Neo Financial™, founded in 2019, is a Canadian company offering a cashback credit card and highest interest savings account. By using technology to simplify finances and create rewarding experiences for all Canadians, Neo is revolutionizing the way people spend, save, and earn rewards – all in one place. Since Neo provides 100% digital financial services, they don’t have any physical locations. This means, you can access your money account on Neo’s website or mobile app to pay bills, make deposits, send Interac e-Transfers® instantly and invest.
Since 2023, Neo Financial™ has been offering 2 new products under its brand: Neo Invest™ and Neo HISA™. With its current range of 5 products, there is something for everyone!
In today’s post, I’ll introduce you to 3 Neo Financial™ products: the Neo Card™ (I’ve been using this card for a while now.), Neo Everyday™ and Neo HISA™. I’ll go through the pros and cons about these products, so you can decide which one is right for you, or even both!
What is the Neo Card™
Neo Card™ is a credit card that offers cashback when it is used to make a purchase. With a Neo Card™, you can support local businesses by earning cashback at thousands of your favourite places, such as restaurants, cafes, grocery stores, and gyms.
Neo is one of many different types of credit cards available in Canada. Still, it’s one of the new and most popular among savvy shoppers. The Neo Card™ is an example of a no annual or monthly fees cashback credit card. That’s right! Unlike other credit cards, you don’t need to pay an annual or monthly fee to use the Neo Card™.
In addition, Neo Card™ is a credit card that gives you rewards for using it. After you make a purchase, cashback is immediately credited to your account and shown on your transaction list. The rewards that you’ll get, you can use for future purchases. Or you can also cash out right away. So, it’s for you to decide how you want to use it!
Neo Card™ is one of the best Rewards Credit Cards in Canada
Neo’s commitment is to provide all members with a seamless, simple, and rewarding digital financial services experience. Neo uses technology to simplify finances, create rewarding experiences, and build a community by rethinking how to offer spending, savings, and reward products.
They believe that digital financial services should be easy. So, they want to help you manage your money more efficiently, from setting up direct deposits with your employer to paying bills online.
Additionally, they think it’s essential for their members to feel rewarded for their financial successes. That’s why they offer cashback on certain purchases and help them set goals to work towards rewards that matter most to them.
This card can help you to make regular payments on time each month. You’ll get an email alert when your bill is due so that you don’t miss any charges or incur penalties for late fees.
You can use this card like any other credit card in Canada
It has all features & benefits that you get with a regular credit card. Neo provides over 10,000 loyalty programs in your pocket!
Let’s take a look at what Neo can do for you. You can use it anywhere in the world. It’s a Mastercard Card, so you can use it at any ATM and get a cash advance as often as you need. You can also use this card to purchase goods and services where Mastercard is accepted! And if you need to pay bills or make purchases online, just swipe your Neo Card™!
You may be wondering: what exactly is “anywhere”? Some places don’t accept credit cards, but that is not very common these days (even then, they usually have other options). It’s a fact that modern technology makes everything easier!
You can use a Neo Card™ like any other credit card. And you can enjoy the benefits and privileges of a regular credit card, such as rewards points and cashback offers.
You can use it Worldwide where MasterCard credit cards are accepted.
Pros and Cons of using Neo products
Pros
- $25 welcome bonus right off the bat using This Link
- No monthly or annual fees!
- Easy-to-use app and website
- Instant high cashback rewards at Neo Partners: 5% average cashback from thousand Neo partners, huge welcome bonuses like 15% cashback on your first purchase at partners guarantee everywhere else reflected at the end of the month.
- Customize rewards to boost your standard cashback
- Supporting local businesses is now simpler (and more rewarding) than ever thanks to Neo’s app, which helps you find partner stores.
- They have a live chat for a fantastic customer service experience.
- Neo gives you the option to add as many extra reward perks to your Neo Card™ as you like for a small monthly fee such as travel insurance, mobile & personal protection and unlimited access workouts through FitOn Pro.
