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Neo Secured Credit Card Review 2023

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A photo of the Neo secured credit card with a banner that says guaranteed approval

Neo Secured Credit

Rated 2.9/5 stars.

  • 15% Earn 15% cash back on first-time purchases at participating partners.
  • 5% Earn an average of 5% unlimited cash back at thousands of Neo partners.
  • 0.5% Earn 0.5% guaranteed top-up cash back, up to $50.

Those with poor or no credit may shy away from secured credit cards. Most require high security deposits and costly monthly or annual fees, with few or no perks.

But not the Neo Secured Credit card. It has guaranteed approval, regardless of credit score. Plus, you can enjoy perks, such as insurance, app subscriptions, and cash back at more than 10,000 Neo partners on everything from gas stations to grocery stores to restaurants. Perks and cash back, plus rebuilding your credit? Sign us up. Learn more in this Neo Secured Credit card review.

Neo Secured Credit: an overview

The Neo Secured Credit card isn’t like other secured credit cards. For one, it requires just $50 in security funds, plus no monthly, annual, or overdraft fees. Your credit limit is determined by your security deposit, so what you put down in security funds equals your credit limit.

The Neo Secured Credit card works best with a Neo Money account. But what really sets it apart are its perks. You can earn cash back on every purchase, plus add the perks you want with month-to-month flexibility.

Neo Secured Credit rewards

Earn up to 15% cash back on first-time purchases and an average of 5% cash back thereafter at more than 10,000 Neo partners, including:

  • Earls Kitchen and Bar
  • Frank and Oak
  • Harry Rosen
  • Marble Slab Creamery
  • Ashley HomeStore
  • Clearly
  • Oxygen Yoga & Fitness
  • Trim’s Pet Store
  • Second Cup Coffee Co.
  • Structube
  • Kernels Popcorn
  • Urban Grocer
  • Shell

Use the Neo app to find participating partners near you in real time, then earn cash back immediately when you use your card.

Plus, if you meet the minimum spend requirement on your card and find your total cash back drops below 0.5%, you can earn a top-up of 0.5% cash back on net monthly purchases (up to $50).

Neo Secured Credit eligibility

The Neo Secured card offers guaranteed approval, making it ideal for those with no or bad credit. In fact, Neo doesn’t even conduct a hard credit check when you initially apply, so there are no credit score requirements. To qualify, you must:

  • Put down a security deposit of at least $50
  • Be a Canadian resident
  • Be the age of majority in your province or territory (minimum age requirement for the Neo Secured card in Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and P.E.I. is 18. In all other provinces and territories, the minimum age is 19.)

Neo Secured Credit interest rates and fees


  • Annual fee: $0
  • Foreign exchange fee: 2.5%
  • Extra card fee: N/A (no secondary cards)
  • Cash advance fee: $2.50

Interest rates

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

Interest rates depend on your credit profile, application, and province.

Neo Secured Credit perks

The Neo Secured Credit card also comes with perks that compliment your credit building and saving goals.

  • Flexible rewards redemption

    With the Neo Secured credit card, not only can you earn cash back, you have options when it comes to how you stash that cash. Either put it in your Neo Money account, earning 2.25% in interest, move it to your Neo credit card to cover a purchase, or go shopping at the Neo store, where you can get one-of-a-kind merchandise. There’s also no minimum redemption amount.

  • Control your credit limit

    You can set your own credit limit based on your security funds, so you never exceed your credit limit. You can also change the limit whenever you need to.

  • Real-time tracking and insights

    Track your spending with Neo’s insights dashboard, which shows you where you spend, how much you spend, and where you may be overdoing it. View spending by month or category, see your lifetime averages, and compare spending habits or cash back rewards earned. Also, get real-time notifications every time you spend money. The Neo Secured Credit card can also send you payment alerts or alert you of suspicious activity.

  • Stack your perks

    Choose the perks you want to enjoy with your Neo credit card, such as increased cash back, app subscriptions with no commitment, or insurance offerings. These perks are made to be stacked to create the combination that works best for you, saving you up to $400 annually.

Compare Neo Secured Credit alternatives

Our Pick
A photo of the Neo secured credit card with a banner that says guaranteed approval

Neo Secured Credit

  • Welcome Offer Earn up to 15% cash back rewards on your first purchase at select partners
  • Annual Rewards $155
  • Annual Fee $0
  • Minimum Income Required None
An image of the KOHO prepaid credit card.

KOHO Prepaid Mastercard

  • Welcome Offer None
  • Annual Rewards $100
  • Annual Fee $0 (Easy); $48 (Essential); $108 (Extra); $228 (Everything)
  • Minimum Income Required None
Plastk Secured Credit Card

Plastk Secured Credit Card

  • Welcome Offer 0% APR for 3 months and 5,000 bonus points
  • Annual Fee $48
  • Interest Rates 17.99% on purchases and cash advances
  • Recommended Credit 300-559

Our final thoughts

The Neo Secured Credit card is best for those with poor or no credit, due to its easy application process, no monthly or annual fees, and flexible credit limit. Neo’s simple security deposit-to-credit-limit ratio is easy to navigate for even the most novice of credit card users. It works best with the Neo money account, another offering from Neo Financial.

But this card’s cash back program is what really sets it apart from other secured cards. The Neo secured credit card makes it easy to both build (or rebuild) credit while also earning rewards.

If you don’t need to monitor your spending or improve your credit score, most other credit cards would better suit you.

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