Neo Financial Credit Card Review

Do you enjoy collecting credit card points? Check out Neo Financial's credit card to earn up to 20% cash back on purchases made with the card.

WRITTEN BY
Lisa Rennie
Updated October 9, 2020


RATING

Neo is a Canadian tech firm developed by two co-founders of SkipTheDishes. The company was founded to create and offer innovative financial tools for Canadians that allow for more streamlined and simplified spending, savings, and rewards. 

Canadians can open an account with Neo within minutes from their mobile device and can earn rewards from their favourite retailers. Real-time notifications are sent to members when they spend and save to keep them on top of their financial goals. 

The company’s most recent financial product offering is the Neo Financial Credit Card that is accessible to all Canadians with no income or credit score requirements to qualify. Neo has partnered with many local and national brands to be able to offer a card that requires no annual fee. 

The card allows users to earn up to 20% cash back on purchases made with the card, which is an astounding amount given what the typical rewards card offers. And the more the card is used, the better the rewards are.

The founders behind Neo promise to help make the most of your time and money when you use the new Neo credit card. 

Let’s take a closer look at this latest credit card offering to help you decide if it’s something worth adding to your wallet. 

Neo Financial Credit Card

The Neo Financial credit card lets you earn rewards points to be redeemed at places you frequently shop at. There are hundreds of partnered retailers affiliated with the Neo card, so you’ll have your pick of the litter when it comes to where and how to redeem the points you accumulate. 

The no-annual-fee credit card is also built to allow you to develop good credit with every timely payment you make. If your credit score is on the lower end, you can use the card to build a good credit score if you qualify. 

Plus, Neo sends alerts and reminders before payments are due to help you avoid late payments. And since there is no annual fee to pay, that leaves more money in your pocket at the end of the year. 

There is no posted interest rate. Instead, rates will vary from one cardholder to the next. To find out what type of rate you qualify for, you’ll first need to apply for the card. That way, Neo can base the rate offered on your financial strength and credit rating. 

That said, you don’t need excellent credit to get approved. While a credit check is part of the approval process, Neo accepts a wide range of credit scores, which makes them unique. You can also get pre-qualified first if you’re not sure what score you currently hold. Pre-qualification won’t affect your credit score in any way. 

In much the same way, credit limits will also vary depending on your financial situation. 

You’re also free to withdraw cash from more than 900,000 ATMs globally from your Neo credit card. And soon, the card will work with both Google Pay and Apple Pay.

You can use the Neo credit card anywhere in the world where MasterCard is accepted, which is handy when you’re travelling. 

Check out how you can increase your rewards with the Drop app

Neo Financial Credit Card Overview

Annual Fee$0
APRNo APR specified; Varies depending on the cardholder
Credit score requiredVaries depending on cardholder 
Credit limitVaries depending on cardholder
RewardsUp to 20% cash back 
WithdrawalsFree at over 900,000 worldwide ATMs
Compatible with Google Pay and Apple Pay?Coming soon
Notifications and alertsYes

Benefits of Neo Financial Credit Cards

There are several perks to using the Neo credit card:

No annual fee. Most credit cards come with some sort of annual fee, some of which are relatively affordable and others that are sky-high. You won’t have to worry about how the Neo credit card fits in with your budget because there are no annual fees charged. 

Earn rewards. You’ll have access to hundreds of relevant offers from partnered retailers, each of which sets its own offers. In some cases, you can earn as much as a whopping 20% cashback. When you’re ready to redeem your rewards, all you need to do is visit Neo’s partnered stores and pay with your Neo credit Card to earn rewards. All rewards are automatically applied to your account without having to keep track. 

Referral program. For each person you refer to Neo, you will each receive $5 of Neo credit.

Discounts. Using your Neo credit card at various merchants can afford you with varying degrees of discounts, as outlined below.

RestaurantsUp to 15%
E-commerceUp to 15%
CafeUp to 20%
ShoppingUp to 15%
Grocery Up to 10%
EntertainmentUp to 15%
GasUp to 5%
FitnessUp to 20%

Build credit. Using a credit card responsibly by making timely payments every month is a fantastic way to build good credit. But it can be tough to get your hands on a credit card if you don’t meet certain income or credit score requirements. But with the Neo card, the approval criteria are more lax than the average card, making it easier to get approved for the card and start using it to build better credit.

Higher credit limit. The credit limit you are given will depend on your financial and credit profile. But once you’re a cardholder, you can automatically have your credit limit bumped when you’re eligible.

Save money. Neo offers various tools to help you achieve your saving goals, such as payment alerts, spending insights, and the ability to lock your card.

How Do You Apply For a Neo Financial Credit Card? 

Right now, there is a waiting list to join Neo. Before you apply, you’ll need to put your name on the waiting list and wait to be notified when Neo launches in your area. Then, you can apply.

You can, however, move yourself up on the waiting list by referring friends. Every time you make a referral, you can move up a few notches on the list. Plus, you’ll be rewarded with $5 added to your account when the person you refer makes their first purchase using Neo. 

When you do apply, you will need to have the Neo app downloaded and have a photo of yourself taken with a government-issued ID. When your account is active, you can start using your virtual card immediately while you wait for your physical card to arrive in your mailbox, which should take about a week. 

Is The Neo Credit Card Safe?

Yes, the card comes with robust security. Neo sends real-time notifications every time a purchase is made, so if you see any suspicious activity, you can freeze your card right away via the Neo app. No one else will be able to use it until a new card is issued to you. And Mastercard Zero Liability Protection will protect you against fraud. 

Who is a Neo Financial Credit Card Best For? 

The Neo Financial credit card is great for anyone. That said, it may be even more attractive to low-credit consumers who may otherwise have a tough time getting approved for other credit cards. 

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Generally speaking, credit card issuers require decent credit and a specific income before extending their products. But Neo’s innovative platform allows even those with lower credit and income to get approved. 

Final Thoughts

If you’re looking for a credit card that is easier to get approved for and offers you the opportunity to build credit, then the Neo Financial credit card may be the perfect financial product for you. With its lax credit and income requirements, more Canadians who may have difficulty securing a conventional credit card may find this particular product attractive.