Neo Credit Card Review, Canada (2024): Get Instant Approval & $25 Sign-up Bonus

In a world where cash is becoming obsolete, credit card usage is increasing exponentially. However, not all credit cards are created equal.

If you are looking for a credit card that ticks all the boxes, look no further than the Neo Credit card.


Neo Financial is a relatively new player in the Canadian credit card market, but it’s already gaining ground with its competitive cashback rewards, no-annual fee approach, and digital-first strategy.

In this article, we’ll review the Neo Credit card and highlight what makes it an excellent choice for Canadians.

Key Features of Neo Credit

Credit Card Type?✔️ No annual fee credit card
✔️ Premium cash back credit card
✔️ Travel credit card
✔️ Gas & Grocery card
and more!
Annual Fee$0
Welcome BonusYes – $25
Cashback RewardsAverage 5% instant, unlimited cashback at over 10,000 locations + guaranteed minimum 0.5% cashback
Minimum Income Requirement?None
Credit Limit• For the Standard Card: $100 – $10,000
• For the Secured Card: $50 – $10,000
Instant Approval?Yes, get up to $8,000 credit limit instantly
Guaranteed Approval?Yes, Neo Secured Credit card and Neo Money™️ card
AvailabilityAll Canadian provinces and territories including Quebec
Purchase Interest (APR) Rate• All of Canada except Quebec: 19.99%-26.99%
• Quebec: 19.99%-24.99%
Cash Advance Interest (APR) Rate• All of Canada except Quebec: 22.99%-28.99%
• Quebec: 22.99%-25.99%
Mobile AppYes
Mobile Wallet?Yes – Google Pay and Apple Pay

Neo Credit Card Review: The Only Credit Card You’ll Ever Need!

With no annual fees, the Neo Credit card is the ultimate payment tool in your wallet, earning you instant, unlimited cashback across 10,000+ partners.

Earn up to 15% cashback on first-time purchases and an average of 5% cashback when you spend on the things you love.

The Neo Credit card is one-of-a-kind. You may upgrade your card by adding perks to enjoy boosted rewards across popular categories, including dining, travel, gas, grocery, and more.

By providing the freedom to pick and stack as many additional perks as you’d like, it allows you to create your ultimate rewards credit card. This unmatched flexibility makes Neo Credit the perfect choice for rewards enthusiasts looking to maximize their credit card benefits.

It’s the most powerful card you’ll ever own!

✅ Perks: Instant, Unlimited Cashback
✅ Welcome Bonus: Exclusive $25 sign-up offer plus earn up to 15% cashback on first-time purchases at over 10,000 Neo partners
✅ Minimum Income Required: N/A
✅ Annual Fee: $0

What Credit Score Do You Need for Neo Credit?

A minimum credit score of 600 is required to obtain a Neo Credit card. You can still apply for the Neo Secured Credit card if your score doesn’t meet this threshold.

No Credit? No Problem!

The Neo Secured Credit card offers all the same benefits as the Neo Credit card, plus guaranteed approval and quick access to the credit you need.

It is designed to help you build your credit history and score when used responsibly while earning you cashback rewards simultaneously.

Additionally, Neo also offers the Neo Money™️ card, which allows you to earn high interest on your account balance and high cashback on your spending.

What Is Neo Credit Card Limit?

Neo Credit limit is up to $10,000.

For the Neo standard credit card, your credit limit (between $100 – $10,000) and APR rates (between 19.99% to 25.99% for Quebec residents and 19.99% to 28.99% for the rest of Canada) will be automatically determined based on your credit history and credit score. During the application process, you’ll see your offer in the Neo platform and need to accept it to finalize your application.

On the other hand, the credit limit for the Neo Secured Credit card is chosen by you, starting from $50 to $10,000. You will need to provide security funds for the credit limit you pick and you can change this at any time.

Neo Cashback Partners

Neo’s Rewards Network currently has over 10,000 partners, and they are increasing that number daily.

Whether you are dining out, grocery shopping, or paying bills, Neo has partners in every category to help you earn cashback. The following are national favourites:

  • Structube
  • Clearly
  • Decathlon
  • Rudsak
  • Chop Steakhouse & Bar
  • Earls Kitchen + Bar
  • Rakuten Kobo
  • and many more!

Want to explore where exactly you can earn cashback? Just log in to the Neo app and see for yourself.

