Get $25 cash back with the Neo Mastercard^®

Neo Financial is one of the neobanks that have recently launched in Canada.

It recently took over Hudson’s Bay’s credit card, which gives it a certain foothold in the country.

Today, we present two products offered by Neo Financial:

Unlike many traditional credit cards, Neo offers a simplified approval process that can lead to either a classic credit card or a secured credit card, depending on your profile. This approach allows more Canadians to access a credit card while building their financial history.

Neo Credit Mastercard

The Neo Mastercard is a cash back credit card.

Unlike traditional banks that offer cashback rates based on spending categories (groceries, gas stations, pharmacies, etc.), Neo has chosen to establish direct partnerships with select retailers.

The cash back rate will therefore vary and may be boosted by certain partner offers: an average rate of 5% and up to 15% on first purchases.

For a limited time, you can earn $25 cash back when you apply for the Neo Mastercard.

The card also includes an instant virtual card, allowing for online purchases as soon as you are approved. The Neo app also lets you manage the card in real time, including viewing transactions, temporarily locking the card, and tracking accumulated rewards.

Add an additional card at no cost

It is possible to add an additional card at no cost on the Neo Mastercard and Neo World Mastercard^® cards (secured and unsecured). This allows you to consolidate household expenses into a single account while continuing to earn cash back on eligible purchases.

In practical terms, purchases made with an additional card are linked to the primary account. This can be useful for centralizing everyday expenses and simplifying tracking, directly in the Neo app.

Consolidating expenses into a single account also allows you to earn cash back more quickly, without changing your purchasing habits. Adding an additional card takes just a few minutes via the Neo app.

Building your credit history with Neo

Neo also focuses on improving credit scores. Cardholders can track their progress directly in the app and receive personalized recommendations to adopt good financial habits. Depending on their situation, some users may also become eligible for higher credit limits after a few months of responsible use.

Neo also offers several security features, including real-time alerts, monitoring for unusual activity, and Mastercard Zero Liability protection for unauthorized purchases.

Retail partners

Neo began by forging partnerships with retailers in Western Canada (particularly in the Calgary area). Retailers across the country then joined, such as Shell, Esso, or Shoppers Drug Mart.

With these retail partners, you can get different types of rewards.

A partner retailer may offer you a specific discount on your first in-store purchase. For example, Frank and Oak is offering 7% off your first purchase (up to $20 off):

Then, a partner retailer can offer you a discount for repeated purchases in their store. Like with EQ3 offering $33 off if you make 2 purchases of $500 or more:

Finally, the most standard cash back is what you will receive every time you make purchases with the partner retailer. For example, when you make purchases at the SAQ, you can get a 3% cash back on all purchases (up to $10 off):

You need to browse the map provided by the mobile app to find the most attractive cash back offers.

Here are some examples from this map:

The Neo Chequing Account

The Neo Chequing account is provided by Peoples Bank of Canada, a CDIC member. This means it is eligible for deposit insurance up to a maximum of $100,000.

With the Neo Chequing account, you can:

As always, the interest rate may change over time.

Conclusion

Neo offers an interesting concept with its Neo Mastercard^® and its Neo Chequing account

As the company is still relatively new and its partnerships are recent, it will be worth monitoring its evolution, particularly with the hope of greater transparency, such as integrating a geographic map of partner retailers directly on Neo’s website.

After all, if the company wants to reward its users based on local purchases with partners, you might as well know who they are before applying for the Neo Mastercard^®!

Either way, with a welcome bonus of $25 cash back for a no-fee credit card, why not give it a try?

Frequently Asked Questions about the Neo Mastercard^®

Here are frequently asked questions in the milesopedia community about this card.