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Neo Secured Credit Card
Welcome Offer
Get $25.00
5% cash back
Annual Fee
Purchase Interest Rate
Cash Advance Rate

Our verdict

Yes, it's a real credit card. Build your credit score and earn cash back with the Neo secured card.

The Neo Secured Card is a fee-free secured credit card that lets you build your credit score when you make on-time payments. You’ll simply need to secure your balance with a deposit that gets returned to you when you close out your card. This card comes with no annual fee, easy approval and the chance to earn cash back with Neo partners.


  • Easy approval
  • No credit check required
  • Adjustable credit limit


  • High interest
  • Deposit is required
  • Limited local deals

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

With the Neo Secured Credit Card, you’ll earn up to 5% cash back when you shop at Neo partners across Canada (0.5% cash back guaranteed). Designed for borrowers with less-than-good credit, this card does not require a credit check, and the amount of your security deposit determines your purchase limit.

Neo Financial is an online financial institution that offers credit cards, spending and savings accounts, investment solutions and mortgages. Neo gives Canada’s Big Banks a run for their money, but its secured credit card might not be right for everyone. Keep reading to find out why.

Neo Secured Credit Card plans

When you sig up for the Neo Secured Credit Card, you must select one of two plans:

  • Base (free): Earn up to 5% cashback at partner restaurants & bars, up to 4% on partner apps & streaming services, up to 3% on partner gas & grocery purchases and 0.5% back on everything else. Does not come with purchase protection.
  • Premium ($4.99/month): Earn up to 6% cashback at partner restaurants & bars, up to 4% on partner apps & streaming services, up to 3% on partner gas & grocery purchases and 0.5% back on all other spending. Comes with credit score monitoring, purchase protection, 24/7 legal help, group life insurance and priority customer support.

Neo credit card perks

  • Easy to get approved. Apply with no credit check.
  • Flexible spending limits. You control your purchase limit. Spend up to the amount deposited on your card in advance, which can be anywhere from $50 to $10,000.
  • Improve your credit score. The Neo secured card is a real credit card, and your activity gets reported to Canadian credit bureaus. Using your card responsibly could improve your credit score.
  • Accelerated cash back. Earn up to 5%-6% cash back when you spend at Neo partner retailers.
  • No monthly/annual fees with Base plan. The annual fee for the Base plan is $0.
  • Premium plan perks. For $4.99/month, Premium plan members get extra benefits like priority customer support, credit score monitoring services, purchase protection, 24/7 legal assistance and group life insurance.
  • Multiple ways to add funds. Simply link an external account or send Neo an Interac e-Transfer to load funds into your account.
  • Neo insights. Track your spending and get AI-generated personalized financial insights, regardless of whether you have the Base or Premium plan.
  • Welcome offer. Get $25.00 when you apply for the Neo Credit Mastercard. Plus, get up to 15% cashback on your first purchases at Neo partners. for the Neo Secured Credit Card.

What to watch out for with the Neo Secured Credit Card

  • Deposit required. You can only spend funds deposited onto your card in advance.
  • High interest rates for bad credit cardholders. Neo determines your purchase rate when you sign up, and it could be 19.99%-29.99% for purchases and 22.99%-31.99% for cash advances.
  • Limited cash back spending. You can’t earn more than $300 cash back per spending category per month.
  • Limited benefits. Unlike some other rewards credit cards on the market, the Neo secured card doesn’t come with complimentary travel insurance, auto rental discounts or special balance transfer offers. Rewards are cash back only and can’t be redeemed for merchandise, gift cards or experiences.
  • No balance transfers. You can’t initiate a balance transfer with the Neo credit card in Canada.
  • No in-person service. As Neo Financial is an online insitution, you can’t get in-person service at a local branch.

Unlike it’s counterpart, the Neo Credit Mastercard, the Neo Secured Credit Card does not require a credit check, making it easy for those with bad credit to get approved. The tradeoff is that it doesn’t come with many perks or benefits, and you have to provide funds up front to spend.

Use this card regularly and make on-time payments to improve your credit score. Once your financial profile strengthens, you can apply for other cards with more features.

Neo Secured Credit Card interest rates

Interest TypeInterest Rate
Purchase interest rate19.99%-29.99%
Cash advance rate22.99%-31.99%

What should I know before I apply for the Neo Secured Mastercard?

Here’s what you should know before applying for the Neo Secured Credit Card in Canada.

Eligibility requirements

To apply for the Neo Secured Credit Card, you must:

  • Be a resident of Canada
  • Be at least the age of majority in your province or territory (18 or 19 years old)
  • Have at least $50 to provide for a security deposit (max. $10,000)

Required documents and information

  • Your full name and contact information
  • Your Social Insurance Number (SIN) and date of birth
  • Your employment details
  • Your financial information, including any debts and assets

How to apply for the Neo Secured Credit Card

  1. Go to the Neo Financial website, or select the button below.
  2. Create a Neo Financial profile, if you don’t already have one, using your name, email address and phone number.
  3. Enter basic details such as your date of birth, address and employment information.
  4. Verify your identity by taking a photo of yourself and your photo identification such as a driver’s license, provincial ID card or Canadian/international passport.
  5. Set your preferred credit limit. Review and submit your application.
  6. If approved, you’ll receive your card within 15 business days (3-5 business days with rush delivery).
  7. Activate the Neo Secured Mastercard online without signing into your account. Go to the account login page, select the Activate button and follow the prompts.

Is the Neo Secured Credit Card safe?

As a Money Services Business, Neo Financial is regulated by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). The company partners with other well-known financial institutions to provide services, including Mastercard, EQ Bank, Concentra and Peoples Bank.

As an additional layer of protection for customers’ accounts, Neo uses verification codes. If someone gains unauthorized access to your card, it’s easy to login and freeze your card, disable certain transactions or request a replacement card.

I got the card… now what?

Follow these steps to make sure you get the most out of your Neo Secured Credit Card:

  1. Make on-time repayments to build your credit and avoid paying unnecessary interest charges.
  2. Read your service agreement carefully to know what fees you’ll need to pay before you use certain services.
  3. Keep an eye on your credit score to make sure it’s improving.
  4. Watch for deals on the Neo site or app to make sure you cash in on the best cashback rewards.

Bottom line

With cash back rewards, no annual fee (for Base plan members), an easy online application and no credit check requirement, the Neo secured card is an attractive option for borrowers with all types of credit score.

If you want high cashback rewards on all your purchases or benefits like travel and entertainment discounts, the Neo Secured Credit Card might not be right for you. But it’s a solid option if you’re having trouble qualifying for other credit cards.

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