What you earn
Neo Financial states no cap on these earn rates.
What this card gives back for your spending
For a typical household's card spending ($3,245 a month), this card gives about -$120 a year back after fees: $0 cash back, less $120 in fees.
Rewards at this card's earn rates for that spending, minus the annual fee. Insurance, lounge access and welcome offers are not counted in dollars. Spending is Statistics Canada's average household (Survey of Household Spending, 2023), split into card categories by CardNorth.
Compare it with all 162 cards we've checked, from 24 banks, in the card finder
Fees and interest
| Annual fee | $0 annual fee; $9.99/month Build membership required |
|---|---|
| Additional card | $0 |
| Purchases | 19.99% to 29.99% (19.99% to 24.50% in Quebec) |
| Cash advances | 22.99% to 31.99% (21.99% to 24.50% in Quebec) |
| Balance transfers | 22.99% to 31.99% (21.99% to 24.50% in Quebec) |
| Foreign transactions | 3% |
| Penalty rates | 24.99% to 29.99% purchases, 25.99% to 31.99% cash advances |
Penalty rates apply after this: minimum payment missed for 2 consecutive billing periods; the standard rate returns after 3 consecutive on-time minimum payments.
In Quebec: purchases 19.99% to 24.5%; cash advances 21.99% to 24.5%; penalty rate on cash advances 25.99% to 26.99%.
Who can apply
| Income | No minimum income required |
|---|---|
| Security deposit | $50 to $10,000 |
| Approval | Approval guaranteed with security funds, if you are a Canadian resident of the age of majority and eligible for credit under Neo's policies; no minimum credit score or income |
| Quebec | Offered |
| Card type | Secured, Mastercard |
Good to know
Your security funds
You can’t lower your security funds once they are in, and you can’t use them to make your payments. They are refunded when you pay the balance in full and close the account. They are not a deposit and are not insured by the Canada Deposit Insurance Corporation, and Neo keeps any interest they earn.
Membership fee
The secured limit needs a Build membership at $9.99 a month or a Grow membership at $14.99. Neo’s disclosure statement still lists a $5 monthly secured card fee. Neo’s help centre says people who already have a secured card can keep paying that $5 fee or move to Build or Grow.
What it earns
The card earns cash back from offers at Neo partners, but no cash back on categories of spending. Secured and standard cards earn the same rewards.