Neo Financial Credit Card Review

Neo Financial Credit Card Review

Written by Corrina Murdoch
Fact-checked by Caitlin Wood
Last Updated September 29, 2021

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. 

Neo Financial Credit 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.

  • Essential – The Neo Essential Card has no annual or monthly fees. It offers an average of 4% cash back on purchases with Neo partners. All other purchases will earn you 1% in cash back. 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% cash back when you make a purchase with a Neo’s partners. That’s about a 1.25% increase in cash back value than the essential plan. Moreover, you’ll earn 1% cash back for all other purchases. This card is recommended to those 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 equivalient to how much you’d pay for a regular credit card in Canada. However, unlike a regualr credit card this card offers on average 6% cash back for purchases you makes 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.

What Does The Neo Card Offer?

The 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. 

Neo Financial Card Features

  • No Fees – The Neo card is completely free. They 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 is 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 finger tips. You can browse rewards and store offers through the app, prior to making any purchases.
  • Management – You can also get notifcations in real-time about your transactions, when you earn cash back, 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.
  • Secuirty – The Neo Financial card app allows let’s users to free their accounts if they believe their card is stolen or tampered with.
  • Digigtal Wallets -You not only get a phycial 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 Minimium Redeemption – You can cash out your rewards at anytime, 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.

How Does It Work?

The Neo Financial Credit card is free of annual fees and has no overlimit 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. 

Check out these products to monitor and build your credit.

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 cash back on purchases, this card sets itself apart in the comprehensive nature of its advantages. These include: 

No Fees

This card has no annual fees and no fees if you spend more than your limit. 

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. 

  • 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 cash-back 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. 

Discounts

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:

RestaurantsUp to 15%
E-commerceUp to 15%
CafesUp to 20%
ShoppingUp to 15%
GroceryUp to 10%
EntertainmentUp to 15%
GasUp to 5%
FitnessUp to 20%

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

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. 

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.

Check out these budgeting apps for better control over your finances.

Neo Financial Credit Card Overview

Annual FeeNo annual fee
APRBetween 19.99% and 24.99% on purchases
Cash Advance APRBetween 22.99% and 26.99% on cash advances
RewardsUp to 6% cashback 

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 is 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: Upon approval, you get immediate access to your card virtually. 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, so long as they can access the benefits. 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 December 2020, 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 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. 

Corrina Murdoch has been a dedicated freelance writer and editor for several years. With an academic background in the sciences and a penchant for mathematics, she seeks to provide readers with accurate, reliable information on important topics. Working as a print journalist for several years, Corrina expanded her reach into the digital sphere to help more people gain insight into the realm of finances. When she's not writing, you can find Corrina swimming and spending time with family.

Research & Compare

Canada's Loan Comparison Platform

Largest Lender Network In Canada

Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.

Make Smarter Borrowing Decisions

Whether you have good credit or poor credit, building financial awareness is the best way to save. Find tips, guides and tools to make better financial decisions.

Industry Spotlight

What's happening with Canada's credit industry?

goPeer — Helping Consumers Achieve Financial Freedom by Connecting Canadians Looking For Financing With Canadians Looking to Invest

goPeer — Helping Consumers Achieve Financial Freedom by Connecting Canadians Looking For Financing With Canadians Looking to Invest

goPeer is Canada's first consumer peer to peer lending platform and connects creditworthy Canadians looking for a loan with everyday Canadians looking...

Read Post
Locator
Find The Best Rate
In Your Region
OR
Best Personal Loan Provider by Greedy Rates
Icon

Confidential & risk-free

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.

When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.

Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.

Your data is protected and your connection is encrypted.

Loans Canada Services Are 100% Free. Disclaimer

Keep Track Of Your Credit Score

Subscribe with Credit Verify to monitor your credit rating and get your free credit score.