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 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
-
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
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 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 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 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.
Neo Standard Credit Mastercard insurance coverage
Neo standard Mastercard does not provide insurance coverage.
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 does the Neo Credit Card compare?
Here's how the Neo Financial Mastercard® (Neo Card) compares with other
BMO CashBack® Mastercard®*
3.4
5% cash back
Welcome offerGood
Suggested credit scoreGet 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
Good
Recommended Credit Score
$15,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$15,000
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
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%
20.99%
Purchase APR
22.99%
Cash Advance APR 21.99% for Quebec residents
$0
Annual Fee
Purchase APR
20.99%
Cash Advance APR
22.99%
Annual Fee
$0
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
Good
Recommended Credit Score
$15,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$15,000
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
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%
20.99%
Purchase APR
22.99%
Cash Advance APR 21.99% for Quebec residents
$0
Annual Fee
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.
MBNA Smart Cash Platinum Plus® Mastercard®
2.6
5% cash back
Welcome offerGood
Suggested credit scoreCash 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
Good
Recommended Credit Score
Recommended Credit Score
Good
2%
Cash Back‡ on eligible gas and grocery purchases thereafter (until the total gas and grocery purchases in the applicable month reaches $500)
0.5%
Get 0.5% Cash Back‡ for all other eligible purchases
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%
19.99%
Purchase APR
22.99%
Balance Transfer Rate
24.99%
Cash Advance APR
$0
Annual Fee Up to 9 additional card with no annual fee
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
24.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
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
Good
Recommended Credit Score
Recommended Credit Score
Good
2%
Cash Back‡ on eligible gas and grocery purchases thereafter (until the total gas and grocery purchases in the applicable month reaches $500)
0.5%
Get 0.5% Cash Back‡ for all other eligible purchases
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%
19.99%
Purchase APR
22.99%
Balance Transfer Rate
24.99%
Cash Advance APR
$0
Annual Fee Up to 9 additional card with no annual fee
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
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.
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 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
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 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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