The Neo credit card is an excellent choice that combines low cost, security, and rewards in just one card, while also providing modern banking solutions. You can spend money and earn up to 5% cashback whenever you do so. Those are reasons why Neo was voted Canada’s Best Cashback Credit Card.
It is ideal for individuals looking to improve thier financial management skills and credit scores, through tools that support better spending habits. It’s also perfect for those who value budget-friendly option, once it has no annual fee and offers a personalized rewards program, beyond other perks, that can suit their lifestyle, making it great for everyday purchases.
Easy ApprovalWhat Are Neo Credit Card’s Features?
- No annual or montly fees;
- Get up to 15% cashback on first-time purchases at participating partners;
- Earn 1% cashback on gas and grocery;
- Earn at least 0.5% cashback guaranteed on net purchases, after meeting a minimum spending requirement (up to $50 per month);
- Earn 5% average cashback at over 10,000 Neo retail partners (earn rates vary by offer and partner):
- 5% average cashback at restaurants, bars and cafes;
- 3% on popular streaming services;
- 3% on ride sharing services;
- 3% on food delivery services;
- 2%+ at retail partners (both online and in-store).
- Use a virtual card while waiting for the physical to arrive;
- Freeze and unfreeze credit cards in a single tap;
- Protect your account with Face ID, fingerprint lock, and two-factor authentication;
- Choose from multiple monthly rewards subscriptions for purchase security, extended warranty, travel insurance, fitness and mindfulness classes;
- Rewards can be redeemed at any time or for any amount, you don’t have to wait for an annual credit or a minimum balance threshold;
- Credit Limit: $500-$10,000;
- You can purchase extra perks according to your needs (Travel, Mind & Body, Food & Drink, Mobile & Personal Protection) or with Premium Plan.
PURCHASABLE PERKS | PRICE | |
| Travel |
| $4.99 |
| Mind & Body |
| $9.99 |
| Food & Drink |
| $1,99 |
| Mobile & Personal Protection |
| $9,99 |
Free vs. Premium Plan
| PERKS | Base Plan | Premium Plan |
| Cost per month | Free | $4.99 |
| Credit score monitoring | No | Yes |
| Purchase Protection | No | Yes |
| 24/7 legal assistance | No | Yes |
| $2,500 group life insurance | No | Yes |
| CASHBACK | ||
| Gas and groceries | 1% | 3% |
| All other purchases | N/A | 0.50% |
| Restaurants, cafes, bars | Average 5% | Average 6% |
| Streaming services | 3% | 4% |
| Ride sharing services | 3% | 4% |
| Food delivery services | 3% | 4% |
| Retail (online and in-store) | 2%+ | 3%+ |
Fees and Charges
- Annual Interest Rate:
- Purchases: 19.99%-29.99% Non Quebec | 19.99%-24.99% Quebec
- Cash Advances: 22.99%-31.99% Non Quebec | 22.99%-25.99% Quebec
- Balance Transfers: 22.99%-31.99% Non Quebec | 22.99%-25.99% Quebec
- Foreign Exchange Conversion: 2,5%
Why You Should Choose The Neo Credit Card?
The possibility to choose the perks you want to have and the type of reward boost you want, bring to this credit card a really unique experience. Even though you have to pay for these extra benefits, it allows you to pick which one you want to invest money on, so you don’t waste your money on something you will not use, allowing you to save money on unnecessary features.
How To Apply
In order to be eligible, all you need is to be at least the age of majority and a Canadian resident. Here’s how to apply:
- Visit the Website: go to their website and click on the “Apply Now” option;
- Create a Profile and Apply: fill the application form providing any personal and financial details requested adn submit it;
- Wait for Approval: after submitting, wait for the approval.