Neo CardTM Review

Annual Fee
Purchase APR
19.99% - 26.99%
Min Personal Income Required
Recommended Credit Score
740 850 670 739 580 669 0 579
Exclusive Offer: New Neo CardTM Cardholders receive a $25 Welcome Offer Bonus for signing up with our link. Terms and conditions apply.

Neo Financial is an online-only fintech company that’s trying to make it easier for Canadians to spend, save, and earn rewards. And, with the Neo Card, you can enjoy a no annual fee card that pays up to an average of 5% cash back at Neo’s diverse range of retail partners.

However, maximizing your rewards with this card requires frequent spending at Neo’s national and local partners. If you’re an infrequent spender or don’t spend much on dining, shopping, or transportation, then other reward credit cards might be superior.

Pros & Cons


  • No annual or monthly fees
  • Variety of Neo partners
  • No minimum redemption requirement for rewards
  • Up to 15% cash back for first-time purchases from partners


  • Everyday cash back from non-partners isn’t very competitive
  • Neo’s website and app doesn’t have much information about fees or the welcome offer

Welcome Bonus

New Neo Card cardholders get a welcome bonus of up to 15% cash back on their first-time purchases at most Neo partners. According to Neo, this 15% average is based on current offers, and cash back rates vary per offer and partner.

When you tap on an offer in the rewards section of the Neo app, it displays your first-purchase bonus and the regular cash back rate. For example, Swoop currently pays 5% cash back, up to $50, as a first-time purchase bonus but regularly pays 3% cash back, up to $50.

In short, Neo isn’t guaranteeing 15% cash back on all first-time purchases, but you can get up to this amount depending on the retailer.

Exclusive Offer: New Neo Card Cardholders receive a $25 Welcome Offer Bonus for signing up with our link. Terms and conditions apply.

Apply for the Neo Card

Earning Cash Back

Earning unlimited cash back rewards is the main reason to add the Neo Card to your wallet. However, how much cash back you earn depends on if you shop at Neo partners. This is because Neo pays boosted cash back rates at its partners.

It’s important to note that Neo advertises partner cash back rewards as averages. The average is based on current offers at select partners, varying per offer and partner. So while you can expect a partner to pay around a 5% cash back average, there aren’t guarantees.

Some notable Neo partners include:

  • Dollarama
  • Disney+
  • Earls
  • Esso
  • No Frills
  • Metro

  • Petro-Canada
  • Sephora
  • Shell
  • Shoppers Drug Mart
  • Uber and Uber Eats

Your Neo rewards page displays a list of local partners and national partners you can earn cash back from. There are plenty of partners across categories like gas, dining, groceries, and general shopping, so there’s plenty of opportunity to earn. (For other cash back card options, check our lists of Best Credit Cards for Groceries and Best Gas Credit Cards.)

One nice aspect of Neo is that many offers are local shops, not chains, so you can find an interesting variety of retailers in your city you might otherwise miss. As long as you shop at these partners with your Neo credit card, your cash back deposits in your Neo rewards balance.

Overall, earning cash back with your Neo Card is more variable than many rewards credit cards that pay a fixed rate. However, this means you can find many lucrative offers from various partners for 5% to 10% cash back or potentially more. The main downside that you earn less cash back for everyday spending at non-partners.

Related: Best Cash Back Credit Cards

Apply for the Neo Card

Redeeming Cash Back

Neo cash back deposits in your rewards balance, and you can check your current balance through the mobile app or online when you’re signed into your account. Cash back appears instantly, but you can only cash out once transactions actually post to your account. This means pending purchases have pending cash back that isn’t redeemable.

However, one perk of the Neo Card is that you can cash out any amount of cash back or the entire sum. So, even if you have some pending rewards, you can still redeem your existing balance without having to reach a certain threshold. The amount you redeem applies against your next statement to help you save more money. Just note that redeeming cash back doesn’t contribute to your minimum payment amount.

Overall, the Neo Card doesn’t have many redemption options like travel rewards or free gift cards. However, statement credits are as good as real cash, so this lack of reward options isn’t a massive downside.

Other Notable Perks

Earning cash back rewards from partners is the main reason to use the Neo Card. Additional perks cardholders get include:

  • Security Features: Freeze your card, report suspicious activity, and toggle online and in-store payment capabilities right from your Neo account.
  • Mobile-Friendly: Add your Neo Card to your mobile device through Google and Apple pay.
  • Globally Friendly: Use your Neo Card anywhere that accepts Mastercard®.
  • Fraud Protection: Mastercard®’s Zero Liability policy protects you from unauthorized transactions.

