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Neo Credit Review 2023

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Mixing digital banking with credit card features since 2019, Neo Financial is a modern take on Canadian banking hoping to build a community from coast to coast. With its fintech headquarters based in Calgary, Alberta, the goal is to help individuals create custom solutions to their money situations. With no brick and mortar locations, this financial institution offers a no-annual-fee cashback credit card (Neo Credit), a secured credit card (Neo Secured Credit), as well as savings accounts that promise a high interest on balances (Neo MoneyTM).

Partnering directly with local merchants in hopes of facilitating an easier approach to receiving rewards, the three founders have created a top-tier brand in Canada once before with Skip the Dishes; can they do it again? Let’s be the judge as we dive into the Neo Financial Review.

NEO Credit Card

Neo Credit

Rated 4.5/5 stars.

Our Review

  • Welcome Offer 15% cash-back on first purchase with participating partners
  • Annual Fee $0
  • Regular APR Purchase: 19.99% - 26.99%, Cash Advance: 22.99% - 28.99%
  • Recommended Credit 600+

What is Neo Financial?

Neo Financial is a fintech company trying to leave its imprint on Canadian communities from the Atlantic to the Pacific oceans. Recognizing that its customer base is hoping to get a handle on its financials, Neo has partnered directly with local merchants across the country to assure the best options when it comes to a cash back credit card. Neo understands the need for peace of mind when it comes to your cash, which is why it prides itself at going above and beyond with local communities.

The customer care team is available seven days a week from 8am to 8pm Mountain Time to handle any questions, comments, or concerns.

How does Neo Financial work?

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.

Overview of Neo Credit

The Neo Credi, 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. Cardholders earn varying amounts with partners and average a 5% cash back rate. Neo also guarantees a 0.5% cashback with a max earning of $50 per month.

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.

Neo Credit Perks

This may be the coolest feature of the Neo Credit. It starts as a basic card, just the cash back and no annual fees package deal, but you can subscribe to a handful of flexible monthly subscriptions that evolve your card into a personalized, loyalty-collecting machine. Ranging from $0.99 to 90.99 per month, you can upgrade your card rewards in areas you spend the most and earn up to 8x the cash back rate.

  1. Premium Access ($0.99/month): Up to 20% cashback 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.
  1. Travel ($4.99/month): Access select lounges all around the world, receive 2% cashback on foreign purchases, boosted cashback at travel partners and exclusive travel insurance coverage for trip cancellation, car rentals, and much more.
  1. 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 cashback at studios and gyms partnered with Neo. Plus, receive a free premium subscription to the Headspace Plus app and FitOn PRO.
  1. 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 cashback boost at grocery, gas, and liquor store partners. You also get cashback at major wholesale stores, Bonus!
  1. Food and Drink ($1.99/month): Save money between the Sunday brunches and date nights with 1.25x boosted cashback at select restaurants, cafes, bars, and food delivery apps–if pizza is more your thing, you do you.
  2. 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.

Requirements & accessibility for the Neo Credit

To be approved for a Neo Credit, you are only required to have a credit score of 600, with no income requirements necessary. The rate on purchases and/or cash advances depends on the results of your credit application, credit profile, and, of course, your province. At either rate, it is possible to higher your credit score by learning some good spending and saving habits, thanks to some of the offered extras.

With no physical locations, a mobile app has been developed for both Android and iOS devices and is designed to help cardholders track their purchases and account balances. Any questions that may arise can be answered on Neo’s online platform using your specific login information.

Pros & cons of the Neo Credit

As a newcomer to the financial banking world, Neo has worked to find a space to belong among the veterans. Finding its footing in an existing market means there are bound to be some pros and cons. Let’s have a look at them.


  • No annual fees
  • Best Canadian cashback options
  • Flexibility to change plans within the year
  • Quick approval process
  • Instant pairing to Google Pay and Apple Pay
  • Accepted anywhere that takes Mastercard
  • Guaranteed acceptance for Neo Secured Credit Card


  • Limited product offering
  • Best cashback reward options are limited to Neo partners
  • Not yet available in Quebec
  • No insurance in the base credit card package
  • Up to 26.99% interest rates for purchases

Final thoughts of the Neo Credit

Neo Financial is doing a decent job applying its knowledge of the digital business world while disrupting the traditional banking world. If you are looking to change financial institutions, this may not be the best place for your entire net worth to land – at least not yet. Neo Financial is still in its beginning phase, gearing up to make a few changes to the existing banking world.

For now, if you are a Canadian looking for some monetary help, Neo is the right place for you. Its promise to its client care does not go unnoticed, pulling out all the stops to assure Canadians that their savings can make a difference one purchase at a time. In spite of that, there are some caps on earnings and a limit to how much cash back you can earn per transaction dependent on the retailer.

While Neo makes applying for a credit card easy, it is meant to help all Canadians alike to take control of their financials. Gone are the days when large banks had the last word. Neo Financial allows all its cardholders to be flexible with their accounts, allowing them to take responsibility for their gains. With no annual fees and high-interest gains, the benefits will start to accumulate funds in no time.

Anyone banking with Neo will understand how the company is doing the job of disrupting the archaic financial system that has been established in Canada for too many years.

Frequently Asked Questions