With the Neo World Elite Mastercard, you not only earn cash back on all purchases, but thanks to Neo’s network of 10,000+ merchant partners, you can also earn elevated rates of cash back at participating businesses all over the country.
In this article, we explore the card’s benefits and its cash back structure to determine: is the Neo World Elite Mastercard worth it?
The Neo World Elite Mastercard is presented by Neo Financial, a Canadian online bank that offers a variety of banking, credit, and investments products.
As the bank’s top-tier cash back credit card, it comes with an annual fee of $125 and a minimum income requirement of $80,000 (individual) or $150,000 (household).
It’s easy to apply for the Neo World Elite Mastercard online, and getting approved for a credit limit up to $30,000 should take you less than 5 minutes!
In order to apply for the card, you must meet the following requirements:
Additionally, Neo Financial also offers the Neo World Mastercard and the Neo Mastercard if you’d prefer a lower minimum income requirement or if you’d like to earn cash back without incurring an annual fee.
The Neo World Elite Mastercard is also available as a secured credit card if you don’t yet have a Canadian credit score. You can learn all about this option here on Neo’s website.
The Neo World Elite Mastercard earns some of the most competitive cash back rates in the Canadian market, and these rates can be elevated even further for customers who maintain an adequate balance in their Neo Everyday bank account.
The Neo World Elite Mastercard’s base earning rates are as follows:
Although the card offers some of the highest cash back rates in Canada, it’s important to be aware of the monthly spend caps that exist on the card’s groceries, recurring payments, and gas categories.
Once you’ve reached the monthly spend cap in each category, your cash back earning rate for that category will drop to the standard rate of 1% for the rest of the month before resetting at the beginning of the next month.
A unique feature of the Neo World Elite Mastercard is that you can enjoy further amplified cash back rates based on the balance you keep in your Neo Everyday bank account.
By maintaining a balance of at least $5,000 in your account, your Neo World Elite Mastercard cash back rates will go up to the following:
If you maintain a $10,000 balance in your Neo Everyday account, your cash back rates go up to:
With the Neo World Elite Mastercard, you can also earn additional cash back with their 10,000+ partner merchants.
These partners include restaurants, grocery stores, popular brands, gas stations, and more. You can get an average of 5% additional cash back with these partners, which is on top of the cash back rates that you already earn with the credit card.
To find eligible partners nearby, you just need to sign in to the Neo App and explore their merchant list or map.
The partner cash back rates do fluctuate, so it’s worth keeping an eye out for the particularly good offers and not waiting too long to take advantage when you see a good deal.
Popular partners across the country include:
The full list of partners can be found on the Neo website and on the Neo App when you’re logged in.
With the Neo World Elite Mastercard, you can also further boost your cash back rates and enjoy extra benefits by subscribing to one of the available subscription plans.
The Premium Plan costs $9.99 a month and gets you the following:
The following table summarizes the cash back bonuses available with the Premium subscription:
With the Premium plan, discounts with certain partners are also higher. All the details can be found on Neo’s website.
In addition to the Premium plan, you can also choose to add up to four other perk-focused plans to your Neo account. These plans can boost your cash back rates, provide various insurance coverage, improve your airport and travel experience, and more.
The four plans are:
You can find all the plan details on Neo’s website.
Cash back is available instantly in your account to use when you want. Unlike other cash back cards, you don’t have to wait for the end of the month or year.
To access your available balance, simply log in to your account through the Neo App, tap the Rewards total, and then select “Cash out.”
From there, you can choose to send some or all of your accumulated cash back to pay down your Neo credit card balance or send it to your Neo Everyday account.
In addition to the opportunity to earn cash back on all purchases, the Neo World Elite Mastercard comes with the following benefits:
As a Neo World Elite Mastercard holder, you’ll get purchase protection when the full purchase price of the insured item is charged to the card.
You’re also provided with double the product’s original manufacturer’s warranty, up to one additional year, when you pay for an item with your card.
The card also comes with coverage that can provide you with some additional peace of mind when you’re renting a car.
This can save you a fair bit of money by allowing you to decline some of the insurance offered by the rental agency (which is often around $25 a day!).
The Neo World Elite Mastercard comes with a variety of helpful travel insurances, including Out of Province/Country Medical, Travel Cancellation/Trip Interruption, Delayed and Lost Baggage coverage, and more.
While the card’s travel insurance can certainly come in handy, keep in mind that Neo charges a 2.5% foreign transaction fee on all purchases made in a foreign currency (much like nearly every Canadian credit card).
To keep your travel budget under control, check out our guide to the best no foreign transaction fee cards and our top tips for saving on foreign currency transactions.
For those looking to enjoy cash back on their daily purchases, the Neo World Elite Mastercard offers some of the highest earnings rates in the Canadian market.
Plus, thanks to Neo Financial’s network of over 10,000 partners across Canada, cardholders can also enjoy bonus cash back at eligible merchants and further elevated cash back rates by keeping a balance in their Neo Everyday bank account or subscribing to one or more of Neo’s perk plans.
If you would like to learn more about Neo’s other financial products, please consult our guides:
Yes, Neo Financial and the Neo World Elite Mastercard are available in Quebec; however, not all features and benefits are available for residents of the province.
Neo World Elite Mastercard is a partner of the Mastercard network, so you can use it anywhere Mastercard is accepted
Neo Financial offers three credit cards: the Neo Mastercard (no annual fee or income requirement), the Neo World Mastercard (no annual fee; $50,000 personal income and $80,000 household income requirement), and the Neo World Elite Mastercard ($125 annual fee; $80,000 personal income and $150,000 household income requirement).
The best Neo Mastercard is the one that matches your financial situation and needs.
Neo’s customer service is available via live chat each day from 7am to 8pm (Mountain Time). You must be logged in to your account to access the chat feature.
Savings are here (if you don’t see the sign-up form, please click here):
