Neo Secured Mastercard review

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.

Related: Learn more about Neo Financial products

Neo membership plans

There are three Neo plans available. To get a Secured Mastercard, you’ll need to choose either the Build or Grow plans.

• Essentials ($0): Earn 2.25% interest with Neo Savings, plus earn cash back at Neo partner retailers. Get free everyday transactions and insights into your spending.


• Build ($0 - $7.99): Get 2.50% interest with Neo Savings and earn accelerated cash back at Neo partner retailers. Other benefits include access to credit building and monitoring tools, Neo Money ATM fee reimbursement, secured credit limit, free everyday transactions and insights into your spending.


• Grow ($0 - $12.99): Get 3.00% interest with Neo Savings and earn accelerated cash back at Neo partner retailers. Get premium support, access to credit building and monitoring tools, Neo Money ATM fee reimbursement, secured credit limit, free everyday transactions and insights into your spending.

Neo membership plan costs

With three Neo plans – Essentials, Build and Grow – you’ll pay anywhere from $0 – $12.99 per month. However, it’s possible to get any of the plans for $0 per month with one of the following two ways:

• Save your money with Neo. Get the Build membership at no cost when you keep at least $5,000 across your Neo Everyday, Neo Savings, or Neo High-Interest Savings accounts. You can get Grow at no cost if you keep at least $20,000 with Neo.
• Get a World Elite Mastercard. If you have the Neo World Elite Mastercard or Cathay World Elite Mastercard, then you can get the Build membership at no extra cost. Since you’ll likely not be eligible for either of these if you’re looking at a secured credit card, you’ll need to consider the first option.

Related: Discover Neo Secured Mastercard alternatives

How to boost your cash back with the Secured Neo Mastercard

Whether you have the standard or the Premium plan, it’s possible to boost your gas and grocery cash back rate to 3% by holding at least $5,000 on a Neo Money Account Prepaid Card or 4% with a balance of at least $10,000. Plus you’ll begin earning 0.5% cash back on all other purchases.

Premium plan perks apply on top of this—including the boosted cash back rates.

Neo credit card perks

• Easy to get approved. It’s fairly easy to get approved for a secured credit card, and there’s 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. Spend at Neo partner retailers to earn an average of 5% cash back. Tiered cash back applies when you spend on groceries, gas and EV charging—you could earn up to 6% with a Premium plan subscription and a $10,000+ Neo Money Account balance.
• Premium plan perks. With the Build or Grow membership plans, you’ll get access to extra perks like earning interest with Neo Savings, earning accelerated cash back at Neo partner retailers, premium support, access to credit building and monitoring tools, Neo Money ATM fee reimbursement, secured credit limit, free everyday transactions and insights into your spending.
• Multiple ways to add funds. Simply link an external account or send Neo an Interac e-Transfer to load funds into your account.

What to watch out for with the Neo Secured Credit Card

Unlike it’s counterpart, the Neo Mastercard, the Neo Secured Mastercard does not require a credit check, making it easy for those with bad credit to get approved. The tradeoff is that you’ll have to provide funds up front to spend.

• Deposit required. You can only spend funds deposited onto your card. This is refundable should you close the account at any point.
• 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.
• 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.

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 Type	Interest Rate
Purchase interest rate	19.99%-29.99%
Cash advance rate	22.99%-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 Mastercard, 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.
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 and choose either the Build or Grow membership plan. 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.

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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 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 Mastercard:

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, 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 benefits like travel and entertainment discounts, the Neo Secured Mastercard might not be right for you. But it’s a solid option if you’re having trouble qualifying for other credit cards and you’d like to earn cash back and access other basic perks like credit monitoring.

Related: Explore more cash back credit cards in Canada