Quick overview

Quick overview of the Neo Mastercard

The Neo Mastercard (formerly the Neo Credit Card from Neo Financial) is a high-rewards credit card with no annual fee.

It has a tiered earn rate based on the amount that's in your Neo Everyday account (so, yes, you'll need a bank account with Neo, but you'll also earn cash back on that card as well). 

With $10,000 in your account, you'll unlock the highest earn rate of 4% on gas and groceries and 1% on everything else.  Not everyone has that much in their account (or willing to leave it there not earning interest), but if you do, you'll earn cash back on your "Everyday Money"account as well. 

The Neo Mastercard charges no monthly or annual fees. You get unlimited transactions without having to worry about any out-of-pocket costs. 

Who's it for?

Who’s this Neo credit card for?

The Neo Mastercard is designed to benefit a wide range of individuals. Whether you are a frequent shopper looking to earn cash back on your purchases, especially gas and groceries, or someone who wants the flexibility to redeem rewards in various ways, this credit card has something to offer.

If you prefer a hassle-free redemption process without any minimum balance requirements or waiting for an annual statement credit, the Neo Mastercard is the perfect fit for you. Best of all, the Neo Mastercard is available Canada-wide, including Quebec, so Canadians across the country can enjoy the great cash back rate wherever they shop.

Pros and cons

Pros and cons

Pros

Pros

  • No annual fee

  • Cash back rewards on purchases

  • Even more cash back potential with 10,000 Neo partners

Cons

Cons

  • Potentially high APR

  • Tiered cash back rates make it harder to unlock max earn rates

Welcome bonus

Welcome bonus

While the Neo Mastercard does not provide a welcome bonus in the traditional sense, however, new members do enjoy massive cash back on first-time purchases at participating partners. And new offers are constantly being added by Neo.

How to earn rewards

How to earn cash back with Neo Mastercard

The main allure of the Neo Mastercard is the ability to earn a big ol' 4% cash back on gas and groceries and 0.5% on everything else...so long as you have $10,000 in your account. 

Right, $10,000 in your account is a lot. Here's the breakdown of the earning tiers for cash back. 

Account balance Gas and groceries Everything else
$0 1% 0%
$1,000 1.5% 0.5%
$3,000 2% 0.5%
$5,000 3% 1%
$10,000 4% 1%

Now, there are spending caps as well with the Neo Mastercard. 

To max everything out, with your $10,000 account balance, you'll spend $6,000 on groceries, $10,000 on gas, and $20,000 on everything else. That would give you $56.66 per month or $679.22 per year, which is a pretty fat cash back reward for a no annual fee card. 

If you're like me, I overspend in the grocery category, underspend in the gas category, and unfortunately would blow past the limit on everything else. And, the worst part, I wouldn't hold that much cash in my account (while all the big banks do this to waive the monthly fees, it's usually $4,000 to $6,000. 

Let's say you carry very little in this account, say a few hundred bucks, (because you're in one of the best high interest savings accounts instead). Let's say you spend $200 on gas, $1,200 on groceries and make about $2,000 in purchases outside those categories every month. Your cash back drops to $7.00. 

But, Neo has over 10,000 partners where you can earn extra cash back. 

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 Neo Financial partners

Restaurants Apparel Other
Freshii Roots Shell
Mucho burrito Hudson's Bay Public Mobile
Boston Pizza Harry Rosen Pet Valu

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, not just the big chains. 

How to redeem

How to redeem cash back with Neo

Redeeming cash back from Neo Mastercard 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 Mastercard

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 Mastercard 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 Standard Credit Mastercard insurance coverage

Neo standard Mastercard does not provide insurance coverage. 

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 Mastercard will count as a new credit application and your payment history will contribute to your credit score.

Other benefits:

  • Real-time spending notifications
  • Track cashback rewards in your Rewards wallet
  • Up to $10,000 credit limit
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

3.4

5% cash back

Welcome offer

Good

Suggested credit score

Get 5% cash back in your first 3 months*

Expires

Nov 30, 2024

Pros

  • 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

Cons

  • 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

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$15,000

Pros

  • 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

Cons

  • 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

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$15,000

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

3%

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

1%

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

0.5%

Purchase APR

20.99%

Cash Advance APR

22.99%

Annual Fee

$0

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 a serious contender against the Neo Mastercard. 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.

BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.

MBNA Smart Cash Platinum Plus Mastercard

Apply now

2.6

5% cash back

Welcome offer

Good

Suggested credit score

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)

Pros

  • 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

Cons

  • Monthly spend cap on the welcome bonus rewards earn rate

  • Limited reward categories

  • Potential fees for payment plan

  • No travel rewards or premium perks

Eligibility

Recommended Credit Score

Good

Pros

  • 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

Cons

  • Monthly spend cap on the welcome bonus rewards earn rate

  • Limited reward categories

  • Potential fees for payment plan

  • No travel rewards or premium perks

Eligibility

Recommended Credit Score

Good

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

2%

Get 0.5% Cash Back‡ for all other eligible purchases

0.5%

Purchase APR

19.99%

Balance Transfer Rate

22.99%

Cash Advance APR

24.99%

Annual Fee

$0

Foreign Transaction Fee

2.5%

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

The Neo Mastercard 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

Eligibility requirements

You need a credit score of at least 710 or higher to qualify for a Neo Mastercard. However, if you’re not quite there yet, you can apply for the Neo Secured Mastercard—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% - 29.99% (119.99%-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.

FAQs

FAQs

  • 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 nearly a decade 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, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.

Disclaimer

The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.