Neo World Elite Mastercard review

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Overall rating

First year value

$624

Get this card if you:

  • you already bank with Neo and can maximize the cash back rewards
  • want premium travel insurance coverage
  • are a savvy shopper willing to search for Neo partners

Scores by category

Groceries 3.5

Gas 3.0

No Annual Fee 3.0

At a glance

The Neo World Elite® Mastercard® is a premium cash back credit card offering elevated earn rates on categories such as groceries, gas, and recurring bills, with the potential for increased rewards through Neo's Premium service. Cardholders benefit from comprehensive insurance coverage, including auto rental collision and damage protection, emergency medical insurance, and extended warranty.

Highlights

$624

First year value

$125

Annual fee

Interest Rates

19.99% - 26.99%

Purchase APR

19.99% - 23.99% for residents of Newfoundland and Quebec

22.99% - 28.99%

Cash advance APR

Eligibility

Good

Recommended credit score

$80,000

Required annual personal income

$150,000

Required annual household income

Quick overview of the Neo World Elite® Mastercard

The Neo World Elite Mastercard offers impressive cash back rates, but comes with a steep annual fee and high income requirements. It’s best suited for tech-savvy Canadians who frequently shop with Neo partners and maintain a high balance in their Neo savings account.

Like its no-fee little sibling, the Neo Mastercard, the Neo World Elite® Mastercard is squarely targeted at cash back enthusiasts. Despite the “World” in its title, which usually indicates the status of a travel card, Neo’s World Elite® doesn’t really offer anything in the way of travel benefits (besides out-of-province medical insurance – and the details on that are sparse).

Who’s the Neo World Elite Mastercard for?

The Neo World Elite Mastercard caters to a distinct segment of Canadian consumers:

  • Tech-savvy individuals who regularly shop with Neo’s partner merchants
  • High-income earners meeting the card’s stringent financial requirements
  • Loyal Neo bank customers maintaining significant savings balances
  • Cash back aficionados seeking straightforward, tangible rewards
  • Digital-first Canadians embracing mobile and app-based financial solutions

For those who thrive on optimizing rewards and don’t shy away from managing multiple accounts, this card could be a game-changer. However, be prepared: to unlock its full potential, you’ll need to fully immerse yourself in the Neo ecosystem.

Pros and cons

Pros

Pros

  • World Elite Perks: Comprehensive insurance coverage through Mastercard

  • Approval Process: Quick approval and instant use of a virtual card

  • Lucrative rewards: Up to 7% cash back when adding Neo Premium

Cons

Cons

  • Top rewards cost more: Neo Premium is a $9.99 per month cost for the extra 2% back

  • Income requirements: High income requirements prevent many from accessing the card

Neo World Elite® Mastercard welcome bonus

The Neo World Elite® Mastercard does not currently provide a welcome bonus.

How to earn cash back with the Neo World Elite® Mastercard

Neo claims the Neo World Elite® Mastercard is the best cash back card in Canada, and the numbers seem to back that up on first inspection. The card earns up to 5% cash back on grocery purchases, with that rate rising up to an extra-impressive 7% back with Neo's Premium service:

  • Grocery shopping: Up to 7% cash back (with Neo Premium)
  • Gas stations: Up to 5% cash back on gas (with Neo Premium)
  • Recurring bills: Up to 4.5% cash back on recurring payments (with Neo Premium)
  • Everything else: Up to 1.5% cash back (with Neo Premium)

Neo's Premium service is an add-on that lets Neo cardholders pay monthly for additional cash back on purchases. This add-on feature costs $9.99 per month and adds benefits like credit score monitoring, extended warranty and purchase protection, balance protection, priority customer support, and, of course, extra cash back rewards.

Here’s how the bonus categories with the Neo World Elite® Mastercard stack up without any Neo bonus tiers factored in:

Category
Cash back rate
Premium rate
Grocery
5%
7%
Gas
3%
5%
Recurring
4%
4.5%
Everything else
11%
1.5%
Cash back network average
5%
6%

These impressive earning rates are capped, however. At $1,000 each on gas and groceries per month, $500 on recurring bills, and $3,300 on all else.

Category
Monthly cap
Annual cap
Gas
$1,000
$12,000
Groceries
$1,000
$12,000
Bills
$500
$6,000
Everything else
$3,300
$39,600

How to redeem cash back with Neo

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

No redemption minimum threshold

Redeem your rewards whenever you want, even if it’s just a few cents. There are no minimum redemption requirements.

Neo Financial states that the Neo World Elite® Mastercard is a game-changer in the rewards credit card landscape. That's because the card works with a Neo Everyday account, the fintech's savings account. With funds in your Neo Everyday savings account you earn more rewards, with the more funds the more rewards.

From a high level, let’s say you like Neo, but you don’t like keeping a tonne of cash, so you keep zero dollars with them. In that case, your World Elite® card nets you 5% on groceries, 3 on gas and 1% on everything else. 

But those numbers get better with the more cash you have at Neo. At $5,000, you’re making 6% on groceries and 3.5% on gas, and at $10,000 you’re making 7% and 4%, respectively. At the high end, if you shop and drive lots, you’re making very competitive cash back – up to a point.

Because of course there’s a catch (as their calculator reveals). Those high interest rates for gas and groceries drop to 1% over $1,000 spent monthly on each. And, given the cost of both those categories, it’s possible to blow past the spending threshold.

The remaining bonuses are pretty basic, even limited. There’s extended purchase warranty, car rental insurance and the aforementioned out-of-province medical coverage. With the Neo World Elite®, you’re in it for the cash back, or not at all.

