Quick overview

Quick overview of the Neo Credit Card

The Neo Credit Cardis a high-rewards credit card with no annual fee on its basic tier. The card, a cash back Mastercard, provides an exceptionally high cash back rate, especially if you’re shopping at Neo Financial partners. The average at Neo partners offers 5%, which is based on current offers and may vary per offer period and partners. Many retailers also have bonus cash back offers for first-time visits, repeated visits, or certain purchase thresholds.

In addition to unlimited cash back, the Neo Financial Credit Card charges no monthly or annual fees. You get unlimited transactions without having to worry about any out-of-pocket costs. Best of all, the Neo credit card is available Canada-wide, including Quebec, so Canadians across the country can enjoy the great cash back rate wherever they shop.

Who's it for?

Who’s the Neo Credit Card for?

The Neo Credit Card from Neo Financial is designed to benefit a wide range of individuals. Whether you are a frequent shopper looking to earn cash back on your purchases or someone who wants the flexibility to redeem rewards in various ways, this credit card has something to offer. Additionally, if you prefer a hassle-free redemption process without any minimum balance requirements or waiting for an annual statement credit, the Neo Credit Card is the perfect fit for you.

Pros and cons

Pros and cons



  • No annual fee

  • Cash back rewards on purchases

  • Even more cash back potential with premium ($4.99 CAD/mo.)



  • Potentially high APR

  • Only reports to TransUnion

Welcome bonus

Welcome bonus

While the Neo Credit Card does not provide a welcome bonus in the traditional sense, new accounts do enjoy up to 15% cash back on first-time purchases at participating partners. What makes this such a great perk is that new offers are constantly being added by Neo.

How to earn rewards

How to earn rewards with Neo

The main allure of the Neo Mastercard is the ability to earn up to 15% cash back. Secondary is the lack of an annual fee, but to get the maximum rewards you'll need to sign-up for Neo Premium, a $4.99 per month charge. 

You can view Neo Financial partners and their cash back offers directly in the app. You can even take a peek by signing up with your email before you apply for the card. Just browse Neo partners by looking at the map based on your location, or by category (i.e. Restaurants, Health & Wellness, or Apparel).

Some of the best cash back offers come from local businesses, so cardholders can earn the highest rewards by supporting business owners in their own neighbourhood!

Neo Credit Base vs. Neo Credit Premium

Feature/Plan Basic Premium
Plan overview Everyday spending more rewarding More cash back, exclusive perks and features
Annual fee Free $4.99 CAD/month (first 3 months free)
Cash back on gas and grocery 1% 3%
Monthly minimum cash back 0.5% 0.5%
Cash back at Neo partners Exclusive offers Boosted exclusive offers
Restaurants, bars, cafes 5% average cash back 6% average cash back
Streaming services 3% 4%
Ride sharing services 3% 4%
Food delivery services 3% 4%
Retail partners 2%+ (online and in-store) 3%+ (online and in-store)
Additional features Personalized AI insights (coming soon), Digital card, Cash back at partners All basic features, Credit score monitoring, $2,500 group life insurance, 24/7 legal assistance, Purchase protection with extended warranty, Priority support

The base version of the Neo Financial Mastercard is a free plan that rewards you for your everyday spending with 1% on gas and grocery and 0.5% cash back on everything else and more exclusive cash back offers from Neo partners.

You can upgrade the Neo Credit card Base version for $4.99/month to get more cashback and more exclusive perks and features. Get the first 3 months free on sign up to get higher everyday cashback.

Neo Credit Premium comes with all Neo Credit Base features and benefits, plus:

  • Credit score monitoring directly in the Neo app
  • $2,500 group life insurance
  • 24/7 legal assistance
  • Purchase protection with extended warranty
  • Dedicated priority support
How to redeem

How to redeem cash back with Neo

Redeeming Neo Credit rewards is a simple process. You can access your cash back at any time to pay off your credit card statements, deposit it into a savings account or purchase merchandise online at the Neo Store. Best of all, unlike other cash back credit cards, there are no minimum balance requirements or the need to wait for an annual statement credit to redeem your rewards.

Key benefits

Key benefits of the Neo Credit Card

The Neo Mastercard from Neo Financial offers plenty of benefits, but here are our top benefits:

  • Bonus cash back offers. Double-digit cash back offers pop up regularly from Neo partners. Expect great rewards from first-time and repeated visits to your favourite local businesses.
  • Fully digital. Unlike a traditional Financial Institution, you don’t need to set foot in a branch to apply for Neo Credit because you can do everything from your mobile device.
  • No annual or monthly fees. Where most credit cards have an annual fee you need to pay to receive their benefits, Neo charges $0.
Insurance coverage

Neo Credit Card insurance coverage

The Neo Mastercard credit card also provides essential account and other insurance benefits with the Premium tier. Neo Credit Cardholders can anticipate the following protections:

  • Mastercard purchase protection: 90 days
  • Extended warranty: 1 year
  • Auto Rental Collison Damage Waiver*
  • Car rental personal effects*
  • Trip cancellation/interruption*
  • Delayed/lost baggage*
  • Flight delay*
  • Hotel/motel burglary insurance*

*Coverage under this certificate only applies to Cardholders who either have a Neo Financial Mastercard® and are subscribed to the Travel Perk at the time of the travel reservation and claim.

