Are you curious about what all the fuss is about Neo Financial? Wondering if this innovative Canadian Financial Technology (FinTech) company is right for you?
Join me as I explore everything Neo Financial, Canada.
I’ll break down what they are, how they work, and why they’re so popular. Plus, I’ll give you my verdict on whether or not Neo Financial is right for you.
- Neo Financial Canada: Products, Services, Pros, Cons, and More!
- Neo Financial Products
- Neo Financial Credit Cards
- Neo Card™️ (Standard/Unsecured Card)
- Neo Secured Card
- Neo Perk Bundles
- Eligibility for the Neo Card™️
- Neo Card™️ vs Tangerine No-Fee Cashback Mastercard
- More Neo Financial Products
- Neo Money™️ (High-Interest Savings and Spending Account Combo)
- Neo Invest
- Neo Mortgage™️
- Neo Financial: Pros and Cons
- Neo Financial Partners List
- Neo Financial Fees
- FAQs: Neo Financial Canada
- Final Thoughts: Neo Financial Review
In this Neo Financial Review, I’ll take you on a journey to discover every important detail about this FinTech. Buckle up and ride along.
Neo Financial Canada: Products, Services, Pros, Cons, and More!
About Neo Financial
Neo Financial is a leading Financial Technology (FinTech) company in Canada that makes managing money easier by reimagining how you spend, save, invest, and earn rewards.
Neo was established in 2019 by the co-founders of SkipTheDishes. Since its founding, Neo has secured more than $299 million from prestigious investors. LinkedIn has named Neo as one of Canada’s top tech startups.
Neo achieved “unicorn” valuation in May 2022, making it one of the fastest Canadian companies in history to accomplish so.
Neo has offices in Winnipeg and Calgary and is supported by leading investors from around North America.
What is Neo Financial?
Neo Financial offers a suite of innovative financial products to help Canadians save, grow and manage their money.
With no monthly or annual fees, you can open a Neo account online within minutes, earn immediate cash back at your favourite stores, and receive instant alerts when you spend and save.
Tech Innovation Meets Finance! Neo Financial uses technology to create custom solutions that help you do more with your money.
Neo differentiates itself from traditional financial institutions by its use of modern technologies and its focus on customer experience.
Neo has received positive reviews for its innovative approach to personal finance and its ease of use.
If you’re looking for a new financial provider that can help you save time and money, Neo Financial may be the right choice for you.
How does Neo Financial work?
Neo Financial is a Canadian financial services company that offers access to better financial services through its app or website.
You can earn cashback rewards when you use your Neo Card™️. There are no monthly or annual fees associated with using Neo Money.
You can use your Neo Money™️ account for a variety of transactions, including paying bills, sending and receiving e-Transfers, and depositing and withdrawing funds.
Who Can Use Neo Financial?
To apply for a Neo Card™️, you must:
- Be a Canadian resident
- Be the age of majority in your province of residence
- Have a Canadian photo ID
The Neo Card™️ is available to people of all credit scores. New to credit? Bad Credit? No problem!
Neo Money™️ is not available to Quebec residents at this time, but the company plans to expand to this province in the future.
Neo Financial Products
Neo Financial offers a variety of financial products – from credit cards to a high-interest savings account and spending account combo, with no monthly or annual fees.
Neo’s products are designed to be simple and easy to use so that Canadians can focus on what’s important to them.
Neo Financial products include:
- Neo Card™️ (Standard/Unsecured and Secured) – The Neo Card™️ is a credit card that gives users access to 8,000+ loyalty programs. The Neo Secured Card is a great option for those new to credit or new to Canada, or those who want to avoid a hard credit check.
- Neo Money™️ – A single account that combines a high-interest savings account and an everyday spending account.
- Neo Invest™️ – Helps you grow your wealth and plan for life’s major goals.
- Neo Mortgage™️ – A mortgage experience that lives up to the joy of buying a new home.
Made in Canada, for all of Canada! Neo is available from coast to coast for all Canadians – regardless of their financial situation.
