What would you say if I told you about a secured credit card that offers unbeatable cashback rewards and comes with no annual or monthly fees?
This is no joke – the Neo Secured Credit Card really exists, and it’s perfect for all Canadians, regardless of your credit history!
- Why You Need the Neo Financial Secured Card
- Neo Secured Card: Key Features
- How Does the Neo Secured Credit Card Work?
- All You Stand to Gain with Neo Secured Credit Card
- Neo Secured Credit Card: What can be Improved
- Eligibility for the Neo Secured Card
- How to Apply for Neo Secured Credit Card
- Neo Secured Credit Card vs Other Secured Cards in Canada
- FAQs: Neo Secured Credit Card Review
- Bottom Line: Neo Secured Credit Card, Canada
In this article, we’ll take a closer look at the Neo Secured Credit Card and see if it might be the right choice for you.
Plus, when you sign up for the Neo Secured Credit Card, you’ll get a $25 welcome bonus!
Want to know the details about this secured credit card? Keep reading.
Why You Need the Neo Financial Secured Card
✅ Perks: Instant, Unlimited Cashback
✅ Guaranteed and Instant Approval
✅ Welcome Bonus: Exclusive $25 sign-up offer plus earn up to 15% cashback on first-time purchases at over 10,000 Neo partners
✅ Annual Fee: $0
✅ Credit Check: N/A
The Neo Secured Credit card is an excellent choice for you if you have been denied credit due to any of the following situations:
- New to credit / No credit history
- New to Canada
- Bad Credit
- Too much debt
- Bankruptcy or consumer proposal
But that’s not all the secured credit card has to offer.
Did You Know? The Neo Secured Credit Card is the first secured credit card in Canada with rewards.
There’s so much more Canadians can gain from this secured card from Neo Financial. From juicy cashback rewards to not having to pay any annual fee, Neo cardholders have so much to gain.
✔️Guaranteed Approval ✔️Instant & Unlimted Cashback ✔️No Annual Fees
Neo Secured Card: Key Features
Here is a sneak peek of some features of the Neo Secured Credit Card.
- Guaranteed & Instant Approval regardless of your credit history
- Credit Check: N/A – No hard credit check
- Required Credit Score: N/A – Bad or no credit score? No problem!
- Monthly/Annual Fee: None
- Welcome Bonus: $25 cashback bonus when you sign up for a Neo Secured Credit Card
- Cashback Rewards: Up to 15% cashback on first-time purchases and average 5% cashback at thousands of partners
- Credit Limit: $50 (minimum) – $10,000 (maximum)
- Increase your credit limit anytime
- Purchase interest rate (APR): 19.99%-24.99%
- Cash Advance interest rate: 21.99%-26.99%
- Reports to Canadian Credit Bureau – TransUnion
How Does the Neo Secured Credit Card Work?
This secured card from Neo works uniquely.
At the basics, it works like a regular credit card. And just like a typical secured card, your security deposit is equal to your credit limit.
However, the Neo Secured Credit Card only requires a $50 deposit, which is currently the lowest in the secured credit card market. In contrast, the majority of secured credit cards on the market require a $500 minimum deposit.
The Neo Secured Credit Card credit limit is flexible and can be increased at any time. To start, choose a credit limit that you are comfortable with, between $50 to $10,000.
To choose and set your credit limit, you will need to transfer your security deposit to your Neo Secured Credit Card using one of the following options:
- Option 1 (Recommended): Open a Neo Money™️ account. Then, transfer funds from your Neo Money™️ account to your Neo Secured Credit Card via eTransfer. Your secured card will be funded in less than 30 minutes. Most times, it is instant.
- Option 2: Transfer funds to your Neo Secured Credit Card by linking your Neo account with your existing bank account at another financial institution. It is important to note that electronic fund transfers can take up to 5 business days to be received through linked accounts.
Furthermore, Neo does not do a hard credit check on applicants.
Once you apply for the Neo secured credit card, you will be instantly approved and be issued a virtual card that you can start using immediately to make purchases and earn cashback.
✔️15% Cashback Welcome Bonus ✔️5% Average Cashback ✔️Unlimited Instant Cashback
You’ll get 15% cashback on first-time purchases at over 8,000 Neo partners and an average of 5% unlimited cashback at Neo partners. Additionally, the Neo Secured Credit Card has a 0.5% cash-back guarantee – if your total cashback falls below 0.5%, Neo will top you up, up to $50 per month.
Furthermore, you can redeem your cashback rewards at any time, as there is no minimum threshold for redemption.
With no monthly fees and no annual fees, and cashback rewards, you’ll enjoy using this card.
Voted Canada’s Best Cashback card for a reason
If you consistently pay back your card balance on or before the due date and in full, you may eventually be able to upgrade from the Neo Secured Credit card to the Neo Credit card, which is an unsecured credit card.
If you decide to close your Neo Secured Credit Card account, Neo Financial will fully return your security deposit to you as long as you do not have any unpaid balance.
Gain access to the credit you deserve!
All You Stand to Gain with Neo Secured Credit Card
With the Neo Secured Credit Card, there’s plenty to gain. Let’s check it out.
1. No Annual Fee
Unlike other secured credit cards, where you’ll have to pay a fee of up to $120 annually to get similar features, the Neo Secured Credit Card has no annual or monthly fee.
2. Credit Building
Another perk you stand to gain with this Neo Secured Credit Card is that no matter your financial situation, you can get a Neo Secured Credit Card and also build/improve your credit score with responsible use.
For Existing Neo Secured Credit Card Customers: For customers that got a Neo Secured Credit card before April 26, 2023, Neo has now built the ability to report your credit to the credit bureaus. All credit information has been shared retroactively with TransUnion, so all of the hard work you have done to build your credit ratings has been reflected in your credit scores immediately.
For New Neo Secured Credit Card Customers: As of April 26, 2023, all Neo Secured Credit card includes free reporting to credit bureaus. Thus, you will immediately see your Neo Secured Credit card activity appear on your credit report.
You may improve your credit by using the Neo Secured Credit Card and paying your payments on time and in full.
✔️Free Reporting to Credit Bureaus ✔️Build Credit and Earn Rewards on Everyday Purchases
3. Cashback Rewards
Now, this has got to be the most impressive feature of the Neo Secured Credit Card. Neo’s cashback rewards make them outstanding amongst other secured credit card providers.
Most secured cards do not come with cashback rewards. But Neo Financial breaks the trend by giving this card the potential to earn unlimited cashback rewards.
First-timers are welcomed with up to 15% cashback on first purchases at thousands of partners. To top this off, you can earn an average of 5% cashback on purchases at Neo Partners. This cashback is unlimited and instant.
The best part is that you can easily redeem your cashback rewards instantly.
Unlike many other credit cards, Neo Financial has no minimum cashback requirement for redemption. In essence, you don’t need to wait till the end of the year or for the cashback to accumulate before you redeem it. Cashback is yours to use however you like.
You can redeem your cashback rewards as soon as you earn them. The redemption process is easy because of the Neo app at your disposal.
MORE >> Neo Rewards: Cashback and Perks (Bundles)
4. Low Minimum Security Deposit
Another perk you’ll enjoy with this card from Neo is the low security funds requirement.
Again, the standard with other secured cards is that you’ll have to set aside at least $200 (mostly $500) as security funds to get a secured credit card. But Neo breaks this barrier by setting their minimum secured card security deposit at $50.
Assuming you currently only have $50 to put aside as a security deposit, the $50 becomes your credit limit on the Neo Secured Credit Card. The good news is that you can increase your security deposit at any time to increase your credit limit.
5. One Card for All Your Transactions
Neo Financial is 100% digital. So, it’s not surprising that they do not only make the physical card available, you can also get a virtual card that you can use immediately.
While your physical Neo Secured Credit card helps you sort out payments in person, Neo designed a virtual version for your digital wallet. You can add the virtual version of your secured credit card to Google Pay or Apple Wallet.
✔️Neo Travel Card ✔️Neo Gas & Grocery Card ✔️Neo Dining Card
Furthermore, if you have several credit cards, you may want to ditch some and consolidate all your expenses on one card. Guess what? It is possible with the Neo Secured Credit Card as you can add perks to your credit card to create the best rewards experience.
Each themed add-on has exclusive benefits such as increased cashback rewards, insurance, app subscriptions, and more. You may subscribe to one Bundle or combine a few bundles to create a card that is uniquely yours.
Check out my review of Neo Rewards for more information about the Neo perks.
Neo Secured Credit Card: What can be Improved
Although the Neo Secured Credit card has tons of rewards to offer cardholders, and there is currently no other secured credit card in Canada that I am aware of that has all these remarkable benefits, there are some opportunities for improvement.
1. Minimum Cashback Guarantee is Limited to $50/month
Although Neo Financial guarantees you’ll earn 1% (now 0.5% for new cardholders) cashback when you use your card at stores that are not on their partner list, there’s a clause to it.
The top-up you’ll get depends on your monthly spending, and there is a limit of $50 per month.
Nevertheless, you have nothing to lose since you’ll still get 5% unlimited cashback for purchases made at 8,000+ participating partners.
2. No Insurance Coverage on the Standard Card
If you’re big on insurance coverage, you may be disappointed with the fact that the standard Neo Credit card does not have insurance coverage of any sort. For instance, there’s no extended warranty or purchase protection.
But I have good news for you!
If insurance coverage is important to you, you can customize your Neo Secured Credit Card with insurance and additional rewards by subscribing to the Neo perks.
Depending on the package you subscribe to, premium perks, boosted cashback, insurance, and more will be added to your card. See examples below:
- Premium Access: Get purchase protection, extended warranty and more! (Cost: $0.99 per month / Valued at $10)
- Everyday Essentials: Get essential life insurance coverage on your card balances, as well as 24/7 legal assistance and more. (Cost: $8.99 per month / Valued at $30)
- Travel: All-inclusive travel insurance protection from Chubb, including trip cancellation, flight delay, emergency travel medical, car rental protection, and more. (Cost: $4.99 per month / Valued at $40)
- Mobile & Personal Protection: Coverage for your mobile device against breakdowns, damage, and theft. Coverage of up to $1 million for fraud, social engineering, and ransomware. Credit monitoring services, and more. (Cost: $9.99 per month / Valued at $40)
Keep in mind that there are no limitations on how many perks you can activate on your Neo Secured Credit card. Thus, you can personalize your Neo Secured Credit Card by creating your own combination of additional rewards.
Also, you may cancel your subscription at any time. Here’s my review of Neo Cashback, Rewards, and perks.
Eligibility for the Neo Secured Card
The eligibility criteria for this Neo Secured Credit Card are easy to fulfill:
- Be a resident of Canada
- Be the age of majority in your province/territory of residence
- Provide security deposit
You do not have 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.
Lucky for you, the Neo Secured Credit Card does not have an annual fee or monthly fee.
Nevertheless, if you want customized premium perks to be added to your Neo Credit card (For example, increased cashback to 20% when you shop at Neo partners, travel insurance, mobile phone protection and more), you will need to add a Neo perk to your card.
There is a monthly fee of $0.99 to $9.99, depending on the Neo perks you decide to subscribe to.
How to Apply for Neo Secured Credit Card
The application process for the Neo Secured 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!
- On the screen that asks, “What type of credit are you looking for?” choose “Secured Card.”
- Get your $25 sign-up bonus.
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.
Neo Secured Credit Card vs Other Secured Cards in Canada
If you’re curious about how the Neo Secured Credit Card compares to some other popular secured cards in Canada, the following table highlights the differences.
|Secured Credit Cards||Monthly/|
|Minimum Security Deposit||Insurance Coverage||Rewards/Cashback Rate|
|Neo Secured Credit Card||$0||$50||Available by adding perks||• Up to 15% cashback on first-time purchases and|
5% average cashback at 8000+ partners.
