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Neo Secured Card Review for 2023

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The Neo Secured Card is a highly customizable, baseline credit card designed for people with poor credit or no credit. One of the traits that makes this card so desirable and rare in the credit card market is the $0 annual fee, cash back rewards on all purchases, and guaranteed acceptance.

NEO Credit Card

Neo Secured Card

Rated 5/5 stars.

  • Welcome Offer Up to 15% cashback on first-time purchases
  • Annual Fee $0
  • Interest Rates Purchase: 19.99% - 26.99%, Cash Advances: 22.99% - 28.99%
  • Recommended Credit 300+

Neo Secured Card: Cashback Rewards

Neo has partnered with thousands of companies to offer an average of 5% cash back on purchases. Cashback rewards on a secured credit card are unheard of, which is why this card tops our list for the best secured credit card in Canada for 2023. The idea behind Neo making them a standard perk is to create a loyalty program where cardholders can support their local businesses while navigating an easy-to-use “google maps” for reward locations.

Once you’ve accumulated some cashback from your shopping, you can cash out at any time. There is no minimum amount before you can access your cashback rewards. To make the Neo-life even sweeter, you can cash out to your credit card statement, your Neo Money™, or the Neo store to buy great merchandise like candles, clothes, luggage, etc. Neo has also recently added flexible monthly subscriptions that are available to add to your card to boost your standard cashback on things like travel, gas and grocery, and more.

Then, there’s the top-up feature. Because the cashback rate varies based on where your purchases are made, Neo will “top you up” so you earn a minimum of 0.5% cash* back on purchases, to a maximum of $50 per month. 

*Rate as of February 27th, 2023

Neo Secured Card: Perks

This may be the coolest feature of the Neo Secured Card. It starts as a basic card, just the cashback 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 $9.99 down to $0.99 per month, you can upgrade your card rewards in areas you spend the most.

1. Premium Access

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 card doesn’t include any insurance of any kind, so this perk offers a serious upgrade.

2. Travel

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.

3. Mind and Body

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.

4. Everyday Essentials

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!

5. Food and Drink

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.

6. Mobile and Personal Protection

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.

Neo Secured Card: Fees & Credit Limit

There is no annual feel when you use the Neo Secured Card. Zero, zip, nada! Even without adding perks, you’re earning simply by buying things you were going to buy anyway. If there was ever free money, this is it.

As with all secured cards, your credit limit is determined by an up-front deposit to your Neo account. The minimum amount for a credit limit is only $50 while other secured cards demand several hundred dollars which can be a tall ask for people with poor credit.

Neo Secured Card: Eligibility

Secured cards are designed for people with no credit history or a very low credit score, around 350-550. Credit this low is usually an automatic “no thank you” from credit companies and lenders, making rebuilding your financial life difficult, if not impossible.

This is exactly the situation the Neo Secured Card was made for. If you are the age of majority in your province, usually 18 or 19, live in Canada, and have a Canadian photo ID, then you are eligible. Apply for the card, and your acceptance is guaranteed. You’ll immediately receive a digital card to use in your preferred wallet–Apple Pay and Google Pay are supported–while you wait for your plastic to arrive via snail mail.

Neo Secured Card: Pros and Cons


  • Guaranteed acceptance
  • Flexible subscription-based perks to customize your card based on your lifestyle
  • No annual fee
  • 15% cash back on first-time purchase
  • Average 5% cash back at 10,000+ partners


  • No insurance in the base credit card package
  • Cashback is capped with most Neo partners
  • Up to 26.99% interest rates for purchases

What is Neo Financial?

This fintech company, based in Calgary, Alberta, offers several financial products, including the Neo Card™, Neo Secured Card, Neo Money™ account, Neo Money™ card, Neo Mortgages™, and Neo Invest™, it’s a hell of a combination. The app allows users to manage their money, track their spending, and access financial services such as cashback rewards, high-interest savings, investment options, and more. The app is designed to be user-friendly, so it’s painfully easy to set up and use.

One of the best things about the app is the personalized savings goals which users can set and track whenever they’d like. Users can set a savings goal and track their progress towards achieving it. The Neo app also has a feature called “Neo Insights” that helps users track their spending habits so you can spend, save, and budget better.

Neo Financial wants to provide Canadians with a simple and easy way to manage their money and access financial services, to make banking more accessible and convenient as Canadians start demanding a digital banking experience over a physical one.

Neo Secured Card Alternatives

Alternatives to the Neo Secured Card include the KOHO Premium Prepaid Mastercard and Plastk Secured Credit Card.

Neo Secured Card KOHO Premium Prepaid Mastercard Plastk Secured Credit Card
Annual Fee $0 $84 $49 & $6 monthly maintenance fee
Rewards Earn up to 15% on first-time purchases and an average of 5% cash back at 10,000+ partner Earn a maximum of 5% rewards points on eligible purchases, Redeem your points for cash or merchandise Earn rewards on all purchases and redeem them for statement credit, merchandise, gift cards, etc.
Minimum Deposit $50 $500 $300

The Bottom Line

Secured credit cards are usually all the same shade of slightly uninteresting beige, but the Neo Secured Card is an explosion of customizability, rewards, and convenience. It’s almost impossible to find a secured credit card with cashback, no annual fee, and only a $50 minimum deposit requirement. It’s a unicorn in its market.

The bottom line is that cashback cannot be overrated. There is a level of convenience and utter simplicity in earning actual dollars when you spend money. With the Neo card, there’s no complicated transaction that turns 100,000 points into $50. When it comes to cashback, you get what you get, period.

Then, combine that with the incredible opportunities this card provides to people who need to build or rebuild their credit and you have something truly special and well-crafted for a specific market of potential cardholders.
“Work with us,” says Neo, “and we’ll help you get back on your feet again.”

Frequently Asked Questions