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Neo Financial Credit Card Review
Earn cash back at thousands of local and national businesses with the innovative Neo Financial Credit Card.
Earn an average cash back of 4% at thousands of local and national Neo partners including most major gas and grocery stores, restaurants, gyms, coffee shops and more. Earn a guaranteed 1% cash back on all spend at non-partners.
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19.99% - 24.99%
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The Neo Financial Credit Card lets you earn a high return on cash back with thousands of local and national businesses across Canada. Earn an average cash back of 4% at thousands of local and national Neo partners including most major gas and grocery stores, restaurants, gyms, coffee shops and more. Earn a guaranteed 1% cash back on all spend at non-partners. You can choose from three Neo Financial credit cards: the Standard, Plus and Ultra. While the Standard has no annual fee, you can pay a small monthly fee for the Plus or Ultra to get a larger cash back return. You’ll pay a monthly fee of $2.99 for the Plus card and a monthly fee of $8.99 for the Ultra card. Find out more about how you can apply for this innovative card and sign up today to get started.
30-second take
- Get a Neo credit card if you’d like to earn cash back at your favourite stores and you want to save money while discovering new places to shop.
- There is no there is no minimum annual income required to open an account.
- Choose something else if you want extended benefits or you’d prefer to sign up with a more well-established provider.
The basics
The Neo Financial Credit Card is an innovative credit card that lets you earn cash back when you shop at both partner and non-partner stores. If you’re looking to earn more cash back by shopping at partner stores, you can open the Neo app to discover which partners are offering cash back deals and shop with them either in-person at the store or online.
Earn an average cash back of 4% at thousands of local and national Neo partners including most major gas and grocery stores, restaurants, gyms, coffee shops and more. Earn a guaranteed 1% cash back on all spend at non-partners. You’ll also earn a higher return with partners and on everyday spending if you sign up for a Neo Plus or Neo Ultra credit card and pay a small monthly fee.
The main downside of the Neo Financial Credit Card is that it doesn’t come with extra benefits or credit card insurance.
Which merchants does Neo work with?
It’s difficult to say which stores Neo partners with because it doesn’t yet have a dedicated list of partners listed anywhere on its website. You can sign up for the card from anywhere in Canada.
Which Neo credit card is right for me?
You can sign up for three different Neo credit card plans: Standard, Plus and Ultra. The card you choose will depend on how much cash back you want to earn and how much you’re willing to pay for your monthly fee. Just keep in mind that you won’t be guaranteed the cash back rates listed below since rates may vary by merchant.
Before you sign up for a premium card, you should make sure that you’ll be able to earn enough cash back to make up for the monthly fee you’ll have to pay to maintain your card.
The perks
- Accelerated cash back. Earn an average of 4% cash back. Supercharge your rewards and amp up your cash back when you shop with one of the premium Neo cards (the Plus and Ultra monthly plans).
- Switch plans easily. Easily switch plans in the Neo app to suit your needs. You’re not locked in to paying an annual fee.
- Automatic rewards. Your cash back will be automatically applied to your credit card balance, so you won’t have to redeem your rewards at regular intervals.
- Streamlined mobile app. You can manage your transactions and shop around for deals using Neo Financial’s easy-to-use mobile app.
- In-app security controls. You just have to toggle a switch in the app to freeze or replace your card or turn off online transactions.
What to watch out for
- No basic insurance. Unlike most fee-free credit cards, you won’t get basic insurance such as purchase protection or extended warranty with this card.
- No extended benefits. The Neo Rewards credit card doesn’t come with extra benefits such as roadside assistance, mobile phone protection or travel insurance—but it does have higher cash back rates than many other cards in the market.
- Premium cards come with a monthly fee. You’ll pay a monthly fee of $2.99 for the Plus card and a monthly fee of $8.99 for the Ultra card.
What should I know before I apply?
Neo Credit Card Eligibility requirements
To apply for the Neo Financial Credit Card, you need to meet the following criteria:
- Be a Canadian citizen or permanent resident who is at least 18 years old
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
- Click the ‘Apply now’ button to be securely redirected to the Neo Financial Credit Card application.
- Complete the application with details that include your name, email address, Social Insurance Number and birth date.
- Review and submit your application.
Bottom line
The Neo Financial Credit Card is an innovative credit card that lets you earn an average rate of 4% cash back on purchases, and a guaranteed 1% cash back on all spend at non-partners. Earn more cash back by shopping with partner stores and scanning for deals in Neo’s mobile app. Just be aware that this card is relatively new and seems to offer limited local deals in many Canadian cities. It also doesn’t come with any basic insurance or added benefits.
