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
| Base Plan | Premium Plan | |
| Annual Fee | $0 ($5 monthly fee) | $9.99/monthly |
| Minimum Security Deposit | $50 | $50 |
| Maximum Security Deposit | $10,000 | $10,000 |
| Cashback Rate | – Up to 4% cashback on gas and grocery¹ – Up to 1% cashback everywhere else¹ | – +2% on gas and groceries. – +0.5% cashback on all purchases. – An average² 6% at dining and food delivery partners. – 4% at streaming and rideshare service partners. – Over 3%³ at retail partners. |
| Purchase Interest Rate | – 19.99% – 29.99% – QC: 19.99% – 24.99% | – 19.99% – 29.99% – QC: 19.99% – 24.99% |
| Cash Advance Rate | – 22.99% – 31.99% – QC: 22.99% – 25.99% | – 22.99% – 31.99% – QC: 22.99% – 25.99% |
| Extra Features | Personalized AI insights | – Credit score monitoring – Purchase protection – Extended warranty – Group life insurance – 24/7 legal assistance – Priority support |
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 perks. Users can earn cashback, and easily adjust their credit limit. Plus, there is no annual fee. The Secured Neo Mastercard is a great option for consumers who have struggled with their credit and need an easy and convenient option to help rebuild their credit.
Earn Cashback Rewards With The Secured Neo Mastercard
Most secured credit cards don’t offer cashback rewards. The Secured Neo Mastercard does. Cardholders will earn:
- Earn up to 4% cashback on gas and grocery¹
- Earn up to 1% cashback everywhere else¹
Learn How To Increase Your Cashback Rate
Canadians who open a Neo Everyday account when they apply for a Secured Neo Mastercard will earn even more cashback. Neo offers tiered cashback earn rates for users who maintain balances in their Neo Everyday accounts.
The minimum required balances are:
| $0 – $4,999.99 | $5000 – $9,999.99 | $10,000+ | |
| Gas | 1.00% | 3% | 4% |
| Groceries | 1.00% | 3% | 4% |
| Everything else | 0.00% | 0.5% | 1% |
Upgrade Your Secured Neo Mastercard To Premium
Secured Neo Mastercard holders can upgrade their card to premium and earn even higher cashback rates for $9.99 a month.
Add A Neo Perk
Secured Neo Mastercard holders can customize their cards by adding perks. Neo perks are stackable monthly subscriptions that reward you for spending by boosting cashback offers for different categories and offer additional benefits such as travel insurance and purchase protection. 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.
- 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.
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 – Lastly, the Secured Neo Mastercard allows you to earn cashback rewards on your purchases, just like a traditional credit card.
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.
Here we’ll discuss how to apply via 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. You’ll be asked to choose your rewards program and credit card type (secured or unsecured).
- 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 and 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 Everyday account – If you have a Neo Everyday 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.
- 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.
- No Annual Fee. There is no annual fee (keep in mind there is a $5 monthly fee).
- 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.
- 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 over 10,000 stores across Canada. Some of these stores include:
- Frank and Oak
- Herschel
- SAXX
- clearly
- AVIS
- Contiki
- Budget
- Second Cup
- Structube
- Pet Plant
- TIMEX
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
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. With no annual fees, 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
Does Neo report to both credit bureaus?
What is the credit limit on the Secured Neo Mastercard?
How will the Secured Neo Mastercard help me build credit?
Does the Secured Neo Mastercard require a hard credit check?
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.
² Average based on current offers at select partners. Cashback may be limited and varies by perks, offer, and partner. Value increase is an average and depends on card use. Offer is subject to the Rewards Policy. Offer may be amended or cancelled at any time without notice.
³ Cashback earn subject to minimum spend. Boosted cashback may be subject to monthly limits. Terms and conditions apply. For more information, visit the Neo app.
