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Neo Credit Review

Neo Mastercard review (formerly Neo Credit Card)

Bridget Casey
Cory Santos

Jan 16, 2025

While we adhere to strict editorial guidelines, partners on this page may provide us earnings.

Overall rating

First year value

$153

Get this card if you:

  • already have a savings account with Neo so you can earn more cash back
  • are a smart shopper who is good at checking for Neo partners to earn more rewards
  • want to avoid paying a high annual fee

Scores by category

Cash Back 2.2

No Annual Fee 1.5

Groceries 1.1

Gas 1.0

At a glance

This Neo credit card is a high-rewards credit card with no annual fee

Highlights

$153

First year value

Interest Rates

19.99% - 29.99%

Purchase APR

19.99%-24.99% for Quebec residents

22.99% - 31.99%

Cash advance APR

22.99%-28.99% for Quebec residents

Eligibility

Fair

Recommended credit score

Quick overview

Quick overview of the Neo Mastercard

The Neo Mastercard (also known as the Neo Financial Mastercard) is a high-rewards credit card with no annual fee. It has a tiered earn rate based on the amount in your Neo Everyday account. With $10,000 in your account, you'll unlock the highest earn rate of 4% on gas and groceries and 1% on everything else. The card charges no monthly or annual fees and offers unlimited transactions without any out-of-pocket costs.

Who's it for?

Who’s this Neo credit card for?

The Neo Mastercard is designed to benefit a wide range of individuals. Whether you are a frequent shopper looking to earn cash back on your purchases, especially gas and groceries, or want the flexibility to redeem rewards in various ways, this credit card has something to offer.

That broad appeal doesn’t mean some Canadians won’t find more value with Neo than others. The following Canadians will benefit most from a card like the Neo credit card:

  • Everyday spenders who love to save: Neo rewards you more based on how much you have saved in a Neo savings account, up to 4% cash back on groceries with a $10,000 account balance.
  • Savvy shoppers looking to maximize rewards with Neo partners: While Neo caps the bonus categories depending on your Neo savings balance, earning bonus rewards with over 10,000 Neo partners is an easy way to maximize rewards without worrying about account balances.
  • Credit builders: Neo is a compelling option for those with limited credit history thanks to its secured Neo Mastercard option (with a $5 monthly fee). Combined with no annual fee and credit limits starting as low as $500, the Neo Mastercard is perfect for those just starting their credit journey.

If you prefer a hassle-free redemption process without any minimum balance requirements or waiting for an annual statement credit, the Neo Mastercard is the perfect fit for you. Best of all, the Neo Mastercard is available Canada-wide, including Quebec, so Canadians across the country can enjoy the great cash back rate wherever they shop.

Pros and cons

Pros and cons

Pros

Pros

  • No annual fee

  • Cash back rewards on purchases

  • Even more cash back potential with 10,000 Neo partners

Cons

Cons

  • Potentially high APR

  • Tiered cash back rates make it harder to unlock max earn rates

Welcome bonus

Neo credit card welcome bonus

While the Neo Mastercard does not provide a welcome bonus in the traditional sense, however, new members do enjoy massive cash back on first-time purchases at participating partners. And new offers are constantly being added by Neo.

How to earn rewards

How to earn cash back with Neo Mastercard

The main allure of the Neo Financial Mastercard is the ability to earn a big ol' 4% cash back on gas and groceries and 0.5% on everything else...so long as you have $10,000 in your account. 

Right, $10,000 in your account is a lot. Here's the breakdown of the earning tiers for cash back. 

Account balance Gas and groceries Everything else
$0 1% 0%
$1,000 1.5% 0.5%
$3,000 2% 0.5%
$5,000 3% 1%
$10,000 4% 1%

Spending caps

Now, there are spending caps as well with the Neo Financial Mastercard. 

To max everything out, with your $10,000 account balance, you'll spend $6,000 on groceries, $10,000 on gas, and $20,000 on everything else. That would give you $56.66 per month or $679.22 per year, which is a pretty fat cash back reward for a no annual fee card. 

If you're like me, I overspend in the grocery category, underspend in the gas category, and unfortunately would blow past the limit on everything else. And, the worst part, I wouldn't hold that much cash in my account (while all the big banks do this to waive the monthly fees, it's usually $4,000 to $6,000. 

Let's say you carry very little in this account, say a few hundred bucks, (because you're in one of the best high interest savings accounts instead). Let's say you spend $200 on gas, $1,200 on groceries and make about $2,000 in purchases outside those categories every month. Your cash back drops to $7.00. 

Neo top tip:

Milk those partner stores for all they're worth! We're talking 2 to 6% cash back at local Canadian shops. It's like finding loonies in your couch, but way more lucrative.

Earn more cash back with Neo partners

But, Neo has over 10,000 partners where you can earn extra cash back. 