Neo Financial is committed to providing Canadians with simplified and modern financial products and services that help them save time and money.
Now, let’s get into the details.
Neo Financial Credit Cards
Let’s start with the Neo credit card product options. Neo Financial offers two credit cards – There’s the Neo CardTM and the Neo Secured Card.
The Neo Card™️ is issued by ATB Financial pursuant to a license by Mastercard International Inc. Keep reading to get the details about the Neo cards.
Neo Card™️ (Standard/Unsecured Card)
- Annual Fee: $0
- Welcome offer: $25 cashback1 bonus when you sign up for a Neo Card™️
- Rewards: Up to 15% cashback2 on first-time purchases and average 5% cashback2 at thousands of partners
- Purchase interest rates: 19.99% – 24.99%
- Cash advance interest rate: 21.99% – 26.99%
- Foreign Transaction Fees: 2.5%
The Neo Card™️ is a no-fee credit card that replenishes your pocket with rewards as a cardholder.
You’ll receive welcome bonus of 15% cashback2 on your first purchase with the card. But the cashback doesn’t end there.
You’ll enjoy an average of 5% cashback2 every time you shop from the large list of Neo partners.
SEE >> Neo Card™️ Review
Neo Secured Card
✅ Perks: Unlimited Cashback
✅ Guaranteed & Instant Approval regardless of low or no credit score
✅ Welcome Bonus: Up to 15% cashback on your first purchase at some Neo partners ($25 value)
✅ Annual Fee: $0
✅ Credit Check: N/A
- Average cashback: 5% unlimited cashback2
- Purchase interest rates: 19.99% – 24.99%
- Minimum security deposit: $50
- Credit limit: $50-$10,000
This secured credit card from Neo Financial is perfect for people with bad credit scores. It gives them a chance to build their credit history again.
Of course, people trying to get a credit card for the first time can also consider the Neo Secured Card. They’ll build their credit score in no time – if they use the card wisely. That includes them paying their balances on time.
The Neo Secured Card is accessible to most people with $50 as the minimum security deposit. There’s also no monthly or annual fee, and approval is guaranteed.
The best part is that this is currently the only Secured card in Canada that rewards you with up to 15% cashback2 welcome bonus and an average of 5% cashback2 when you shop at Neo partners.
Here’s my full Neo Secured Card review if you’d like to know more about this secured credit card.
Neo Perk Bundles
Neo Financial has launched bundled rewards for the Neo Card™️ that are subscription-based.
Adding Neo perks to your Neo Card™️ can revolutionize your rewards experience and help you receive more from all the things you need and enjoy, whether you’re into travel, cuisine, or fitness.
This is Canada’s first credit card that allows cardholders to fully tailor their rewards and benefits, thereby integrating many premium reward cards into a single card.
From the Everyday Essentials bundle to the Mobile & Phone Protection bundle, the reward bundles are designed to match your lifestyle; there is something for everyone:
- Premium Access: Get increased cashback of 20%3 on first-time purchases, receive premium cashback offers, purchase protection coverage and extended warranty
- Travel: Get 2% cashback on all foreign transactions, access to airport lounges across the world, and robust travel insurance coverage – trip cancellation, baggage loss, car rental, and many more.
- Mind & Body: Get increased cashback at Neo partner gyms and studios, plus unlimited online mindfulness and fitness classes with FitOn Pro and Headspace Premium.
- Everyday Essentials: Unlock cashback rewards at even more large wholesale grocery and gas chains, and get 50% more cashback at gas, grocery, and alcohol partners.
- Food & Drink: Gets an average of 5% cashback3 at restaurants, bars, cafes, and food delivery apps that are Neo partners.
- Mobile & Personal Protection: Get protection for your mobile phone and device, secure password management with Dashlane, and identity theft protection.
MORE >> Neo Subscription Bundles (Perks)
Eligibility for the Neo Card™️
It’s easy to qualify for the Neo Secured Card, as there is guaranteed approval – subject to meeting the following eligibility requirements:
- Be a Canadian resident.
