Neo Launches Two New Mastercard Cards
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Neo Financial, a Canadian microbank with a growing presence in the financial products market, has added two new credit cards to its wallet.
The New Neo Mastercard World and World Elite Cards
Neo Mastercard World Elite offers at least :
- 5% cash back at the grocery store
- 4% on recurring bills
- 3% on gas
- 1% everywhere else
- Annual feeNo annual fee the first year
- $0 $149
- Our valuationMilesopedia first-year estimate First-year valueAnnual fee rebated$149Total$149Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $149
- Welcome offer$149 annual fee rebated
- First Year Annual Fee Rebate
Apply Now
on Neo Financial's website
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 the rest.
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.
Annual Fees and Minimum Income Requirements
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:
- $80,000 in annual personal income or ;
- $150,000 annual family income.
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 Rates
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:
| Type of expenses | Neo Everyday account minimum 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 expenses | Neo Everyday account minimum 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 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.
- Groceries: maximum $12,000 per year
- Recurring invoices : maximum $6,000 per year
- Gasoline: up to $12,000 per year
- All other purchases: annual limit of $40,000 ($30,000 for the World card)
The Benefits
The new Neo Mastercard World Elite comes with travel benefits such as :
- Trip cancellation insurance;
- Insurance for emergency medical care abroad;
- Baggage loss and theft insurance;
- Damage and collision insurance for rental cars;
- DragonPass membership for access to airport lounges (membership is included, but each visit costs US$32) ;
- eSIM packages abroad with FlexiRoam.
Finally, cardholders are also entitled to purchase insurance and an extended warranty on items paid for with the card.
Other Neo Products
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.
- Annual fee
- $120
- 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
- Annual fee
- $180
- Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$525Total$525Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $525
- Welcome offerAfter $5,000 in 3 months
- Up to 35,000 miles
Apply Now
on Neo Financial's website
- 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
Bottom Line
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 Money-Back World Mastercard: both offer no annual fee, 2% cash back on certain categories of purchases and 0.5% on everything else.
- Annual feeNo annual fee the first year
- $0 $149
- Our valuationMilesopedia first-year estimate First-year valueAnnual fee rebated$149Total$149Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $149
- Welcome offer$149 annual fee rebated
- First Year Annual Fee Rebate
Apply Now
on Neo Financial's website
Frequently Asked Questions about the Neo Mastercard® cards
Here are frequently asked questions in the milesopedia community about this card.
What are the differences between the Neo Mastercard World Elite and the Neo Mastercard World?
The Neo Mastercard World Elite carries a $125 annual fee and requires $80,000 personal or $150,000 household income; it earns 5% cash back at grocery stores, 4% on recurring bills, 3% on gas and 1% on everything else, with up to 7% on groceries when you keep $10,000+ in a Neo Everyday account. The Neo Mastercard World has no annual fee, requires $50,000 personal or $80,000 household income, and earns 2% on groceries, recurring bills and gas plus 0.5% elsewhere – with up to 4% on those categories at $10,000+ Neo balances.
Are the bonus earning rates on the Neo Mastercard World Elite really 7% on groceries?
The Neo Mastercard World Elite can earn up to 7% cash back at grocery stores, but only if you maintain a $10,000+ balance in a Neo Everyday account during the month. At lower balance tiers the rate scales down, starting at the base 5%. There are also annual category caps: $12,000 in groceries, $6,000 in recurring bills, $12,000 in gas and $40,000 in other purchases. Spending beyond those caps still earns 1%. Realistically, the boosted 7% applies to a niche of Neo banking customers who keep significant cash balances at the institution.
What travel benefits does the Neo Mastercard World Elite include?
The Neo Mastercard World Elite is one of the few sub-$200 World Elite cards with full travel benefits: trip cancellation and trip interruption insurance, emergency out-of-country medical coverage, baggage delay and loss protection, plus rental car collision/loss damage waiver. Cardholders also receive DragonPass airport lounge access at US$32 per visit and discounted prepaid eSIM travel data through Neo’s mobile partners. There are no foreign transaction fees on partner offers booked through Neo, but standard 2.5% FX fees apply on regular purchases, so it is not the best card for international spending.
Is the Neo Mastercard World Elite worth $125 for non-Neo banking customers?
If you do not bank with Neo Everyday, the Neo Mastercard World Elite earns 5% on groceries (capped at $12,000 a year), 4% on bills and 3% on gas – returns that already break even on the $125 annual fee for a household spending $400+ per month on groceries alone. The travel insurance package replaces what you would otherwise pay $99–$150 a year for separately. For comparison shoppers, the no-fee Tangerine Money-Back Card still wins on simplicity, but loses on travel insurance and category caps.