You can view Neo Financial partners and their cash back offers directly in the app. You can even take a peek by signing up with your email before you apply for the card. Just browse Neo partners by looking at the map based on your location or by category (i.e. Restaurants, Health & Wellness or Apparel).

How lucrative can those offers be? According to Neo, the average cash back with Neo partners is 5% back. Let's say you spend $5,000 annually at partner stores. That's an extra $250 in cash back, on top of your regular earnings!

You can find a full list of Neo partners via the Neo app or website. Simply open the "rewards" section of the app and use the search bar to find partners in your area. Here are some of Neo's biggest partners:

Restaurants Apparel Other
Freshii Roots Shell
Mucho burrito Hudson's Bay Public Mobile
Boston Pizza Harry Rosen Pet Valu

Some of the best cash back offers come from local businesses, so cardholders can earn the highest rewards by supporting business owners in their own neighbourhood, not just the big chains. 

How to redeem

How to redeem cash back with Neo Financial credit cards

The Neo Mastercard isn't just about cash back – it's about making your money work smarter, not harder. With instant cash back earning, no worries about point devaluation, and the flexibility to use your rewards however you want, it's like having a little financial wizard in your wallet.

Redeeming cash back from Neo Mastercard is a simple process. You can access your cash back at any time to pay off your credit card statements, deposit it into a savings account or purchase merchandise online at the Neo Store. Best of all, unlike other cash back credit cards, there are no minimum balance requirements or the need to wait for an annual statement credit to redeem your rewards.

Key benefits

Key benefits of the Neo Mastercard

The Neo Mastercard from Neo Financial offers plenty of benefits, but here are our top benefits:

  • Bonus cash back offers: Double-digit cash back offers pop up regularly from Neo partners. Expect great rewards from first-time and repeated visits to your favourite local businesses.
  • Fully digital: Unlike a traditional Financial Institution, you don’t need to set foot in a branch to apply for Neo Mastercard because you can do everything from your mobile device.
  • No annual or monthly fees: Where most credit cards have an annual fee you need to pay to receive their benefits, Neo charges $0.

Secured Option Available

Like other Neo credit cards, the Neo Mastercard also offers a secured version for potential applicants. The Neo Secured Mastercard requires a security deposit to open, with the deposited amount equal to the credit line of the card. Need more credit? Simply deposit more funds to boost your credit limit.

$153

First Year Value

$0

Annual Value

Learn More Apply Now On Neo's Secure Site

Neo top tip:

Every on-time payment is reported to Equifax and TransUnion. It's like doing push-ups for your credit score – no sweat required!

Insurance coverage

Neo Mastercard insurance coverage

Neo standard Mastercard does not provide insurance coverage. Instead, Neo offers a selection of "Perks" for an additional monthly fee (you can cancel anytime). The following premium perks provide additional insurance coverage:

Plan
Perks
Cost
Travel
2% cash back on all foreign transactionsPriority Pass airport lounge access at over 1,300 locations worldwideSmartDelay free airport lounge access when registered flights are delayed by more than an hourComprehensive travel insurance coverage from Chubb including emergency travel medical, trip cancellation, car rental protection, flight delay, and more
$7.99 per month
Mobile and personal
Mobile device damage and theft protection (up to 2 claims per year with $49 deductible and $500 limit), Dashlane Premium subscription for secure password management, $1 million in fraud, ransomware, and social engineering coverage
$9.99 per month
Premium
2% cash back boost on gas and groceries, boosted cash back with Neo partners (6% back), Get access to credit monitoring directly in the Neo app—provided by TransUnion®, Enhanced purchase protection and extended warranty, plus $2,500 group life insurance and 24/7 legal assistance
$9.99 per month

As mentioned, these plans are an additional charge to your account and these charges can be cancelled at any time. However, keep in mind that adding the Travel perk is an additional $95.88 per year in charges, which you should consider as an annual fee if you plan to keep.

It's important to note that the Travel perk is not available in Quebec, and some perks may have specific terms and conditions. You can manage your perks through the Neo mobile app, adding or removing as desired to tailor your preferred rewards experience.

Extra benefits

Extra benefits of the Neo Financial Mastercard®

The Neo Card is powered by Mastercard®, so your Neo Credit Card is accepted anywhere Mastercard is accepted. Applying for the Neo Mastercard will count as a new credit application and your payment history will contribute to your credit score.

Other benefits:

  • Real-time spending notifications
  • Track cashback rewards in your Rewards wallet
  • Up to $10,000 credit limit

Other Neo Perks

Neo Mastercard also features two other Perks for an additional cost. These options are Neo Food Perk and the Mind and Body Perk:

  • Food and Drink ($1.99 per month): 1.25x more rewards at partner restaurants and cafes, 1.25x more rewards on food deliveries from Neo partners.
  • Mind and Body ($9.99 per month): 1.25x more rewards at gyms, fitness classes, yoga studios, recreational centres, vitamin & supplement suppliers, and wellness practitioners, free subscription to Headspace Plus, with hundreds of meditation and mindfulness exercises, one free fitness class per month and FitOn PRO workouts including unlimited access to premium music and personalized meal plans.
How it compares

How does the Neo Credit Card compare?

