Secured Neo Mastercard Review 2026

Neo is looking to change how people build wealth, save money, spend money and build credit. They believe wealth should never be a barrier or obstacle to building credit. And their Secured Neo Mastercard is how they are addressing this belief.

Secured Neo Mastercard Snapshot

What Is The Secured Neo Mastercard?

The Secured Neo Mastercard is a secured credit card that can help consumers work toward building or rebuilding their credit. But, unlike most secured credit cards, Neo’s card offers additional benefits.

• Cardholders can earn up to 15% cashback at thousands of Neo partners across Canada
• There are no income or credit score requirements, and users are guaranteed instant approval* with access to their virtual card to start using immediately. 
• Moreover, users will have access to guided credit building tools with built-in credit score tracking to become more financially empowered.

The Neo Secured Credit card is a great option for consumers who have struggled with their credit and need an easy and convenient option to help rebuild their credit.

The Secured Neo Mastercard vs. Traditional Credit Cards

The Secured Neo Mastercard offers the same benefits as a traditional credit card without the typical requirements. 

• No Credit Checks – The Secured Neo Mastercard requires no credit checks for approval (hard credit check required in QC). Moreover, you’re guaranteed approval so long as you can meet the minimum security deposit requirement.
• Accepted Everywhere A Mastercard® Is Accepted – Like a regular Mastercard®, you can use your Secured Neo Mastercard at any store that accepts Mastercard®. 
• Cashback Rewards – The Secured Neo Mastercard allows you to earn cashback on your purchases, just like a traditional credit card. 
• Build Healthy Credit – Work towards building a good credit profile with every timely payment. Plus, access convenient tools to become a more financially empowered consumer.
• Guaranteed Approval* – Guaranteed, instant approval* with access to your virtual card to start using immediately.
• Increase Credit Limit – Be considered for a higher credit limit in as little as 3 months with no additional security funds.

How Does The Secured Neo Mastercard Work? 

If you’d like to apply for The Secured Neo Mastercard, it’s a simple process with few requirements. To apply, follow these four steps. 

Step 1. Find Out If You’re Eligible.

Approval for the Secured Neo Mastercard is guaranteed if you meet the following: 

• You are a Canadian resident who is of the age of majority in their province or territory. You’ll need a government-issued photo ID to prove your identity. 
• You can provide security funds of at least $50. 

Step 2. Start The Application 

If you’re eligible, you can apply for the Secured Neo Mastercard via the main website or through the Neo app. 

You’ll first need to create an account with Neo. To open an account, simply sign up online or via the app using your email and phone number. 

• Once logged in, you’ll have the option to apply for the Secured Neo Mastercard. Click the “Neo Credit card” button and follow the prompts.
• Once you’ve selected your card, provide your basic personal and financial information and verify your identity. During this process, set your credit limit and add your security funds. 

Note: Your security funds will act as your credit limit. So, depending on your spending habits, you can choose your credit limit accordingly. The limit you set is not permanent; if your financial situation changes, you can increase your credit limit.

Step 3. Start Earning Cashback

With your account set up, you can now make purchases and earn cashback on your purchases at Neo-partnered stores. Your cashback rewards can be cashed out anytime.  

Each month as you pay your Secured Neo Mastercard balance, your payments will be reported to Equifax and TransUnion. This, in turn, may help build your credit score. 

When Will I Get My Security Deposit Back?

You will receive your security deposit when you close your Neo account. Your account must also be in good standing, meaning your balance has been paid in full, to get your security deposit. 

How Do You Add Funds To Your Secured Neo Mastercard?

There are two ways you can fund your Secured Neo Mastercard: 

• Link An External Account – You can choose to link your external bank account to your Secured Neo Mastercard. This will allow you to add funds easily to your Neo account. The entire process can take 3-5 days.  
• Fund It Through Your Neo Chequing account – If you have a Neo Chequing account, you can link your Secured Neo Mastercard. This will allow you to instantly e-transfer funds from your account to your Neo card.

Secured Neo Mastercard Benefits

Unlike other secured credit cards, the Secured Neo Mastercard comes with a variety of great benefits in addition to helping you build your credit.

• Guaranteed Approval. Anyone can get approved for this secured credit card, and it’s a great option for people with poor or no credit. Users are guaranteed instant approval* with access to their virtual card that they can start using immediately.
• Real-Time Notifications. You can track your spending with real-time notifications and spend insights that show a categorized breakdown of your spending for each month. You can also view your balance whenever you want. 
• Change Your Limit. Users can choose their credit limit based on how much money they can save for their security deposit. 
• Build Credit. When used responsibly, the Neo credit card can help you build your credit because your credit actions are reported to Equifax and TransUnion. Plus, you will have access to guided credit building tools with built-in credit score tracking.
• No Credit Check. No credit check is needed to get approved unless you live in Quebec where a hard credit check is required. 

What Stores Does Neo Partner With?

Currently, Neo is partnered with thousands of stores across Canada. To find a list of Neo cashback partners, go to ‌”Rewards” in the mobile app or website.

Who’s Eligible For The Secured Neo Mastercard?

As pointed out above, the Secured Neo Mastercard offers many great features. But one of the best perks is that anyone can get approved for the card. This card is a great option for consumers who have been rejected for credit for any of the following reasons:

• Low credit
• Too much debt
• Other approval criteria

Additional Reading

How To Build Credit Without A Credit Card

Switching From a Secured Credit Card to a Regular Credit Card

Brim Financial vs. Neo Financial

Is The Secured Neo Mastercard Right For You?

When it comes to secured credit cards, the Secured Neo Mastercard is one of the best options on the market. The opportunity to earn cashback rewards, and the ability to choose how much security you provide, anyone can afford to start building credit with the help of Neo.

Secured Neo Mastercard FAQs

Neo Disclaimer

*_{Conditions apply. Must 1. be the age of majority in your province or territory of residence; 2. be a Canadian resident; 3. provide security funds; 4. be eligible for credit under Neo’s policies.}

_{Cashback earn subject to monthly spend limit. When monthly spend limit is reached, subsequent spending earns 0%. Spend limit resets monthly. For more information, visit the Neo app.}

_{Cashback may be limited and varies by perks, offer, and partner. See the Neo Rewards™ Policy for additional terms and conditions.}

_{Security funds are refundable when the outstanding balance is paid in full and the card account is closed.}

_{Credit Builder is an educational tool and should not be used as a source of financial advice. Building credit is dependent on customer behaviour, including making payments on time and in full, and improvements are not guaranteed.}

_{For Quebec: Monthly statements; 21-day grace period; Minimum payment is the higher of $10 or 5% of total statement balance; Purchase rate is 19.99%-24.54% and cash advance rate is 22.99%-25.54%.}

_{The Neo Mastercard is issued by Neo Financial™ pursuant to license by Mastercard International Incorporated.}

_{Mastercard, World Mastercard, World Elite, and the circles design are registered trademarks of Mastercard International Incorporated.}