Neo CardTM (Secured) Review
$25 welcome bonus for new cardholders
Apply Now lock
Recommended Credit Score:
0 669
Poor or No Credit
Welcome Bonus Value
Annual Fee
Purchase Interest Rate
Min Personal Required
Neo CardTM (Secured)
Apply Now
My Rate Compass Rating: star star star star star_outline (4)
Bank Name:Neo Financial
Network Type:Mastercard
Neo CardTM (Secured)
Welcome Bonus
$25 welcome bonus for new cardholders
Annual Fee
Neo CardTM (Secured)
Card Details
Neo CardTM (Secured)

Welcome bonus: $25 welcome bonus for new cardholders 

The Neo CardTM (Secured) is a type of credit card that is backed by money you deposit with the issuer. This money is held in an account and then used as collateral for your purchases with the credit card. It’s a great way to build or rebuild your credit in Canada, while also having the convenience of using a credit card.

  •       Forget the fees: The full featured benefits of the Neo CardTM (Secured) with no annual or overlimit fees.
  •       Flexible limits: Increase your credit limit whenever you need.
  •       Insights: Keep track of what you’re spending with our insights dashboard.
  •       Auto-pay: Never miss a payment again with our auto-pay feature.


Straight talk about security funds

  • Your credit limit is equal to your security funds. You’re in control. Pick a limit you’re comfortable with and never worry about going over your limit (you can’t).
  • Your security funds are stored safely in your Neo account and will be fully returned if you close your card and have paid off your balance.
  • The minimum amount of security funds to get started is $50.

Your rewards, your way

Create your ultimate rewards experience by adding and stacking perks to your Neo Card™. All themed perks contain unique benefits like boosted cashback, app subscriptions, and insurance. Subscribe to one, or stack a few together to get more from the things you need and love.


  • 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
  • Vehicle rental insurance No
  • Travel accident insurance No
  • Travel medical insurance No
Fees and Eligibility
  • Annual Fee: $0
  • Additional Card Fee: $0
  • Purchases Interest Rate: 19.99%
  • Cash Advance Interest Rate: 21.99%
  • You're a Canadian resident
  • You've reached the age of majority in your province or territory
Recommended Credit Score:
0 669
Poor or No Credit
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
  • No Annual fee
  • Guaranteed approval
  • No income requirements 

With the Neo Secured credit card, you will have many ways to earn cashback.
  •       5% Average cashback

Earn an average of 5% unlimited cashback at 10,000+ Neo partners.

  •       15% Welcome bonuses

Earn up to 15% cashback on your first purchase at participating partners.     

Editor's Review

How Neo CardTM (Secured) 

The Neo CardTM (Secured) works just like any other type of credit card. When you apply for one, you are automatically approved. The difference lies in the fact that instead of getting approved based on your current income and borrowing history, it’s backed by the amount of money you deposit into the account that is linked to the card. For example, if you deposit $500 into a Neo CardTM (Secured) account, then your limit will be set at $500. The minimum amount of security funds to get started is $50.

The Benefits of Using the Neo CardTM (Secured)

  • Cashback Rewards: The Neo Card enables you to earn cashback rewards on your purchases which are rare for a secured credit card.
  • No Annual Fees – The Neo Card has no annual or monthly fees related to it. 
  • No Credit Checks: The Neo Card requires no credit checks for approval. 
  • Low minimum-security deposit:  $50

The downside of the Neo CardTM (Secured)

  • The card does not offer complimentary insurance coverage like extended warranty, purchase security or collision insurance.


A Neo CardTM (Secured) could be just what you need if you're looking for an easy way to start establishing good financial habits while improving upon existing ones!

Author Bio

Mohamed Konate

Mohamed Konate is a personal finance expert, blogger, and marketing consultant based in Toronto. He is a former financial services professional who worked at major Canadian financial institutions for many years. He managed the marketing strategy around various financial products ranging from credit cards to lines of credit. Mohamed is passionate about personal finance and holds a Bachelor's in Business Administration from the University of Quebec (Montreal) and a Master's in International Business from the University of Sherbrooke (Quebec). He is also the author of the Canadian Credit Card Guidebook.


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