Quick overview of the Neo Money Card (now Neo Everyday)
For a challenger bank like Neo Financial, the distinction between debit card and credit card is a mere suggestion. The Neo Money card is its attempt at taking a “best of both worlds” approach – and they do a decent job.
To start off, let’s deconstruct this card of all trades. Like a debit card, when you use the Neo Money card, it pulls from your Neo Everyday account. However, like a credit card, it earns you cash back rewards and functions on the Mastercard network (so don’t try to use it in places that are debit only). And it does this all for no fee.
This card offers enticing cash back potential with a catch – you need to keep a certain amount of cash in your account to access the highest cashback rates. For example, a $10,000 balance unlocks the top-tier rates (3% cashback on gas and grocery, 1% everywhere else), while a $0 balance gets you bottom-tier rates (1% gas and groceries, 0% everything else).
For those with a coupon-cutter mentality, there is also a revolving door of partner rewards that offer elevated cash back bonuses.
Who’s the Neo Everyday Card for?
The Neo Money Card is for folks with a credit card allergy who still want some perks. The cash back rewards aren’t stellar, but they’re an improvement from your run-of-the-mill debit card.
I get it. There are lots of great reasons to avoid credit cards. The Neo Money Card could be perfect for someone who’s working on controlling their spending (we’ve all suffered from that frightening credit card statement after we linked our credit card to our UberEats account, right?).
Not only will this card prevent you from spending more than you have (just like a debit card), but it will also reward you for your good savings habits. Not a bad deal.
- Would you rather a credit card? Check out our picks for the best credit cards in Canada.
Pros and cons
- No account fee
- Competitive cash back rates with high balance in Neo Everyday account
- Cash back potential with Neo partners
- Tiered cash back system
- Low cashback rates when low balance in Neo Everyday account
- Foreign transaction fee
- Low interest rate earnings on account balance (0.1%)
- ATM withdrawals are charged like a cash advance
Neo Everyday Card welcome bonus
The Neo Money card and associated Everyday account do not have a welcome bonus.
Here are the best credit card offers and promotions right now.
How to earn cash back on the Neo Everyday Card
Before using your Neo Money Card, you’ll want to check the balance in your New Everyday account. This step is important since your cash back rewards depend on having a high balance ($10,000 to get the max reward).
Here’s a chart that breaks down the cash back rates based on your account balance:
| Account balance | Gas and groceries | Everything else |
|---|---|---|
| $0 | 1% | 0% |
| $1,000 | 1.5% | 0% |
| $3,000 | 1.75% | 0.5% |
| $5,000 | 2% | 0.5% |
| $10,000 | 3% | 1% |
After that, all you need to do is spend. Keep in mind that the cash back rewards have spending caps based on category. Gas and groceries have a $6,000 per year spending cap each, whereas the everything else category has a cap of $10,000 per year.
If you max out every category, you could earn $460 per year. It’s not a terrible deal for a no fee card, but it’s dependent on you keeping a large amount in cash (accumulating hardly any interest).
Another way to maximize your earning potential is to check the Neo app for partner rewards. I took a quick look and there’s definitely some fun ways to earn extra cash. For example, right now there’s a 10% cash back offer at my favourite neighbourhood taco place.
Looking for higher cash back rates? Head on over to our best cash back credit cards page.
How to redeem cash back on the Neo Everyday Card
One of the benefits of this card is that redeeming your cash back rewards is straightforward. The minute you make a purchase with your Neo Money card, your cash back rewards will be instantly available. These rewards can be redeemed to your Neo Everyday account or at the Neo Store.
The nice thing is that there’s no minimum amount accumulated to cash out your rewards.
Key Neo Everyday Card benefits
- Up to 3% cashback on gas and grocery
- Up to 1% cash back everywhere else
- Higher cash back rewards with Neo partners
- No account fee
Neo Everyday Card insurance coverage
The Neo Everyday account doesn’t offer any type of insurance. Therefore, I wouldn’t recommend using the Neo Money Card for any travel purchases. If you do, make sure you buy your travel insurance plans separately.
Extra benefits
- Real-time spending notifications
- No minimum account balance
What people have to say about this card
I've been with NEO for a while and am slowly moving things over to Wealthsimple. I find that the perks have really diminished. At the start, they seemed like they had teamed up with a ton of companies and I was getting 3-6% cash back on the regular. But I've noticed a real drop in businesses with whom I can get extra cash back with so am only really getting 0.5%.
inaptitude
Now that time has passed since Neo’s original flashy launch, some customers have been disappointed with changes in their partner rewards.
It’s a fair point. These partner rewards change frequently and without warning. I would recommend looking at these partner rewards as a perk, as opposed to the key factor in your decision making for the Neo Money Card.
If you’re interested in the current partner rewards, you can download the Neo app for free and get a comprehensive list.
How Neo Everyday compares
$20 sign-up bonus
Welcome Bonus
$68
First Year Value
$48
Annual Value
Welcome Bonus: Get a 30-day free trial for any KOHO plan. Get a $20 sign-up bonus on your first $20 transaction.
Get this card if you...
- prefer earning cash back with the flexibility of a prepaid card
- want to build out your credit history
- want to track your spending
Annual Fee & Annual Interest Rates
$48
Annual Fee
0%
Purchase
0%
Cash Advance
Our Take
The KOHO Prepaid Mastercard® is a reloadable card paired with a mobile app, offering features such as cash back on purchases, interest on account balances, and budgeting tools to help users manage their finances effectively. It provides options for credit building and has tiered plans to cater to different financial needs, making it a versatile alternative to traditional credit cards.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
- A no-fee account option
- Accepted worldwide, wherever Mastercard is accepted
- Three account tiers, so there’s something for everyone
- Earn interest on your account
- RoundUps feature helps you save
- Financial coaching is available
- Features like Credit Building (to help you build your credit history) and Cover (to protect you from overdrawing your account)
- Compatible with Apple Pay, Samsung or Google Pay
- Joint account option for families and couples
- No physical branches or tellers
- No RRSP, TFSA or RESP accounts
- Customer service not on par with the big banks
- Missing some banking features, like wire transfers, currency exchanges and multiple lines of business like financial planning, mortgages and insurance
Annual Interest Rates
0%
Purchase
0%
Cash Advance
Fees
$48
Annual Fee
1.50%
Foreign Transaction
Rewards cash back
1%
cash back on groceries, eating & drinking, and transportation
50%
extra cash back from select merchants
2.5%
interest on both your spending and savings account (Your funds will also be eligible for CDIC insurance)
0%
Get access to a cash advance of up to $250 at 0% interest with Cover.
30-day trial
All KOHO plans come with a free 30-day trial so you can see if it suits you.
Get 30 days of free trial for any KOHO plan. Get a $20 sign-up bonus on your first $20 transaction.
Only the users who successfully register a new KOHO account and make their first $20 purchase using their KOHO card within 30 days of registration are eligible for the offer and may claim the one-time $20 bonus in their KOHO account. This offer is non-transferable and may only be used once per person. Offer is not applicable in conjunction with other KOHO offers or promotions. KOHO may, at its sole discretion, suspend, terminate or change the terms and requirements of the offer.
Our Take
The KOHO Prepaid Mastercard® is a reloadable card paired with a mobile app, offering features such as cash back on purchases, interest on account balances, and budgeting tools to help users manage their finances effectively. It provides options for credit building and has tiered plans to cater to different financial needs, making it a versatile alternative to traditional credit cards.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
- A no-fee account option
- Accepted worldwide, wherever Mastercard is accepted
- Three account tiers, so there’s something for everyone
- Earn interest on your account
- RoundUps feature helps you save
- Financial coaching is available
- Features like Credit Building (to help you build your credit history) and Cover (to protect you from overdrawing your account)
- Compatible with Apple Pay, Samsung or Google Pay
- Joint account option for families and couples
- No physical branches or tellers
- No RRSP, TFSA or RESP accounts
- Customer service not on par with the big banks
- Missing some banking features, like wire transfers, currency exchanges and multiple lines of business like financial planning, mortgages and insurance
Annual Interest Rates
0%
Purchase
0%
Cash Advance
Fees
$48
Annual Fee
1.50%
Foreign Transaction
Rewards cash back
1%
cash back on groceries, eating & drinking, and transportation
50%
extra cash back from select merchants
2.5%
interest on both your spending and savings account (Your funds will also be eligible for CDIC insurance)
0%
Get access to a cash advance of up to $250 at 0% interest with Cover.
30-day trial
All KOHO plans come with a free 30-day trial so you can see if it suits you.
Get 30 days of free trial for any KOHO plan. Get a $20 sign-up bonus on your first $20 transaction.
Only the users who successfully register a new KOHO account and make their first $20 purchase using their KOHO card within 30 days of registration are eligible for the offer and may claim the one-time $20 bonus in their KOHO account. This offer is non-transferable and may only be used once per person. Offer is not applicable in conjunction with other KOHO offers or promotions. KOHO may, at its sole discretion, suspend, terminate or change the terms and requirements of the offer.
200,000 PC points
Welcome Bonus
$277
First Year Value
$77
Annual Value
Welcome Bonus: Earn 200,000 bonus PC Optimum™ points when you open a PC Money™ Account and set up direct deposit for 3 months†.
