Neo World Mastercard review

Quick overview of the Neo World Mastercard

The Neo World Mastercard is Neo Financial's latest no fee cash back card. The card offers up to 2% cash back on everyday purchases like gas, groceries and bills, provides basic insurance protections and more, for no annual fee.

Who is the Neo World Mastercard for?

The Neo World Mastercard is something of a strange card in that it exists in the same space as the other no annual fee card from Neo, the Neo Mastercard. The card’s 2% cash back is double the Neo Mastercard on paper with an additional bonus category (recurring bills) but, given that Neo credit cards earn more rewards with an associated Neo Everyday account, those rewards are likely to be very similar except for the base rates (0.5% to 2% back with the World and 0% to 1% with Neo Mastercard).

Here's how the three Neo credit cards compare:

So if you want improved rewards over the base rate with Neo and meet the minimum income requirements, the Neo World Mastercard might be a better bet for you. But if you don't meet the income threshold, don't worry, the Neo Mastercard is also a reliable choice.

Pros and cons

Neo World Mastercard welcome bonus

The Neo World Mastercard doesn’t offer a welcome bonus at this time.

How to earn rewards with the Neo World Mastercard

The Neo World Mastercard earns cash back on all eligible purchases, but how much you’ll earn depends on the savings levels in your Neo Everyday account. Cardholders earn:

• 2% cash back on groceries, gas and recurring bills
• 0.5% back on all other purchases

But that cash back rate can climb as high as 4% with eligible deposits. With $10,000 in your Neo account, you'll unlock the highest earn rate of 4% on gas, recurring bills and groceries and 1% on everything else.  Of course, not everyone will reach that level, and most will be stuck somewhere in between, but likely around the 2% or 2.5% level, limiting the value.

How to redeem

Redeeming cash back from Neo World Mastercard is a fairly straightforward process. You can access your cash back at any time to pay off your credit card balance, deposit rewards it into a savings account or purchase merchandise or gift cards online at the Neo Store. Best of all, unlike other cash back cards, there are no minimum balance requirements or the need to wait for an annual statement of credit to redeem your rewards.

Key benefits of the Neo World Mastercard

Earn enhanced cash back

Neo positions itself by saying it has the “best cash back rates,” but this is based on additional Neo services (and namely, its Neo Everyday account). While these accounts are additional, they provide significantly larger rewards. In the case of the World Mastercard from Neo, cardholders can earn up to an additional 4% cash back on gas, groceries and recurring bills. That’s an impressive haul for no annul fee (even if it requires over $10,000 in savings – no small feat!).

No annual fee

Where most credit cards have an annual fee, Neo charges $0. This is a great feature for anyone who wants reliable rewards (of around 2%, sometimes higher) but doesn’t want to fork out $25, $50, or even $100 for the privilege.

Fully digital platform

Neo is a fintech that truly places an emphasis on a digital-first approach. Neo products don’t require physical branches, just an internet connection and your details. This process makes the banking products extremely accessible for Gen Z and other digital-focused Canadians.

Neo World Mastercard insurance coverage

The Neo World Mastercard comes with basic protections for cardholders:

• Extended warranty: 1 year
• Purchase protection: 90 days

If you want additional coverage you’ll need Neo’s Travel Perk, a $4.99 monthly charge. For that fee, however, you’ll receive additional insurance coverage designed to protect you no matter where you travel:

• Emergency medical coverage: Up to $1,000,000 
• Trip cancellation: $1,000
• Flight delay: $250
• Delayed baggage: $1,000
• Hotel burglary: $1,000

Other benefits of the Neo World Mastercard

Secured option available

Like other Neo credit cards, there is also a secured version of the Neo World Mastercard available to potential applicants. The Neo Secured World Mastercard requires a security deposit to open, with the deposited amount equal to the credit line with the card. Need more credit? Simply deposit more funds.

How does the Neo World Mastercard compare?

Neo World Mastercard vs. BMO CashBack^® MasterCard^®

The BMO CashBack^® MasterCard^® is our top no fee credit card and it’s easy to see why. The card earns an impressive 3% (up to a monthly max of $500) cash back on groceries, plus up to 20% off on National Car Rental^®†† and Alamo Rent A Car^®††. Not bad for $0 annual fee.

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.

Neo World Mastercard vs. Neo Mastercard

As mentioned, both the Neo Mastercard and Neo World Mastercard are very similar. The Neo Mastercard earns 1% back on purchases with that rate rising as high as 4% back based on your Neo Everyday savings account balance. The Neo World, on the other hand, earns 2% back with that rate climbing to 4%. See what I mean?

Is the Neo World Mastercard worth it?

If you're in search of a cash back card that offers above average rewards with no annual fee, the Neo World Mastercard may be for you. But if you don't bank with Neo and are looking for big rewards without the extra steps, you might find better value elsewhere.

Eligibility requirements

To qualify for the Neo World Mastercard, you’ll need:

1. 1 To be a Canadian resident of at least the age of majority in your province of territory
2. 2 Have a good credit score (no credit needed for secured option)
3. 3 Earn a $50,000 (individual) or $80,000 (household) income