Cons
- Since Neo is still growing, they still don’t have many partners where you can benefit of high cashback rewards.
- Neo has the same interest rate as other credit cards which is 19.99% – 29.99% (Purchase rate) and 22.99% – 31.99% (Cash advance rate). For Quebec is 19.99% – 24.99% (Purchase rate) and 22.99% – 25.99% (Cash advance rate)
- Low credit limit max of $10,000
How to get extra rewards from your Neo Card™
By adding the extra perks listed below to your Neo Card™, you can increase your cashback, gain access to travel insurance, and get mobile and personal protection:
With Premium Perks you’ll be able to boost your entire Neo experience and cashback. This perks cost $9.99 per month.
With the Travel Perks, you can enjoy perks including access to worldwide lounges, travel insurance coverage, boosted cashback at travel partners, and cashback on all international transactions. For only $7.99 per month you get the best advantages of a premium travel card.
As of June 2024, Neo Financial™ has announced that its Neo Travel Perk will no longer be available to residents of Quebec. This means that if you live in Quebec, you’ll still be able to sign up for Neo Card™ to earn cash back, but you won’t be able to add the travel perk benefits.
With Mobile & Personal Protection, you can protect your mobile device from theft, breakdowns, and damage for only 9.99$/month
With Food & Drink perks for just 1.99$/month, you can enjoy amazing perks such as 1.25x more cashback at partner restaurants, cafes, and bars. This means you can treat yourself with a delicious meal, buy an extra round of drinks, or even order food delivery more often.
Focus on your health and wellness and earn up to 7% cashback on a variety of health and wellness services and products, including gyms, yoga, fitness classes, massage therapists, physiotherapists, chiropractors, acupuncturists, and supplements. With the Mind & Body Perks, you have unlimited access to online fitness and mindfulness classes.
Here are some of the rewards offered by different partners
Throughout Canada, Neo has built thousands of retail partnerships. Here are some of them along with the types of rewards they offer. Depending on the store, I’ve noticed 3 types of rewards.
Bonus for your first purchase: When you visit a store for the first time, some offer a one-time, higher bonus rate. These percentages could reach 15%
Regular rewards: Each time you visit, you’ll receive the same amount in cashback.
Recurring purchase bonus: The cashback rewards only occurs after visiting the store several times over a period of time. Some of these deals are ongoing, while others are one-time deals.
My Personal Experience with Neo Card™
I’ve been using and testing the Neo Card™ for about a month already! It’s been great so far! What I love the most is I get the cashback rewards right away after I make a purchase. And the good news is that, unlike other cards where I have to wait until I have at least a specific amount to cash out, I can withdraw money right away to pay off my Neo Card™ balance.
Also, by upgrading to their extra perks, I have the opportunity to get even more cashback from local businesses. I’ve never seen before a cashback credit card like this one with no monthly or annual fees.
Aside from $25 welcome offer, there are other benefits you will enjoy. Other benefits of using Neo products are:
- Neo is a 100% digital account with no monthly or annual fees.
- A great way to support local businesses: their app helps you discover local retailers while getting great deals and cashback.
- To help you manage your money, Neo will even send you alerts and notifications about your spending and your cashback rewards in real-time.
- You can sign up for your card from your phone, within 3 minutes and start using it with your Apple Wallet or Google Pay anywhere Mastercard is accepted.
Let’s compare my 2 credit cards: World Elite Mastercard and Neo Card™
I’ve been using the Desjardins Odyssée World Elite Mastercard for many years until I discovered the Neo Card™. Both cards offer cashback, but the World Elite Mastercard gives up to 3% cashback on all purchases, whereas the Neo Card™ can give an average of 5% cashback at Neo partners. However, if you want to earn even more cashback with your Neo Card™ you’ll need to add extra perks starting at 0.99$ monthly.
