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A Neo Financial Credit Card Review for 2021

Rachel Cribby
November 26, 2021

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 Card) as well as savings accounts that promise a high interest on balances (Neo Savings).

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.

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 cash back. 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 savings accounts are 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 that is available across Canada, except for Quebec—it’s still working out some kinks to settle in La Belle province.

Neo Financial Credit Card

The Neo Financial credit card, partnered with Mastercard, allows cardholders to earn cash back for shopping within its network of thousands of local institutions, gas stations, and online stores. The list of participating vendors is available on the Neo app.

The Neo Card allows you to accumulate cash back in three different monthly rewards plans:

Standard:

$0/month. Recommended for customers who spend less than $750 per month.

Average of 4% cashback when used with Neo partners
Average of 1% cashback when used everywhere else

Plus:

$2.99/month. Recommended for customers who spend more than $750 per month.

Average of 5% cashback when used with Neo partners
Average of 1% cashback when used everywhere else

Ultra:

$8.99/month. Recommended for customers who spend more than $1,000 per month.

Average of 6% cashback when used with Neo partners
Average of 1% cashback when used everywhere else

Requirements & Accessibility

To be approved for a Neo Card, 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.

Neo Financial Pros & Cons

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.

Pros: The Good Stuff

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

Cons: The Not So Good Stuff

Limited product offering

Best cashback reward options are limited to Neo partners

Not yet available in Quebec

Our Final Thoughts

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

Yes, Neo Financial is safe. The company’s founders understand the importance of their clients for any business to succeed. Neo has partnered with ATB Financial, a financial institution in Alberta, and Concentra Bank, a member of the Canada Deposit Insurance Corporation to insure all monetary choices up to $100,000. This means all deposits are held in a bank that takes care of more than five million credit union members across Canada. Neo Card users are also promised zero liability protection.

There are no annual fees with Neo Financial’s credit card; however, it does offer three tiers of services, two of which do have monthly fees. Neo’s goal is to find ways for you to make the most of your money. For further information, you can read up on its policies on the website or the app.

On top of the Neo Financial credit card in partnership with Mastercard, the company also offers Neo savings accounts that promise a high interest on balances. Both options promise to help accumulate funds, either through community cashback perks or high-interest savings. The accounts are accompanied by apps, with a customer care team available 12 hours a day ready to help with financial questions.

About the Author

Rachel Cribby

Rachel Cribby is a professional writer, editor, and transcriptionist from Canada. She holds degrees in creative writing and urban studies from Concordia University. Although finances once seemed overwhelming to her, she has made great progress in her effort to demystify them. She now considers herself “very financially literate for somebody who has trouble with numbers.” Rachel’s favorite things to budget for are fancy coffee and rare vinyl records.