With the Neo World Elite® Mastercard, you not only earn cash back on all purchases, but thanks to Neo’s network of over 10,000 merchant partners, you can also earn elevated cash back rates at participating merchants across Canada.
In this article, we explore the card’s features and 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 investment 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 Mastercard and the Neo World Mastercard®, ideal if you prefer a lower minimum income requirement or want to earn cash back without paying an annual fee.
The Neo World Elite® Mastercard is also available as a secured credit card, a great option if you’re new to Canada or don’t yet have a Canadian credit score. You can learn more about this option directly on Neo’s official website.
The Neo World Elite® Mastercard offers some of the most competitive cash back rates in Canada, and those rates can be boosted even further if you maintain a qualifying balance in your Neo Everyday bank account.
Here are the card’s base cash back earning rates:
Although the Neo World Elite® Mastercard offers some of the highest cash back rates in Canada, it’s important to keep in mind that monthly spend caps apply to the groceries, recurring payments, and gas categories.
Once you’ve reached the monthly cap in any category, your cash back rate will drop to the base 1% for the remainder of the month, before resetting at the start of the next billing cycle.
A standout feature of the Neo World Elite® Mastercard is that you can boost your cash back potential based on the balance you maintain in your Neo Everyday account, a unique way Neo integrates its banking and credit products to reward loyal customers.
By maintaining a minimum balance of $5,000 in your Neo Everyday account, your Neo World Elite® Mastercard cash back rates increase to:
If you maintain a $10,000 balance in your Neo Everyday account, your cash back rates increase to:
With the Neo World Elite® Mastercard, you can also earn additional cash back with Neo’s 10,000+ partner merchants.
These partners include restaurants, grocery stores, popular brands, gas stations, and more. You can earn an average of 5% extra cash back with these partners, on top of the base cash back rates from the card.
To find eligible partners nearby, simply sign in to the Neo App and explore the merchant list or interactive map.
Partner cash back rates can fluctuate, so it’s worth monitoring special offers and taking advantage of them promptly when you spot a great 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 boost your cash back rates further and enjoy additional benefits by subscribing to one of the available Neo subscription plans.
The Premium Plan costs $9.99 per month and provides the following:
The table below summarizes the cash back bonuses available with the Premium Plan:
With the Premium Plan, cash back rates with certain partner merchants are also higher.
In addition to the Premium Plan, you can also choose to add the Travel plan to your Neo account. This plan can boost your cash back rates and enhance your travel experience.
You can find all the plan details on Neo’s website.
Cash back is available instantly in your account to use whenever you like. Unlike many other cash back cards, there’s no need to wait until the end of the month or year.
To access your available balance, simply log in to your account via 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 transfer 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 receive purchase protection when the full purchase price of the insured item is charged to the card.
You also benefit from extended warranty coverage, receiving 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 provides Auto Rental Collision Loss Damage coverage, giving you extra peace of mind when renting a car.
This coverage can save you money by allowing you to decline certain insurance offered by the rental agency, which is often around $25 per 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 earn cash back on daily purchases, the Neo World Elite® Mastercard offers some of the highest earning rates in the Canadian market.
Additionally, thanks to Neo Financial’s network of over 10,000 partner merchants across Canada, cardholders can earn bonus cash back at eligible merchants and further elevate their cash back rates by maintaining a balance in their Neo Everyday account or subscribing to the Premium or Travel plan.
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.
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