Quick overview
The Neo Secured Mastercard is a secured credit card with a $5 monthly fee, low ($50) minimum security deposit (making it highly accessible) and reports to both TransUnion and Equifax.
So, as a secured credit card, it starts solid and gets even better with cash back rewards.
It's a tiered earning system where the more money you have on the card, the more you'll get in cash back rewards—all the way up to 4% cash back on gas and groceries and 1% on everything else.
Who’s the Neo Secured Mastercard for?
This card is designed for people starting to build credit or looking to rebuild it. Its low deposit requirement is great. If you're keen on earning rewards while building credit, this card's cashback feature adds a layer of benefit not commonly found in secured cards.
Pros and cons
- Low minimum security deposit
- Cash back rewards on purchases
- No hard credit check
- High APR range
- $5 monthly fee
- Best cash back offer requires high balance
How to earn cash back with Neo Secured Mastercard
For $5 monthly fee, you can start building your credit history and harness the potential to earn cash back for your everyday purchases.
Cash back for the highest earn rates is capped yearly at $6,000 per year on groceries and $10,000 per year on gas. Finally, you get $30,000 per year on everything else.
Now, here's where it gets a bit tricky, but I'm here to simplify.
You earn 4% on gas and groceries and 1% on everything else with when you have $10,000 in your Neo Everyday Money account (like your chequing account).
If you have $0 in your bank account (Neo Everyday Money), you earn 2% on gas and groceries and, well, nothing else (or 0% on your other purchases).
Of course, it's a range. So to simplify even further, I'll create a table. Scroll to the right to see all the ranges.
| Neo Secured Mastercard cash back earn rates | $0 in your account | $1,000 in your account | $3,000 in your account | $5,000 in your account | $10,000 in your account |
|---|---|---|---|---|---|
| Gas | 1% | 1.5% | 2% | 3% | 4% |
| Groceries | 1% | 1.5% | 2% | 3% | 4% |
| Everything else | 0% | 0.5% | 0.5% | 1% | 1% |
Key benefits
- Cashback rewards program
- Low minimum security deposit requirement
- Instant approval with no credit score impact
Insurance coverage
The Neo Secured Mastercard does not include any travel or purchase insurance. You can opt to pay $1.39 per $100 of your average daily balance for credit balance protection.
However, if you were unable to pay your credit card due to a sudden illness or injury, you may want to explore critical illness insurance instead for the lump sum benefit and cash payment that goes to you instead of the provider.
Extra benefits
- Real-time spending notifications
- Ability to adjust credit limit
How the Neo Secured Mastercard compares
Neo Secured Mastercard vs. Home Trust Secured Visa
$0
First Year Value
$0
Annual Value
Get this card if you...
-
are looking to improve your credit
-
want a secured card with a higher limit
-
want to take advantage of an interest-free grace period
Annual Fee & Annual Interest Rates
$0
Annual Fee
19.99%
Purchase
19.99%
Cash Advance
19.99%
Balance Transfer
Our Take
The Home Trust Secured Visa is designed for individuals aiming to build or rebuild their credit, offering two options: a no-annual-fee card with a standard interest rate or a low-interest version with an annual fee. Cardholders benefit from features such as purchase protection and extended warranty coverage, but are required to provide a security deposit, which determines the credit limit.
Eligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
-
Reports to credit bureaus every month, helping to quickly build your credit rating.
-
Requires a $500 minimum deposit, with the credit limit scaling on a 1:1 basis all the way up to $10,000.
-
High approval rate
-
Monthly credit reporting to major credit agencies every month, expediting the credit repair or improvement process
-
Low foreign transaction fee
-
Cardholders get a 21-day no-interest grace period
-
Low monthly minimum payment options; pay either the greater of $10 or 3% of the monthly balance.
Cons
-
Standard interest rate although, if you opt for the annual fee version of the card, it comes down
-
No rewards or perks
-
Charges a monthly inactivity fee of $12 if the card is not used for a period of 12 months.
