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Neo Financial is a Canadian online bank specializing in savings and credit products. Among their products, the Neo Mastercard allows you to earn cashback on your purchases. As of October 2025, cashback rates no longer depend on the balance of your Neo Everyday account, but rather on the type of card held (Neo, Neo World, or Neo World Elite). This new structure makes the program simpler and more transparent for Neo Mastercard holders.
Based in Calgary, Canada, Neo Financial is an online bank specializing in savings and credit products. It stands out for its direct partnership with merchants, offering access to a vast network of over 10,000 partners across Canada. This allows you to earn cash back based on the type of card you choose, rather than your account balance. These benefits are easily tracked using the Neo mobile application (Neo App), which now offers improved tools for expense and cashback tracking.
The Neo Mastercard (formerly Neo Credit) is one of the many financial products offered by Neo. It has no annual fees and no income requirement (unlike the Neo World Mastercard® and Neo World Elite® Mastercard cards). As of October 2025, the application process has been simplified: applicants go through a single flow and immediately see which cards they can obtain, ensuring instant approval when they are eligible.
Applying for a Neo Mastercard is now even simpler thanks to the new unified application flow, which is completed entirely online. The conditions for application are as follows:
Credit limits range from $500 to $10,000, subject to approval. Optional coverage is available, such as Balance Protection, which can cover minimum monthly payments of your credit card’s outstanding balance.
Right now, the welcome offer is $25, with no spending requirements. Simply apply online and the bonus will be credited directly to your account when the card is activated. Additionally, secured cardholders now benefit from Build membership ($7.99/month) to access credit-building and score-tracking tools.
Since April 15, it has been possible to add an additional card at no cost on the Neo Mastercard® and Neo World Mastercard® cards (secured and unsecured). This allows you to consolidate household expenses into a single account while continuing to earn cash back on eligible purchases.
In practical terms, purchases made with an additional card are linked to the primary account. This can be useful for centralizing everyday expenses and simplifying tracking, directly in the Neo app.
Consolidating expenses into a single account also allows you to earn cash back more quickly, without changing your purchasing habits. Adding an additional card takes just a few minutes via the Neo app.
Neo Financial offers various financial products and services such as credit cards, secured credit cards, checking accounts, and savings accounts. As of October 2025, some secured cards include Build membership ($7.99/month), offering tools to track and improve your credit, along with detailed expense and cashback tracking. Find more details in our other guides:
Neo has recently simplified the structure of its cashback program. From now on, cashback no longer depends on the balance of your Neo Everyday account, but is determined solely by the type of card held (Neo, Neo World, or Neo World Elite), making the program clearer and more transparent for all customers.
Balance-based cashback tables no longer apply. Here is a summary of cashback rates by card type:
Here are the rewards with a balance of $5,000:
Here are the rewards with a balance of $10,000:
Neo Financial has over 10,000 partners across Canada. These partners include gas stations, grocery stores, restaurants, gyms, cafes, and many others. Cashback at these partners is now calculated based on the type of card held, and no longer on the balance of the Neo Everyday account.
For example, here is an overview of current Neo partner offers in the Rosemont district in Montreal:
Many independent restaurants have partnered with us, offering discounts 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:
As of October 2025, cashback at these partners is calculated based on the type of Neo card held, and no longer on the balance of the Neo Everyday account.
The full list of partners can be found on the Neo website and on the Neo App.
Additionally, you receive cashback based on the type of card held: 1% for the Neo Mastercard, 2% for the Neo World Mastercard®, and up to 5% for the Neo World Elite® Mastercard at grocery stores and gas stations, across all chains in Canada, including Costco. There is no longer a monthly limit based on the Neo Everyday account balance.
Neo Financial offers a package that lets you accumulate even more rewards: Premium. For $9.99 a month, you get higher discount rates, exclusive offers and features, and :
The following table summarizes the cash back bonuses available with Premium:
Cashback with certain partners can be even higher.
Is Premium worth it? 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 Privilege Extra, Neo offers other extras available as monthly subscriptions, such as:
These extras offer bonus cash rebates on certain expenses, plus special benefits such as insurance.
To redeem cash rewards, simply go to the mobile app and tap on the rebate total in the top left-hand corner. Then tap on “Cash out”. You can choose whether you want to cash out your rewards to the Neo Mastercard or any eligible Neo account.
You can claim your rewards at any time. No need to wait for a statement or the end of the month to cash out your rewards.
Payment for the Neo Mastercard can be made in two ways:
If you do not have a Neo Everyday account, visit your bank’s website. Then, add Neo as a payee and make the payment as you would for any regular bill.
As the 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. Therefore, it is generally not possible to earn cash back abroad with Neo cards, unless you are subscribed to the Travel extra. However, certain cards, such as the United® MileagePlus® Neo World Elite® Mastercard®, allow you to earn miles on purchases made abroad.
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.
In summary, Neo Financial represents an attractive option for earning cashback, especially with their network of 10,000 partners across Canada. Among their products, the Neo Mastercard offers instant cashback on your daily spending, calculated based on the card type rather than the balance of the Neo Everyday account. Plus, earn enhanced rewards by adding the Privilege Extra or the Travel Extra.
If you would like to learn more about Neo’s other financial products, please consult our guides:
The Neo Mastercard is one of the cards offered by Neo Financial. with no annual fees and no minimum income requirement, allowing you to earn instant cashback on your purchases, calculated based on the card type rather than the balance of the Neo Everyday account. To earn even more rewards, you can subscribe to packages such as the Privilege Extra or the Travel Extra.
Yes, the Neo Mastercard is offered in Quebec. However, the Travel extra is not offered in Quebec.
The Neo Mastercard is a partner of the Mastercard network, so you can use it anywhere Mastercard is accepted.
Neo Financial offers several Mastercard cards: Neo Mastercard (no annual fees or income requirement), Neo World Mastercard® (no annual fees), and NNeo World Elite® Mastercard (annual fee of $125). The best Neo Mastercard is the one that matches your financial situation and needs.
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