The Neo Financial Mastercard is a top cash back credit card in Canada. With it, you earn unlimited cash back, never falling below 0.50%. Not too many credit cards have this earning potential, which makes Neo one of the best.
In this Neo Financial Mastercard review, we cover the benefits, fees, downsides, and compare it to a few other top cash back credit cards in Canada.
What is Neo Financial?
Neo Financial is an online bank with no-fee cash back credit cards, hybrid bank accounts, and high interest rates.
They are a Canadian company that offers three financial accounts: Neo Credit, Neo Money, and Neo Invest.
Neo Financial has two different credit cards – the Neo Standard Credit Card and the Neo Secured Mastercard.
The Secured Mastercard is for those who want to build their credit or have a poor or bad credit score. The only difference between the Secured card and the Standard card is that you need to hand over a $50 minimum deposit to be approved for the Secured card.
We’ll go more in-depth into the Standard Neo Financial Mastercard below.
Neo Financial Mastercard – At a Glance
- Earn an average of 5% unlimited cash back at thousands of Neo partners
- Get 15% cash back as a welcome bonus on your first purchases at participating Neo partners + a $25 bonus
- 0.5% cash back guarantee
- 19.99% to 24.99% interest rate on purchases
- 21.99% to 26.99% interest rate on cash advances
- No monthly or annual fees
- No minimum balance requirements
- Unlimited transactions
- Easily track your spending, cash back rewards, and more with the Neo app
Neo Financial Mastercard Benefits
When you sign up for Neo Financial with this link, get a $25 bonus. Other benefits include the following:
Cash Back Benefits
The Standard Neo Mastercard offers great cash back benefits, which look like this:
- Earn an average of 5% cash back at many Neo partners, including Five Guys, Second Cup, Hudson’s Bay, and Boston Pizza
- Earn 15% cash back on your first purchases at eligible Neo partners
- Never fall below an average of 0.5% cash back – Neo will top you up (up to a maximum of $5 per month)
Neo Financial Mobile App
With the Neo Financial Mastercard, you get access to the Neo mobile app, where you can track your spending, savings, and see how much cash back you’re earning.
You also get a virtual card, so there’s no need to bring a physical card everywhere with you. Simply tap your phone, and you’re good to go!
If you accidentally lose or misplace your card, you can easily freeze your account in-app until you find it.
Rewards Plan Bundles
To boost your cash back rewards and get more perks, you can subscribe to a Neo Bundle for a monthly fee. The Bundles are as follows:
- Neo Premium Access
- Neo Travel
- Neo Mind & Body
- Neo Everyday Essentials
- Neo Food & Drink
- Neo Mobile & Personal Protection
Customized plans are also in the works, with promised benefits being even more cash back, exclusive offers, and subscription perks.
Other Benefits
Neo Financial guarantees payment security with multiple layers to keep your account safe. With Mastercard’s Zero Liability Protection, it is fully protected from any unauthorized transactions.
All notifications, alerts, and cash back are instant on the Neo app.
Downsides of the Neo Financial Mastercard
At this time, Neo Financial does not offer travel insurance or perks like many other cash back credit cards do. However, they may be introducing new benefits like insurance soon.
Also, the guaranteed average cash back of 0.50% at non-Neo partners is capped at $5,000 monthly. So, if you tend to spend a lot, don’t expect to be getting much cash back.
The interest rates are calculated based on your credit history. If you have a poor credit score, the interest rate can be up to 24.99% on purchases and 26.99% on funds advances.
How To Apply for the Neo Financial Mastercard
To apply for the Neo Financial Mastercard, click here.
There are no minimum annual income or balance requirements. Even if you have a poor credit score, you can apply for the Neo Secured Card.
Applications are done entirely online, so there’s no need to visit a branch or call customer service.
Alternatives to the Neo Financial Mastercard
If you’re looking for another option, here are a few alternate cash back credit cards.
Neo Financial Mastercard vs Tangerine World Mastercard
The Tangerine World Mastercard also has a $0 annual fee. It is a great cash back credit card with up to three categories where you can earn 2% cash back and 0.5% cash back on everything else.
You get unlimited cash back rewards that can be redeemed for a statement credit or deposited into a Tangerine savings account.
There is a 19.95% interest rate on purchases and cash advances, with a 3% balance transfer fee.
The Tangerine World Mastercard also includes a few travel benefits and insurance, including Boingo Wi-Fi, a DragonPass travel pass, and mobile device insurance.
Neo Financial Mastercard vs KOHO Prepaid Mastercard
KOHO is a $0 annual fee spending and savings account with a prepaid credit card. The main difference with this compared to Neo, Tangerine, and BMO is that it is not a credit card, so you will be using your own money.
With the free Standard KOHO Prepaid Mastercard ($20 bonus), you earn up to 5% cash back on purchases at partners and 1% cash back on groceries.
Upgrade to KOHO Premium for $9/month and earn 2% cash back on grocery, restaurant, and transportation purchases. You also get up to 5% cash back at KOHO partners.
Neo Financial Mastercard vs BMO CashBack Mastercard
An award-winning card, the BMO CashBack Mastercard is a no-annual-fee cash back credit card. It has a 19.99% interest rate on purchases and 22.99% interest rate on cash advances.
With this card, you earn:
- 3% cash back on grocery purchases
- 1% cash back on recurring bill payments
- 0.5% cash back on everything else
Cash back rewards never expire as long as your account is in good standing. You can redeem your cash back with as little as $1 and apply your rewards to a statement credit, BMO Investorline account, or BMO chequing or savings account.
Comparison Table – At a Glance
| Annual Fee | Supplementary Card Fee | Purchase Interest Rate | Funds Advance Interest Rate | Cash Back Rewards | |
| Neo Financial Mastercard | $0 or $2.99 to $8.99 per month for additional benefits | N/A | 19.99% to 24.99% | 21.99% to 26.99% | 0.5% average cash back on all purchases (up to $5,000 monthly), average of 5% cash back at Neo partners |
| BMO CashBack Mastercard | $0 | 19.99% | 22.99% | 3% cash back on groceries, 1% cash back on bill payments, 0.5% cash back on everything else | |
| Tangerine World Mastercard | $0 | $0 | 19.95% | 19.95% | 2% cash back on 2 or 3 Money-Back Categories of your choice, 0.50% cash back on all other purchases, plus other travel benefits |
| KOHO Prepaid Mastercard | $0 or $84/year or $9/month for premium | N/A | N/A | N/A | 0.5%-2% cash back on specific purchases, up to 5% cash back at select partner brands |
Is the Neo Financial Mastercard For You?
The Neo Financial Mastercard is perfect for those who spend $5,000 or less monthly, and want to apply for a credit card with guaranteed approval.
Almost anyone can apply and be approved, so if you’re looking for a credit card with lots of earning potential, this might be for you.
However, if you spend more than $5,000 monthly, you are not guaranteed to receive an average of 1% cash back.
The Neo Financial Mastercard also does not include any insurance benefits or travel perks. If you’re looking for a card with cash back or points plus travel insurance, consider checking out the SimplyCash Preferred Card from American Express or the American Express Cobalt Card.
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