Quick overview of Neo Financial Cathay Pacific World Elite Mastercard

The Neo Financial Cathay Pacific World Elite Mastercard is a travel rewards card for discerning travellers who frequently jet between Asia and Canada. It’s the only credit card in Canada that directly offers Asia Miles, which may be enough to convince you to add it to your wallet.

It also boasts several additional perks, such as robust insurance, airport lounge access, decent points-earning potential and flexible redemption options. 

Who’s Neo Financial Cathay Pacific World Elite Mastercard for?

It should be no surprise who this card is for — the hint is in the name. If you travel frequently to Asia, the Neo Financial Cathay Pacific World Elite Mastercard is for you. It comes packed with features like lounge access, priority online check-in and an extra baggage allowance. Another attractive feature is bonus rewards for foreign currency spend.

New Canadians may also be drawn to the Cathay World Elite Mastercard, which offers a secured version of the card that is guaranteed to be approved, even without a credit history in Canada. 

Pros and cons

Pros

Pros

  • Rewards Program: Earn up to 30,000 Asia Miles, plus miles on everyday spending and foreign purchases.

  • Travel Benefits: Includes priority check-in, extra baggage, and access to Cathay Pacific lounges.

  • World Elite Perks: Comprehensive insurance coverage and global airport lounge access.

  • Approval Process: Quick approval and instant use of a virtual card.

Cons

Cons

  • Income Requirement: High minimum income requirements ($80,000 for individuals, $150,000 for households).

  • Geographic Restriction: Not available to residents of Quebec.

Neo Financial Cathay Pacific World Elite Mastercard welcome bonus

  • You’ll earn 30,000 welcome Asia Miles just for signing up
  • You’ll also earn 2 miles per $1 spent on Cathay Pacific flights and purchases made with foreign currency; earn an average of 5 miles per $1 spent at Neo retailers; earn 1 mile per $1 spent on all other purchases

How to earn Asia Miles with the Neo Financial Cathay Pacific World Elite Mastercard

The easiest and quickest way to earn Asia Miles with the Cathay World Elite Mastercard is to simply sign up. All new users will be given 15,000 Asia Miles once the card is activated. You’ll then earn an additional 15,000 Asia Miles if you spend $3,000 within three months from the application start date. 

After that, you’ll earn each time you use your card. While the everyday purchasing spend will only net you one mile per $1 spent, you can maximize your miles by spending with Neo retailers. Depending on the retailer, you’ll average five miles per $1 spent up to a maximum of 15 miles per dollar. 

Finally, you can earn a decent two miles per $1 spent on Cathay Pacific flights and purchases made in foreign currency. 

How to redeem Asia Miles

To redeem your miles, create an account and log into cathaypacific.com. There, you can redeem miles for flights, hotels, car rentals, tickets, events, gift cards and more. 

With Cathay Pacific's membership in the Oneworld alliance, you have the flexibility to earn and redeem miles with a network of carriers, including American Airlines, British Airways and Qantas. Whether you're dreaming of a round-the-world adventure or a series of exciting trips, rest assured that the Oneworld award chart is your trusted guide, ensuring you get the most out of your travel rewards.

Asia Miles also stacks well with other credit card rewards. You can easily transfer your miles from American Express Membership Rewards, Bilt Rewards, Capital One and Citi ThankYou Rewards, making it a breeze to stack your miles and build a commendable nest egg. 

