Neo Launches Two New Mastercard Cards

Q: How to get the maximum 7% rate with Neo?

The 7% rate on groceries is not automatic — it depends on the minimum balance maintained in your Neo Chequing account:- Solde de 10 000 $+ : 7% sur l’épicerie; - Solde plus bas : les taux baissent par paliers; For households able to keep this amount in the chequing account, this is one of the highest grocery rates in Canada. On $10,000/year in groceries, that's $700 in gross cash back, or $575 net after the $125 annual fee.

Q: Are there annual fees and a minimum income?

Yes to both:- Frais annuels : 125 $; - Revenu minimum : 80 000 $ personnel ou 150 000 $ familial (standard World Elite); - Limite de crédit maximale : 30 000 $; For a household spending less than $6,000/year on groceries + bills, the fees are not offset. The Neo World Elite is profitable mainly for households with high spending in bonus categories and a $10,000+ balance in Neo Chequing.

Q: Does the card work in Quebec?

Yes — but with a major caveat: the included travel insurance is not offered to Quebec residents. For the rest of Canada, the card includes:- Assurance annulation et médicale d’urgence; - Assurance bagages et collision/dommages; - Accès salons d’aéroport DragonPass (32 $US par visite); - Forfaits eSIM internationaux via FlexiRoam; If you are in Quebec and travel insurance is essential, the National Bank World Elite or the Desjardins Cash Back World Elite are better choices.

Neo Launches Two New Mastercard Cards

Nov 11, 2024

Updated Aug 12, 2026

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Credit Cards Neo Launches Two New Mastercard Cards

To the point Neo brings its first high-end products to the Canadian market: the Neo Mastercard World Elite and Mastercard World credit cards. Let's explore the rewards and benefits these cards offer.

Neo Financial, a Canadian microbank with a growing presence in the financial products market, has added two new credit cards to its wallet.

Neo Launches Two New Mastercard Cards - neo world world elite

The new Neo Mastercard World and World Elite cards

The Neo Mastercard World Elite offers a minimum of:

5% cash back on groceries
4% on recurring bills
3% on gas
1% back everywhere else

As for its little sister, the Neo Mastercard World, the base cash back rates are :

2% for groceries, recurring bills, and gas;
0.5% for everything else.

Neo boosts cash back rates for customers who maintain a balance in a Neo Chequing account.

To benefit from the maximum 7% cash back on groceries with the Mastercard World Elite card, you must hold at least $10,000 in this account.

Annual fees and minimum income required

The annual fee for the new Neo Mastercard World Elite credit card is $125.

As it is a premium Mastercard World Elite card, the minimum income required to subscribe to the card is high:

$80,000 annually in personal income or;
$150,000 annually in household income.

The maximum credit limit that can be granted is $30,000. There is also a secured card available to help build credit history.

As for the Neo Mastercard World card, it is fee-free annually. The minimum income required is $50,000 in personal income or $80,000 in household income.

Cash back rates

Cash back is calculated according to different tiers. To get the maximum cash back, you must hold at least $10,000 in a Neo Chequing account.

The breakdown is as follows for the Mastercard World Elite:

Type of expense	Minimum Neo Chequing account balance
	$0	$1,000	$3,000	$5,000	$10,000
Groceries	5 %	5 %	5 %	6%	7%
Recurring bill payments	4 %	4 %	4 %	4,5 %	5 %
Gas	3 %	3 %	3 %	3,5 %	4 %
Everything else	1 %	1 %	1 %	1 %	1 %

And for Mastercard World:

Type of expense	Minimum Neo Chequing account balance
	$0	$1,000	$3,000	$5,000	$10,000
Groceries	2 %	2 %	2 %	3 %	4 %
Recurring bill payments	2 %	2 %	2 %	3 %	4 %
Gas	2 %	2 %	2 %	3 %	4 %
Everything else	0,5 %	0,5 %	0,5 %	0,5 %	1 %

Annual spending caps apply. Once the cap is reached in the mentioned category, the cash back rate drops to 1% (0.5% for the World card) for additional spending.

Groceries: cap of $12,000 per year
Recurring bills : cap of $6,000 per year
Gas: cap of $12,000 per year
All other purchases: cap of $40,000 per year ($30,000 for the World card)

Neo Launches Two New Mastercard Cards - Neo 1200x630 02 WorldMastercard

The benefits

The new Neo Mastercard World Elite card comes with travel benefits, such as:

Travel cancellation insurance;
Emergency medical insurance abroad;
Lost and stolen baggage insurance;
Rental car damage and collision insurance;
DragonPass membership for airport lounge access (membership is included, but each visit costs US$32);
International eSIM packages with FlexiRoam.

Finally, cardholders are also entitled to purchase protection and an extended warranty for items paid with the card.

Other Neo products

Neo offers various financial products such as credit cards, secured credit cards, chequing accounts, and savings accounts. Find more details in our dedicated article.

Conclusion

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 card, it is very similar to the Tangerine^® Money-Back World Mastercard^®*: both are fee-free annually, offering 2% cash back on certain purchase categories and 0.5% on others.

Frequently Asked Questions about the Neo World Elite Mastercard^MD

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

How to get the maximum 7% rate with Neo?

The 7% rate on groceries is not automatic — it depends on the minimum balance maintained in your Neo Chequing account:

Solde de 10 000 $+ : 7% sur l’épicerie
Solde plus bas : les taux baissent par paliers

For households able to keep this amount in the chequing account, this is one of the highest grocery rates in Canada. On $10,000/year in groceries, that’s $700 in gross cash back, or $575 net after the $125 annual fee.

What are the other cash back rates?

The other categories are also attractive (respecting the required balance):

5% sur les factures récurrentes (Bell, Hydro, abonnements)
4% sur l’essence
1% partout ailleurs

For a typical household spending $4,800/year on recurring bills, that’s an additional $240 in cash back. Combined with 7% on groceries and 4% on gas, the Neo World Elite can generate over $1,000/year in returns for households that maintain the required balance.

Are there annual fees and a minimum income?

Yes to both:

Frais annuels : 125 $
Revenu minimum : 80 000 $ personnel ou 150 000 $ familial (standard World Elite)
Limite de crédit maximale : 30 000 $

For a household spending less than $6,000/year on groceries + bills, the fees are not offset. The Neo World Elite is profitable mainly for households with high spending in bonus categories and a $10,000+ balance in Neo Chequing.

Does the card work in Quebec?

Yes — but with a major caveat: the included travel insurance is not offered to Quebec residents. For the rest of Canada, the card includes:

Assurance annulation et médicale d’urgence
Assurance bagages et collision/dommages
Accès salons d’aéroport DragonPass (32 $US par visite)
Forfaits eSIM internationaux via FlexiRoam

If you are in Quebec and travel insurance is essential, the National Bank World Elite or the Desjardins Cash Back World Elite are better choices.

Come to discuss that topic in our Facebook Group!

Jean-Maximilien Voisine

Jean-Maximilien Voisine is the President and Founder of Milesopedia and a leading expert in rewards programs, credit cards, and travel across Canada, France, and the U.S.A. Now 40 years old and a father of two, he has explored more than 100 countries, many of them alongside his wife Audrey and their children. Specializing in loyalty programs such as Aeroplan, Flying Blue, American Express Membership Rewards, and Marriott Bonvoy, Jean-Maximilien helps travellers unlock the full potential of their points and benefits. His mission: empower others to travel better and smarter across North America and Europe.

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