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Neo Financial has two credit cards in its lineup: the Neo Credit card and Neo Secured Credit card. Both earn cash back and have no annual fees.

Compare Neo credit cards

Annual Fee
$0

Interest Rates
19.99%-29.99% / 22.99%-31.99%

Rewards Rate
1%-15%

Intro Offer
$25

Neo Credit is a no-fee card that earns cash back rewards and offers access to high-interest savings.

Pros

High average cashback rate of 5%.
No annual fee.
15% cashback on first-time purchases.

Cons

Perks can be added, but for a fee.
Purchase interest rate can reach as high as 29.99%, and cash advance rate can reach 31.99%.

No annual fees.
Earn instant unlimited cashback at thousands of partners that you can save for later or use immediately.
Access exclusive welcome bonuses, like up to 15% cashback on first-time purchases.
Earn an average of 5% cashback at 10,000+ partners across the country.
Pay with Neo Credit to earn cashback. Then split the bill in the app to send multiple Interac e-Transfer® requests instantly. The payments will be directly deposited into your Neo Money™ account.
Cash out the cashback you’ve earned with Neo Credit to a Neo Money™ account to take advantage of one of the highest everyday interest rates.
Customers can get up to 4% cashback on all purchases at Shell gas stations and convenience locations when they use their Neo Credit, Neo Secured Credit or Neo Money™ card. Earn 2% cashback at the pump or convenience store locations. Earn 4% cashback on transactions made through the Shell App. Offer available in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. Boost these offers by 50% when you add Everyday Essentials perks to your card.

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Annual Fee
$0

Interest Rates
19.99%-29.99% / 22.99%-31.99%

Rewards Rate
0.5%-15%

Intro Offer
$25

Neo Secured Credit is a no-fee card that earns cash back rewards and offers access to high-interest savings.

Pros

A small $50 minimum deposit makes this card accessible to consumers of all budgets.
Earn up to 15% cash back on purchases with select Neo partners.

Cons

Interest rates could be as high as 29.99% for some users.

Build credit history with on-time payments.
Set your credit limit and get started with as little as $50.
Guaranteed approval with no credit score needed to apply.
Earn 1% cashback on all gas and grocery purchases.
0.5% guaranteed monthly minimum cashback.
No monthly or annual fees.
Upgrade to Premium and earn exclusive benefits and boosted rewards, like 3% cashback on all gas and grocery and free credit monitoring.
Personalized Insights AI generates tailored information and recommendations designed specifically for you.

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What to know about Neo Financial’s credit cards

Neo Financial is a newcomer to the Canadian financial services landscape. Founded in 2019, the digital bank has a handful of products in its roster, including credit cards, home loans, a hybrid bank account and an investment platform.

Neo’s credit card offerings are limited to two cash-back cards: the Neo Credit card and the Neo Secured Credit card. Cardholders pay no annual fees and can customize their card with add-on perks, like accelerated cash-back rates, travel insurance coverage and more.

Common Neo credit card features

The Neo Credit card, which is their standard card, and the Neo Secured Credit card have plenty in common.

Cash-back welcome bonuses.

Neo cardholders receive up to 15% cash back on first-time purchases from participating partners.

Purchase interest rates start at 19%.

Neo credit cards carry purchase interest rates of 19.99% to 29.99% and cash advance rates of 22.99% to 31.99%, as of this writing.

No annual fees.

Neither of Neo’s credit cards charge an annual fee.

Unlimited cash-back rewards.

There are no caps on cash-back rewards for Neo credit cards.

Customizable add-ons.

Perks, like bonus cash-back rates, insurance coverage and more, are available for a fee.

Pros and cons of Neo credit cards

Pros

Up to 15% cash back. Receive cash-back rewards of up to 15% on first-time purchases with eligible partners.
No cash-back earning caps. Earn unlimited cash-back rewards with no earning caps.
No annual fee. Enjoy the perks and privileges of a Neo Credit or Neo Secured Credit card and pay no annual fee.