Here's how the Neo Financial Mastercard® (Neo Card) compares with other cards:

BMO CashBack® Mastercard®*

3.5

Winner: Best No Annual Fee

5% cash back

Welcome Bonus

$526

First Year Value

$401

Annual Value

Welcome Bonus: Get 5% cash back in your first 3 months* Expires Jun 01, 2025

Learn More Apply Now On BMO's Secure Site

BMO Cashback Mastercard - 🏆 winner, best no fee card in the Money.ca Credit Card Awards

The BMO CashBack MasterCard charges no annual fee† yet provides one of Canada's highest cash back on groceries at 3%*. That’s competitive with a number of upper-tier cards and a serious contender against the Neo Mastercard. The BMO CashBack Mastercard also offers a second accelerated earn rate of 1% on recurring bills, as well as a more standard 0.5% on all other eligible purchases*.

Feature Neo Mastercard BMO Cashback Mastercard
Annual fee $0 $0
Rewards Earn up to 4% cashback on gas and groceries purchases.
Earn up to 1% cash back on everything else. 		Earn 3% (up to a monthly max of $500) cash back on groceries.
Earn 1% (up to $500 per month) on any recurring bill payments*.
0.50% cash back on all other purchases.
Insurance N/A (Added cost) Extended warranty, purchase protection
Learn more Apply Now Apply Now

Disclosures:

  • *Terms and conditions apply
  • BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.

5% cash back

Welcome Bonus

$492

First Year Value

$417

Annual Value

Welcome Bonus: 5% back on gas and groceries for the first 6 months

Learn More Apply Now On MBNA Credit Cards' Secure Site

The MBNA Smart Cash Platinum Plus® Mastercard® is another popular option without an annual fee. The card earns  2% back on gas and groceries‡ (up to $500 in spending per month) plus 0.5% back on all other purchases‡ for all other eligible purchases.

Feature Neo Mastercard MBNA Smart Cash Platinum Plus® Mastercard®
Annual fee $0 $0
Rewards Earn up to 4% cashback on gas and groceries purchases.
Earn up to 1% cash back on everything else. 		Earn 2% on gas and groceries
0.5% back on all other purchases
Insurance N/A Extended warranty, purchase protection, rental car coverage, trip interruption
Learn more Apply Now Apply Now

Disclosures:

  •  ‡, ††, ✪, Terms and Conditions apply. 

    This offer is not available for residents of Quebec. For residents of Quebec, please click here. 

    Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.

    The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

Neo World Mastercard®

3.0

$0

First Year Value

$0

Annual Value

Apply Now On Neo's Secure Site

The Neo World Mastercard is the closest sibling to the Neo Mastercard and offers many of the same features, with a twist. The Neo World Mastercard® also features no annual fee but offers slightly enhanced rewards based on your spending (and savings). 

If you meet the minimum income requirements, the Neo World Mastercard offers better rewards than the base rate with Neo. If you don't meet the income threshold, the Neo Mastercard is still a dependable choice.

Feature Neo Mastercard Neo World Mastercard
Annual fee $0 $0
Rewards Earn up to 4% cashback on gas and groceries purchases.
Earn up to 1% cash back on everything else. 		Earn 2% cash back on grocery, recurring, and gas
Boost your rewards up to 4% on groceries, recurring bills, and gas when banking with Neo
Boost your rewards up to 1% on all other purchases when banking with Neo
Earn 0.5% cashback on everything else
Insurance N/A Purchase protection, extended warranty, emergency medical, trip interruption/cancellation coverage, flight delay/cancellation, hotel burglary
Income N/A Personal: $50,000
Household: $80,000
Learn more Apply Now Apply Now

Disclosures:

  • Terms and Conditions Apply

    Minimum balance in a Neo Everyday account required to earn the highest rate. Cashback earn subject to monthly maximum spend limits. Cashback may be limited and varies by perks, offer, and partner. There may be monthly limits for boosted cashback offers.
    Certain terms, conditions and exclusions apply. For more information, please refer to your benefits guide or contact Neo Financial™.

$0

First Year Value

$0

Annual Value

Learn More Apply Now On Neo's Secure Site

The Neo World Elite® Mastercard differs significantly from the Neo Mastercard and Neo World Mastercard in that it charges a premium annual fee of $125 and requires much steeper income thresholds. For that fee, however, you get more rewards, more insurance, more of everything. 

