Neo Card™ (Secured) Review 2022

Neo Card™ (Secured) Review 2022

Written by Priyanka Correia
Fact-checked by Caitlin Wood
Last Updated December 5, 2022
Note: Neo is currently working through some reporting issues with TransUnion. Your data is being recorded and shared with TransUnion and will be reflected on your credit profile in due course, once the process is finalized between both parties.

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). 

What Is The Neo Card With Credit Builder?

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. 

$25 Welcome Bonus

Neo is offering new customers a $25 welcome bonus, sign up by clicking the button below and receive your $25.

Neo Card Perks

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.

Everyday Essential Perks 

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.

  • 1.5x more cashback at grocery and wholesale stores like Costco and Walmart
  • 1.5x more cashback at specialty food and liquor store partners
  • 1.5x more cashback at gas station partners
  • Access to exclusive offers from grocery stores and gas stations 
  • Have your card balance covered with life insurance protection

Travel Perks 

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.

  • 1.5x cashback boost at all airline, hotel, and car rental travel partners
  • 2% cashback on all foreign transactions
  • Comprehensive travel insurance
  • Priority Pass airport lounge access 

Premium Access 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. 

  • Up to 20% cashback on first-time purchases
  • Exclusive monthly cashback bonus offers
  • Priority phone line with customer support
  • Purchase protection with extended warranty

Neo Card (Secured) vs. Traditional Credit Cards

The Neo Card (Secured) offers the same benefits as a traditional credit card without the typical requirements of it. 

  • No Credit Checks – The Neo Card requires no credit checks for approval. Moreover, you’re guaranteed approval so long as you can meet the low minimum security deposit requirement.
  • No Annual Fees – Unlike typical credit cards that require an annual fee, the Neo Card has no annual or monthly fees associated with it. 
  • Accepted Everywhere A Mastercard® Is Accepted – Like a regular Mastercard®, you can use your Neo Card at any store that accepts Mastercard®. 
  • Cashback Rewards – Lastly, the Neo Card allows you to earn cashback rewards on your purchases just like a traditional credit card. 

Neo Card (Secured) Snapshot

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 Fee2.50%
Annual/Monthly FeeNone
Rewards– Average cashback of 5%1
– Earn up to 15%1 cashback on your first purchase with Neo partners.
Best ForBest 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. 

How Does The Neo Card (Secured)? 

The Neo Card is simple and easy to use. To apply for the Neo Card (Secured), you’ll need to follow these four steps. 

  1. Open Your Account – To Open an account, simply sign up online and input some of your personal details. Once you have an account set up, you can move on to the funds.
  2. Add Security Funds – Your security funds will act as your credit limit. So, depending on your spending habits you can choose your credit limit accordingly. Do note that the limit you set is not permanent, so if your financial situation changes, you can increase or decrease your credit limit at any point in time. 
  3. Start Earning Cashback – With your account set up, you can now make purchases and earn cashback at Neo partnered stores. Your cashback rewards can be cashed out anytime.  
  4. Pay Your Bills And Build Your Credit – Each month as you pay your Neo Card balance, your payments will be reported to the credit bureau. This in turn may help build your credit score. 

When Will I Get Back My Security Deposit

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. 

How Do You Add Funds To Your Neo Card?

There are two ways you can fund your Neo Card (Secured): 

  • Link An External Account – You can choose to link your external bank account to your Neo Card. 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 Money Account – If you have a Neo Money Account, you can link your Neo Card to it. This will allow you to instantly e-transfer funds from your account to your Neo Card. This method can take as little as 30 minutes to add the funds to your account. 

Neo Card (Secured) Benefits

Unlike other secured credit cards, the Neo Card 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 is a great option for people with poor or no credit.
  • Real-Time Notifications. You can track your spending with real-time notifications and view your balance whenever you want. 
  • No Fees. There are no monthly or annual fees to use the Neo Card (Secured).
  • Change Your Limit. Users can choose their credit limit based on how much money they are able to 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 TransUnion.
  • No Credit Check. No hard credit check is needed to get approved.

Who’s Eligible For The Neo Card (Secured)?

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:

  • Low credit
  • Too much debt
  • Legal issues (bankruptcy, consumer proposal)
  • Other approval criteria

Neo Card FAQs

Does Neo report to both credit bureaus?

No, Neo currently only reports credit actions to TransUnion. This means if you check your credit score through Equifax it will likely be different than the one TransUnion had compiled.

What is the credit limit on the Neo Card (Secured)?

Unlike other secured credit card providers, Neo allows you to choose your credit limit. The amount you’re able to set aside for your security deposit will become your credit limit. If you can save $500 for security, your credit limit will be $500. There is a $50 minimum and $10,000 maximum security requirement.

Is the Neo Card a prepaid card or a secured card? 

The Neo Card (Secured) is a secured credit card. Prepaid credit cards do now help build credit and once you spend all the money loaded onto a prepaid card you must add more money. 

How will the Neo Card help me build credit? 

Neo reports credit actions to TransUnion. Over time, using your Neo Card (Secured)responsibility and paying it off on time every month, can help improve the health of your credit score.

Does the Neo Card require a hard credit check? 

No, Neo will not perform a hard credit check when you apply for the Neo Card (Secured). 

Is The Neo Card With Credit Builder Right For You?

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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