- You’re the age of the majority in your province or territory of residence. Typically, that’s either 18 or 19 years old – depending on your province/territory.
- Provide security funds, which is a minimum of $50.
Anyone who applies would get it – as long as you’re eligible. In essence, if you have poor credit, it wouldn’t matter to them.
Guess what? Neo Financial won’t do a hard credit check to approve you.
Neo Card™️ vs Tangerine No-Fee Cashback Mastercard
Wondering how the Neo Card™️ compares to the Tangerine Moneyback Credit card? Here’s a table that satisfies your curiosity.
|Card||Neo Card™️||Tangerine No-Fee Cashback Mastercard|
|Monthly Fee||$0 to $9.99, depending on the Neo perks you add to your card||N/A|
|Digital Wallet: Google Pay and Apple Pay||Available||Available|
|Cashback reward||• Up to 15% cashback2 on first-time purchases and |
5% average cashback2 at Neo Partners.
• 1% (now: 0.5% for new cardholders) on other purchases.
|• 2% cashback on specified 2-3 categories.|
• 0.5% on other purchases.
SEE >> Tangerine No-Fee Cashback Credit Card Review
More Neo Financial Products
If you thought Neo Financial only had credit cards to offer, think again. They have other financial products that would help you hit your savings, investment or mortgage goals. Check them out below.
Neo Money™️ (High-Interest Savings and Spending Account Combo)
Neo Financial offers a new way to save wisely with the Neo Money™️ account.
Neo Money™️ is a product of Neo Financial in partnership with Concentra Bank. It formerly operated under the name “Neo Savings” until the company rebranded this product.
Neo Money™️: Save, spend, and earn high interest. Keep your money and earn 2.25%4 interest on top!
This account blends the features of chequing and a High-Interest Savings Account (HISA) to create a unique hybrid account.
The first impressive feature of the Neo Money account is that there are no monthly or annual fees. You’ll also receive 2.25%4 interest on your balance with this product.
Combine the best of a savings and spending account while earning up to 225x5 more interest than at a traditional bank.
The Neo Money™️ account was voted the best savings account in Canada.
Other features you’ll enjoy on this account are direct deposits and free Interac e-Transfers – which are unlimited. Also, a minimum deposit or balance is not required.
MORE >> Neo Money Review
The Neo Invest is a recent addition to the Neo Financial Canada product range. With OneVest as their partner, this product brings you closer to fulfilling your dream of becoming an investor with diverse portfolios.
Neo Invest: Grow wealth and plan for life’s major goals
Neo investment portfolios are professionally managed and customized to your investment goals and objectives.
All you need to do is set up pre-authorized contribution and watch this advisor put your money into diverse investment options through Exchange-Traded Funds (ETFs).
You can choose to set up your portfolio with an RRSP, TFSA, or Personal account.
Guess what? the minimum to invest is only $1 – the lowest I am currently aware of in the industry.
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Neo Financial now offers Neo Mortgage™️ – mortgage renewal, mortgage refinancing, and home equity financing. Applications can be completed online in 5 minutes.
Neo Mortgage™️: Low rates with none of the stress.
Neo Financial Canada’s current 5-year variable rate (closed) is 4.85%6, which is competitive compared to 5.75% at traditional banks.
One reason you should love Neo Mortgage™️ is the human associate you’ll be assigned. Their role is to ensure that you get the best rates and the most seamless service.
RELATED >> Homewise Mortgage
Neo Financial: Pros and Cons
Pros of Neo Financial
- An impressive average of 5% cashback2 rewards when you shop at Neo partners.
- A large number of partners, currently 8000+
- No monthly and no annual fees.
- The high-interest savings account rate is very competitive.
Cons of Neo Financial
- Earning the best cashback reward requires that you shop at Neo Partners.
Neo Financial Partners List
If you’ve been searching for Neo Financial partners list, today is your lucky day. Neo has an extensive partner list – including major grocery stores and gas stations, coffee shops, restaurants, gyms and more.