-
Despite a high approval rate, there are still chances of being denied based on deal-breaking factors
-
No welcome bonus offer as it is designed for credit building
Annual Interest Rates
19.99%
Purchase
19.99%
Cash Advance
19.99%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
Our Take
The Home Trust Secured Visa is designed for individuals aiming to build or rebuild their credit, offering two options: a no-annual-fee card with a standard interest rate or a low-interest version with an annual fee. Cardholders benefit from features such as purchase protection and extended warranty coverage, but are required to provide a security deposit, which determines the credit limit.
Eligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
-
Reports to credit bureaus every month, helping to quickly build your credit rating.
-
Requires a $500 minimum deposit, with the credit limit scaling on a 1:1 basis all the way up to $10,000.
-
High approval rate
-
Monthly credit reporting to major credit agencies every month, expediting the credit repair or improvement process
-
Low foreign transaction fee
-
Cardholders get a 21-day no-interest grace period
-
Low monthly minimum payment options; pay either the greater of $10 or 3% of the monthly balance.
Cons
-
Standard interest rate although, if you opt for the annual fee version of the card, it comes down
-
No rewards or perks
-
Charges a monthly inactivity fee of $12 if the card is not used for a period of 12 months.
-
Despite a high approval rate, there are still chances of being denied based on deal-breaking factors
-
No welcome bonus offer as it is designed for credit building
Annual Interest Rates
19.99%
Purchase
19.99%
Cash Advance
19.99%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
Neo Secured Mastercard vs. Capital One Guaranteed Secured Mastercard
$0
First Year Value
$0
Annual Value
Get this card if you...
-
looking to improve your credit score
-
want a low security deposit card
-
value purchase protection and extended warranty coverage
Annual Fee & Annual Interest Rates
$59
Annual Fee
21.9%
Purchase
21.9%
Cash Advance
21.9%
Balance Transfer
Our Take
The Capital One® Guaranteed Secured Mastercard® is designed for individuals with limited or poor credit, offering guaranteed approval (subject to conditions) and the opportunity to rebuild credit through responsible use. Cardholders are required to provide a security deposit, and benefit from features such as purchase protection and extended warranty coverage, though the card carries an annual fee and a standard interest rate.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
-
Guaranteed approval for those with weak credit
-
Helps build or repair credit history with responsible use
-
Low annual fee
-
Purchase and travel benefits for available for those who qualify for the unsecured card version
Cons
-
High interest rate
-
Limited extra features for secured cards
-
Security funds are required for the secured version
Annual Interest Rates
21.9%
Purchase
21.9%
Cash Advance
21.9%
Balance Transfer
Fees
$59
Annual Fee
Insurance Benefits
$75,000
Rental car insurance amount
Our Take
The Capital One® Guaranteed Secured Mastercard® is designed for individuals with limited or poor credit, offering guaranteed approval (subject to conditions) and the opportunity to rebuild credit through responsible use. Cardholders are required to provide a security deposit, and benefit from features such as purchase protection and extended warranty coverage, though the card carries an annual fee and a standard interest rate.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
-
Guaranteed approval for those with weak credit
-
Helps build or repair credit history with responsible use
-
Low annual fee
-
Purchase and travel benefits for available for those who qualify for the unsecured card version
Cons
-
High interest rate
-
Limited extra features for secured cards
-
Security funds are required for the secured version
Annual Interest Rates
21.9%
Purchase
21.9%
Cash Advance
21.9%
Balance Transfer
Fees
$59
Annual Fee
Insurance Benefits
$75,000
Rental car insurance amount
Is the Neo Secured Mastercard worth it?
For those starting out or rebuilding credit, this card offers a unique advantage with its rewards program and low entry barrier. Its cash back rewards is an awesome perk. And with the Neo Everyday account, you'll also earn extra cash back at Neo Partners you can find in their easy-to-use app.
If you need to build credit, this is arguably the best secured credit card available.
