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Neo Financial Credit Card Review for 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 Card) as well as savings accounts that promise a high interest on balances (Neo Money).

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 Financial Credit Card

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% - 25.49%, Cash Advance: 21.99% - 25.49%
  • 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.

Neo Financial Credit Card

The Neo Financial credit card, 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% cashback rate. Neo also guarantees a 0.5% cashback with a max earning of $50.

Perks and Perk Pricing

Although the card has no annual fee, users can subscribe to “perks” to earn higher cashback rates on different categories. Perks can be stacked on top of each other, and perk categories and pricing are listed below.

  • Everyday Essentials ($8.99/month)
  • Food & Drink ($1.99/month)
  • Mind & Body ($9.99/month)
  • Mobile & Personal Protection ($9.99/month)
  • Premium Access ($0.99/month)
  • Travel ($4.99/month)

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.


  • 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


  • 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