How to Earn Cashback with Neo Credit

Earning cash back with Neo Credit is easy-peasy:

  • Discover: Use the Neo app to explore nearby retailers on the reward network. Think of it as your own personal Google Maps for cashback.

  • Earn: Pay with your Neo Credit, Neo Secured Credit or Neo Money™ card, and receive your cashback reward instantly. No more scanning of codes or other rewards cards at checkout. Simply pay and go!

  • Redeem: Cash out your earnings anytime to pay off part of your credit balance, deposit it into savings, or check out exclusive deals on the Neo Store!

  • Track: Keep an eye on your spending habits using Neo’s insights dashboard. See where and how much you’ve earned in one organized location. Use these insights to help with budgeting and setting future goals.

Pros of Neo Credit

There are so many perks and benefits attached to the Neo Credit card. Think you know it all? Wait and see!

1. High Approval Rate

While many traditional credit cards have strict qualification requirements, the Neo Credit card is more lenient. Even if you have a limited credit history, you can still get approved.

“As an international student this was the only bank who approved me with no previous credit history. After getting this one approved, I began getting approved on other banks.
If used properly, cashback is great, much higher than any other card. I have had 20% cashback on a dinner. No annual fees unless you select the special combos. My credit limit was increased after a 6 months of usage. Overall this is my favourite card so far.” –
⭐️⭐️⭐️⭐️⭐️, Roger

All you need is a Canadian address, be of the age of majority, and have a verifiable Canadian ID. This is music to the ears of those who are already struggling to get approved for traditional credit cards.

2. Choice of Upgradable Perks


One of the standout features of the Neo Credit and Neo Secured Credit card is that it offers an array of upgradable perks that you can choose from. Thus, you can customize your card with additional rewards that are important to you.

These perks cover a range of categories, such as Travel, Food & Drink, Mind & Body, and more.

Importantly, there are no restrictions on the number of perks you can activate. This means you can tailor your own combination of perks and truly make your Neo Credit card unique to your preferences.

✔️ When your plans change, your perks can too.

Furthermore, you can experiment by adding perks to your credit card and trying them out. As they are only charged on a monthly basis, you have the flexibility to modify your perks regularly depending on your changing needs. In case one perk fails to meet your expectations or is no longer needed, you can simply remove it at any time.

Show More on Neo Upgradable Perks

Neo Credit offers six categories of perks with varied monthly subscription fees. The following is a summary of the perks:

Neo PerksFeatures and Monthly Subscription Fee
A premium travel credit card with no annual fees:
• 2% cashback on all foreign transactions.
• Priority Pass airport lounge access at over 1,300 locations worldwide.
• SmartDelay free airport lounge access when registered flights are delayed by more than an hour.
• 1.5x cashback boost at all hotel travel partners.
• Comprehensive travel insurance coverage from Chubb including emergency travel medical, trip cancellation, car rental protection, flight delay, and more.
• Cost: $4.99 per month (valued at $40 per month).
Get the Travel Perk →
Everyday EssentialsGain boosted cashback on your everyday purchases:
• 1.5x more cashback at grocery and wholesale stores like Costco and Walmart.
• 1.5x more cashback at specialty food and liquor store partners.
• 1.5x more cashback at gas station partners.
• Exclusive offers at popular grocery stores and gas station chains like Husky, Chevron, and Irving Oil.
• Essential life insurance protection to cover card balances, paired with 24/7 legal assistance.
• Cost: $8.99 per month (valued at $30 per month).
Get the Everyday Essentials Perk →
Premium AccessA premier credit card experience:
• Up to 20% cashback on first-time purchases.
• Exclusive monthly cashback bonus offers.
• Priority phone line with customer support.
• Purchase protection with an extended warranty.
• Early feature access (coming soon).
• Cost: $0.99 per month (valued at $10 per month).
Get the Premium Access Perk →
Mind & BodyA credit card that supports your wellness goal:
• 1.25x more cashback at gyms, fitness classes, yoga studios, recreational centres, vitamin & supplement suppliers, and wellness practitioners.
• One free fitness class per month.
• Hundreds of FitOn PRO workouts, including unlimited access to premium music, personalized meal plans, and more.
• Headspace Plus with hundreds of meditation and mindfulness exercises.
• Cost: $9.99 per month (valued at $40 per month).
Food & DrinkThe ultimate dining credit card:
• 1.25x more cashback at partner restaurants, cafes, and bars.
• 1.25x more cashback on food delivery.
• Cost: $1.99 per month (valued at $15 per month).
Mobile & Personal ProtectionA credit card that protects your device and safeguard your digital life:
• Protection for your mobile device against damage, breakdowns, and theft.
• Dashlane Premium subscription for secure password management across devices.
• $1 million in fraud, ransomware, and social engineering coverage, 24/7 support hotline and credit monitoring services.
• Cost: $9.99 per month (valued at $40 per month).

