Neo Credit is one of the latest Canadian credit cards gaining popularity. With its low requirements, zero annual fees, average 5% cashback at over 10,000 Neo partners, and guaranteed 0.50% cashback on all purchases (subject to a $50 maximum), this card is an excellent choice for many.
Without further ado, here is my Neo Credit Card review.
Who is Neo Financial?
Neo Financial is not a traditional bank. It is a financial technology company (fintech) that aims to revolutionize the way Canadians experience banking. The company provides low- and no-fee, digital banking products, including cashback rewards credit cards such as Neo Credit and Neo Secured Credit, and bank accounts that pay high interest on balances. The company was founded by the team who previously founded SkipTheDishes in 2012.
Neo Financial was built on the premise that Canadians have been underserved in their finances for far too long.
Andrew Chau, Co-founder and CEO of Neo Financial
Neo Credit review: What features does it offer?
Neo Credit Card offers an excellent range of features. Below are short descriptions for each of them.
Zero annual fee
You can earn instant, unlimited money-back rewards on everyday purchases without an annual fee. If you are like me and don’t like to pay an annual fee for a credit card, then this zero-fee cash-back card is the perfect solution for you.
High cash back on purchases
You can earn very high cashback on purchases by using Neo Credit. On average, you can expect to earn 5% cashback at 10,000+ partners across Canada. You will also have access to exclusive welcome bonuses, like up to 15% cashback on first-time purchases. There is also no cap on the cashback you can earn.
Neo partners with an extensive network of merchants, including the following:
- Canadian Tire
- Sport Chek
- Netflix
- Amazon
- Walmart
- Loblaws
- Metro
- Dollarama
- LCBO
- The Keg
- Lululemon
- Hudson’s Bay
To view the full list of Neo partners, log in to your account on the web or via the Neo app, and select “Rewards”.
Minimum cashback guaranteed
Neo also guarantees at least 0.5% cash back every month (subject to a $50 maximum). You can rest assured that you can earn cash back for every purchase.
Opportunity to subscribe to perks
In addition to the standard offers, Neo Credit also provides you the opportunity to customize your Neo Credit card with additional perks. With a subscription fee ranging from $1.99/month to $9.99/month, you can enjoy perks such as more cashback on food & drink, worldwide lounge access, additional travel insurance coverage, or even free fitness classes. You can purchase multiple subscriptions, and you can cancel at any time with no commitment.
Neo Credit: Key numbers
Here are the key numbers about this card that you should be aware of:
- Average cashback with Neo partners: 5%. Note that you can cash out the cashback you’ve earned on your Neo Credit card to a Neo Money™ account to take advantage of one of the highest everyday interest rates of 2.25%.
- Minimum cashback per month: 0.5% (subject to $50 maximum)
- Annual fee: 0
- Standard rate on purchases: 19.99% – 29.99%. Note that your rate will automatically increase to 29.99% (default rate) if you fail to pay at least the minimum balance due for two consecutive billing periods.
- Standard rate on cash advances: 22.99% – 31.99%. Default rate: 31.99%
- Foreign currency conversion fees: 2.5%.
- Interest-free grace period: 21 days. As long as you make payments in full every month, there is no interest. Therefore, I encourage you to always pay the balance in full instead of just making monthly minimum payments.
The Signup Process
The sign-up process is very straightforward. Here are the steps:
Head to Neo Financial
To apply for this credit card, click on the link in the title. It will lead you directly to the sign-up page. No need for more Googling!
If you are looking for Neo Secured Credit, click here instead.
You will be presented with this page:
Scroll down and select the card you are interested in, and click on “Get this Card”
You will be presented with the page below. Neo Credit comes in two versions: Base and Premium. Select whichever version you want to apply for, and click on “Get this Card”.
Create a profile
You will be led to a page that asks you to create a profile. You will be asked to enter your email and create a password. You will then need to verify your account. Once verified, you’ll reach the welcome page where you can choose to apply for the Neo Credit card.
Customize your card
Once you reach the welcome page, click on the Neo Credit card button to get the application started. You’ll then be asked a few questions to customize your card, such as picking the credit card you want.
Fill out the rest of the application
Like any standard credit card application, you will need to provide your basic personal information and some financial information and verify your identity.
Ready to earn cash back with Neo!
If approved, you can start using your digital card right away via Apple Pay or Google Pay. You will also receive the physical card in about 7 days.
Neo Credit Review: How do I communicate with Neo if I have any issues?
It is easy to contact the customer services department at Neo. For general assistance, you can contact live support by logging into your account. Live chat is available every day from 7 AM to 8 PM MT, and the virtual assistant can provide answers at any time.
For issues with fraud or account security, you can contact Neo at +1 (867) 322-4427.
Is Neo Credit for me?
Here is a simple FAQ to help you decide if this credit card is for you:
If you prefer cash-back, then this credit card is a good choice for you. I personally prefer getting cash back, because cash is easier to spend, and it’s nice to know that I have the cash in my pocket.
The no-annual-fee feature is one of the features that attracted me to the card initially. I personally do not like the idea of spending money on a credit card. If you are like me, then you may want to opt for this card.
Unlike a traditional bank, Neo is a fintech company, and almost everything is done digitally. You need to be comfortable navigating financial matters with phone apps and websites.
Getting cash back is great, but that is only when you don’t have to pay the interest. You should always try your best to pay off your balance every month so you don’t need to pay a hefty interest charge.
If you think getting a credit card will get you into financial trouble, then don’t apply for one until you are confident in your discipline.
Final Words on Neo Credit Card
By simply taking some time and making a few clicks, you can enjoy great cash back on everyday purchases with Neo Credit. Is this credit card worth it if you want to give it a try? Definitely. You can get the most out of your money with no annual fees and instant, unlimited cash-back on every purchase! If you want to save with a credit card, Neo Credit is certainly a great option.
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