Neo Financial, a Canadian microbank with a growing presence in the financial products market, has added two new credit cards to its wallet.
Neo Mastercard World Elite offers at least :
As for its little sister, the Neo Mastercard World, the base cash back rates are :
Neo boosts cash back rates for customers who maintain a balance in a Neo Everyday account.
To benefit from the maximum 7% grocery rebate with the World Elite Mastercard, you must have at least $10,000 in your account.
The annual fee for the new Neo Mastercard World Elite credit card is $125.
As this is a Mastercard World Elite premium card, the minimum income required to subscribe to the card is high:
The maximum credit limit that can be granted is $30,000. There’s also a secured card available to help build a credit history.
The Neo Mastercard World card has no annual fee. The minimum income requirement is $50,000 personal income or $80,000 family income.
Cash back is calculated on a tiered basis. To earn maximum cash back, a minimum of $10,000 must be held in a Neo Everyday account.
The breakdown is as follows for the Mastercard World Elite:
And for Mastercard World:
Annual spending limits apply. Once the ceiling has been reached in the category mentioned, the cashback rate drops to 1% (0.5% for the World card) for any additional spending.
The new Neo Mastercard World Elite comes with travel benefits such as :
Finally, cardholders are also entitled to purchase insurance and an extended warranty on items paid for with the card.
Travel insurance is not available for Quebec residents.
Neo offers a range of financial products including credit cards, secured credit cards, checking accounts and savings accounts. Find out more in our dedicated article.
With the introduction of the World and World Elite cards, Neo now offers a complete range of Mastercard products. The World Elite card is an excellent product for grocery spending, with a 5% cash back rate that is only matched by the BMO CashBack® World Elite®* Mastercard®*.
As for the Neo World Mastercard, it is very similar to the Tangerine World Mastercard: both offer no annual fee, 2% cash back on certain categories of purchases and 0.5% on everything else.
Savings are here: