
The
In this review, we'll dive into what the
So, let's get started and find out if the
About Neo Financial
First, a little bit about Neo Financial. Despite offering innovative financial products,
With a focus on technology,
Neo Financial was built by the founders of SkipTheDishes, a Canadian online food delivery service that was sold in 2016 for $110 million. As of 2023,
Introducing the Neo Secured Card
- Annual fee : 0$
- Interest Rate : Between 19.99%-26.99%
Average cashback: Earn an average of 5% unlimited cashback at thousands of Neo partners.
The
The Neo Secured Card offers a low annual fee and cashback rewards on eligible purchases. It also provides real-time spending notifications and other features that make it easy to manage your finances. If you're looking for a secured credit card, the
What to expect from your Neo Secured Card
Now that we have loosely covered what the
Fees and interest
One of the best things about the
Other than the incredibly flexible security deposit, this card also has no monthly or annual fees. It does, however, charge $2.50 per cash advance within Canada ($5 for international cash advances) and a 2.5% flat fee for foreign exchange transactions. Both of these fees are pretty standard when it comes to credit cards, but they are still good to keep in mind.
On the purchase interest rate side of things,
Unfortunately, the upper limit of these ranges is higher than the market average. If you end up being offered one of these higher rates, it is recommended that you avoid carrying a balance on this card, at least until you qualify for a lower rate or an unsecured credit card at another company.
Cashback and perks
Many no-fee and secured cards on the market don’t offer good cashback and perks. The Neo Secured Card, however, is an exception.
Upon receiving your card, you can immediately benefit from a cashback incentive when you use your card to shop at
Another perk is that even if your instant partner cashback is less than 0.5% across all other purchases,
Credit Building
You may have heard from current or previous
While this issue is a cause for concern, we’ve cleared things up for you. As of April 2023,
This means that it is possible that your credit score looks different on TransUnion and Equifax. If building or rebuilding your credit score is your primary concern, it might be worth considering another credit card to build up your credit score. Otherwise, your score will be improving on TransUnion over time, given that you pay your balances.
User Experience
Since
More specifically, users can easily view their spending by both month and by category, including their lifetime averages, and get a straightforward snapshot across all of their
In terms of customer service, users can get in touch with the company via live chat, which is available every day from 7 AM to 8 PM Mountain Time (MT.) Since
Eligibility
As mentioned earlier, the Neo Secured Card has very low barriers to entry, which is great. In order to be eligible, all applicants must simply be the age of majority in their province/territory of residence, be a Canadian resident and provide a minimum of $50 in security funds. If you meet all three of these criteria,
Since this is a secured card, there are no credit score or income requirements for this card. The company will not perform a hard credit check, just a soft one to determine your purchase and cash advance interest rates.
If you decide to close your
How to apply for the Neo Secured Card
- Annual fee : 0$
- Interest Rate : Between 19.99%-26.99%
Average cashback: Earn an average of 5% unlimited cashback at thousands of Neo partners.
Happy with what you have read so far? If so, you may be considering applying for the Neo Secured Card. Here’s how to do that (hint: it’s very easy.)
Before you head over to the
– Being a Canadian resident (permanent resident, citizen, refugee, student, etc.)
– Being the age of majority in your province/territory of residence
– Being able to provide a minimum of $50 in security funds
If you fulfill these, you are eligible for the Neo Secured Card. The whole application process is meant to take less than five minutes. It involves setting up your
Given that you meet the criteria,
In addition, don’t forget that applying for a
Final thoughts on the Neo Secured Card
While there are several secured cards on the Canadian market,
If you are struggling with your credit score or simply don’t want to deal with going through a hard credit check, then this card might be a good fit for you. If you do get it, don’t forget to let us know your thoughts!
Frequently asked questions about the Neo Secured Card
Here is a rapid-fire question-and-answer section for all your burning questions about the
You can pay for your
To pay from your
Neo is not technically a credit card company. Rather, it’s a Canadian financial technology that partners with ATB Financial (a financial institution and Crown corporation owned by the province of Alberta) and Mastercard to provide credit cards for consumers.
As of April 2023, both the
Once you make sure that you meet
Do note that some applicants claim that they have gotten their
About The Author: Selin Oguz
Selin is a writer with a special interest in all things financial literacy and sustainable banking. When she is not supporting others to make more informed financial decisions, she is either travelling, meditating or reading old classics on her couch.
More posts by Selin Oguz