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Neo Secured Mastercard review

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Neo Secured Mastercard
Welcome Offer
15% cash back
4% cash back
Annual Fee
Purchase Interest Rate
19.99% - 29.99%
Cash Advance Rate

Our verdict

Build your credit score and earn cashback with the innovative 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 cashback 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

30-second take

  • Get this card if you want to build your credit and earn cashback rewards.
  • Choose something else if you want access to unsecured credit or insurance/benefits.
  • There is no minimum annual income specified on the website.

How do Neo Secured Credit Cards work?

Neo Secured Credit Cards work just like regular credit cards. You make purchases and pay interest on your outstanding balance. Neo also lets you earn cashback on your purchases with Neo partners.

Neo Secured Credit Cards differ from traditional credit cards in the following ways:

  • Balance is secured. Your balance needs to be secured by a cash deposit. For example, if you want a $1,000 balance, you need to send Neo $1,000 to “secure” your credit. This money then gets returned to you when you close your account.
  • Payments are reported. Neo will report all of your payments to the credit bureau. This will help to build your credit score faster than with a regular credit card as long as you make on-time payments regularly.
  • Fewer benefits. You’ll get fewer benefits/insurance with Neo Secured Cards than you will with traditional no-fee credit cards. For example, Neo Secured Cards don’t come with extended warranty or purchase protection.

The basics

The Neo Secured Mastercard is a secured credit card that’s designed to help you build your credit while you earn cashback with Neo partners.

  • No annual fee. You won’t pay an annual fee for this card.
  • Helps to build credit. All of your on-time payments will be reported to the credit bureaus which can help you build your credit score over time.
  • Accelerated cashback. You can earn an average of 5% cashback with the fee-free card and even more if you boost your cashback by paying a fee.
  • Low minimum balance requirement. You can deposit as little as $50 to get started with a Neo Secured Mastercard (and you can put in up to $10,000 if you want a higher limit).

The perks

  • Easy approval. It’s easy to get approved for a secured credit card, no matter how much income you make or what your credit report looks like.
  • No credit check required. You won’t have to undergo a credit check to qualify for the Neo Secured Mastercard.
  • Adjustable credit limit. You can set your credit limit at whatever you’re comfortable with (between $50 and $10,000) as long as you make a deposit to match.
  • Multiple ways to add funds. Simply link an external account or send Neo an Interac e-Transfer to load funds into your account.
  • Deposit gets returned. You’ll get your deposit back when you close your account.

What to watch out for

  • High interest. You’ll typically have to pay interest on purchases and for cash advances, but rates may be even higher based on your creditworthiness.
  • Deposit is required. You’ll have to put down a lump sum deposit of between $50 and $10,000 to get access to credit on this account.
  • Limited local deals. You can only earn cashback when you shop with Neo partners, and local deals seem to be limited in certain Canadian cities.
  • No basic insurance. You won’t get basic insurance such as purchase protection or extended warranty with this card.

Neo Secured Mastercard interest rates

Interest TypeInterest Rate
Purchase interest rate19.99% - 29.99%

What should I know before I apply?

Eligibility requirements

To apply for the Neo Secured Mastercard, you need to meet the following criteria:

  • Be a Canadian citizen or permanent resident who is the age of majority in your province.
  • Provide a security deposit to cover your credit limit (between $50 and $10,000).

Required documents and information

  • Your name, residential status and contact information
  • Your Social Insurance Number and date of birth
  • Your email address and phone number

How to apply

  1. Visit Neo’s website to be directed to your Neo Secured Credit Card application.
  2. Complete the application with details that include your name, email address, Social Insurance Number and birth date.
  3. Review and submit your application.
  4. When approved, load funds in to secure your balance by linking your bank account or sending an Interac e-Transfer to Neo Financial.

I got the card… now what?

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

  1. Make your repayments on time. Make on-time repayments to build your credit and avoid paying unnecessary interest charges.
  2. Avoid paying extra fees. Read your service agreement carefully to know what fees you’ll need to pay before you use certain services.
  3. Watch your credit score. Keep an eye on your credit score or track your progress with a service like Mogo to make sure your score is improving.
  4. Shop with Neo partners. Watch for deals on the Neo site or app to make sure you cash in on the best cashback rewards.
  5. Reclaim your deposit. Make sure you get your deposit back when you close out your account.

Bottom line

The Neo Secured Credit Card lets you build your credit while earning an average rate of 5% cashback on purchases. You can easily earn rewards by shopping with partner stores and scanning for deals in Neo’s mobile app. Just be aware that you need to secure your balance with a cash deposit and you won’t get basic insurance/extended benefits with this card.

Frequently asked questions

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