Neo is a fintech company in Canada that strives to change the way people build wealth, save money, spend money and build credit. They particularly believe that wealth should never be a barrier or obstacle to building credit. This is why they’ve launched a new product called the Neo CardTM (Secured).
The Neo Card (Secured) is a secured credit card that can help consumers work toward building or rebuilding their credit. But, unlike most secured credit cards, Neo’s newest card offers additional perks. Users can earn cashback, easily adjust their credit limit, and there is no annual fee. The Neo secured credit card is a great option for consumers who have struggled with their credit in the past and need an easy and convenient option to help rebuild their credit.
Neo is offering new customers a $25 welcome bonus, sign up by clicking the button below and receive your $25.
Neo CardTM holders can customize their cards by adding perks. 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.
Valued at over $170 a year, Everyday Essentials perks can be added to your Neo Card for a low fee of $8.99 a month. With it, users can earn 1.5x more cash back when they shop at participating grocery stores and gas stations.
Neo Travel perks cost $4.99 a month and have a value of over $360 a year. Users who travel regularly will benefit from the added perks.
Premium Access perks is a great option for all Neo Card holders, as the price tag is so affordable at $0.99 a month with a value of over $100 a year.
The Neo Card (Secured) offers the same benefits as a traditional credit card without the typical requirements of it.
| Minimum Security Deposit | $50 |
| Maximum Security Deposit | $10,000 |
| Interest Rate | – 19.99% – 26.99% Purchase Rate – 22.99% – 28.99% Cash Advance Rate |
| Cash Advance Fee | $2.50 |
| Foreign Currency Conversion Fee | 2.50% |
| Annual/Monthly Fee | None |
| Rewards | – Average cashback of 5%1 – Earn up to 15%1 cashback on your first purchase with Neo partners. |
| Best For | Best for those looking for secured credits that allow them to build credit while still being able to enjoy the benefits of a regular credit card. |
The Neo Card is simple and easy to use. To apply for the Neo Card (Secured), you’ll need to follow these four steps.
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 back your security deposit. If you’re having trouble paying your balance you can also your security to help pay it off.
There are two ways you can fund your Neo Card (Secured):
Unlike other secured credit cards, the Neo Card comes with a variety of great benefits in addition to helping you build your credit.
As we pointed out above, the Neo Card 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:
When it comes to secured credit cards, the Neo Card (Secured) is one of the best options on the market. With no annual fee and the ability to choose how much security you provide, anyone can afford to start building credit with the help of Neo.
Card issued by ATB Financial pursuant to license by Mastercard International Inc.
1Average based on current offers at select partners. Cashback varies per plan, offer and partner.
Rating of 4/5 based on 6 votes.
Priyanka Correia is a Marketing Coordinator and personal finance expert at Loans Canada. Priyanka completed her Bachelor's degree in Marketing at Concordia University and has published work that has been mentioned in various news media. She is passionate about money management and educating Canadian consumers about how to take control of their financial lives.
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