Neo Financial Credit Card Review
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Recommended Credit Score:
670 900
Average to Excellent
$0
Welcome Bonus Value
$0
Annual Fee
19.99%
Purchase Interest Rate
NA
Min Personal Required
Neo Financial Credit Card
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My Rate Compass Rating: star star star star star_outline (4)
Bank Name:Hudsons Bay
Network Type:Mastercard
Neo Financial Credit Card
Welcome Bonus
Annual Fee
$0
Neo Financial Credit Card
Card Details

Neo Financial Credit Card Review 

The Neo Credit Card is a no-annual-fee credit card that unlocks exclusive offers and earns you instant cashback rewards at the places you love.

Everyday cashback

Earn rewards at thousands of local and national businesses, including most major gas and grocery stores, restaurants, gyms, coffee shops and more.


Amp up your cashback

Choose from flexible, monthly cashback rewards plans that help you earn more on every purchase. You’re never locked in to an annual fee and can switch plans anytime.

Stay on top of your money

Get proactive alerts and notifications in real-time.


Neo Rewards work differently than your standard cashback credit card. With Neo, you have the option to be in control and choose between three reward tiers based on your personal spending habits - Essential, Plus, and Max. You may have to pay a monthly fee depending on the reward tier you select.

 

Neo Standard

  • For this reward tier there is no annual fee  

  • 4% cashback average at Neo partners(local, national, and online) including groceries, gas, restaurants, coffee, shopping, and entertainment.

  • 1% cashback on all non-partner purchases


Neo Plus

  • Neo Plus: $2.99/month
  • 5% cashback average at Neo partners (local, national, and online) including groceries, gas, restaurants, coffee, shopping, and entertainment.
  •  1% cashback on all non-partner purchases

  • Partner offers and bonuses increase in value by 1.25X compared to Standard plan


Neo Ultra 

  • Neo Max: $8.99/month
  • 6% cashback average at Neo partners (local, national, and online) including groceries, gas, restaurants, coffee, shopping, and entertainment.
  •  1% cashback on all non-partner purchases
  • Partner offers and bonuses increase in value by 1.5X compared to Standard plan

Interest rates:

  • Purchases Interest Rate: 19.99% – 24.99%
  • Cash Advance Interest Rate: 21.99% 
Insurance
  • Priority airport services No
  • Airport lounge access No
  • Concierge service No
  • Balance protection(Optional) No
  • Purchase Security & Extended Protection Insurance NO
  • Flight delay insurance,Baggage Insurance No
  • Vehicule rental insurance No
  • Travel accident insurance No
  • Travel medical insurance No
Fees and Eligibility
Fees
  • Annual Fee: $0
  • Additional Card Fee: $0
  • Purchases Interest Rate: 19.99%
  • Cash Advance Interest Rate: 21.99%
Eligibility
  • You're a Canadian resident
  • You've reached the age of majority in your province or territory
Recommended Credit Score:
670 900
Average to Excellent
Our Rating
My Rate Compass Rating: star star star star star_outline (4)
Rating Methodology: My Rate Compass's ratings are determined by our editorial team. Our editors rate credit cards objectively based on the benefits and features the credit card offers, interest rates, the fees, and how a credit card compares with other cards in its category. Credit card rating methodology
Editorial Guidelines: Learn more about our editorial guidelines here.
Pros and Cons

Forget the fees

No annual or overlimit fees. You keep the extra cash and decide where it goes.

Neo Financial credit card security feature

A great security feature of the Neo Financial Credit Card is the ability to lock your card, put it on hold or replace it in case you have misplaced or lost it. Freeze or replace your card, turn off online transactions, and more right from the app.

Automatically earn and redeem rewards with Neo

When you pay with the Neo Card, you’ll earn rewards automatically without ever needing to manually redeem them.

Editor's Review
Neo Financial Credit Card

Overview


Neo Financial is a Canadian, technologically driven financial services company. They’ve recently partnered with Mastercard to offer their customers a cash back credit card. There are three tiers you can choose from which have varying monthly fees and cash back earning rates. Cardholders earn the highest cash back when they spend with Neo Financial partners. Learn more below.


Key Features and Benefits

  • Earn cash back rewards on everyday purchases
  • Special cash back offers with thousands of partners, including restaurants, gyms, grocery stores and more
  • Low fees and standard interest rates
  • Complimentary, easy to use Neo Financial app
  • Able to connect with Apple Pay or Google Pay
  • Various tiers available, including Essential, Plus and Max
  • Email and phone customer support available

Pros

  • Flexibility :You can choose between the Essential, Plus and Max tier, and you can switch tiers at any time
  • Instant cashback
  • 4-6% cash back when you spend with participating partners depending on your plan
  • Mobile app available in the app store and Google Play
  • In addition to the physical card, users can add the card to Apple Pay or Google PayTM to make contactless payments with a smartphone
  • No annual fee

Drawbacks

  • Monthly fee applies for Plus ($4.99/month) and Max ($9.99/month) tiers of Neo Financial credit card, the Essential tier is free, but has reduced earning rates
  • Only earn cash back with participating partners, unless you have the Plus (0.5% on purchases with non-participating partners) or Max (1% on purchases with non-participating partners)
  • No basic insurance 

Takeaway

The Neo Financial credit card is ideal for individuals who live in urban areas. Neo Financial partners with thousands of restaurants, coffee shops, grocery stores and gas stations. If you don’t live close to the partner vendors, it’ll be challenging to take advantage of the cash back rewards. In addition, Neo Financial’s flexibility and low fees are beneficial for all users.