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 Neo Secured Credit card is how they are addressing this belief.
Neo Secured Credit 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 |
| Welcome Bonus | N/A | – Get Premium for 1 month free when you apply |
| Cashback Rate | – 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). |
| 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 | – Personalized AI insights – Credit score monitoring via the Neo app. – Purchase protection – Extended warranty – Group life insurance – 24/7 legal assistance – Priority support |
What Is Neo Secured Credit?
Neo Secured Credit 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 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.
Earn Cashback Rewards With Neo Secured Credit
Most secured credit cards don’t offer cashback rewards. Neo Secured Credit 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 Neo Secured Credit card 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 | $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 Secured Credit Card To Premium
Neo Secured Credit card holders can upgrade their card to premium and earn even higher cashback rates. For $9.99 a month, cardholders will earn 3% cashback on gas and groceries and 0.5% cashback on all other purchases¹.
Welcome Offer
Neo is offering new customers the opportunity to try Premium free for one month. Apply for a Neo Secured Credit card, upgrade to Premium, and get your first month free.
Add A Neo Perk
Neo Secured Credit 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.
Neo Secured Credit vs. Traditional Credit Cards
Neo Secured Credit offers the same benefits as a traditional credit card without the typical requirements.
- No Credit Checks – Neo Secured Credit requires no credit checks for approval. Moreover, you’re guaranteed approval so long as you can meet the minimum security deposit requirement.
- No Annual Fee – Unlike typical credit cards that require an annual fee, Neo Secured Credit has no annual ($5 monthly fee for secured card).
- Accepted Everywhere A Mastercard® Is Accepted – Like a regular Mastercard®, you can use your Neo Secured Credit card at any store that accepts Mastercard®.
- Cashback Rewards – Lastly, Neo Secured Credit allows you to earn cashback rewards on your purchases just like a traditional credit card.
How Does Neo Secured Credit Work?
If you’d like to apply for the Neo Secured Credit, 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 Neo Secured Credit card is guaranteed if you meet the following:
- You are a Canadian resident who is 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 Neo Secured Credit card 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 Neo Secured Credit card. 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 Neo Secured Credit 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 Neo Secured Credit Card?
There are two ways you can fund your Neo Secured Credit card:
- Link An External Account – You can choose to link your external bank account to your Neo Secured Credit 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 Everyday Account – If you have a Neo Everyday Account, you can link your Neo Secured Credit card. This will allow you to instantly e-transfer funds from your account to your Neo card.
Neo Secured Credit Benefits
Unlike other secured credit cards, the Neo Secured Credit 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 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 Neo Secured Credit?
As pointed out above, the Neo Secured Credit 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
- Other approval criteria
How Does Neo Compare To The Capital One Guaranteed Secured Mastercard®?
| Neo Secured Credit (Basic) | Capital One Guaranteed Secured Mastercard® | |
| Annual fee | $0 | $0 |
| Purchase interest rate | – 19.99% – 29.99% – QC: 19.99% – 24.99% | 21.9% – 29.9% |
| Earn rate | – Up to 4% cashback on gas and grocery¹ – Up to 1% cashback everywhere else¹ | No rewards |
| Security deposit | $50 to $10,000 | $75 to $300 |
Is Neo Secured Credit Right For You?
When it comes to secured credit cards, Neo Secured Credit 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.
Neo Secured Credit FAQs
Does Neo report to both credit bureaus?
What is the credit limit on the Neo Secured Credit card?
How will Neo Secured Credit help me build credit?
Does Neo Secured Credit 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.
