Founded in 2019 and based in Calgary, Alberta, Neo Financial is a recently established online bank. It stands out for its direct collaboration with merchants, offering its customers instant cash rewards. These benefits are easily tracked using the Neo application.
The Neo Mastercard (formerly Neo Credit) is one of the many financial products offered by Neo.
The card charges no annual fee and requires no minimum income.
Applying for a Neo Mastercard is a simple process that takes place entirely online. The conditions for application are as follows:
That’s all there is to it! Right now, the welcome offer is $25, with no minimum spend. Simply apply online and the bonus will be credited directly to your account when the card is activated.
Neo recently changed the structure of its cash back program. From now on, customers who hold more cash in their Neo Everyday account will see their rewards enhanced.
To earn maximum cash back, a minimum of $10,000 must be held in a Neo Everyday account. The breakdown by balance and expenses is as follows:
Neo has thousands of partners across Canada. These partners include most major chains of gas stations, grocery stores, restaurants, gyms, cafés and more. For example, here is an overview of Neo partners in Montreal’s Rosemont district:
Many independent restaurants are partners, offering cashback of around 5%. Good news for those places that sometimes don’t take American Express and the Cobalt® Card!
Popular partners across the country include :
The full list of partners is available on the Neo website and app. There’s something for everyone, with a great variety of restaurants, bars, stores and online shops.
What’s more, you’ll receive a basic 1% cashback at grocery stores and gas stations across Canada. Costco transactions are also eligible for the 1% cashback. A limit of $300 in cashback per month applies.
Neo offers a package that lets you accumulate even more rewards: the Premium plan. For $9.99 a month, members who sign up for the extra benefit from enhanced cash-back rates, plus :
The following table summarizes the cashback rates available with the Premium plan:
Cashback rates with certain partners are also higher. All the details can be found on this page.
It all depends on how much you spend and where you shop. To justify the $9.99 monthly fee, you need to spend $500 on groceries and gas every month.
In addition to the Premium plan, Neo offers four other monthly subscription perks:
These perks offer boosted cashback rates on certain expenses, plus special benefits such as insurance. Find out more here.
To get the cash rewards, simply go to the mobile app and tap on the cashback total in the top left-hand corner. Then tap on Cash-out. You can choose whether to redeem your rewards on the Neo Mastercard or in a Neo Everyday account.
You can claim your rewards at any time. There’s no need to wait until the end of the month or for a particular statement during the year.
There are two ways to pay for your Neo Mastercard:
If you don’t have a Neo Everyday account, go to your bank’s website. Add Neo as a payee and process payment as a regular bill.
As Neo Mastercard is a partner of the Mastercard network, it works almost anywhere in the world. Just use it like any other credit card, where Mastercard is accepted.
However, Neo has no partners abroad. As a result, it will not be possible to accumulate cashback (unless you subscribe to the Travel perk).
Finally, Neo charges a 2.5% fee on foreign currency transactions. This is also the case for the vast majority of credit cards in Canada, except for a few. Read our guide to the best no-conversion-fee credit cards, our top tips for saving on foreign currency transactions and our tips for saving on ATM withdrawals.
Neo Financial represents a new option in the digital banking landscape, with over a thousand partners across Canada. Its flagship product, the Neo Mastercard, offers instant cashback on everyday expenses. Plus, get even more rewards by adding perks in the categories where you spend the most.
Want to learn more about other Neo products? Read our guides to Neo mortgage services, the Neo Everyday account and the high-interest savings account:
You can chat with the support team every day, from 7 a.m. to 8 p.m. You must be logged in to your account to access support.
Savings are here:
