If you’re looking for a credit card with instant approval, no monthly or annual fee, and lets you earn cashback, we have a recommendation for you, the Neo Mastercard®.
With the Neo Mastercard, you’ll have the tools needed to build healthy credit and borrow better and smarter.
What We Think
| Who is Neo Credit Good For? | Consumers who: – Are looking for a cashback rewards card for everyday spending – Want to avoid annual credit card fees |
| What We Like | – No monthly fee – Earn high cashback on purchases – Instant approval and immediate access to a virtual card – No minimums required for cashback redemption |
What Is The Neo Mastercard?
Neo Mastercard is an everyday credit card that can be used to earn cashback and exclusive offers at places you love. It has no annual fee and you can earn up to 15% boosted cashback at thousands of Neo partners across Canada.
Plus, get guaranteed* instant approval and immediate access to a virtual card. Plus, you could qualify for a credit limit increase in as little as 3 months*.
Neo Mastercard® Overview
| Annual Fee | $0 |
| Purchase Rate | – 19.99% – 29.99% – QC: 19.99% – 25.24% |
| Cash Advance Rate | – 22.99% – 31.99% – QC: 21.99% – 25.24% |
| Rewards | – Earn up to 15% boosted cashback at thousands of Neo partners across Canada |
| App Availability | App Store Google Play |
Neo Mastercard® Features
The Neo Mastercard® offers cardholders a variety of benefits and features, particularly for those who shop regularly with Neo partners. These include:
- No Monthly Or Annual Fees – Neo Credit has no monthly or annual fees.
- Neo App – Neo comes with an app that allows you to manage your card from your fingertips. You can browse rewards and store offers through the app, before making any purchases.
- Higher Credit Limit – Neo may automatically pre-approve you for a credit limit increase when you become eligible. So instead of you having to apply for the increase, you simply need to log into your account and accept the credit limit increase, if you’ve been pre-approved. You could qualify for a credit limit increase in as little as 3 months*.
Neo Partners: Stores You Can Shop With Neo Credit
To earn the highest cashback rates with Neo Credit, you’ll want to shop with Neo-partnered stores. Currently, there are thousands of stores are partnered with Neo, including popular options such as:
- The Keg
- Structube
- Simons
- Harry Rosen
- Aldo
Who Is Eligible For The Neo Mastercard®?
To apply for the Neo Mastercard®, you must be a resident of Canada and be at least the age of majority within your province or territory. You must also have a Canadian photo ID to apply for the card.
While no credit requirements are noted, you may be rejected for Neo Credit if your credit history is poor. In such cases, Neo recommends their Secured Neo Mastercard, which guarantees instant approval*.
How To Apply For A Neo Mastercard®
Applying for a Neo Mastercard® is easy, simply follow these steps:
1. Download The App
Once you download the Neo app, create an account with your email. You’ll need to verify your account using your email and phone number. Once verified, you’ll reach the welcome page where you can choose to apply for the Neo Mastercard®.
2. Build Your Card
On the welcome page, click the Neo Mastercard® button to start the application. You’ll then be asked a few questions to customize your card.
3. Fill Out The Application
Once you’ve chosen the type of card you want, you’ll need approximately 5 minutes to complete the final part of the application. This part of the process involves providing your basic personal and financial information and verifying your identity. If approved, you can use your digital card immediately. The physical card is expected to arrive in approximately one week.
Is The Neo Mastercard® Safe?
In this increasingly digital age, a company needs to have modern protections in place that can keep you, your identity, and your finances secure against fraud. All savings accounts are held through Peoples Bank of Canada, a member of CDIC.⁴
- Zero Liability Protection: This means that your deposits are protected against loss. The concept is that the cardholder isn’t held liable (or responsible) for any unauthorized charges made on their account. In the event of an unauthorized purchase on your file, as proven by an investigation, the amount is returned to you with no penalty.
- Lock your card: Another security feature of Neo Credit is the ability to freeze and unfreeze your card, right from the app You can either put a hold on it (in the event that you misplace it) or replace it altogether. All of these security features can be accessed from within the Neo application, improving efficiency and security.
What Do Consumers Think Of Neo?
How do consumers rank Neo on popular review sites like BBB, Google, and Trustpilot?
| BBB Accredited + Rating | 1.38/5 stars C Rating, not accredited |
| Google Rating | 4.8 stars |
| Trustpilot Rating | 1.8 stars |
| Social Media Presence | 61K followers on LinkedIn 23.9K followers on Instagram 4K followers on Facebook ~2K followers on Twitter |
| Physical Location (office) | None |
How Does Neo Compare To KOHO (Essential)?
Let’s take a look at how Neo Credit compares to another popular product, the KOHO Essential Account:
| Neo Mastercard | KOHO (Essential) | |
| Annual Fee | $0 | $0 |
| Interest rate | – 19.99% – 29.99% – QC: 19.99% – 25.24% | N/A |
| Earn rate | – Earn up to 15% boosted cashback at thousands of Neo partners across Canada | – 1% cash back on groceries, (gas, parking, rideshare apps, etc.), and eating and drinking – Up to 6.5% extra cash back with select merchants |
| Extras | – Guaranteed*, instant approval and access to virtual card to start using immediately – Credit limit increases in as little as 3 months* | – Earn 2.5% savings interest on your entire balance. – Credit Building program (Optional) – Encourage saving with RoundUps, Vaults, and Savings Goals features – Joint account available |
Is Neo Credit A Good Choice For You?
With an increasing number of credit cards hitting the market, it is important to assess which is the best fit for your needs. The main selling feature behind Neo Credit is that all of its features are integrated. It is designed to make your rewards automatically accessible, so you can reap the benefits of the credit card.
 Neo Mastercard® | $0 annually |
| Secured Neo Mastercard® | $9.99 monthly |
 Neo World Mastercard® | $0 annually |
 Neo World Elite® Mastercard | $149 annually |
Final Thoughts
There are countless benefits to the Neo Mastercard®, regardless of where you reside in Canada. It is designed to make rewards accessible, encourage commerce, and help you build credit. While those who live in areas with affiliated businesses can see the most benefits, when used properly, anyone can see advantages from this card.
Neo Credit FAQs
Is the Neo Mastercard® safe?
Can I add the Neo Mastercard® to my digital wallet?
Does Neo accept bad credit applicants?
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.
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.