Although the World Elite Mastercard comes with an annual fee of $130 CAD, the Neo Card™ stands out by not having any fees at all. World Elite Mastercard offers a wide range of perks and privileges, such as travel insurance, concierge services, access to airport lounges, and exclusive offers and discounts from partner merchants. However, if you want to enhance the Neo Card™’s perks and make it comparable to the World Elite Mastercard, you can choose to add extra perks for an additional monthly cost.
In my opinion, the Neo Card™ is a great option if you don’t have access to a credit card like the World Elite Mastercard (Requires a minimum gross annual income of $80,000 for individual or $150,000 for household) or if you’re looking to maximize your cashback rewards without paying an annual fee. In my case, I have those two credit cards. To maximize my cashback, when the cashback offer is better with Neo Card™ at Neo Partners, then I use that one. Otherwise, I stick to using my World Elite Mastercard.
Sign up for Neo Card™ using this link to receive a $25 welcome offer + 1 months free Premium Perks
Neo Everyday™ & Neo HISA™ Account
On the other hand, one of Canada’s highest interest rates in the industry is being offered by Neo. Their online Neo Everyday account offers 0.10% and the Neo HISA offers 3% interest rate, which is more than traditional banks without monthly fees or minimum balances.
With Neo Everyday™ Account, it’s easy to send and receive the following transactions:
- Unlimited free transactions such as e-transfers and bill payments
- Make direct and paycheque deposits
- add other bank accounts to your account to withdraw or deposit money
- Earn up to 3% cashback on gas and grocery and up to 1% everywhere else.
While with Neo HISA™ Account (High Interest Savings Account), you can:
- Personalized savings goals to keep you organized and on-track
- Earn 3% interest every day, on every dollar.
- Track your goals in real-time and watch your money grow.
Sign up for Neo HISA™ account to maximize your savings with everyday high interest
No minimum deposits or balances are required, so you can make the most of your money with Neo. You’ll get the best value because you won’t have to keep paying fees!
Maybe you wonder, is your money safe with Neo? The answer is yes, your money is safe! The Neo Everyday™ and Neo HISA™ are provided by People Bank of Canada, a member institution of the Canadian Deposit Insurance Corporation (CDIC). It offers deposit protection up to $100,000 across all accounts. You’ll receive the same safety and security as the big banks, with no monthly fees and no minimum deposit required.
How to apply for a Neo Card™?
To apply for a Neo Card™, simply sign up using this link to receive a $25 welcome offer + 1 months free Premium. You’ll then fill out the application form which will take only 3 minutes. After completing this step, the team will review your application, and you’ll be notified if it was approved or declined. Once you’re approved, to start receiving cashback, add your card to your Apple Wallet or Google Pay so you can simply tap to pay even you don’t have your physical card yet. You’ll have instant access to your credit card information once you’re approved.
Please note that you must live in Canada, have a Canadian photo ID, and be the age of majority in your province to qualify.
Although I’m not a financial expert, I definitely recommend the Neo Card™ since I believe this is a really smart way to take control of your finances while receiving cashback on your everyday purchases. But only if you know how to use your credit card responsibly is a smart move. It’s not a good idea to go on debt to earn rewards. If you use your cashback credit card carefully, it can be very beneficial.
With a $25 welcome bonus for a no monthly or annual fee account and credit card, why not give it a try?
I agree, that getting into smarter spending habits is a key life skill to have so you don’t dig your way into debt through credit card use. I like the sounds of the Neo Card and the benefits I think are huge if you use it wisely.
Hello Sabrina,
Agree with you that wise spending is the smartest way. Saving on your everyday purchase with no annual fee with Neo card is just amazing!
I have never heard of this card, and I have A LOT of cards. Great post!
Thank you! Glad you liked this post!
I was examining some of your posts on this website and I believe this website is really informative! Continue putting up.
Usually I do not read article on blogs, however I would like to say that this write-up very compelled me to take a look at and do so! Your writing taste has been amazed me. Thanks, quite nice post.