Neo Financial Cathay Pacific World Elite Mastercard key benefits

  • A welcome bonus of 30,000 Asian Miles
  • Access to airport lounges, including Cathay Pacific’s business class lounge and Dragon Pass

Neo Financial Cathay Pacific World Elite Mastercard insurance coverage

  • Auto rental collision and damage: Covers rentals cars valued up to $65,000 for up to 48 consecutive days
  • Emergency medical insurance: Get covered for up to $1 million for trips of up to 14 days, for those who are 60 years of age or younger
  • Extended warranty: This doubles the manufacturer’s warranty, up to an additional year
  • Flight delay: Get up to $500 if your flight is delayed
  • Hotel/motel burglary insurance: Get covered for up to $1,000
  • Lost/delayed baggage: Get up to $1,000 for delays of six hours or longer
  • Purchase protection: Protection for up to 90 days from date of purchase
  • Trip interruption: Coverage for up to $1,000 per person, to a maximum of $5,000 per trip
  • Trip cancellation: Coverage for up to $1,000 per person, to a maximum of $5,000 per trip

Extra benefits

  • Free in-flight Wi-Fi on Cathay Pacific flights
  • Cathay Pacific benefits like priority boarding, free checked bags

What people have to say about this card

According to one Reddit user, applying for the Neo Financial Cathay Pacific World Elite Mastercard is a breeze, even after encountering issues with sign up.

“Applied for the NEO Cathay WEMC yesterday. It went into a hold, but within hours I got an email asking me to confirm my ID, apparently the in-application attempt did not work,” the user wrote.

“Anyways, I did that and within an hour, I was approved and had the card details. All very smooth. Made a small purchase last night, already posted, and miles from that already in my Asia Miles account too.”

A user on RedFlagDeals suggested the Cathay Pacific World Elite card would work well as an additional card for those who have the American Express Cobalt card.

“Looks like they would work well in tandem,” they wrote. “Use Cobalt for food, gas, streaming services, transit and non-Cathay Pacific travel. Use the [Cathay Pacific World Elite] for uncategorized spend, Neo partners and Cathay tickets.

How the Neo Financial Cathay Pacific World Elite Mastercard compares

Cathay World Elite Mastercard vs. RBC Avion Visa Infinite

RBC Avion Visa Infinite

Apply now

3.2

35,000 pts

Welcome offer

Very Good

Suggested credit score

to receive the latest news, tips and offers by email

Pros

  • Rewards program is highly flexible, transferable, and includes a slew of non-travel-related reward options

  • Partnerships with other retailers like HBC and Petro-Canada

  • Provides excellent travel insurance

  • New cardholders earn 35,000 welcome Avion points on approval*

  • Solid option for looking for a travel-centric points program

Cons

  • The points-to-dollars ratio is only average and there are few opportunities for accelerated earning.

  • The $120 annual fee isn’t cheap

  • High annual income requirement: Personal: $60,000 or Household: $100,000

Eligibility

Recommended Credit Score

Very Good

Required Annual Personal Income

$60,000

Pros

  • Rewards program is highly flexible, transferable, and includes a slew of non-travel-related reward options

  • Partnerships with other retailers like HBC and Petro-Canada

  • Provides excellent travel insurance

  • New cardholders earn 35,000 welcome Avion points on approval*

  • Solid option for looking for a travel-centric points program

Cons

  • The points-to-dollars ratio is only average and there are few opportunities for accelerated earning.

  • The $120 annual fee isn’t cheap

  • High annual income requirement: Personal: $60,000 or Household: $100,000

Eligibility

Recommended Credit Score

Very Good

Required Annual Personal Income

$60,000

Earn 1 Avion point for every dollar you spend*.

1

extra Avion points on eligible travel purchases

25%

mobile device insurance

$1,500

savings on fuel at Petro-Canada and always earn 20% more Avion points

3¢/L

Be Well points for every $1 spent on eligible products at Rexall

50

off at Hertz and earn 3x the Avion points

20%

delivery fees for 12 months from DoorDash

$0

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$120

The RBC Avion Visa Infinite is a flexible travel rewards card that allows you to redeem points for travel on any airline without blackouts. If you’re someone who values that in a travel card, it may be the one for you. It also comes with a lower annual fee than the Cathay World Elite Mastercard ($120 per year compared to $180 per year) and requires a lower annual income ($60,000 per year compared to $80,000 per year).

Where the Cathay card shines is with its travel benefits, which includes stellar lounge access. 

