If you’re looking for a credit card that has no monthly or annual fee and lets you earn cashback, we have a recommendation for you, the Neo Mastercard®.
This credit card is customizable with flexible monthly subscriptions that you can add and stack to create a card personalized to your needs.
What We Think
| Who is Neo Credit Good For? | Consumers who: – Are looking for a cashback rewards card for everyday spending – Want to avoid annual credit card fees – Only want to pay for perks they need – Have less-than-perfect credit |
| What We Like | – No monthly fee (for basic account) – Earn high cashback on purchases – Earn extra cashback and get additional perks (for a monthly fee) – No minimums required for cashback redemption |
| What We Don’t Like | – Welcome bonus limited to premium users – No travel insurance without additional charge |
What Is Neo Credit?
Neo Credit is an everyday credit card that can be used to earn cashback and exclusive offers at places you love. It has no annual fee unless you upgrade your account. You’ll earn up to 4% cashback on gas and groceries and up to 1% cashback everywhere else¹.
How To Earn More Cash Back With Neo?
If you’re looking to earn higher cashback rates with Neo, you can do so in two ways: by upgrading to Neo’s premium plan or by simply holding more money in your Neo Everyday account.
Earn Increase Rates With Increased Balances
Neo Mastercard® users who open a Neo Everyday account can earn higher cashback rates. Users simply need to maintain a certain cash balance in their Neo Everyday account to earn cashback rates as high as 4%¹.
The minimum required balances are:
| $0 | $1000 | $3000 | $5000 | $10,000 | |
| Gas | 1.00% | 1.50% | 2.00% | 3.00% | 4.00% |
| Groceries | 1.00% | 1.50% | 2.00% | 3.00% | 4.00% |
| Everything else | 0.00% | 0.50% | 0.50% | 1.00% | 1.00% |
Upgrade Your Neo Credit To Premium
Users can upgrade their Neo Mastercard® to premium for only $9.99 a month. With Premium, you’ll earn 3% cashback on all gas and groceries and 0.5% cashback on all other purchases¹.
Welcome Offer
Neo is offering new customers the opportunity to try Premium free one month. Apply for a Neo Mastercard®, upgrade to Premium, and get your first month free.
Neo Mastercard® Overview
| Base Plan | Premium Plan | |
| Annual Fee | $0 | $9.99 a month |
| Purchase Rate | – 19.99% – 29.99% – 19.99% – 24.99% (QC residents) | – 19.99% – 29.99% – 19.99% – 24.99% (QC residents) |
| Cash Advance Rate | – 22.99% – 31.99% – 22.99% – 25.99% (QC residents) | – 22.99% – 31.99% – 22.99% – 25.99% (QC residents) |
| Rewards | – Up to 4% cashback on gas and grocery¹ – Up to 1% cashback everywhere else¹ | – 3% on gas and groceries. – 0.5% cashback on all purchases. – 6% on average at Neo-partnered restaurants, bars, and cafes. – 4% on Netflix, Disney+, Crave, Apple, Spotify, Uber, Lyft, UberEats, DoorDash, and Skip the Dishes. – 3%+ at Neo retail partners (online and in-store). |
| Welcome Bonus | N/A | Get the first month for free when you apply. |
| App Availability | App StoreGoogle Play | App StoreGoogle Play |
Neo Mastercard® Features
The Neo Mastercard® offers cardholders a variety of benefits and features, particularly for those who shop regularly with Neo partners. These include:
Add Neo Credit Perks
Neo Credit holders can customize their cards by adding perks. These Neo perks are stackable and reward you for spending by boosting cashback offers for different categories. Neo perks are flexible and come with no commitment. You can easily add a perk to your card via the Neo app and cancel it at any time.
Available Perks
- Travel Perks: $7.99 a month (not available in QC).
- Mind & Body Perks: $9.99 a month.
- Food & Drink Perks: $1.99 a month.
- Mobile & Personal Protection Perks: $9.99 a month.
No Monthly or Annual Fees
Neo Credit has no monthly or annual fees. You’ll need to pay a fee if you upgrade to Premium or add a Neo perk. The perks offer higher cashback rewards and other benefits like travel insurance and purchase assurance.
Neo Credit App
Neo Credit comes with an app that allows you to manage your card from your fingertips. You can browse rewards and store offers through the app, before making any purchases.
You can also get notifications in real-time about your transactions when you earn cashback or if you need to make a payment. The app allows you to see your rewards and spending details, which is great for keeping track of your money.
Upgrade At Any Time
Regular credit cards often lock you in with annual fees. But with the Neo Mastercard®, you can upgrade to a different plan whenever you want and cancel whenever you like.
Higher Credit Limit
Neo Credit may automatically pre-approve you for a credit limit increase when you become eligible. So instead of you having to apply for the increase, you simply need to log into your account and accept the credit limit increase, if you’ve been pre-approved.
Neo Partners: Stores You Can Shop With Neo Credit
To earn the highest cashback rates with Neo Credit, you’ll want to shop with Neo-partnered stores. Currently, over 10,000 stores are partnered with Neo, including:
- Frank and Oak
- Herschel
- SAXX
- clearly
- AVIS
- Contiki
- Budget
- Second Cup
- Structube
- Pet Plant
- TIMEX
Who Is Eligible For The Neo Mastercard®?
