Neo Credit | Neo Financial Credit Card Review

Have you heard about Neo? They’re a relatively new technology company that aims to integrate modern technology into the banking industry. Their goal is to use technology to improve the financial lives of Canadians. They’ve recently developed a credit card called Neo Credit. The main concept of this credit card is to make both spending and saving rewarding for Canadian consumers. 

Neo Credit Card Overview

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 The Neo Credit Card 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 

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 $40 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. 

• 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 Credit Card Features

There are a lot of different benefits and features to this credit card, particularly for those who prefer to shop local. These include: 

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 add in the Neo Perks. The perks offer higher cash back rewards and other benefits like travel insurance and purchase assurance.  

Neo Credit App

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.

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 you see your rewards and spending details, which is great for keeping track of your money.

High Rewards And Easy Redemption

Neo Credit offers cash back as high as 15%. That’s more than any credit card on the market. With no annual fees and average cash back rates of 5%, you can expect to earn a decent return.

Moreover, you can cash out your rewards at any time, there are no minimum thresholds. Everything is centralized through the app, letting you fully control the balance and rewards of your card. 

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.

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.

Stores You Can Shop With Neo Credit

There are over 10,000 stores partnered with Neo including: 

Who Is Eligible For The Neo Credit Card?

To apply for the Neo Credit card, 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 a Neo credit card if your credit history is poor. In such cases, Neo recommends that you use their Neo Secured Credit card, which guarantees approval.

Is The Neo Credit Card Safe?

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. 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.

Additional Reading

What Is A CPC/ SCP Charge On A Credit Card?

Secured Credit Card vs. Prepaid Credit Card

Best Cash Back Apps In Canada

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. 

Neo Credit FAQs

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.