Cathay World Elite Mastercard vs. American Express Cobalt

American Express Cobalt® Card

Apply now

5.0

15,000 pts

Welcome offer

Fair

Suggested credit score

Earn up to 15,000 Membership Rewards points

Pros

  • High earn rates (up to 5% return on spending!)

  • Flexible month-by-month fee structure

  • Free supplementary cards

  • 1:1 points transfer with selected hotels, airlines and frequent flyer programs

Cons

  • Accelerated earn rates only apply to purchases in Canada (not to purchases made abroad)

  • Amex has a more limited merchant acceptance rate than Visa and Mastercard

  • Slightly higher than average annual fee

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$0

Required Annual Household Income

$0

Pros

  • High earn rates (up to 5% return on spending!)

  • Flexible month-by-month fee structure

  • Free supplementary cards

  • 1:1 points transfer with selected hotels, airlines and frequent flyer programs

Cons

  • Accelerated earn rates only apply to purchases in Canada (not to purchases made abroad)

  • Amex has a more limited merchant acceptance rate than Visa and Mastercard

  • Slightly higher than average annual fee

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$0

Required Annual Household Income

$0

Earn 5 times the points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.

5x

Earn 3 times the points on eligible streaming subscriptions in Canada.

3x

Get 2 times the points on eligible ride shares, transit & gas in Canada.

2x

Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online

1x

Earn 1 point for every $1 in Card purchases everywhere else

1x

Get up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel.

$100 USD

Purchase APR

21.99%

Cash Advance APR

21.99% - 2.75%

Annual Fee

$155.88

Foreign Transaction Fee

2.50%

Comparing the Cathay Pacific Mastercard and the American Express Cobalt is like comparing apples and oranges, or cats and dogs. We all have our preferences. 

The Cathay Pacific Mastercard is aimed at the traveller, particularly someone who often jets to Asia. It packs lounge access and travel benefits, like free luggage when flying with the airline. Conversely, the Cobalt is aimed at the local socialite – someone who loves eating out and would benefit from earning five points for every dollar spent on food and drink. The Cobalt is also more accessible, with no minimum income requirements (compared to the Cathay World Elite’s requirement of $80,000 a year). 

Cathay World Elite Mastercard vs. American Express Aeroplan Reserve

American Express Aeroplan Reserve

Apply now

4.0

up to 85K pts

Welcome offer

Good

Suggested credit score

New American Express® Aeroplan®* Reserve Cardmembers can earn up to 85,000 Aeroplan points.

Pros

  • Generous signup bonus where you can earn up to 85,000 Aeroplan points

  • High earn rates on Air Canada, dining, and food delivery

  • Extensive travel perks like priority check-in, boarding, and free first checked bag on Air Canada flights

  • Complimentary access to select Air Canada Maple Leaf Lounges within North America

  • Toronto Pearson Airport benefits including priority security, complimentary valet parking, and discounts on parking and car care services

  • Annual worldwide companion pass at a fixed base fare between $99 and $599 CAD (plus taxes and fees)

  • $100 NEXUS statement credit every 4 years

  • Robust insurance coverage including emergency medical

  • Access to Amex Experiences such as VIP parties and movie premieres

  • No minimum income requirement

Cons

  • High annual fee of $599

  • Lower acceptance when compared to Visa and Mastercard

  • High spending to unlock signup bonus

  • Limited high-earning categories

  • 2.5% foreign transaction fee

  • Priority perks limited to Air Canada flights

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$0

Required Annual Household Income

$0

Pros

  • Generous signup bonus where you can earn up to 85,000 Aeroplan points

  • High earn rates on Air Canada, dining, and food delivery

  • Extensive travel perks like priority check-in, boarding, and free first checked bag on Air Canada flights

  • Complimentary access to select Air Canada Maple Leaf Lounges within North America

  • Toronto Pearson Airport benefits including priority security, complimentary valet parking, and discounts on parking and car care services

  • Annual worldwide companion pass at a fixed base fare between $99 and $599 CAD (plus taxes and fees)

