Neo Credit | Neo Financial Credit Card Review

Neo, a relatively new technology company, aims to integrate modern technology into the banking industry. By developing its Neo Credit, this company strives to use technology to improve the financial lives of Canadians. The main concept of this credit card is to make both spending and saving rewarding for Canadian consumers. 

What Is Neo Credit?

Neo Credit is an everyday credit card that can be used to earn cashback and exclusive offers at places you love. It has no annual fee (unless you upgrade your account). You can earn an average 5%¹+ cash back at thousands of participating partners and earn up to 15%¹ cashback on your first purchase with Neo partners

$25 Welcome Bonus

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

What Does Neo Credit Offer?

Neo Credit offers cash rewards when you use it to pay at your most frequently visited stores. It also offers a savings account with an interest of 1.55%, which is substantially higher than the market standard. The credit card aims to offer key financial benefits while also helping consumers to improve their credit. 

Neo Credit Perks

Neo Credit 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 Credit 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 Credit 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

How Is Neo Credit Different?

Setting itself apart through a high yield and substantial instant cashback rewards, this credit card also makes it easier to support local businesses. With a high level of security, savings accounts through this business are overseen by Concentra Bank and have the corresponding deposit protection. While it is a really useful card for Canadians, certain benefits are only available to customers in certain provinces. These include Manitoba, British Columbia, and Alberta. This is because the card is affiliated with certain locations and businesses in those areas, enabling it to offer competitive rewards. 

How Does Neo Credit Work?

Neo Credit is free of annual fees and has no over-limit fees. By providing additional cash as a return for your purchases, it lets you choose where to apply those funds. With multiple alerts to inform you of your purchases, progress, or any suspicious transactions, the card helps you stay on track and monitor your spending habits. It enables you to replace your card or freeze it in the event of loss, in addition to setting limits on your spending. With a handy app available on your smartphone, it’s easy to stay informed with this card. 

Neo Features

• No Monthly or Annual Fees – Neo Credit has no monthly or annual fees. The only time you’ll need to pay a fee is if you upgrade to their higher-tiered programs. These programs offer higher rewards than the free one but are only worth it if you spend over $750 a month.
• Convenient – Neo Credit comes with an app that allows you to manage your card right from your fingertips. You can browse rewards and store offers through the app, prior to making any purchases.
• Management – You can also get notifications in real-time about your transactions when you earn cashback, or when you need to make a payment. The app allows lets you see your rewards and spending details, which is great for keeping track of your money.
• Security – The Neo app allows let’s users to freeze their accounts if they believe their card is stolen or tampered with.
• Digital Wallets –You not only get a physical copy of your Neo Credit card, but you can also digitize it by adding it to Apple Pay or Google Pay. This will allow you to make purchases without contact through your smartphone.
• No Minimum Redemption – You can cash out your rewards at any time, there are no minimum thresholds.
• Upgrade At Any Time – Regular credit cards often lock you in with their annual fees. But with the Neo Financial credit card, you can upgrade or downgrade to a different plan whenever you want.

Check out these products to monitor and build your credit.

Benefits Of Neo Financial Credit

There are a lot of different benefits to this credit card, particularly for those who prefer to shop local. While there are a lot of cards available on the market that offer benefits such as cashback on purchases, this card sets itself apart in the comprehensive nature of its advantages. These include: 

Earn Rewards

The card enables you to earn rewards when you shop at local stores. In keeping with the general spirit of credit cards, the rewards are financial. After noticing that most Canadians don’t actually use the rewards on their credit cards, Neo aimed to make the rewards it offers more accessible in general. 

You can automatically redeem the rewards you earn. Everything is centralized through the app, letting you fully control the balance and rewards of your card. 

Build Credit

Having a credit card helps to build credit, whether you have a lack of existing credit or a bad credit profile. By making your regular payments, on time and in full, you will be able to positively affect your credit score. 

Higher Credit Limit

Neo Credit automatically increases your credit limit when you become eligible, instead of you having to apply for the increase. This can save consumers time and stress when looking to use their cards to make larger purchases. 

Save Money

By integrating all of its functions into a centralized application, Neo gives customers access to a variety of different tools to help maintain their credit profile. These tools include alerts, insights into your spending, and the ability to freeze your accounts if you misplace your card.

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Neo Credit Overview

Application Process For Neo Credit

The application for a Neo Card is quite straightforward. To promote accessibility, Neo makes the application process available both on their app. While the application and credit card are available to all Canadians, except those living in Quebec (coming soon). The incentives are only available in select locations, namely those in Alberta, British Columbia, and Manitoba. To apply, the process is fairly simple: 

• Download the app: Once you’ve downloaded the Neo Financial app, you can complete the application without impacting your credit. You can receive a prequalification; and, if you do, the app will invite you to apply for the card. When you are in the app, you then get the option to open a savings account. 
• Verify your identity: The next step is to prove that you are who you say you are. The process involves you supplying a government-issued identification. You provide an image of both sides of the card. In addition, the site requires you to supply a picture of yourself. 
• Approval: It takes 3 minutes to apply and upon approval, you get immediate access to your card via Apple Pay or Google Pay. The physical card is expected to arrive in approximately one week’s time. 

Neo Credit Security

In this increasingly digital age, it is important for a company to have modern protections in place that can keep you, your identity, and your finances secure against fraud. All savings accounts are held through Concentra Bank, a member of CDIC. 

• 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 your card. You can either put a hold on it (in the event that you misplace it) or replace it altogether. Additionally, you can set limits for your spending to prevent yourself from going over your budget. All of these security features can be accessed from within the Neo application, improving efficiency and security. 

Is Neo Credit A Good Choice For You? 

With an increasing number of credit cards hitting the market, it is important to assess which one is the best fit for your needs. The main selling feature behind Neo Credit is the fact that all of its features are integrated. The incentives are substantial enough that it mitigates the benefits of choosing multiple accounts. It is designed to make your rewards automatically accessible, so you can actually reap the benefits of the credit card and all of its perks. 

Anyone Can Benefit From This Card

Canadians can gain many advantages from quick access to the virtual credit card. The ability to use the card across the country remains, though only certain areas can actually access the incentives. People in Quebec cannot, as of April 2022, access the services. Only those living in select cities within Alberta, British Columbia, and Manitoba can access the incentives through local businesses. That said, the card is associated with several national companies; so, if you prefer to shop online or aren’t concerned about shipping delays, this card is viable wherever you live. 

Want a card with mobile insurance? Check out these credit cards. 

Excellent For Low Or No Credit Individuals

While many credit cards restrict access to those with good credit or higher, Neo accepts applications from those without credit or with poor credit. As such, it is a good way to build your credit score and is both a great starter card and a suitable long-term option. 

Check out what credit score you need to get a credit card.

Final Thoughts

There are countless benefits to using Neo Credit, 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 definitely see the most benefits, when used properly, anyone can see advantages from this card. 

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.