purchase protection and extended warranty coverage, but are required to provide a security deposit, which determines the credit limit.
Eligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
- Reports to credit bureaus every month, helping to quickly build your credit rating.
- Requires a $500 minimum deposit, with the credit limit scaling on a 1:1 basis all the way up to $10,000.
- High approval rate
- Monthly credit reporting to major credit agencies every month, expediting the credit repair or improvement process
- Low foreign transaction fee
- Cardholders get a 21-day no-interest grace period
- Low monthly minimum payment options; pay either the greater of $10 or 3% of the monthly balance.
Cons
- Standard interest rate although, if you opt for the annual fee version of the card, it comes down
- No rewards or perks
- Charges a monthly inactivity fee of $12 if the card is not used for a period of 12 months.
- Despite a high approval rate, there are still chances of being denied based on deal-breaking factors
- No welcome bonus offer as it is designed for credit building
Annual Interest Rates
19.99%
Purchase
19.99%
Cash Advance
19.99%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
Neo Secured Mastercard vs. Capital One Guaranteed Secured Mastercard
$0
First Year Value
$0
Annual Value
Get this card if you...
- are looking to improve your credit score
- want a low security deposit card
- value purchase protection and extended warranty coverage
Annual Fee & Annual Interest Rates
$0
Annual Fee
21.9% - 29.9%
Purchase
21.9% - 29.9%
Cash Advance
21.9% - 29.9%
Balance Transfer
Our Take
The Capital One Guaranteed Secured Mastercard® is designed for individuals with limited or poor credit, offering guaranteed approval* and the opportunity to rebuild credit through responsible use. Cardholders are required to provide a security deposit, and benefit from features such as Purchase Protection and Extended Warranty Coverage, though the card carries a standard interest rate.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
- Guaranteed approval* for those with weak credit
- Helps build or repair credit history with responsible use
- Low annual fee
- Everyday and Travel Benefits available for both secured and unsecured cards
Cons
- High interest rate
- Security funds are required for the secured version
Annual Interest Rates
21.9% - 29.9%
Purchase
21.9% - 29.9%
Cash Advance
21.9% - 29.9%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
1.00%
Balance Transfer
Insurance Benefits
$65,000
Rental car insurance amount
Be 100% sure you’ll be approved* before you apply. Try Quick Check®
Our Take
The Capital One Guaranteed Secured Mastercard® is designed for individuals with limited or poor credit, offering guaranteed approval* and the opportunity to rebuild credit through responsible use. Cardholders are required to provide a security deposit, and benefit from features such as Purchase Protection and Extended Warranty Coverage, though the card carries a standard interest rate.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
- Guaranteed approval* for those with weak credit
- Helps build or repair credit history with responsible use
- Low annual fee
- Everyday and Travel Benefits available for both secured and unsecured cards
Cons
- High interest rate
- Security funds are required for the secured version
Annual Interest Rates
21.9% - 29.9%
Purchase
21.9% - 29.9%
Cash Advance
21.9% - 29.9%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
1.00%
Balance Transfer
Insurance Benefits
$65,000
Rental car insurance amount
Be 100% sure you’ll be approved* before you apply. Try Quick Check®
Capital One is not responsible for the content on this site including any editorials or reviews. Please click on the Apply now link for the most up to date product information.
Is the Neo Secured Mastercard worth it?
For those starting out or rebuilding credit, this card offers a unique advantage with its rewards program and low entry barrier. Its cash back rewards is an awesome perk. And with the Neo Everyday account, you'll also earn extra cash back at Neo Partners you can find in their easy-to-use app.
If you need to build credit, this is arguably the best secured credit card available.
FAQs
Neo Credit and Neo Secured Credit cards are issued by Neo Financial™ pursuant to license by Mastercard International Incorporated.
Tyler Wade
Personal finance content strategist & writer
Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.
Explore the latest articles
Canadians feel increasing strain building credit
46% of Canadians say it’s harder to build credit today than it was for their parents’ generation, even when they believe they’re managing their finances responsibly
Disclaimer
The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.
†Terms and Conditions apply.