3. Premium Cashback Rewards


Neo is known for its cashback rewards program, which is one of the most generous in the Canadian market.

You’ll get an epic 5% average cashback at 10,000+ partners as well as up to 15% first-time purchases cashback bonus at specific partners. Plus, Neo offers a guaranteed minimum of 0.5% cashback each month.

To see the partners participating in the 15% first-time purchase cashback bonus, all you need is the Neo app, and you’re good to go.

Furthermore, upgrading your card with perks will give you the following additional cashback:

  • Travel: 2% more cashback on all foreign transactions and 1.5x cashback boost at all hotel travel partners.
  • Everyday Essentials: 1.5x more cashback at Neo’s partners’ gas stations, liquor stores, grocery stores, specialty food stores and wholesale stores like Costco and Walmart.
  • Premium Access: Up to 20% cashback on first-time purchases and exclusive monthly cashback bonus offers.

Additionally, Neo runs regular promotions on specific categories or merchants, allowing you to earn even more cashback.

The best part is that you’ll instantly receive your cashback reward.

4. Instant, Unlimited Cashback

Typically, with other cashback rewards credit cards in Canada, you must wait for the cashback to accumulate – to hit a specific threshold or wait until the end of the year – before you can redeem.

The case is different with the Neo Credit card. You get instant, unlimited cashback. There are so many ways to earn cashback, and you are free to use your cashback rewards the way you want. For instance:

  • Cash out to your Neo Money™️ account and earn 2.25% high-interest on your savings.
  • Cash out to your Neo Credit card.
  • Cash out to the Neo Store and use your cashback for exclusive merchandise. Coming soon is the ability to access experiences, travel, donations, and more in the Neo Store.

5. No Annual Fees

One of the main reasons why Canadians are signing up for Neo Credit cards is that there are no annual fees or overlimit fees. This is a good thing because it means you won’t lose your cashback rewards to the fees.

Although there is a monthly subscription fee, if you decide to upgrade your Neo Credit card with perks, you’ll get it back and more in the form of higher and better perks and rewards.

For instance, the Neo Travel Perks cost $4.99 per month, whereas what you get from the Perks is valued at over $40 per month.

6. Simplicity and Convenience


Another remarkable feature of the Neo Credit card is the simplicity and convenience that comes with it. It’s all thanks to the app. The app makes it easy to manage your card and finances.

The Neo app is intuitive, user-friendly, and provides everything you need to manage your Neo Credit card. For example, you can:

  • Freeze or unfreeze your card anytime from the Neo app,
  • Set up Auto-Pay,
  • Add your card to your mobile wallet,
  • Customize your rewards with perks, and
  • So much more!

Use the Neo app once, and you’ll get addicted. Everything is seamless.

7. Digital-First Approach

Neo is a digital-first credit card, meaning you can manage your account efficiently, quickly and easily through the Neo website or app. The app is available for both iOS and Android users.

You can receive instant notifications for transactions, access real-time balances, pay bills, lock and unlock your card, and even change your PIN. There is no need to call customer service or visit a branch for account management.

Another good part of the Neo Credit card is the digital wallet available at your disposal. While Neo makes the physical card available to you, there is also a digital version to help you handle digital payments and subscriptions like a pro. Simply add the digital card to your Google Pay and Apple Pay. 

8. Credit Building

This feature of the Neo Credit card is part of what proves that Neo Financial is passionate about helping Canadians build a bright financial future.

If you have good credit history and want to maintain or improve it, the Neo Credit card is the way to go.

With the Neo Secured Credit card in your arsenal and responsible use, you can bounce back from a poor credit score or build your score from scratch.

Neo reports your transactions to the Canadian credit bureaus.

9. Security and Fraud Protection

Last but not least, Neo provides robust security and fraud protection measures to its cardholders.

The credit card is equipped with chip-and-pin technology and contactless payment ability, making it secure and convenient for in-store shopping.

In the event of theft or fraud, Neo offers a 100% fraud protection guarantee through MasterCard Zero Liability protection, meaning that you won’t be responsible for any unauthorized purchases made with your card.