  • $100 NEXUS statement credit every 4 years

  • Robust insurance coverage including emergency medical

  • Access to Amex Experiences such as VIP parties and movie premieres

  • No minimum income requirement

Cons

  • High annual fee of $599

  • Lower acceptance when compared to Visa and Mastercard

  • High spending to unlock signup bonus

  • Limited high-earning categories

  • 2.5% foreign transaction fee

  • Priority perks limited to Air Canada flights

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$0

Required Annual Household Income

$0

the points on eligible purchases made directly with Air Canada®* and Air Canada Vacations®*

3X

the points on eligible Dining and Food Delivery purchases in Canada

2X

the points on everything else

1.25X

Purchase APR

21.99%

Cash Advance APR

21.99%

Annual Fee

$599

Foreign Transaction Fee

2.50%

If you’re a discerning traveller, you would likely enjoy both cards. Both offer nice rewards bonuses (30,000 Asia Miles with the Cathay card and 85,000 Aeroplan points with the Amex) and come with lounge access and travel insurance. The differentiator might be your preference for points – whether that’s Asia Miles or Aeroplan points – or just the cost of the two. The Neo Financial Cathay card is $180 per year while the Amex Aeroplan Reserve is a hefty $599 per year.

Features Neo Financial Cathay Pacific World Elite Mastercard RBC Avion Visa Infinite American Express Cobalt American Express Aeroplan Reserve
Annual fee $180 per year $120 per year $155.88 per year $599 per year
Welcome offer 30,000 Asia Miles 35,000 Avion points 15,000 Amex points 85,000 Aeroplan points
Insurance Travel, extended warranty, rental car and purchase protection Travel, rental car and mobile device Travel, rental car, mobile device, purchase protection, buyer’s assurance Travel, rental car, purchase protection, buyer's assurance
Benefits Lounge access Redeem points on any airline, without blackouts Earn up to 5 points per dollar spent on food and groceries Lounge access
Review You’re reading it Read our review Read our review Read our review
Apply Apply now Apply now Apply now Apply now

Is the Neo Financial Cathay Pacific World Elite Mastercard worth it?

The Neo Financial Cathay Pacific World Elite Mastercard is worth it if you fly often to Asia. It offers an admirable welcome bonus, decent earning potential and lounge access. However, it does cost more than other travel rewards cards and requires an annual income of at least $80,000 as an individual or $150,000 as a household. 

FAQs

  • Where can I use Asia Miles?

    +

    You can redeem Asia Miles for flights with Cathay Pacific, Cathay Dragon and other partner airlines within the Oneworld alliance, as well as with non-alliance partner airlines.

  • Does the Cathay World Elite card include lounge access?

    +

    Yes, you have access to Cathay Pacific’s business class lounge and Dragon Pass, giving you options to choose from when travelling.

  • Does the Cathay World Elite have rental car insurance?

    +

    Yes, the Cathay World Elite has auto rental collision and damage coverage, which covers rental cars valued up to $65,000 for up to 48 consecutive days.

  • What airlines can I use Asia Miles on?

    +

    You can redeem Asia Miles for flights with Cathay Pacific, Cathay Dragon and Oneworld alliance partners like British Airways, American Airlines and Qantas. This offers diverse travel options across a wide network of destinations, maximising the value of your miles.

  • What are the Asia Miles transfer partners?

    +

    Asia Miles partners include American Express Membership Rewards, Capital One, Citi ThankYou Rewards, Marriott Bonvoy and Bilt Rewards. You can transfer points from these programs to Asia Miles, offering flexibility in earning miles for flights, upgrades and other rewards.

Justin da Rosa Freelance Writer

Justin is a writer and editor who has been covering personal finance for over 10 years. He's written for companies such as KOHO, Ratehub, BMO, Zoocasa, and Questrade, among others. Justin also created a course in Content Creation, which he taught at York University for four years. When not writing, Justin can be found at a live concert, on the golf course, riding a motorcycle, or sailing.

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