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Neo Card with Credit Builder review

Earn cashback rewards and start improving your credit score with this fee-free secured credit card.

The Neo Card with Credit Builder is a secured credit card that lets you earn cashback with Neo partners while you get a chance to rebuild your credit score. All you have to do is sign up for the card and transfer money over to secure your balance. You’ll get that money back when you close down your account and pay off your card.

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By

Claire Horwood

Updated

$0

Annual Fee

5% cashback

Rewards

30-second take

  • Get this card if you want to earn rewards and you have the cash available to secure your balance.
  • Choose something else if you have a good credit score or you want comprehensive insurance benefits.
  • There is no minimum annual income specified on the website.

How do Neo credit builder credit cards work?

Neo credit builder cards are specifically designed to help you build credit. They work just like regular credit cards but you need to secure your balance to get started. From there, Neo regularly reports your payments to the credit bureaus so that they can continuously monitor and update your credit report.

It’s important to remember that Neo credit builder cards aren’t guaranteed to rebuild your credit, though that will be a likely outcome if you consistently make on-time payments. Once your credit score is high enough to qualify for a regular credit card, you can close out your account and get your deposit back.

The basics

The Neo Card with Credit Builder is a secured credit card that gives you a chance to build up your credit score and earn cashback when you shop.

  • No annual fee. There is no annual fee for this credit card.
  • Helps to build credit. You’ll get a chance to rebuild your credit score as long as you make regular on-time payments.
  • Cashback return. You’ll (check the app or website to find out more).
  • Low deposit requirements. You can get started with this card with as little as $50 to secure your credit limit or deposit up to $10,000 if you want a higher limit.

The perks

  • Near-guaranteed approval. It’s really easy to get approved as long as you have the funds to secure your balance (some conditions may apply).
  • No credit check required. You won’t have to undergo a credit check to qualify for the Neo Card with Credit Builder.
  • Adjustable credit limit. You can easily increase your credit limit by sending in more cash to secure your balance.
  • Deposit is refundable. You’ll get your deposit back as soon as you close your account and pay off your outstanding balance.

What to watch out for

  • High interest. Your interest rates will range from 19.99% interest on purchases and 22.99% for cash advances, but you could pay more based on your credit score.
  • Deposit is required. You need to have savings set aside to secure your balance (and these savings will be locked away until you close your 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.

What should I know before I apply?

Eligibility requirements

To apply for the Neo Card with Credit Builder, 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 (SIN) and date of birth
  • Your email address and phone number

How to apply

  1. Visit Neo’s website to be directed to your Neo Card with Credit Builder 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 tips to get the most out of your Neo Card with Credit Builder:

  1. Stay on top of repayments. Make sure you pay your card down every month like clockwork if you want to increase your credit score.
  2. Watch out for fees. Ask Neo what kind of fees you’ll need to pay so you’re prepared to absorb the extra costs when you use certain services.
  3. Shop with Neo partners. Watch for deals on the Neo site or app to make sure you cash in on the best cashback rewards.
  4. Track your credit score. Keep an eye on your credit score to make sure that it goes up at an acceptable rate.

Bottom line

The Neo Card with Credit Builder lets you get back on track with your credit score. You can also earn cashback when you shop with Neo partners. Just send in money to Neo to secure your balance and start spending. This card comes with no annual or monthly fees and it’s easy to register from the comfort of your own home.

Frequently asked questions about the Neo Card with Credit Builder

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