Cons of Neo Credit

While the Neo Credit card has numerous advantages and benefits, it has some downsides:

  • Cashback is the only benefit currently offered on the no-annual-fee card – No travel insurance, extended warranty, or other insurance coverage. You will need to add a Neo perk to your card to get these perks and many more.
  • Fluctuating Cashback Earnings: Another downside to this card is that the 5% average cashback reward is not guaranteed. Only 0.5% minimum cashback is guaranteed.
    Thus, you could earn a cashback percentage on eligible purchase and partners that is not up to what you expected. Factors like your purchase location and preferences usually influence the cashback percentage.
  • Low Maximum Credit Limit: This is not an issue for most people. However, it is important to note that, as of right now, $10,000 is the highest credit limit you can qualify for with the Neo Credit card.

Eligibility for Neo Credit

For Standard Neo Credit:

The eligibility criteria to get the Neo Credit card is pretty easy:

  • You need to live in Canada.
  • Be the age of majority in your province/territory where you live.
  • Have a Canadian photo ID.

For Neo Secured Credit:

In addition to the eligibility criteria for the standard Neo Credit card indicated above, for the Neo Secured Credit card, you also need to:

  • Provide a security deposit (between $50 – $10,000).

You don’t need to worry about your credit history or credit score, as a range of credit scores is accepted.

Unemployed or New to Canada? No Problem! There is no personal or household income requirement to obtain a Neo Credit card.

How to Apply for Neo Credit Card

The application process for the Neo Credit card is pretty easy:

  • On your desktop or mobile browser, go to the Neo Financial website.
  • Create your Neo profile by following the on-screen instructions.

  • After you create your profile, you will be brought to a screen with two boxes: one box labelled “Credit” and the other box labelled “Money.”
  • Click the “Credit” button to get started.
  • You will be taken to a page that has two options, one for “Neo Credit” and another for “Hudson’s Bay Mastercard.”
  • Select “Neo Credit” (You may need to click the arrow to see the desired card.)

  • Click on Apply now to begin the application process!
  • Get your $25 sign-up bonus immediately after you complete your application. 

Your Neo Credit limit and interest rate will automatically be determined based on your credit history. On the other hand, the credit limit on your Neo Secured Credit card is determined by you based on your security deposit.

You will get an instant virtual card that you can immediately begin to use. Your physical card will be sent to you in the mail, which you should expect to receive in 10-14 days or less.

FAQs: Neo Credit Card Review

What Does The Neo Credit Card Offer?

The Neo Credit card offers many benefits to its cardholders. For starters, they offer you fantastic cashback rewards. You’ll earn boosted cashback at 10,000+ partners, including stores like Walmart and Costco. In addition, you’ll get a $25 sign-up bonus.

How Is The Neo Credit Card Different?

The Neo Credit card is different from other credit cards in Canada as it is a digital-first credit card, which means that everything can be done digitally – through their mobile app or website. From signing up for the card to making payments and tracking your rewards. This makes it easy to manage your finances and stay on top of your spending.

Aside from that, the card offers juicy cashback rewards that you will not find with other no-annual-fee credit cards. 

How Does The Neo Credit Card Work?

The Neo Credit card from Neo Financial works like a regular credit card. As an everyday credit card, you can use it to buy most of the things you’ve always wanted and get juicy cashback rewards on your purchases.
The cashback you can earn on a Neo Credit card ranges from 0.5%-15% depending on the category and the offer available, with 5% being the average cashback earnings.

How Secure Is Neo Financial?

Neo Financial has high-security standards and is very secure. Keeping your personal and financial information safe is a top priority for Neo.

Their website uses industry-standard encryption and multi-factor authentication to ensure that your information is protected at all times. You can set up a fingerprint lock or Face ID verification for the mobile app. Furthermore, you can also freeze your card instantly if it is lost or stolen, giving you peace of mind that your finances are secure.

Who Should Consider Neo Financial?

You should consider the Neo Financial credit card if you value cashback above all other rewards, want a no-annual-fee cashback credit card, prefer to pay with a credit card and free up cashflow, and/or have a good credit history and want to maintain and increase your credit score.

Additionally, if you have no or a bad credit score, you are new to Canada and want to build your credit history, the Neo Secured Credit card is perfect for you.

The Neo Money™ account features no annual fees and free everyday transactions while earning a high-interest rate of 2.25%. And Neo Mortgage™, transforms the way Canadians shop for homes.