Extra benefits

Extra benefits of the Neo Financial Mastercard®

The Neo Card is powered by Mastercard®, so your Neo Credit Card is accepted anywhere Mastercard is accepted. Applying for the Neo Credit will count as a new credit application and your payment history will contribute to your credit score.

Other benefits:

  • Real-time spending notifications.
How it compares

How does the Neo Credit Card compare?

Here's how the Neo Financial Mastercard® (Neo Card) compares with other

BMO CashBack® MasterCard®

Apply now

5% cash back


Get 5% cash back in your first 3 months*


Nov 30, 2024

Cardholders earn 3% (up to a monthly max of $500) cash back on groceries


Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*


Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*


Purchase APR


Cash Advance APR


Annual Fee


Recommended Credit Score


Required Annual Personal Income



  • No Annual Fee: A rare find in Canada for a cash back card

  • A generous 3% cash back on groceries (up to $500 monthly)

  • Easily redeem from $1, set up automatic redemptions, or use as a statement credit

  • Additional perks include discounts on rentals, free supplementary cards and show discounts


  • Outside of groceries and recurring payments, the standard earn rate drops to 0.5%

  • Monthly caps on top earn rates for groceries and recurring payments

  • A 2% balance transfer fee applies

  • The interest rate on the remaining balance transfer amount increases after the introductory period

The BMO CashBack MasterCard charges no annual fee yet provides one of Canada's highest cash back on groceries at 3%*. That’s competitive with a number of upper-tier cards and  serious contended for the Neo Credit Card. The BMO CashBack Mastercard also offers a second accelerated earn rate of 1% on recurring bills, as well as a more standard 0.5% on all other eligible purchases*.

*Terms and conditions apply

†Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of January 4, 2023.

MBNA Smart Cash Platinum Plus Mastercard

Apply now

5% cash back


Cash Back†† on eligible gas and grocery purchases for the first 6 months (until the total gas and grocery purchases in the applicable month reaches $500)

Cash Back‡ on eligible gas and grocery purchases thereafter (until the total gas and grocery purchases in the applicable month reaches $500)


Get 0.5% Cash Back‡ for all other eligible purchases


Purchase APR


Balance Transfer Rate


Cash Advance APR


Annual Fee


Recommended Credit Score



  • Generous Welcome Bonus to earn accelerated rewards during the initial six months of account opening

  • No annual fee

  • Ongoing cash back rewards after the welcome bonus - up to 2% cash back on eligible purchases

  • Car rental discounts

  • MBNA Payment Plan: Flexible payment options for purchases over $100, which is a nice perk for budget management.

  • Purchase assurance and extended warranty


  • Monthly spend cap on the welcome bonus rewards earn rate

  • Limited reward categories

  • Potential fees for payment plan

  • No travel rewards or premium perks

The MBNA Smart Cash Platinum Plus® Mastercard® is another popular option without an annual fee. The card earns  2% cash backon gas and groceries (up to $500 in spending per month) plus 0.5% Cash Back‡ for all other eligible purchases.

‡, ††, ✪, Terms and Conditions apply

This offer is not available for residents of Quebec. For residents of Quebec, please click here.

Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.

The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

Is it worth it?

Is the Neo Credit Card worth it?

The Neo Credit card is the most rewarding cash back credit card currently available on the Canadian market. If you’re looking for a rewarding cash-back card for everyday spending, Neo Financial is your best option. The card is especially rewarding if you frequent local restaurants and cafes that are most likely to be Neo partners and offer bonus cash back for first-time or repeated visits.

Neo Financial is revolutionizing the way people spend, save, and earn rewards. Neo currently offeris this high rewards cashback credit card and a high-interest savings account. However, expect more from them in the future! 

More: Read our Neo Financial review


Eligibility requirements

You need a credit score of at least 600 to qualify for a Neo Credit Mastercard. However, if you’re not quite there yet, you can apply for the Neo Secured Credit Card. This is a secured card that lets you earn cash back while helping you build your credit history, with responsible use.

Neo offers credit limits up to $10,000 depending on your income history and credit score. Interest rates on purchases range from 19.99% - 26.99% (19.99% - 24.99% for Quebec residents). You’ll be able to see your offer in the Neo app before you accept it. Once you accept, you’ll get your Neo Credit to add to your Apple Pay or Google Pay wallet, so you can begin earning cash back right away.



  • What is Neo Financial?


    Neo Financial is a Canadian fintech brand offering a high-rewards cashback credit card and a high-interest savings account.

  • How do you apply for a Neo Credit card?


    You can apply directly for a Neo Credit by downloading its app. Neo Credit is a credit card so applying for it will count as a credit application. The limit and interest rate you receive for your Neo Credit depends on your income and credit history.

  • What are some of the Neo Credit cashback partners?


    Neo partners include big box stores, online retailers, and local businesses alike. Expect to see familiar brands like Hudson's Bay, Staples, Second Cup, Best Buy, and Chapters Indigo, but look out for local cafes and restaurants too! You can view Neo partners without applying for the card right away simply by signing up through the app.

Bridget Casey is the award-winning entrepreneur behind Money After Graduation, a Canadian financial literacy website aimed at 20 and 30-somethings. She holds a BSc. from the University of Alberta, and an MBA in Finance from the University of Calgary. She has been featured as a millennial financial expert by Yahoo! Finance, TIME Magazine, Business Insider, CBC and BNN. Bridget was recognized as one of Alberta's Top Young Innovators in 2016.

Cory Santos Finance editor

Cory Santos is a finance writer, editor and credit card expert with over seven years of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.

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