To apply for the Neo Mastercard®, you must be a resident of Canada and be at least the age of majority within your province or territory. You must also have a Canadian photo ID to apply for the card.
While no credit requirements are noted, you may be rejected for Neo Credit if your credit history is poor. In such cases, Neo recommends their Neo Secured Credit card, which guarantees approval.
How To Apply For A Neo Mastercard®
Applying for a Neo Mastercard® is easy, simply follow these steps:
1. Download The App
Once you download the Neo app, create an account with your email. You’ll need to verify your account using your email and phone number. Once verified, you’ll reach the welcome page where you can choose to apply for the Neo Mastercard®.
2. Build Your Card
On the welcome page, click the Neo Mastercard® button to start the application. You’ll then be asked a few questions to customize your card.
- Choose A Rewards Program: You’ll have the option to choose the regular Neo Mastercard® or the Neo Hudson Bay card.
- Choose A Credit Type: Do you want a regular or secured credit card? Neo offers both types.
3. Fill Out The Application
Once you’ve chosen the type of card you want, you’ll need approximately 5 minutes to complete the final part of the application. This part of the process involves providing your basic personal and financial information and verifying your identity. If approved, you can use your digital card immediately via Apple Pay or Google Pay. The physical card is expected to arrive in approximately one week.
Things To Consider Before Applying With Neo
While Neo Credit comes with a slew of benefits, there are a handful of downsides to consider as well before you apply:
Basic Features
Most rewards credit cards come with some sort of travel insurance package. But with the Neo Mastercard®, you’ll need to add a Neo perk and pay an extra monthly fee for this type of coverage. That said, this could also be seen as a benefit. You can add the Neo Travel perk for the months you need and only pay for the months required.
Low Balances Limit Cashback Rates
You’ll earn less cashback if your balance is low in your Neo Everyday account. To maximize rewards, you need to keep a higher balance in your account.
Extra Costs
There are no annual or monthly fees for the Neo Mastercard®. But if you upgrade to Premium or add several Neo perks to your account, the additional charges can add up.
Is The Neo Mastercard® Safe?
In this increasingly digital age, a company needs to have modern protections in place that can keep you, your identity, and your finances secure against fraud. All savings accounts are held through Peoples Bank of Canada, a member of CDIC.
- Zero Liability Protection: This means that your deposits are protected against loss. The concept is that the cardholder isn’t held liable (or responsible) for any unauthorized charges made on their account. In the event of an unauthorized purchase on your file, as proven by an investigation, the amount is returned to you with no penalty.
- Lock your card: Another security feature of Neo Credit is the ability to freeze and unfreeze your card, right from the app You can either put a hold on it (in the event that you misplace it) or replace it altogether. All of these security features can be accessed from within the Neo application, improving efficiency and security.
What Do Consumers Think Of Neo?
How do consumers rank Neo on popular review sites like BBB, Google, and Trustpilot?
| BBB Accredited + Rating | 1.38/5 stars C Rating, not accredited |
| Google Rating | 4.8 stars |
| Trustpilot Rating | 1.8 stars |
| Social Media Presence | 61K followers on LinkedIn 23.9K followers on Instagram 4K followers on Facebook ~2K followers on Twitter |
| Physical Location (office) | None |
How Does Neo Compare To KOHO (Essential)?
Let’s take a look at how Neo Credit compares to another popular product, the KOHO Essential Account:
| Neo Credit (Base Plan) | KOHO (Essential) | |
| Annual Fee | $0 | $0 |
| Interest rate | – 19.99% – 29.99% – 19.99% – 24.99% (QC residents) | N/A |
| Earn rate | – Up to 4% cashback on gas and grocery¹ – Up to 1% cashback everywhere else¹ | – 1% cash back on groceries, (gas, parking, rideshare apps, etc.), and eating and drinking – Up to 5% extra cash back with select merchants |
| Extra perks | – Add and stack flexible monthly subscriptions for extra cashback and features (for an added charge.) – No minimums required for cashback redemption | – Earn 3.5% savings interest on your entire balance. – Credit Building program (at an extra charge) – Encourage saving with RoundUps, Vaults, and Savings Goals features |
Is Neo Credit A Good Choice For You?
With an increasing number of credit cards hitting the market, it is important to assess which is the best fit for your needs. The main selling feature behind Neo Credit is that all of its features are integrated. It is designed to make your rewards automatically accessible, so you can reap the benefits of the credit card and all of its perks.
Final Thoughts
There are countless benefits to using Neo Credit, regardless of where you reside in Canada. It is designed to make rewards accessible, encourage commerce, and help you build credit. While those who live in areas with affiliated businesses can definitely see the most benefits, when used properly, anyone can see advantages from this card.
Neo Credit FAQs
Is the Neo Mastercard® safe?
Can I add the Neo Mastercard® to my digital wallet?
Does Neo accept bad credit applicants?
¹ 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.