• Minimum 0.5% (formerly 1%) cashback on all other purchases
|Capital One Secured Card||$59||$75 or $300||None||None|
|Plastk Secured Credit Card||$6 monthly + $48 annual fee = $120||$300||None||Earn rewards points on all purchases. 2,500 points = $10.|
|Refresh Financial Secured Card||$3.00 monthly + $12.95 annual fee = $48.95||$200||None||None|
|Home Trust Secured Credit Card||$0||$500||None||None|
FAQs: Neo Secured Credit Card Review
Does Neo Financial Secured Card report to Credit Bureaus?
Yes, Neo Financial secured credit card transactions reports to credit bureaus (TransUnion) at no cost to you. Every on-time payment counts to boost your credit score.
Will I Get Cashback with the Neo Secured Credit Card?
Yes, you will get cashback with the Neo Secured Credit Card. The Neo Secured Card has the same cashback rewards as the Neo Credit Card.
What Are the Annual Fee and Income Requirements of the Neo Secured Credit Card?
There are no annual fees or income requirements to get the Neo Secured Credit Card. Just be ready with your security deposit of $50 or more. As a guaranteed approval secured credit card, you’ll get instant approval once you apply.
Do I need a Neo Money™️ Account to get the Neo Secured Credit Card?
No, you do not need the Neo Money™️ account to get the Neo Secured Credit Card.
You can link your existing bank account at another financial institution in Canada to your Neo account. However, it could take up to 5 business days for Electronic Funds Transfer (EFT) through linked accounts.
On the other hand, there are several advantages of having a Neo Money™️ Account:
• You gain 2.25% interest on your Neo Money™️ Account deposits.
• Skip the wait time and quickly add funds to your Neo Secured Credit Card in 30 minutes or less via eTransfers.
Sign-up for a Neo Money™️ account now if you have not already done so.
Can I Increase My Credit Limit on the Neo Secured Credit Card?
Yes, you can increase your credit limit on the Neo Secured Credit Card. To do this, you will need to increase your security deposit by moving funds either from your Neo Money™️ Account or through your linked account at another bank.
Can I Decrease My Credit Limit on the Neo Secured Credit Card?
Your Neo Secured Card credit limit can only be increased.
How Long Does It Take for Neo Secured Credit Card to Come in the Mail?
Usually, it takes 7 to 14 business days to get your secured credit card in the mail. Keep in mind that you will receive a virtual card instantly after you’re approved, so you don’t have to wait for your card to come in the mail. You can start spending once you add your virtual card to Apple Wallet or Google Pay.
What are Tips for Using the Neo Secured Credit Card?
Make sure you take advantage of your Neo Secured Credit Card to its full potential with these tips:
• Increase your cashback earnings potential by shopping at Neo partners.
• Try not to spend up to your credit limit. Ideally, less than 35% of your credit limit. See: How to improve credit score.
• Make payments on time and in full (if possible) to avoid interest charges and to help build your credit.
• Monitor your credit score for free with Borrowell
• If you decide to close your account, get your security deposit back.
Bottom Line: Neo Secured Credit Card, Canada
When it comes to finding a secured credit card in Canada, there aren’t many options.
The Neo Secured Card is one of the few available options, and it comes with some great features.
For starters, you get a $25 cashback bonus just for signing up for the Neo Credit card. Plus, there’s no annual fee, and you get ongoing cashback rewards – up to 15% cashback on first-time purchases and an average of 5% cashback at thousands of partners.
You should know that this card is one of the best secured credit cards currently available in Canada, as it gives you wonderful cashback rewards.
Overall, the Neo Secured Card is a great option for anyone looking for a secured credit card in Canada.
More on Secured Credit Card, Canada:
- Best Guaranteed Secured MasterCard in Canada
- Best Secured Credit Cards in Canada
- Neo Financial Secured Credit Card
- Plastk Secured Credit Card
- Refresh Financial Secured 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
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