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Neo Credit Review 2023

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An image of Neo Financial's credit card

Neo Credit

Rated 2.5/5 stars.

  • 5% Earn an average of 5% cash back at 10,000+ Neo retail partners across Canada.
  • 4% Earn up to 4% cash back at Shell gas stations when you pay with your Neo Credit card through the Shell app.
  • 0.5% Neo guarantees a 0.5% cash back rate with a maximum earning of $50 per month.

Mixing digital banking with credit card features since 2019, Neo Financial is a Canadian fin-tech company offering custom solutions for banking and credit card usage. With no brick-and-mortar locations, this financial institution offers a no-annual-fee cash back credit card (Neo Credit), a secured credit card (Neo Secured Credit), as well as savings accounts that promise a high interest on balances (Neo Money).

In this Neo Credit Review, we take a look at the cash back on offer, as well as the various perks you can subscribe to.

Neo Credit: an overview

The Neo Credit, like other Mastercards, allows cardholders to earn cash back for shopping within its network of thousands of local institutions, gas stations, and online stores. The list of Neo’s 7,000+ participating vendors is available on the app, which is free to access without a card.

Neo also offers the Neo Secured Credit. Almost identical to the Neo Credit, the Neo Secured Credit offers the same no annual fee and cash back rewards. The Neo Secured Credit offers guaranteed approval, so anyone can access the benefits of Neo’s rewards program. The main difference is that cardholders will have to provide a security deposit to use their card and the credit limit is the amount of the security deposit. The security funds are used as collateral in case a cardholder can’t pay their credit bill on time.

There are currently two hero products to incentivize Canadians to get on track with their financial situations. Officially backed by two financial giants, Neo Financial’s credit cards are in collaboration with ATB Financial and Mastercard. Meanwhile, Neo Money is managed by Concentra Bank, a member of the Canada Deposit Insurance Corporation (CDIC), ensuring the safety of all deposits.

Neo Financial is a growing firm and is now available in all provinces, including Quebec.

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Earn up to 4% cash back at Shell gas stations when you pay with your NeoCredit, Neo Secured Credit or Neo MoneyTM card. Visit Neo for more details.

Neo Credit rewards

With the Neo Credit, you can earn varying amounts with partners and average a 5% cash back rate. Neo also guarantees a 0.5% cash back with a max earning of $50 per month.

If you’re a driver, you can earn up to 4% cash back when you purchase gas from a Shell station and pay for it via the Shell app using your card. Otherwise, you can earn 2% cash back at the pump or Shell convenience stores.

You can boost your cash back rates by subscribing to various “perks” (more on that below).

Neo Credit eligibility

To be approved for a Neo Credit, you must have a credit score of at least 600. There is no minimum income requirement.

With no physical locations, Neo relies on a mobile app that operates on both Android and iOS devices and is designed to help you track your spending and keep an eye on your account balances. Any questions can be answered on Neo’s online platform using your specific login information.

Neo Credit interest rates and fees


  • Annual fee: $0
  • Foreign transaction fee: 2.5%
  • Extra card fee: $10
  • Cash advance fee: $2.50 (domestic); $5 (international)
  • Rush replacement card: $25

Interest rates

  • Purchases: 19.99% – 29.99%
  • Purchases (Quebec): 19.99% – 24.99%
  • Cash advances: 22.99% – 31.99%
  • Cash advances (Quebec): 22.99% – 25.99%

The rate on purchases and/or cash advances depends on the results of your credit application, credit profile, and, of course, your province.

Neo Credit perks

Neo Credit starts as a basic card, but you can subscribe to a handful of flexible monthly subscriptions that transform your card into a personalized, cash-back-collecting machine. For a monthly fee, you can upgrade your cash back in areas you spend the most.

  • Premium Access ($0.99/month)

    Earn up to 20% cash back on first-time purchases at certain partners, and if that wasn’t enough, you get access to exclusive offers, extended warranty, and purchase protection coverage.The baseline Neo Credit Card doesn’t include any insurance of any kind, so this perk offers a serious upgrade.

  • Travel ($4.99/month)

    Access select lounges all around the world, receive 2% cash back on foreign purchases, boosted cash back at travel partners and exclusive travel insurance coverage for trip cancellation, car rentals, and much more.

  • Mind and Body ($9.99/month)

    Gym rat? Yoga guru? Mental Health superhero? You get unlimited online fitness and mindfulness classes, and you can rack up extra cash back at studios and gyms partnered with Neo. Plus, receive a free premium subscription to the Headspace Plus app and FitOn PRO.

  • Everyday Essentials ($8.99/month)

    Gas, diapers, milk, cereal, and bourbon, (not an official list), cash-in at the pumps and the grocery store as you earn a 1.5x cash back boost at grocery, gas, and liquor store partners. You also get cash back at major wholesale stores.

  • Food and Drink ($1.99/month)

    Save money between the Sunday brunches and date nights with 1.25x boosted cash back at select restaurants, cafes, bars, and food delivery apps–if pizza is more your thing, you do you.

  • Mobile and Personal Protection ($9.99/month)

    For an extra level of peace of mind, you can safeguard yourself in the digital world with boosted protection of your device and passwords and $1 million coverage for fraud and identity theft.

Compare Neo Credit alternatives

An image of Neo Financial's credit card

Neo Credit

  • Welcome Offer Up to 15% cash back on first-time purchases
  • Annual Rewards $250
  • Annual Fee $0
  • Minimum Income Required None
Our Pick
Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card

  • Welcome Offer 10% cash back on up to $1,000 in purchases in first 2 months
  • Annual Rewards $282
  • Annual Fee $0
  • Minimum Income Required None
Simplii Financial™ Cash Back Visa Card

Simplii Financial™ Cash Back Visa Card

  • Welcome Offer 10% cash back for first 3 months
  • Annual Rewards $339
  • Annual Fee $0
  • Minimum Income Required $15,000 household

Our final thoughts

While there are some caps on earnings and a limit to how much cash back you can earn per transaction, the Neo Credit card boasts an attractive 5% average cash back rate at Neo retail partners.

Cardholders benefit from flexibility and the option to subscribe to various monthly subscriptions to increase their cash back earnings. That said, it will cost them. Paying for extra cash back categories isn’t as enticing an option as cards who bake these in at no extra cost. If you think you will do more of your shopping at Neo partners, then this card may be a decent option. If not, you might be better off getting a different cash back card.

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