Neo Financial recently enhanced its credit card offering with flexible subscription perks tailored to meet different needs.
For example, you can add on the travel perk to your Neo CardTM and enjoy access to boosted cashback at travel partners, comprehensive travel insurance coverage, complimentary Priority Pass membership and more.
Since you can add several perks to your account, customizing your credit card rewards experience is easier than ever. You only pay for perks you find valuable.
This article covers how Neo Perks work, their cost, and their pros and cons.
What Are Neo Financial Perks?
Neo perks are subscription packages or bundles that work with the Neo Card.
A standard Neo Card has no monthly or annual fee and offers up to 15% cash back at over 8,000 merchants in Canada.
Cash back earned can be redeemed when paying for purchases.
Apart from cash back rewards, the Neo Card does not offer insurance benefits.
Enter Neo perks. With the new Neo subscriptions, you can design your credit card to fit your lifestyle.
The perks available are:
- Premium Access
- Travel
- Everyday Essentials
- Food and Drink
- Mobile and Personal Protection
- Mind and Body
Each perk has a monthly fee, and you can bundle up as many perks as you want.
Neo Premium Access Perk
The Premium Access perk costs $0.99 per month (valued at over $100 each year). It enhances the Neo Card by offering up to 20% cash back on first-time purchases along with monthly cash back bonus offers.
Cardholders get purchase protection and extended warranty coverage, along with priority customer phone support.
Neo Travel Perk
If you don’t want to pay $150 annually for a travel credit card, the Neo Travel Perk comes in handy.
It costs $4.99 monthly (valued at over $360 each year) and offers boosted cashback at travel partners, and comprehensive travel insurance coverage, with emergency travel medical, trip cancellation, car rental, and flight delay insurance.
Your subscription also includes Priority Pass airport lounge access at over 1,300 airports worldwide.
Purchases in a foreign currency earn 2% cash back, and there is a 1.5x cash back boost when you spend at travel partners.
Neo Everyday Essentials Perk
The Everyday Essentials perk costs $8.99 monthly (valued at over $170 each year) and offers increased cash back rewards at brands like Costco and Walmart (2%), liquor partners (3%), and many other partner stores (up to 6%).
Gas purchases at eligible national gas chains also earn an average of 2% cash back.
Lastly, this perk comes with life insurance protection to cover card balances.
Considering the cash back rates at wholesale stores like Walmart and Costco, the Everyday Essentials perk converts the Neo Card into a top grocery credit card.
Neo Food & Drink Perk
The Food & Drink perk costs $1.99 monthly (valued at over $70 each year) and offers:
- 1.25x more cash back at participating restaurants, bars, and cafes
- 1.25x more cash back on food delivery
Neo Mind & Body Perk
The Mind & Body perk costs $9.99 monthly (valued at over $430 each year) and includes subscriptions to popular apps.
You get 1.25x more cash back on gym and fitness studios and a FitOn Pro workout app subscription.
This bundle also comes with Headspace Plus app subscription with meditation and mindfulness exercises.
Neo Mobile & Personal Protection Perk
With a $9.99 monthly cost (valued at over $420 each year), the Neo Mobile & Personal Protection perk protects your mobile devices against damage, theft, and breakdown (up to 2 claims annually with a $49 deductible and $500 limit).
It includes credit monitoring, secure password management using Dashlane Premium, and $1 million in fraud, ransomware, and social engineering coverage.
How To Add a Neo Perk
Adding a perk to your Neo Card is easy.
On the Neo app, tap “Rewards” and continue to the “Rewards Wallet” click on “My Plan” and “Add” your preferred bundle.
You can add as many perks as you would like.
Pros of a Neo Perk Subscription
Here are the benefits of subscribing to Neo Perks:
- Only pay for the perks you need.
- Enhanced cash back rewards using the Neo Card.
- Can unsubscribe anytime.
- Perks can be layered
Cons of a Neo Perk Subscription
Here are the downsides of Neo Perks:
- The different packages can be confusing.
- You pay $0.99 monthly to access purchase protection and extended warranty coverage that are standard on many no-annual-fee credit cards.
- There are no discounts for adding multiple bundles.
Should I Get a Neo Perk?
Depending on your usage, a Neo Perk can be worth it.
For example, the Travel Perk will cost you $59.88 annually and includes worldwide lounge access, comprehensive travel insurance benefits, and cash back on foreign transactions. The average travel credit card with similar benefits will set you back $120 to $150 annually.
The same goes for the Gas & Grocery Perk (Essentials), which offers 1.5x more cash back at Costco, Walmart, gas station partners, and many other stores.
Although, at $107.88 annually, this perk is only worth it if you spend significant amounts at these stores.
Neo Sign-Up Bonuses
Neo Financial has a welcome offer when you sign up for a Neo Card.
You receive a $25 bonus (exclusive to Savvy New Canadians) after your application is approved.
You can also apply for a free Neo Money account and earn a high-interest rate of 2.25% on your deposits. This comes with a $5 bonus.
Learn more about Neo sign up bonus offers.
Other No-Fee Cash Back Credit Cards
In addition to the Neo Card, these cash back credit cards have no annual fees and offer competitive earn rates.
- Tangerine Money-Back Credit Card
- SimplyCash Card from American Express
Tangerine Money-Back Credit Card
Best no-fee cash back credit card
Annual fee: $0
Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.
Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value).
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Minimum income requirement: $12,000
Recommended credit score:
Fair to Good
On Tangerine’s website
SimplyCash Card from American Express
Excellent credit card for students
Annual fee: $0
Rewards: Earn up to 2% cash back on eligible purchases and 1.25% unlimited cashback on other purchases.
Interest rates: 20.99% for purchases, 21.99% for cash advances.
Minimum income requirement: None
Recommended credit score:
Fair to Good
On Amex’s website
Frequently Asked Questions
The Neo Card has no monthly fees. However, you can subscribe to Neo perks and pay monthly fees to access more benefits and higher cash back rates.
Neo currently offers 6 different perks, and you can add as many of them as you would like.
