Overview

Quick overview of the Neo World Mastercard

The Neo World Mastercard is Neo Financial's latest no fee cash back card. The card offers up to 2% cash back on everyday purchases like gas, groceries and bills, provides basic insurance protections and more, for no annual fee.

Who's it for?

Who is the Neo World Mastercard for?

The Neo World Mastercard is something of a strange card in that it exists in the same space as the other no annual fee card from Neo, the Neo Mastercard. The card’s 2% cash back is double the Neo Mastercard on paper with an additional bonus category (recurring bills) but, given that Neo credit cards earn more rewards with an associated Neo Everyday account, those rewards are likely to be very similar except for the base rates (0.5% to 2% back with the World and 0% to 1% with Neo Mastercard).

Here's how the three Neo credit cards compare:

Category Neo Mastercard Neo World Mastercard Neo World Elite Mastercard
Annual fee $0 $0 $125
Income N/A $50,000 (personal) or $80,000 household $80,000 personal or $150,000 household
Groceries rewards 1% 2% 5%
Gas rewards 1% 2% 3%
Recurring bills rewards N/A 2% 4%
Other rewards N/A 0.5% 1%

So if you want improved rewards over the base rate with Neo and meet the minimum income requirements, the Neo World Mastercard might be a better bet for you. But if you don't meet the income threshold, don't worry, the Neo Mastercard is also a reliable choice.

Pros and cons

Pros and cons

Pros

Pros

  • No annual fee: $0 annual fee means you don't have to pay to access enhanced rewards

  • Earn more with Neo Everyday: Earn even more rewards (up to 4% back) with Neo Everyday account balances

Cons

Cons

  • Limited insurance: The card provides only basic coverage with more comprehensive coverage costing you more

  • Confusing language: Neo could be clearer with its explanations of its products and services

Welcome bonus

Neo World Mastercard welcome bonus

The Neo World Mastercard doesn’t offer a welcome bonus at this time.

How to earn rewards

How to earn rewards with the Neo World Mastercard

The Neo World Mastercard earns cash back on all eligible purchases, but how much you’ll earn depends on the savings levels in your Neo Everyday account. Cardholders earn:

  • 2% cash back on groceries, gas and recurring bills
  • 0.5% back on all other purchases

But that cash back rate can climb as high as 4% with eligible deposits. With $10,000 in your Neo account, you'll unlock the highest earn rate of 4% on gas, recurring bills and groceries and 1% on everything else.  Of course, not everyone will reach that level, and most will be stuck somewhere in between, but likely around the 2% or 2.5% level, limiting the value.

How to redeem

How to redeem

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

Key benefits

Key benefits of the Neo World Mastercard

Earn enhanced cash back

Neo positions itself by saying it has the “best cash back rates,” but this is based on additional Neo services (and namely, its Neo Everyday account). While these accounts are additional, they provide significantly larger rewards. In the case of the World Mastercard from Neo, cardholders can earn up to an additional 4% cash back on gas, groceries and recurring bills. That’s an impressive haul for no annul fee (even if it requires over $10,000 in savings – no small feat!).

No annual fee

Where most credit cards have an annual fee, Neo charges $0. This is a great feature for anyone who wants reliable rewards (of around 2%, sometimes higher) but doesn’t want to fork out $25, $50, or even $100 for the privilege.

Fully digital platform

Neo is a fintech that truly places an emphasis on a digital-first approach. Neo products don’t require physical branches, just an internet connection and your details. This process makes the banking products extremely accessible for Gen Z and other digital-focused Canadians.

Insurance coverage

Neo World Mastercard insurance coverage

The Neo World Mastercard comes with basic protections for cardholders:

  • Extended warranty: 1 year
  • Purchase protection: 90 days

If you want additional coverage you’ll need Neo’s Travel Perk, a $4.99 monthly charge. For that fee, however, you’ll receive additional insurance coverage designed to protect you no matter where you travel:

  • Emergency medical coverage: Up to $1,000,000 
  • Trip cancellation: $1,000
  • Flight delay: $250
  • Delayed baggage: $1,000
  • Hotel burglary: $1,000
Extra benefits

Other benefits of the Neo World Mastercard

Secured option available

Like other Neo credit cards, there is also a secured version of the Neo World Mastercard available to potential applicants. The Neo Secured World Mastercard requires a security deposit to open, with the deposited amount equal to the credit line with the card. Need more credit? Simply deposit more funds.

How it compares

How does the Neo World Mastercard compare?

Neo World Mastercard vs. BMO CashBack® MasterCard®

BMO CashBack® Mastercard®*

Apply now

3.5

5% cash back

Welcome offer

Good

Suggested credit score

Get 5% cash back in your first 3 months*

Expires

Jun 1, 2025

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® is our top no fee credit card and it’s easy to see why. The card earns an impressive 3% (up to a monthly max of $500) cash back on groceries, plus up to seven cents off per litre on Shell fuel® and up to 20% off on National Car Rental®†† and Alamo Rent A Car®††. Not bad for $0 annual fee.

Disclosures: 

  • *Terms and conditions apply.
  • 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.

Neo World Mastercard vs. Neo Mastercard

Neo Mastercard

Apply now

2.7

Fair

Suggested credit score

to receive the latest news, tips and offers by email

Pros

  • No annual fee

  • Cash back rewards on purchases

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

Cons

  • Potentially high APR

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

Eligibility

Recommended Credit Score

Fair

Pros

  • No annual fee

  • Cash back rewards on purchases

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

Cons

  • Potentially high APR

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

Eligibility

Recommended Credit Score

Fair

Earn up to 4% cashback on gas and groceries, no matter where you pay for them.

Up to 4%

Earn up to 1% cashback on everything else

Up to 1%

Earn up to 15% cashback at participating partners with new offers added regularly.

Up to 15%

Visit any of Neo's 10,000 partners and earn an additional average of 5% cashback on top of your everyday cashback.

Up to 5%

Variable APR

19.99% - 29.99%

Cash Advance APR

22.99% - 31.99%

Annual Fee

$0

As mentioned, both the Neo Mastercard and Neo World Mastercard are very similar. The Neo Mastercard earns 1% back on purchases with that rate rising as high as 4% back based on your Neo Everyday savings account balance. The Neo World, on the other hand, earns 2% back with that rate climbing to 4%. See what I mean?

Is it worth it?

Is the Neo World Mastercard worth it?

If you're in search of a cash back card that offers above average rewards with no annual fee, the Neo World Mastercard may be for you. But if you don't bank with Neo and are looking for big rewards without the extra steps, you might find better value elsewhere.

Eligibility requirements

To qualify for the Neo World Mastercard, you’ll need:

  1. 1.

    To be a Canadian resident of at least the age of majority in your province of territory

  2. 2.

    Have a good credit score (no credit needed for secured option)

  3. 3.

    Earn a $50,000 (individual) or $80,000 (household) income

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.

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