The following are a few of the popular Neo Financial partners:
|Boston Pizza||Frank and Oak||Hudson’s Bay||Princess Auto|
|Second Cup||Avis Car Rental||Well.ca||Article Furniture|
|Montana’s||Five Guys||EPOCH||Go Oil|
|Subway||Poke Guys||NAPA Auto Parts||MPG Sports|
|Fahrenheit Coffee||Earl’s Kitchen + Bar||The Pint||Lululemon|
Neo Financial Fees
One of the perks of Neo Financial is that Neo Money™️ and Neo cards do not come with a monthly or annual fee. However, if you decide to add a Neo perk to your Neo card, you’ll have to pay a monthly fee between $0.99 to $9.99.
Keep in mind that just like how a typical credit card works, there will be interest rates on purchases made with the Neo Card™️ if you do not pay off your balance during the grace period. Cash advances are also charged interest.
For Neo Invest, although there is a Management Expense Ratio (MER) charged by the ETFs in your portfolio, it is competitive – ranging from 0.40% to 0.50%, depending on your portfolio. In addition to the MER, there is an annual management fee of 0.75%.
FAQs: Neo Financial Canada
How Does The Neo Card™️ Work?
The Neo Card™️ works to earn cardholders impressive cashback on purchases they make at eligible Neo partners. The Neo Card™️ comes with no monthly and no annual fees unless you decide to add Neo’s subscription bundles to the Neo Card™️.
How Do I Withdraw Money from Neo Financial?
Start by signing into your Neo Financial Canada account. Then, tap the navigation button at the top right corner of your screen. It sits next to the “review balance option.”
Once you see the “cash out” option, tap on it and fill in the amount you’d like to withdraw. Proceed with withdrawal, and that’s it.
Is Neo Instant Approval?
Yes, the Neo Card™️ is instant approval as long as you meet the eligibility criteria. Nevertheless, you will have to wait a couple of days to get your physical Neo Card™️. But the virtual card would be instantly available to you.
Can I Use My Neo Card™️ Anywhere?
Yes, you can use your Neo Card™️ anywhere Mastercard is accepted worldwide. You’ll enjoy the Neo Card™️ benefits better when you shop at Neo partners, as you’ll get an average of 5% cashback2 on your purchases.
How Do I Increase My Neo Credit Limit?
Log in to the Neo Financial Canada app. Then, select the “credit” option. You’ll come across three buttons at your screen’s top right corner. Tap on those buttons to reveal the “change credit” option.
You won’t have issues changing the credit limit if you fulfil the eligibility criteria. That is, your card should be at least six months old.
Does Neo Financial report to Credit Bureau?
Neo is currently building the ability to report your credit to the credit bureau. This is of the utmost priority for Neo. Currently, customers’ credit information has been shared with TransUnion, and Neo is going through the final steps of checks and balances to make the data public.
Once the reporting becomes publicly available, all credit information will be shared retroactively, so all of the hard work customers have done to build their credit ratings will not be lost and will be reflected in their credit scores immediately.
What are Neo Card™️ Plus and Ultra Rewards Tiers?
Plus and Ultra paid rewards plans have both been replaced with Neo perks.
Is Neo Financial Legit
Yes, Neo Financial is legit. Neo gives its members a secure and safe way to spend, save, and invest money by partnering with top financial institutions.
ATB Financial issues Neo’s credit card, which is backed by the Mastercard network.
Concentra Bank, a Canada Deposit Insurance Corporation (CDIC) member institution, offers the Neo Money account, which qualifies for CDIC deposit protection. Together with qualifying savings maintained at Concentra Bank, money kept in Neo Money accounts is protected up to $100,000 per category and per depositor.
Final Thoughts: Neo Financial Review
If you’ve been curious about what Neo is about, hopefully, this Neo Financial review has given you all the details you need.
Neo Financial is one of the leading FinTech companies in Canada, and its value proposition is enticing.
With a dedication to helping Canadians rise above their financial challenges, you know you’ve got a financial companion for life with Neo Financial.
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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
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