Generally, if you want to break out of the shackles of banking fees, Neo Financial products will be perfect for you.

What are some of the Neo Credit Cash-back Partners?

Neo Credit card cashback partners include major gas and grocery chains, restaurants and cafes, and many local businesses. You can earn cashback at places including, Hudson’s Bay (The Bay), Walmart, Costco, Staples, Second Cup, Amazon, Best Buy, Netflix, Chapters Indigo, Spotify, DoorDash, and several others.

Neo partners constantly change and evolve as Neo continues to expand its partnerships.
Neo currently has 10,000+ partners, and new partners are constantly being added to their loyalty rewards program. Neo focuses not only on partnering with major corporations but also with a multitude of local businesses.

To make the most of your Neo Credit card, sign in to the Neo app to see the updated list of partners and their promotional cash-back offers.

Final Words: Neo Credit Card Review

Neo Credit card is currently one of the best cashback credit cards in Canada – It’s a premium no annual fee credit card with instant, unlimited cashback and your choice of upgradable perks.

The Neo Credit card is an excellent option for anyone who wants a no-fee credit card with cashback rewards. Furthermore, it’s ideal for anyone who’s never had a credit card before, as they offer a high approval rate.

The Neo platform is perfect for those who want to simplify their finances. Neo’s mobile app is fast, modern and provides many helpful features. Overall, it’s a well-rounded credit card that offers a lot!

More: Best Credit Cards in Canada

  • Best Travel Credit Card in Canada
  • Best Cash Back Credit Cards in Canada
  • Best Rewards Credit Card in Canada
  • Best Student Credit Cards in Canada
  • Best Low-Interest Credit Cards in Canada
  • Best No-Fee Credit Cards in Canada
  • Best Business Credit Cards in Canada
  • Best Credit Card for Online Shopping
  • Best Balance Transfer Credit Cards in Canada
  • Best Credit Cards for Bad Credit, Canada
  • Best Credit Card for Shopping on Amazon
  • Best Prepaid Credit Card in Canada

More: Canadian Banks Credit Card


Charity (Charee) Oisamoje is the founder of TheFinanceKey - TFK. She leads the editorial team, which is comprised of subject-matter experts.

Her professional competencies and expertise make her qualified on this topic. She is an expert at collecting details, verifying facts, and making complex subjects easy to understand.

Backed by Solid Credentials: ✔️MBA in Finance ✔️Canadian Investment Funds (IFIC) Graduate ✔️Masters Degree in International Business ✔️Chartered Professional Accountant (CPA) Candidate ✔️Chartered Insurance Professional (CIP) ✔️BSc Accounting

Learn More >> About Page

🏆 Best Credit Card Offers This Month

📌 Best No-Fee Cashback Credit Card with $150 Bonus

✔️ Get 2% unlimited cash back on all your purchases in three spending categories.
✔️ Receive a $150 welcome bonus for spending $1,000 in the first 2 months.
✔️ 0.5% unlimited cash back on all other purchases.
✔️ 1.95% low-interest rate on balance transfers.
✔️ Upgrade to the World Mastercard and receive mobile device insurance and travel benefits.

📌 Best No-Annual-Fee Cashback Credit Card with $25 Bonus

✔️ Get 5% unlimited cash back on all your purchases at 8,000+ partners.
✔️ Receive a $25 welcome bonus immediately upon approval.
✔️ 0.5%-1% unlimited cash back on all other purchases.
✔️ No minimum income requirement.
✔️ Add perks to make your card an all-in-one cashback card. Travel Cashback Card? Gas and Grocery Cashback Card? Increased Cashback? Yes!

📌 Best No-Annual-Fee Secured Cashback Credit Card with $25 Bonus

✔️ Guaranteed & Instant Approval regardless of bad or no credit score.
✔️ Get 5% unlimited cash back on all your purchases at 8,000+ partners. 0.5%-1% unlimited cash back on all other purchases.
✔️ Receive a $25 welcome bonus.
✔️ The lowest security deposit requirement in the industry at only $50.
✔️ Requires no hard credit check to apply. New To Credit or Bad Credit? No Problem!

Leave a Comment

Your email address will not be published. Required fields are marked *


Learn How to Build Wealth and Attain Financial Freedom! 

For the latest financial wisdom, straight to your inbox.

No thanks, I don't want to build wealth
Scroll to Top