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.
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, and get free everyday transactions and insights into your spending.


• Build ($0–$7.99): Comes with everything in the Essentials membership plus access to secured credit, 2.50% interest with Neo Savings, Neo Money ATM fee reimbursements and access to credit-building and monitoring tools.


• Grow ($0–$12.99): Comes with everything in the Essentials and Build memberships (including access to secured credit) plus 3.00% interest with Neo Savings, premium support and FX fee rebates on the first $10,000 CAD spent in foreign currency.

Neo membership plan costs

Between Neo’s three 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. The Build membership fee is eliminated if you maintain at least $5,000 across your Neo Chequing, Neo Savings, or Neo High-Interest Savings accounts, and there’s no Grow membership fee if you maintain a balance of $20,000+ with Neo.
• Get a World Elite Mastercard. There’s no Build membership fee with the Neo World Elite Mastercard or Cathay World Elite Mastercard.

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Neo credit card perks

• Easy to get approved. It’s fairly easy to get approved for a secured credit card as 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 to earn an average of 5% cash back at Neo partner retailers and 1% cash back on groceries, gas and EV charging.
• Premium plan perks. With the Build or Grow membership plans, you’ll get access to extra perks like a higher Neo Savings interest rate, credit building and monitoring tools, Neo Money ATM fee reimbursements and the option to secure your credit limit.
• 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 if you close the account at any point.
• High interest rates for bad credit cardholders. Neo determines your credit card interest rate when you sign up, and it could range from 19.99%–29.99% (up to 24.99% in QC) for purchases and 22.99%–31.99% (up to 25.99% in QC) for cash advances.
• 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% (up to 24.99% in QC)
Cash advance rate	22.99%–31.99% (up to 25.99% in QC)

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.
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. Take advantage of cashback rewards by spending at Neo partner retailers, and track your rewards via Neo’s app.

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 scores.

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 enjoy other basic perks like credit score monitoring.
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