Get $25 cash back with the Neo Mastercard®
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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.
- Annual fee
- $0
- Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$25Total$25Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $25
- Welcome offer
- $25 cash back
Apply Now
on Neo Financial's website
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:
- 3% cash back at partner restaurants and bars
- 3% cash back at the SAQ
- 3% cash back at Dollarama
- 3% cash back at Best Buy
- 3% cash back at Mondou
- 2% cash back at Couche-Tard
- 1% cash back at Shoppers Drug Mart
- 1% cash back at Provigo
- Annual fee
- $0
- Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$25Total$25Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $25
- Welcome offer
- $25 cash back
Apply Now
on Neo Financial's website
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:
- Pay bills
- Make deposits
- Send and receive Interac e-Transfers
- Earn an interest rate of 0.10% on your account
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?
- Annual fee
- $0
- Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$25Total$25Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $25
- Welcome offer
- $25 cash back
Apply Now
on Neo Financial's website
Frequently Asked Questions about the Neo Mastercard®
Here are frequently asked questions in the milesopedia community about this card.
How can I get the $25 cash back with the Neo Mastercard?
The $25 cash back welcome bonus is automatically credited when you are approved for the Neo Mastercard® via the Milesopedia link and complete your first eligible purchase. No high minimum amount is required: a single transaction is enough. The $25 is deposited as a reward in your Neo app, usually within the first few statement cycles following card activation.
How exactly do the Neo Mastercard rewards work?
Rather than setting predefined categories (grocery, gas, restaurants), the Neo Mastercard® relies on direct partnerships with merchants. You earn an average of 5% cash back at partner retailers, with rates reaching up to 15% on a first purchase. Well-known partners include Shell and Esso, Shoppers Drug Mart, SAQ (3%), Dollarama (3%), Best Buy (3%), and Couche-Tard (2%).
Is there an annual fee with the Neo Mastercard?
No. The Neo Mastercard® has no annual fees, and it is even possible to add an additional card at no cost for a loved one. All rewards earned on the additional card are added to your main balance. According to Milesopedia estimates, the expected value for the first year is around $109 for typical use, without any high minimum income constraints.
Is it worth combining the Neo Mastercard with the Neo Chequing account?
Yes, it’s a popular combination in the Milesopedia community. The Neo Chequing account allows for bill payments and Interac e-Transfers, and offers a 0.10% interest rate on the balance, provided by Peoples Bank of Canada and CDIC-insured up to $100,000. Pairing the card with the account allows you to withdraw your rewards directly, with no fees and no external transfers.
Does the Neo Mastercard help build my credit history?
Yes. Depending on the product you are eligible for, Neo allows you to use a classic credit card or a secured credit card. By making your payments on time and maintaining responsible credit use, you can contribute to improving your credit file over time. Neo also offers tracking tools directly in its app.