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Neo, a relatively new technology company, aims to integrate modern technology into the banking industry. By developing its Neo Financial Credit Card, 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 The Neo Card?
The Neo Card 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 are guaranteed at least 1%2+ cashback.
If you want to learn even higher cashback rewards, you can upgrade your card to one of the following three options:
- Essential – The Neo Essential Card has no annual or monthly fees. It offers an average of 4% cashback on purchases with Neo partners. All other purchases will earn you 1% in cashback. This card is best suited to those who spend less than $750 a month.
- Plus – The Neo Plus Card has a monthly fee of $2.99 a month. Users can earn on average 5% cashback when they make a purchase with a Neo’s partners. That’s about a 1.25% increase in cashback value than the essential plan. Moreover, you’ll earn 1% cashback for all other purchases. This card is recommended for those who spend between $750 and $1,000 each month.
- Ultra – The Neo Max Card cost $8.99 a month, which comes to about $108 a year. This is equivalent to how much you’d pay for a regular credit card in Canada. However, unlike a regular credit card, this card offers on average 6% cashback for purchases you make with Neo partners. Moreover, you’ll earn 1% on all other purchases. This card is best suited to those who spend more than $1,000 each month.
$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 Card Offer?
The Neo Card 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.
How Is The Neo Card 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 the businesses in those areas, enabling it to offer competitive rewards.
How Does The Neo Card Work?
The Neo Financial Credit Card 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 Financial Card Features
- No Monthly or Annual Fees – The Neo Card 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 – The Neo Card 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 Financial Card app allows let’s users to free their accounts if they believe their card is stolen or tampered with.
- Digital Wallets –You not only get a physical copy of the Neo 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.
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Benefits Of Neo Financial Credit Card
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:
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.
- What kind of rewards? The rewards are earned mainly through spending, though there are a couple of other rewards as well. These include one-time offers and punch card offers. In addition to the cashback rewards, there are also one-time rewards and punch card offers. The former is the ability to earn a more substantial reward (up to 20% cash back) when you visit select businesses in your area. As for punch cards, the idea is that the more frequently you shop at a preferred location, the more rewards you earn.
- How to earn and redeem: 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.
Depending on the business in question, you can access different discounts as a reward. By partnering with companies in your area, Neo is able to offer high-end incentives to help you and your local economy. These include:
|Restaurants||Up to 15%|
|E-commerce||Up to 15%|
|Cafes||Up to 20%|
|Shopping||Up to 15%|
|Grocery||Up to 10%|
|Entertainment||Up to 15%|
|Gas||Up to 5%|
|Fitness||Up to 20%|
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
The Neo Credit Card 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.
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 Financial Credit Card Overview
|Annual Fee||No annual fee|
|APR||Between 19.99% and 24.99% on purchases|
|Cash Advance APR||Between 22.99% and 26.99% on cash advances|
|Rewards||Up to 5% cash back|
Application Process For The Neo Financial Credit Card
The application for a Neo Financial Credit 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 Financial Credit Card 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 Financial Credit Card 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 The Neo Financial Credit Card 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 the Neo Financial Credit Card 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.
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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.
There are countless benefits to using the Neo Financial Credit Card, 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.
2Top-up is limited to $5,000 of spending/month at non-partners.
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