A lack of travel rewards and perks is one downside of Neo. However, Neo makes up for this somewhat by having several travel-related partners that you earn extra cash back from. The fact you get some fraud protection from Mastercard® is also a plus.

Related: Best Travel Rewards Programs

Apply for the Neo Card

Interest Rate & Fees

One important consideration when choosing any credit card is its fees. Thankfully, the Neo Card is a no annual fee card with fairly standard credit rates:

  • Annual Fees: $0
  • Inactivity Fees: $0
  • Purchase Credit Rate: 19.99% - 26.99%
  • Cash Advance Credit Rate: 22.99% - 28.99%
  • Foreign Transaction Fees: 0% (however, note that the merchant you’re buying from may charge their own foreign transaction fees)
  • Overlimit fee: $0

A lack of annual fees and account management fees makes the Neo Card an appealing rewards credit card, especially if you’re not a heavy spender and can’t justify a more premium rewards credit card with a high annual fee.

Related: Best No Fee Credit Cards

Eligibility Requirements

You must live in Canada and have a Canadian ID to apply for the Neo Card. Additionally, you must be the age of majority in your province. Neo recommends a credit score of over 600 (the fair to good range) for a successful application.

When you sign up for the Neo Card, you also choose if you want the regular Neo Card or the Neo CardTM (Secured). The latter is a secured credit card that helps you improve your credit with responsible use while still earning cash back like the regular Neo Card. To use this card, you transfer funds from a bank account to your Neo account to create an equal credit limit. If you make monthly payments on time and in-full with funds other than your security funds, you can gradually improve your credit score.

You need to set aside at least $50 for your security fund to use Neo’s Credit Builder, but this is the only requirement and Neo doesn’t run a credit check for its secured credit card.

Related: Best Credit Cards for Bad Credit

Apply for the Neo Card

How Does the Neo Card Compare to the Competition?

 Neo CardTangerine Money-Back Credit CardKOHO Extra
Welcome OfferUp to 15% cash back on first-time purchases at Neo partnersApply by May 2nd, 2023 and earn an extra 10% back (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.*Sign up and get a $20 instant cash bonus (once you load your account and make your no minimum first purchase within 30 days) right to your KOHO account with GREEDYRATES referral code.
Annual Fee$0$0$84 (or $9/month)
Enhanced Cash Back Rates5% average cash back2% on two categories of your choice. Get three categories if you have a Tangerine Savings account.Up to 6% cash back at partnered merchants; 2% on groceries, eating and drinking, and transportation
Regular Cash Back Rate0.50% min. cashback guarantee 0.50%0.50%
Main PerkBoosted cash-back rates from Neo PartnersUnlimited 2% cash back on up to three categories you chooseNo Foreign exchange fee and 1 free international ATM withdraw per month

*Terms and Conditions apply

Neo Financial is a newer player in the credit card reward space, so it’s far from your only option. And, depending on your spending habits, it’s not necessarily the best choice.

Cards like the Tangerine Money-Back Credit Card have a similar welcome bonus as the Neo Card but provide more stable cash back rewards. So, if you don’t regularly shop at Neo partners and prefer earning unlimited 2% cash back on categories like gas, groceries, recurring bills, and restaurants, Tangerine is a better choice.

Similarly, KOHO Extra pays unlimited 2% cash back on three major spending categories. And, while this version of KOHO has an annual fee, it’s potentially worth it if you spend over $4,500 per year on groceries, dining, and transportation.

Should You Apply for the Neo Card?

With no annual or monthly fees and an extensive list of national and local partners, the Neo Card is certainly enticing. However, many of its partners are for food and transportation, so this card excels if you regularly eat out, order takeout, and/or spend money on gas and rideshare programs. You can also download the Neo app without signing up, to check what local partners are in your area to see if it’s worth applying for.

If you want more consistent cash back on major spending categories, a no-fee card like the Tangerine Money-Back Credit Card is a better choice. It’s also worth noting that while Neo Financial has a competitive high-interest savings account, it lacks some regular banking features you get with many other credit card providers.

That said, your Neo Card can be incredibly lucrative, especially if you shop at partners. However, if you can’t shop regularly at Neo Partners, it’s not the best rewards credit card out there.

For more info on Neo Financial, check out our full Neo Financial Review, including their Neo Hudson’s Bay Mastercard® and Neo MoneyTM Account.

Apply for the Neo Card

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Author Bio

Tom Blake is a personal finance blogger originally from Burlington, Ontario. His work has featured in Business Insider, Frugal Rules, MoneyCrashers, and a number of other financial blogs. When he's not in Canada Tom lives as a digital nomad, writing from locales like Colombia and Dubai. You can connect with Tom at his blog This Online World.