Neo Financial Mastercard Review (Feb 2023)

January 16, 2023
Reviews
neo financial

The Neo Financial Mastercard is a no-fee cash back credit card that offers excellent cash back rates and an average of 5% cash back on qualifying purchases. Additionally, new cardholders making their first purchase can earn up to 15% cash back, depending on the current offer.

The Neo Financial Mastercard is somewhat limited if you're looking for exclusive perks or travel benefits, but if you're looking for a simple credit card with a high cash back rate and no limits on how much you can earn every year, this is the card for you. You can check all the partner stores directly from the Neo app.

What Is The Neo Financial Mastercard?

The Neo Financial Mastercard is a no-fee cash back credit card with one of the highest cash back rates in Canada. With this card, you can earn up to 5% cash back at more than 8,000 partner stores, or 15% cash back as a welcome bonus on your first purchase. There's no limit to how much cash back you can earn with the Neo Financial Mastercard, and you can redeem your cash back as a statement credit, gift cards, store merchandise, and more.

Neo Financial Technologies Inc. was founded in 2019 Andrew Chau, Kris Read, and Jeff Adamson, and since then, it's grown to be one of the leading online credit card companies in Canada. The Neo Financial Mastercard – and all other Neo Financial credit cards – use the Mastercard credit card network, one of the largest and most established payment networks in the world.

Neo Financial Mastercard Features

#1 Earn Up To 5% Cashback From Eligible Purchases

Neo Financial has partnered with more than 8,000 stores and merchants across Canada. How much cash back you earn will depend on the store and the running offer, but it's reasonable to expect at least 5% on most qualifying purchases.

#2 Earn 15% Welcome Bonus Cashback For New Cardholders

As a new Neo Financial Mastercard cardholder, you can get up to 15% cash back on your first purchase and have it credited to your account immediately. Keep in mind this welcome bonus is based on the current offer provided by each partner store and may vary.

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#3 Unlimited Instant Cashback

Neo Financial states that the Neo Financial Mastercard allows you to earn instant cash back without limits. You can also use the collected cash back immediately once you receive it. Ensure that the store accepts the card and provides cashback. You can check this directly from the Neo Financial mobile app.

#4 Redeem Cashback To Various Options

The earned cashback is not only limited to statement credit redemptions. Neo Financial allows cardholders to cash out the cashback to gift cards, savings, merchandise, and more. Redemptions may vary depending on the amount of cashback it requires. 

#5 No Annual Fee

The Neo Financial Mastercard doesn't charge an annual fee – you can focus on paying your monthly statement only. 

#6 Find Participating Stores In Seconds

Neo Financial has its own Neo mobile app. It provides convenience to Neo Financial Mastercard holders as it can show them the participating merchants and stores that offer cash back. The Neo Financial mobile app works like Google Maps; you can see all partners and find where they're located in seconds. 

#7 Low Credit Score Requirements For Applicants

Credit cards in Canada typically require a high credit score to get approval. The Neo Financial Mastercard needs about 600 scores to be eligible. It is lower than other credit cards with similar features. 

Neo Financial Mastercard Pros And Cons

Pros 

  • 15% cash back on the first purchases of new cardholders.
  • No annual fee
  • Redeem your earned cash back immediately
  • Unlimited earning of instant cashback
  • Compatible to use with Apple Pay and Google Pay
  • Low credit score requirements for applicants

Cons

  • No insurance coverage for travel and purchase
  • Cashback earning is limited only to partnered stores and merchants

Pricing

Fees Cost/Rate
Annual Fee$0/year
Monthly Fee$0
Overlimit Fee $0
Interest Rate19.99% to 25.24% for purchases 
21.99% to 25.24% for cash advance
Minimum payment requirement$10 or 5% of the total statement balance

Eligibility

Neo Financial requires a few eligibility requirements before they approve the credit card applicant. They will assess your creditworthiness, but most likely, you can guarantee approval. Neo Financial's requirements are the following:

  • You must be a Canadian resident
  • You must have a Canadian ID with a photo
  • You must possess the majority of the age in your province or territory. For reference, the age of the majority in Manitoba, Alberta, Ontario, Quebec, Saskatchewan, and Prince Edward Island is 18 years old, while 19 years old in all other provinces.

In Summary

Neo Financial Mastercard is a no-fee cash back credit card that offers excellent cash back rates and an average of 5% cash back on qualifying purchases. Additionally, new cardholders making their first purchase can earn up to 15% cash back, depending on the current offer.

The Neo Financial Mastercard is somewhat limited if you're looking for exclusive perks or travel benefits, but if you're looking for a simple credit card with a high cash back rate and no limits on how much you can earn every year, this is the card for you. You can check all the partner stores directly from the Neo app.

Neo Financial Mastercard FAQs

How much does the Neo Financial Mastercard cost?

The Neo Financial Mastercard has no annual or monthly fee and overlimit fee. It still applies interest rates for purchases from 19.99% to 25.24% and 21.99% to 25.24% for cash advances. 

Is the Neo Financial Mastercard worth it?

Yes, the Neo Financial Mastercard is worth it. It has no annual or monthly fees and provides up to 5% cashback from purchases in eligible stores. New cardholders can earn up to 15% cashback on their first purchase. 

Is the Neo Financial Mastercard safe?

Yes, the Neo Financial Mastercard is safe because Mastercard’s Zero Liability protects it. Additionally, Concentra Bank offers the Neo Money Account, protected by the CDIC deposit protection, for up to $100,000. The Neo App's security features are the Card Freeze, Face ID, Fingerprint Lock, and two-factor authentication. 

Is the Neo Financial Mastercard legit?

Yes, the Neo Financial Mastercard is legit. Neo Financial, the credit card issuer, issues various Canadian credit cards to several individuals. Supported by Mastercard, their credit cards are guaranteed genuine and legitimate to use in partnered stores. 

What is the credit limit for the Neo Financial Mastercard?

The credit limit for Neo Financial Mastercard is based on the applicant’s creditworthiness. Neo Financial will assign a specific credit limit for an individual, which usually ranges from $100 to $100,000. You will only know the credit limit once they issue the card, which can be seen on the Neo Financial mobile app, monthly statement, or online website. 

Does Neo Financial Mastercards affect Your Credit Score?

Yes, Neo credit cards can affect your credit score. It will influence your credit reports based on your payment and application for a new credit card. It works similarly to other traditional credit cards. 

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