Get this card if you...
- want a prepaid card with cash back rewards
- want to avoid paying an annual fee
- value a generous welcome offer
Annual Fee & Annual Interest Rates
$0
Annual Fee
Our Take
The PC Money™ Account is a no-fee hybrid bank account and prepaid Mastercard® that allows users to earn PC Optimum points on everyday purchases, including groceries and gas. It offers unlimited transactions, free Interac e-Transfers®, and the convenience of earning rewards without monthly fees, making it a practical choice for those who frequently shop at Loblaw-affiliated stores.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
- No monthly fees
- No minimum balance
- Unlimited transactions
- Free Interac e-transfers
- Earns you PC Optimum Points
- Free cash withdrawals at PC Financial ATMs
- No interest earned on your balance
- No physical cheques
- While you can withdraw funds for free from PC Financial ATMs, those aren’t as common as other big bank ATMs
- 2.5% foreign transaction fees
Fees
$0
Annual Fee
2.50%
Foreign Transaction
Rewards PC points
2.5%
Earn 2.5% cash back at Shoppers Drug Mart
1%
Earn 1% cash back at Loblaws grocery stores
0.5%
Earn 0.5% cash back everywhere else
Earn 200,000 bonus PC Optimum™ points when you open a PC Money™ Account and set up a minimum of $1,500 in payroll or pension direct deposits for 3 consecutive months†.
Our Take
The PC Money™ Account is a no-fee hybrid bank account and prepaid Mastercard® that allows users to earn PC Optimum points on everyday purchases, including groceries and gas. It offers unlimited transactions, free Interac e-Transfers®, and the convenience of earning rewards without monthly fees, making it a practical choice for those who frequently shop at Loblaw-affiliated stores.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
- No monthly fees
- No minimum balance
- Unlimited transactions
- Free Interac e-transfers
- Earns you PC Optimum Points
- Free cash withdrawals at PC Financial ATMs
- No interest earned on your balance
- No physical cheques
- While you can withdraw funds for free from PC Financial ATMs, those aren’t as common as other big bank ATMs
- 2.5% foreign transaction fees
Fees
$0
Annual Fee
2.50%
Foreign Transaction
Rewards PC points
2.5%
Earn 2.5% cash back at Shoppers Drug Mart
1%
Earn 1% cash back at Loblaws grocery stores
0.5%
Earn 0.5% cash back everywhere else
Earn 200,000 bonus PC Optimum™ points when you open a PC Money™ Account and set up a minimum of $1,500 in payroll or pension direct deposits for 3 consecutive months†.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
- Earn 1% cash back on all purchases
- Choose whether your cash back goes to your investments or crypto or cash account
- Earn up to 5% on your balance
- No foreign exchange fees
- No annual fees
- $5 reimbursement per withdrawal for any ATM fees
- No insurance
- Relatively low spending and transaction limits
Fees
$0
Annual Fee
0.00%
Foreign Transaction
0.00%
Balance Transfer
Rewards
1.75% to 2.75%
Earn at least 1.75% on your account balance*
1%
Get 1% cash back on all purchases
0%
There are no foreign exchange fees
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
- Earn 1% cash back on all purchases
- Choose whether your cash back goes to your investments or crypto or cash account
- Earn up to 5% on your balance
- No foreign exchange fees
- No annual fees
- $5 reimbursement per withdrawal for any ATM fees
- No insurance
- Relatively low spending and transaction limits
Fees
$0
Annual Fee
0.00%
Foreign Transaction
0.00%
Balance Transfer
Rewards
1.75% to 2.75%
Earn at least 1.75% on your account balance*
1%
Get 1% cash back on all purchases
0%
There are no foreign exchange fees
| Feature | Neo Everyday | Wealthsimple Cash |
|---|---|---|
| Annual fee | $0 | $0 |
| Welcome offer | None | None |
| Insurance | None | None |
| Benefits |
● Up to 3% cash back on gas and groceries
● Up to 1% cash back on everything else |
● 1% cash back on all purchases
● 4% monthly interest on account balance ● No foreign exchange fees |
| Review | You're reading it! | Wealthsimple Cash review |
| Learn more |
Is the Neo Everyday Card worth it?
For a no-fee card, I’m going to say yes. Although there are better prepaid cards in the category out there, the Neo Money card may be worth keeping in your wallet if you like keeping large amounts of money in cash and enjoy the partnership rewards perk.
Check out our page on the best prepaid cards in Canada.
Neo Everyday Card eligibility criteria
- No credit score needed
- No annual household requirement needed
