5 Neo Secured Credit Card Alternatives

The Neo secured credit card lets you build your credit history while also earning cashback on your spending. It’s worth a look if you want to build credit, but it’s not your only option.

In this guide, we’ll show you alternatives to the Neo secured credit card, including other secured cards as well as apps that offer interest-free cash advances. Keep reading to find out if one of these alternatives to the Neo Secured Mastercard is right for you.

Finder Score	Costs	Loan Amount	Loan Term
KOHO
8.8 Great KOHO Cover	8.8 Great	0% + monthly fee from $2	$20 - $500	Flexible	$75 REWARD Go to siteView details Compare product selection Compare	loading	Why we like it Unlike Neo, KOHO isn't a credit card, nor does it require you to provide a security deposit. But when you sign up for KOHO Cover, you can get a cash advance of up to $500 with no credit check. You don't need to meet a minimum income requirement to qualify, and KOHO doesn't charge any interest. You also have the freedom to repay your cash advance any time, and KOHO doesn't charge late or NSF fees on Cover. It doesn't have the potential to help you build credit history like a Neo secured credit card does, but KOHO Cover does offer an affordable solution when you need a small loan, and your credit isn't the best. Pros & cons Pros Sign up in five minutes with no credit check No income required to qualify for funding No interest charges Instant access to funds No NSF fees Cons Monthly subscription fee for KOHO Cover Monthly KOHO fee also applies (may be waivable depending on your plan) Low maximum amount of $500 Won't improve your credit score
Nyble
9.3 Excellent Nyble Credit Line	9.3 Excellent	0%	$30 - $250	31 days, extendable	Use code CFIND1J to get 500 extra points and a $5 higher approval. T&Cs apply.	Go to siteView details Compare product selection Compare	loading	Why we like it Just like the Neo secured credit card, Nyble offers a convenient service that can also help you build credit. Nyble provides interest-free cash advances of up to $250, with no credit check needed to qualify. Instant funding is available for a fee, or you can opt for three-day delivery and pay no fees. You can use the funds for any legit purpose, and when you make on-time payments, Nyble reports them to the credit bureaus to help you build credit. Pros & cons Pros Apply in minutes with no credit check Instant funding available No interest charges or late fees Use it to build your credit history Cons Late payments could hurt your credit score Small maximum loan amount of $250 $11.99 monthly membership fee for instant funding and other perks
Bree
8.8 Great Bree Early Pay	8.8 Great	0%	$20 - $750	Next pay cycle	Refer a friend and get a $20 credit limit increase on your next withdrawal. T&Cs apply.	Go to siteView details Compare product selection Compare	loading	Why we like it Bree is another cash advance app, but unlike the Neo secured credit card, you can't use it to build credit. Instead, Bree offers easy access to cash advances of up to $750. You can apply online or via a mobile app and get an instant decision, and bad credit won't stop you from getting funded. There are no interest charges to worry about either, and if you don't mind waiting up to three business days to get the money, you can borrow from Bree without paying any fees. Pros & cons Pros Apply in five minutes online or via the Bree app No interest charges Get funded without paying any mandatory fees No credit checks Instant decisions Cons Maximum loan amount of $750 may not be enough Monthly subscription fee applies for instant transfers and other perks Instant transfer fee also applies Won't improve your credit score

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Welcome Offer	Rewards	Annual Fee
Capital One Guaranteed Secured Mastercard
Capital One Guaranteed Secured Mastercard	N/A	N/A	$0	View details Compare product selection Compare	loading	Why we like it The Capital One Guaranteed Secured Mastercard is a popular alternative to the Neo secured credit card. This secured card comes with guaranteed approval, provided you meet key criteria like being the age of majority and being authorized to access credit. You'll need to deposit security funds to set your credit limit, and you can use your card just like an ordinary credit card. Then when you make on-time payments and don't exceed your credit limit, Capital One reports this information to the credit bureaus, which can help you build credit. Pros & cons Pros $0 annual fee Get pre-approved online without it affecting your credit score Guaranteed approval Build your credit score Offers insurance protection and travel benefits Cons 29.9% (21.9% in Quebec) interest rate Late payments could hurt your credit score No cashback rewards
Home Trust Secured Visa
Home Trust Secured Visa	N/A	N/A	$0	View details Compare product selection Compare	loading	Why we like it The Home Trust Secured Visa is well worth checking out if you're searching for Neo secured credit card alternatives. This no-annual-fee secured Visa is designed to help people like newcomers to Canada and students build their credit history. You can set a credit limit of up to $10,000 by depositing security funds, and that deposit is protected by CDIC insurance for extra security. You can then use the card just like you would any normal credit card, with a 19.99% interest rate on purchases. Or if you'd like a lower rate of 14.90%, you can access this by paying a $59 annual fee. Pros & cons Pros $0 annual fee Competitive 19.99% interest rate Lower rate available for an annual fee Build your credit history Cons High minimum deposit of $500 No cashback rewards

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How does the Neo secured credit card work?

The Neo Secured Mastercard requires a security deposit of up to $10,000. You can apply without meeting an income requirement and regardless of your credit history. The amount you deposit becomes your credit limit.

You can then use your Neo secured credit card to pay for purchases in store and online anywhere Mastercard is accepted. Neo pays up to 15% boosted cashback at thousands of partners across Canada. Neo offers an instant virtual card so you can start spending straight away, and it’s easy to manage your card via the Neo Financial app.

Neo then reports your card utilization and payment history to the Equifax and TransUnion credit bureaus. This can help you build your credit history.

Secured credit cards vs cash advance apps

Bottom line

The Neo secured credit card is just one of several options if you need to build credit or access a small loan amount. It’s well worth comparing the Neo card with other secured credit cards, plus interest-free cash advance apps, to find credit that suits your requirements.

Frequently asked questions

• What is the limit of the Neo secured credit card?

  The credit limit for a Secured Neo Mastercard depends on the amount you provide as security, up to a maximum of $10,000. You'll need to provide at least $50 before you can start using your card.

• Does the Neo secured credit card have a monthly fee?

  Yes, you'll need to pay a $9.99 monthly fee for Neo's Build membership to get a Neo secured credit card. That adds up to a yearly cost of $119.88. However, you can get a Build membership for free if you keep a minimum balance of $5,000 across your Neo Chequing, Neo Savings, or Neo High-Interest Savings accounts.

• Does the Neo secured credit card build credit?

  Yes, the Neo secured credit card can help you build your credit history and potentially improve your credit score. Neo reports your payment history to the Equifax and TransUnion credit bureaus, so making full on-time payments each month will help you build your credit.

To make sure you get accurate and helpful information, this guide has been edited by Leanne Escobal as part of our fact-checking process.

Written by

Tim Falk

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Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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