Looking for the best credit card in Canada? Look no further! This new type of credit card offers the best of both worlds: free rewards and benefits. Whether you are looking to earn points or cashback, this card has something to offer everyone. Plus, you will receive exclusive perks and discounts just for being a cardholder.
In this post, I am going to introduce you to Neo Credit Card, and Neo Savings Account. I will go in-depth to provide a complete Neo Financial Credit Card review and share with you my first-hand experience!
What Is Neo Financial?
Neo Financial is a Canadian financial technology company that offers products and services designed to help you save money and make better financial decisions. The company was founded in 2016 by Andrew D’Souza, who is also the current CEO, and it is headquartered in Calgary, Alberta.
In 2019, Neo launched its first product, the Neo Savings Account, which quickly became one of the most popular high-interest savings accounts in Canada. And in 2020, Neo launched its second product: the Neo Credit Card.
What Is Neo Financial Credit Card?
The Neo Credit Card is a no-fee credit card that offers rewards and cash back on all your purchases. Plus, you will get exclusive perks and discounts at select merchants just for being a cardholder.
Here are some of the key features of the Neo Credit Card:
-No annual fee
-Earn up to % cash back on all your purchases
-Get exclusive perks and discounts at select merchants
-0% intro APR on balance transfers for 12 months (then a variable APR of %)
-No foreign transaction fees
What Is So Special About Neo Card?
There are a few things that make Neo Credit Card stand out among other Canadian credit cards. First of all, it has no annual fee. That means you can get all the rewards and benefits without having to pay any fees. Secondly, the card offers up to % cash back on all your purchases. That’s one of the highest cashback rates in Canada! And lastly, you will get exclusive perks and discounts at select merchants just for being a cardholder.
So if you are looking for a credit card with no annual fee, great rewards, and exclusive perks, then Neo Credit Card is definitely worth considering!
How to apply for a Neo Credit Card
Applying for a Neo Credit Card can’t be easier. All you need is your smartphone, you don’t even have to call anyone or to go to any branch.
I finished my application in 10′. First they will ask you some basic information , then they will do a soft credit check. If you are approved, you will get your card within a few days!
If you’re interested in applying for the Neo Credit Card, you can do so through the Neo app or by visiting their website.
Once you’ve submitted your application, all that’s left to do is wait for a decision. If you’re approved, you should receive your card within a few days!
I applied around Feb 26 and received my card in the mailbox at March 7- within the timeframe they promised in their app (from March 3-12)
Who can apply for Neo Credit card?
How Much Cashback Can You Earn from Neo Card Cashback
The answer to this question depends on how much you spend using your card. With the Neo Credit Card, you can earn up to % cash back on all your purchases. That means if you spend $100 using your card, you will earn $% cash back. And if you spend $1000 using your card, you will earn $% cash back! So the more you use your card, the more cash back you can earn!
As explained, 1% is a guaranteed cashback. However, partners and special partners offers can get you up to 15% in cashback. Yes, 15% is a real deal!
Neo offers 3 models for their Neo Mastercard. Standard, Plus, and Ultra. The only difference between these cards is the average cashback on partners. Standard which is free offers 4% average cashback, Plus costs $2.99 monthly and offers 5% average cashback, and finally Ultra costs $8.99 with a whooping average 6% cashback at Neo partners.
Neo Financial recommends the Plus to whoever spends more than $750 monthly while Ultra is recommended for customers spending higher than $1,000 a month.
In last year, I also made more than $250 from interest thanks to Neo Saving account that is built in in the app. How cool is that!
Pros and cons
Let’s talk about Neo Mastercard’s pros first.
- Minimum 1% guaranteed cashback with a potential of up to 15% cashback
- Free credit card with lower required credit score
- Unlimited cashback from Neo partners
- No minimum limit for redeeming cashbacks toward credit balance or Savings account
- Opportunity to support local businesses while earning more cashback
- Efficient application approval process with a professional and friendly support team
- Compatibility with Apple Pay and Google Play
- Monthly instead of Annual fees to earn higher cashbacks from Neo partners
- A fantastic app to track and categorize your spending
And here is the short list of Neo Mastercard’s cons
- Maximum $10,000 credit limit which is more than enough for most Canadians
- A maximum $5000 monthly spending cashback cap on Neo Card
- The highest cashback is only offered on Neo partners
- No medical or travel insurance, no car rental insurance, and no extended warranty
- A 2.5% foreign currency conversion fee (FX)
Is Neo Credit Card Worth It?
Yes, I believe the Neo Credit Card is definitely worth it! Especially if you are looking for a credit card with no annual fee and great rewards. The cashback program is also very generous, allowing you to earn up to % cash back on all your purchases. Plus, you will also get exclusive perks and discounts at select merchants just for using your Neo Credit Card. So if you’re looking for a new credit card, I would definitely recommend the Neo Credit Card!
You can sign up here : NEO CREDIT CARD you’ll earn $25 when you get a Neo Card, and $10 when you get a Neo Money account and deposit a minimum of $50.
I hope you found this review helpful. If you have any questions, feel free to leave a comment below and I will be happy to answer them!
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