The World Elite version of the Neo Mastercard earns 5% back on groceries, 4% back on recurring bill and subscription payments, 3% back on gas and 1% back on everything else. Add to that comprehensive travel and accident insurance and higher credit lines and you have a premium cash back card worth considering.

Here's how the Neo credit cards compare:

Feature Neo Mastercard Neo World Elite Mastercard
Annual fee $0 $125
Rewards Earn up to 4% cashback on gas and groceries purchases.
Earn up to 1% cash back on everything else.

Earn 5% cashback on groceries
Earn 3% cashback on gas
Earn 4% cashback on recurring bills
Earn 1% cashback on everything else

Insurance N/A Purchase protection, extended warranty, emergency medical, trip interruption/cancellation, flight delay/cancellation, hotel burglary, lost luggage, rental car coverage
Income N/A Personal: $80,000
Household: $150,000
Learn more Apply Now Apply Now

Disclosures:

  • Terms and Conditions Apply

    Minimum balance in a Neo Everyday account required to earn the highest rate. Cashback earn subject to monthly maximum spend limits. Cashback may be limited and varies by perks, offer, and partner. There may be monthly limits for boosted cashback offers.
    Certain terms, conditions and exclusions apply. For more information, please refer to your benefits guide or contact Neo Financial™.

What cardholders say

What Neo users have to say

Cardholder and user reviews for the Neo Mastercard are mixed. Many praise the card’s no annual fee and useful add-ons like credit-building. Additionally, many love Neo’s cash back categories, with Neo savers particularly pleased about the up to 4% cash back rate on groceries.

However, other cardholders note issues with Neo Financial - and particularly the rates, fees and customer service. Some users highlight examples of issues including unannounced APR increases, unexpected credit limit decreases and account freeze woes while others criticize Neo's customer service, with one user (let's call him Aaron D) describing Neo's customer service reps as "just puppets" – ouch!

"It's great there is no fee. However I don't like the fact its not straight forward how much rebate one earns. Seems like its designed to be flexible (for them) and one can not even get a sneak peak without applying? I prefer transparency..."

Online review by user /savemoresaveoften
Is it worth it?

Is the Neo Mastercard worth it?

So, is the Neo credit card a good card? The Neo Mastercard credit card is the most rewarding cash back credit card currently available on the Canadian market. If you’re looking for a rewarding cash-back card for everyday spending, Neo Financial is your best option. The card is especially rewarding if you frequent local restaurants and cafes that are most likely to be Neo partners and offer bonus cash back for first-time or repeated visits.

Neo Financial is revolutionizing the way people spend, save, and earn rewards. Neo currently offeris this high rewards cashback credit card and a high-interest savings account. However, expect more from them in the future! 

More: Read our Neo Financial review

Eligibility

Eligibility requirements

You need a credit score of at least 710 or higher to qualify for a Neo Mastercard. However, if you’re not quite there yet, you can apply for the Neo Secured Mastercard—a secured card that lets you earn cash back while helping you build your credit history, with responsible use.

Neo offers credit limits up to $10,000 depending on your income history and credit score. Interest rates on purchases range from 19.99% - 29.99% (119.99%-24.99% for Quebec residents). You’ll be able to see your offer in the Neo app before you accept it. Once you accept, you’ll get your Neo Credit to add to your Apple Pay or Google Pay wallet, so you can begin earning cash back right away.

FAQs

FAQs

  • What is Neo Financial?

    +

    Neo Financial is a Canadian fintech brand offering a high-rewards cashback credit card and a high-interest savings account.

  • How do you apply for a Neo Credit card?

    +

    You can apply directly for a Neo Credit by downloading its app. Neo Credit is a credit card so applying for it will count as a credit application. The limit and interest rate you receive for your Neo Credit depends on your income and credit history.

  • What are some of the Neo Credit cashback partners?

    +

    Neo partners include big box stores, online retailers, and local businesses alike. Expect to see familiar brands like Hudson's Bay, Staples, Second Cup, Best Buy, and Chapters Indigo, but look out for local cafes and restaurants too! You can view Neo partners without applying for the card right away simply by signing up through the app.

  • Can you have multiple Neo credit cards?

    +

    Yes, you can have multiple Neo Mastercards (or multiple versions of any Neo credit card for that matter).

  • What credit limits does Neo offer?

    +

    Credit limits with Neo start as low as $500 and up to a $10,000 credit limit, depending on your income, credit score and other factors.

Bridget Casey Author

Bridget Casey is the award-winning entrepreneur behind Money After Graduation, a Canadian financial literacy website aimed at 20 and 30-somethings. She holds a BSc. from the University of Alberta, and an MBA in Finance from the University of Calgary. She has been featured as a millennial financial expert by Yahoo! Finance, TIME Magazine, Business Insider, CBC and BNN. Bridget was recognized as one of Alberta's Top Young Innovators in 2016.

Cory Santos Finance editor

Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.

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