Neo Financial is one of Canada’s newest financial technology companies, launching a challenge to traditional banking as we know it.
Its flagship credit card, the Neo Credit card, offers cash back rewards on all purchases and has no monthly fees. The company also offers a guaranteed approval secured credit card.
Neo Credit Card Summary
Neo Financial Credit Card
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Cash back offer
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Annual fees
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Eligibility
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Other perks
Overall
Summary
Neo Credit is the Best Cash Back Credit Card in Canada for 2024. It offers cash back rewards on all eligible purchases, and if you want a cash back card that doesn’t charge annual fees and pays easy-to-redeem rewards, Neo Credit is an excellent choice.
This Neo Financial credit card review provides insights into its cash back rewards program, how it compares to alternative cash back cards, and how to get a $25 sign-up bonus.
- Annual fee: $0
- Cash back rewards: Average of 5%+ at thousands of partners
- Purchase APR: 19.99%-29.99%
- Cash Advance APR: 22.99%-31.99%
- Credit score requirement: Variable
- Digital wallets: Apple Pay and Google Pay
- Mobile app: Yes
Pros
- $25 welcome bonus
- no annual fees
- Pays average of 5% cash back
- Offers a prepaid rewards card
- Up to 15% cash back bonus on first-time purchases
Cons
- Insurance coverage requires a subscription
Neo Credit Card Benefits
Neo Credit offers the following benefits:
Cash Back Rewards: Cardholders earn cash back when they make purchases at multiple locations, including convenience stores, online retail stores, gas stations, restaurants, and more.
With the Neo Credit card, you earn an average of 5% unlimited cashback at 12,000+ local and national Neo partner stores. The cash back earned is redeemed automatically, and you can cash out anytime.
This card also offers access to cash back offers of up to 15% on your first-time purchases.
$25 Promotional Bonus: For a limited time, new customers who are approved for the Neo Credit card get a $25 bonus (exclusive limited-time offer).
No Annual Fee: There is no monthly or annual fee for the standard Neo Credit card. You can upgrade for a low $4.99 monthly fee for additional premium perks, including insurance benefits, credit score monitoring, etc.
Mobile App: The Neo Financial app is available on iOS and Android phones and offers access to a versatile dashboard where you can easily manage your finances.
You can pay bills, check cash back offers, use Apple and Google Pay for fast POS transactions, and easily freeze and unfreeze your card if it goes missing.
Access to Savings: Neo clients can open a savings account and earn high interest on their money.
Get the Neo Credit card ($25 bonus).
Downsides of the Neo Credit Card
Depending on the cash back offers available at any point in time, your purchase preferences, and your location, your cash back earnings may fluctuate when you pay using the card.
The interest rate on cash advances can be up to 31.99%.
How To Apply for the Neo Credit Card
To start, visit their website to complete the short application form.
The Neo Credit card is available across Canada, and you can apply if you are the age of the majority in your province and have a government-issued ID.
There are no specific credit score or income requirements to qualify, but you should be able to qualify with a ‘good’ credit score.
Is the Neo Card Safe and Legit?
Neo Financial is backed by ATB Financial, a financial institution in Alberta with assets of over $55.1 billion.
It keeps your savings at Concentra Bank, which is a member of the Canada Deposit Insurance Corporation (CDIC). CDIC membership means your deposits are eligible for deposit insurance up to $100,000.
Neo Mastercard users enjoy standard zero liability protection.
Neo Financial Overview
Neo Financial is a startup fintech founded by two co-founders of Skip The Dishes (Andrew Chau and Jeff Adamson) and Kris Read.
It offers Canadians an innovative cash back credit card (Neo Credit), a spending account (Neo Money) and a high-interest savings account.
Neo Financial has partnerships with Concentra Bank and ATB Financial. In 2022, it raised $185 million in a series C fundraising round, and the company has offices in Calgary and Winnipeg.
Neo Mastercard Alternatives (No Fee Cash Back Credit Cards)
Neo Credit’s average 5% cash-back rate is outstanding, and it ranks as the best cash-back credit card on our list of rankings for 2024. With the free plan, there are no monthly fees to worry about, and you have a long list of retailers to shop at. For purchases at non-partner stores, you earn at least 0.50% cash back up to a monthly limit.
One other credit card you can consider in addition to the Neo Credit card:
Tangerine Money Back Credit Card
This card offers a 2% unlimited cash back on your purchases in up to 3 categories of spending, including gas, groceries, recurring bill payments, restaurants, transportation, and more. It also offers an introductory 10% cash back bonus worth up to $100.
For all other purchases, you earn 0.50%. Learn more in our detailed overview.
I applied for Neo Hudson’s Bay Mastercard in the store 2 days ago and found out today my credit score went down 30 points after they checked my credit.
Why? It never happened to me before! Does credit bureau has a problem with Neo?
@Alice: It is normal for you to see a slight drop in your credit score after applying for a new credit card. This is because there is a hard pull on your credit. You should recover the points after some time. See more info below:
https://www.savvynewcanadians.com/hard-vs-soft-credit-check-canada/
I’m just here to read the reviews on this credit card before I apply for it. WOW lots of bad reviews.
@Erica: Many of the complaints about this card occurred when it first launched and the company was going through the “newbie” phase. I think some of the concerns/issues have already been addressed.
I have never ever had a problem emailing or calling this company. No problems paying my card through online banking. Only thing that’s annoying is they call me inccenstally if my payment is ever overdue but that’s my own bad. Customer Service has always been friendly and helpful and I’m pretty satisfied with the card
Can I use my tap option before activating my new card?
I could not be more disappointed with this credit card company. Firstly on the app they tell me I will receive my physical card by Nov 3/21, it is now Dec 4/21 and no physical card. Secondly, nothing but a ‘we received your email’ response to three attempts to email support. Thirdly, I have waited over an hour on hold several times to discuss and I have not spoken to a live person yet. I have frozen my card on my app and have emailed them to ask them to call me to cancel my card. Still waiting.
I have never had a credit card company asking me for my SIN # and a copy of my driver’s licence. I will be cancelling my card. Who in their right mind would gladly pass on this private information?
@Jeanette: If the credit card company is unable to pull your credit file, they may request your SIN and other ID info required to do so.
Stay away NEO Financial card, NOT recommended. Poor service.
I am thinking to close Neo account because they lie about credit limit increase have been 6 month nothing yet!