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The Neo Secured World Card (no annual fee, but $119.88 a year in monthly fees) only pays off above $11,988 in spending. The Neo Secured World Elite Card ($149/year) is the better of the two from roughly $3,000 in eligible annual spending. Both are accessible with no minimum income, unlike the regular Neo versions. The Secured World carries monthly fees of $9.99, or $119.88 per year, with no waiver available as of September 1, 2026. The Secured World Elite has no monthly fees: its $149 annual fee covers everything.
We compared the two guaranteed versions of Neo for this guide: their deposit mechanics are identical, but the choice between the two depends primarily on your annual spending.
In this article, you will compare their fees, cashback rates, and benefits to determine which one best suits your situation.
For the regular (non-secured) version of these cards, see our full Neo Financial review.
A secured credit card works like a standard card, but it requires a security deposit in exchange for the credit limit granted. A $2,000 deposit gives you a $2,000 credit limit.
This type of card is primarily intended for:
With Neo, both secured cards offer exactly the same cashback rates and the same benefits as their non-secured equivalents. So you’re not penalized on value while you build your credit.
The Neo Secured World Card has no annual fee, but it carries monthly fees of $9.99 as of September 1, 2026. It is identical to the regular Neo World Mastercard® and remains accessible with no minimum income.
Your credit limit corresponds to the amount of the security deposit you provide, up to $30,000. You get 1% cashback on all your purchases, with no cap or categories to manage, plus additional cashback at Neo partners.
Net gain year 1: for $15,000 in annual spending, you receive approximately $150 in cashback. The monthly fees of $9.99 ($119.88 per year) bring your net gain down to approximately $30. Below $11,988 in annual spending, this card costs you more than it returns.
Benefits:
The Neo Secured World Elite Card is the secured version of Neo’s premium card. Like its regular version, it carries an annual fee of $149, but with no income requirement.
It offers 2% cashback on all your purchases, up to $4,000 in spending per month, then 1% thereafter with no cap. You also keep the Mastercard World Elite® benefits: comprehensive travel insurance (not offered to Quebec residents), collision insurance for car rentals, and a DragonPass subscription for airport lounges (fees apply per visit).
Net gain year 1: for $15,000 in eligible annual spending, you receive approximately $300 in cashback. Once the $149 annual fee is subtracted, the net gain reaches approximately $151. No monthly fee is added, which puts it far above the roughly $30 of the Secured World at the same spending level, with the travel benefits as a bonus.
Both cards share the same security deposit principle and the same absence of income requirement. They differ on three elements: annual fees, cashback rate, and included travel benefits.
Click on a card name below to view all its details.
The process is simple: you transfer a deposit to Neo, and that amount becomes your credit limit, up to a maximum of $30,000. Neo holds this deposit as security for the entire duration of card use. This deposit is separate from the card fees: it is refundable and serves as security. On the Secured World, monthly fees of $9.99 apply for access to the card, and the waiver granted to customers holding $5,000 in deposit was removed on September 1, 2026. The Secured World Elite only charges its $149 annual fee.
Each payment made on time is reported to the credit bureaus, exactly as with a standard card. Responsible use (balance paid each month, low utilization rate) allows you to build a positive credit history.
The Neo Secured World Card has no annual fee, but its $9.99 per month adds up to $119.88 a year. It only pays off above $11,988 in spending, which makes it a narrow choice as of September 1, 2026.
The Neo Secured World Elite Card is the better of the two from roughly $3,000 in annual spending, since it charges no monthly fees and pays double the cashback. The travel insurance and DragonPass subscription come on top.
Below that threshold, neither card really pays: the Secured World costs $119.88 a year and the Secured World Elite $149. If your only goal is to build credit on small purchases, compare with the other secured cards on the market first.
Limitations:
In summary, both Neo secured cards allow you to build or rebuild a credit history in Canada with no income requirement, while maintaining cashback rates comparable to the regular versions.
The no-annual-fee version is suitable for simple use, while the World Elite version is intended for people who spend more and can make the fees worthwhile thanks to the included benefits.
Savings are this way:
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