Cons

Limited cash-back partners. Cash-back rewards are limited to eligible purchases made with Neo retail partners.
Potentially high interest rates. Purchase interest rates for Neo credit cards reach as high as 29.99%.

How to earn cash back with a Neo credit card

Cardholders earn cash back by making purchases from retailers on the Neo reward network. Eligible cash-back rewards appear instantly in your Neo account.

Cash-back rates vary by retail partner, but Neo guarantees at least 0.5% cash back monthly, up to a maximum of $50. You can earn up to 15% cash back on your first purchase with certain partners. Neo says the average cash-back rate across partners is 5%.

Neo retail partners

Some of Neo’s cash-back retail partners include:

Ashley Homestore.
Avis.
Boston Pizza.
Earls Kitchen + Bar.
Frank And Oak.
Harry Rosen.
Saucony.
Structube.
Well.ca.

Nerdy tip

You can earn cash back at qualifying Neo retail partners with the [update needed]. The no-fee card also earns Hudson’s Bay Rewards points which can be redeemed on Hudson’s Bay purchases.

How to redeem cash-back rewards

Neo cash-back rewards can be redeemed at any time via the following methods:

Neo bank account. Move your cash-back rewards to your Neo Money account to earn interest on your funds.
Neo credit card balance. Apply accumulated cash back to your Neo credit card balance.
Neo online store credit. Use your cash-back rewards for purchases through Neo’s online store.

How to compare Neo Financial credit cards

The Neo Credit card is a standard card, while the Neo Secured Credit card — as the name suggests — is a secured card. Secured credit cards require a cash deposit to open and may offer guaranteed approval. These cards report to Canadian credit bureaus, so they can help improve your credit score if used responsibly.

The Neo Secured Credit card requires a cash deposit, which becomes your credit limit. Approval for the Neo Secured Credit card is guaranteed. No cash deposit is needed for the standard Neo Credit card, but approval isn’t guaranteed.

Outside these differences, the Neo Credit and Neo Secured Credit cards are almost indistinguishable. Both charge no annual fees, offer cash-back rewards and allow you to add perks for a fee.

Who should consider a Neo credit card?

Anyone seeking a no-fee credit card that earns cash-back rewards may want to explore Neo’s card offerings. A Neo Credit or Neo Secured Credit card will be an even more convenient fit for those who frequently shop at Neo’s retail partners, as they will be best positioned to squeeze more value from Neo’s cash-back rewards program.

People who are building or rehabilitating their credit may be better suited to the Neo Secured Credit card.

How to apply for a Neo Financial credit card

To be eligible for a Neo Financial credit card, you must be a Canadian resident and at least the age of majority for your province or territory. To qualify for the Neo Secured Credit card, you must also provide a security funds deposit.

To apply for one of Neo’s credit cards, you must create a Neo profile by entering your email address, phone number and password. As part of the account verification process, you must confirm your phone number and email address.

Once your account is verified, select the Neo Credit card or Neo Secured Credit card to begin the card application process.

You’ll be asked to enter your personal information, like your full name and residential address, and information about your finances, like your monthly housing costs, annual income and more.

Neo Financial credit card alternatives

A Neo credit card won’t be suitable for everyone. Those who prefer to earn rewards points may want to explore rewards credit card options. Those who frequently travel may prefer a travel credit card with built-in insurance coverage.

Even if you have your heart set on cash-back rewards, there are numerous cash-back cards on the market that may be worth a look. Compare your options by features, fees and interest rates to find the credit card that best fits your lifestyle and spending habits.

Yes, you can withdraw cash from an ATM using your Neo Credit or Neo Secured Credit card. Doing so is considered a cash advance and is subject to a $2.50 to $5 fee per transaction. Cash advances are also subject to interest rates of 22.99% – 28.99%, as of this writing.

The Neo Money™ Card is a hybrid debit card that earns cash-back rewards and generates 2.25% interest on deposited funds.

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