Neo World Elite® Mastercard insurance coverage

For a premium card, the Neo World Elite Mastercard’s insurance package is… well, let’s just say it’s not going to knock your socks off:

Protection Coverage
Extended warranty This doubles the manufacturer’s warranty, up to an additional year
Purchase protection Protection for up to 90 days from date of purchase
Emergency medical Get covered for up to $1,000,000 for trips of up to 14 days, for those who are 60 years of age or younger
Trip interruption Coverage up to $1,000 per trip
Trip cancellation Coverage up to $1,000 per trip
Flight delay Get up to $500 if your flight is delayed
Lost/delayed baggage Get up to $1,000 for delays of six hours or longer
Hotel/motel burglary insurance Get covered for up to $1,000
Auto rental collision and damage Covers rentals cars valued up to $65,000 for up to 48 consecutive days

It’s not terrible, but for a card with a steep annual fee, you'd expect a little bit more in terms of travel protection.

Secured credit card option

Neo also offers a secured credit card to applicants seeking to establish a positive credit history. The Neo Secured World Elite® Mastercard requires a $200 security deposit to open, with the deposited amount equal to the credit line with the card. Need more credit? Simply deposit more funds.

How does the Neo World Elite® Mastercard compare?

CIBC Dividend® Visa Infinite* Card

4.2

Winner: Best Cash Back

10% cash back†

Welcome Bonus

$878

First Year Value

$558

Annual Value

Welcome Bonus: Earn 10% cash back for the first 4 statements on net purchases of up to $2,000.† Plus, get a first-year annual fee rebate for you and up to three Authorized Users.†

Learn More Apply Now On CIBC's Secure Site

The CIBC card offers a solid welcome bonus and consistent cash back rates without the need for a premium add-on. It’s a more straightforward choice for most Canadians.

Neo World Elite Mastercard
Annual fee:$125
Annual fee:$120 (first year waived)
Welcome bonus:None
Welcome bonus:Earn 10% cash back for the first 4 statements on net purchases of up to $2,000.† Plus, get a first-year annual fee rebate for you and up to three Authorized Users.†
Grocery earn rate:Up to 7% (with Premium)
Grocery earn rate:4%
Gas earn rate:Up to 5% (with Premium)
Gas earn rate:4%
Income required:$80,000 personal or $150,000 household
Income required:$60,000 personal or $100,000 household

Disclosures:

  • †Terms and Conditions Apply. This offer is not available for the residents of Quebec.
  • The information for the CIBC Dividend® Visa Infinite* Card has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.

up to 10% cash back

Welcome Bonus

$1,025

First Year Value

$570

Annual Value

Welcome Bonus: Get up to 10% cash back in your first 3 months, $75 cash back bonus when you spend $25,000 in your first year, and the $120 annual fee waived in the first year†. Expires Jun 01, 2025

Learn More Apply Now On BMO's Secure Site

The BMO CashBack World Elite Mastercard is our top pick for best grocery and best gas credit card in Canada thanks to its impressive 5% back on groceries up to $500 per month and 3% back on gas and EV charging on up to the $300 per month. The addition of a complimentary membership in Dominion Automobile Association (DAA) –a $69 value – further separates this card from the pack, making it an ideal commuter to family credit card for those who qualify.

And while the BMO card has lower spending caps than the Neo World Elite®, BMO offers a much more robust rewards program, more extensive insurance protections and more features to drive applicants to its ultra-premium cash back card.

Neo World Elite Mastercard
Annual fee:$125  
Annual fee:$120 (first year waived)
Welcome bonus:None  
Welcome bonus:up to 10% cash back in your first 3 months, $75 cash back bonus and first year free†  
Grocery earn rate:Up to 7% (with Premium)  
Grocery earn rate:Up to 5% (up to $500/month)
Income required:$80,000 personal or $150,000 household  
Income required:$80,000 personal or $150,000 household  

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.

Is the Neo World Elite® Mastercard worth it?

The Neo World Elite Mastercard is a bit of an oddball in the Canadian credit card market. It offers the potential for impressive cash back rates, but only if you’re willing to go all-in on the Neo ecosystem.

For tech-savvy, high-earning Canadians who don’t mind managing multiple accounts and keeping a chunk of change in a Neo savings account, this card could be a cash back powerhouse. The flexible redemption options and instant rewards are definitely appealing.

However, for the average Canadian consumer, the high fees, complex tiered system, and limited insurance perks might be more hassle than they’re worth. There are simpler, more straightforward cash back options out there that don’t require as much financial juggling.

Eligibility requirements for this Neo Mastercard

  • Age: 18+
  • Residency: Canadian resident
  • Credit score: Good
  • Income: $80,000 personal or $150,000 household

Neo World Elite FAQs

  • Do I need to have a Neo bank account to get a Neo Mastercard?

    +

    No. But while it’s not strictly required, you’ll get the most value from the card if you’re fully integrated into the Neo ecosystem, including their savings account.

  • How does Neo tiered cash back system work?

    +

    The more money you keep in your Neo savings account, the higher your cash back rates. It’s Neo’s way of rewarding customer loyalty.

  • Is Neo Premium worth the extra $9.99 per month?

    +

    It depends on your spending habits. If you’re a big spender in the bonus categories and keep a high balance in your Neo savings, it could pay off. Crunch the numbers for your specific situation.

  • Can I use this card at Costco?

    +

    Yes, since it’s a Mastercard, you can use it at Costco. However, the cash back rate for Costco purchases will likely fall under the “everything else” category.

    Read more: Best Costco credit cards Canada

Cory Santos Credit card expert

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.

Cameron Smonk Freelance Writer

Cam is a content marketer with a passion for saving, financial independence, and pulling off elaborate credit card point schemes. He has worked in Fintech and Finserve (specifically Group Retirement) and loves researching and writing about finance.

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†Terms and Conditions apply.