How to Apply for the NEO Credit Card?
The NEO Credit Card is a cashback credit card offered by Neo Financial, a Canadian financial technology company.
It has no annual fees and provides up to 5% average cashback when used at Neo’s retail partners, which include gas stations, grocery stores, restaurants, and more.
This definitive guide will cover the following key aspects of the NEO Credit Card:
- Rewards and Cashback
- Fees
- Benefits
- Application Process
- Eligibility Criteria
Rewards and Cashback
Earning Cashback
The NEO Credit Card offers an average of 5% cashback when shopping at Neo’s retail partners. Over 10,000 merchants are included, spanning categories like gas, groceries, dining, travel, and entertainment.
To earn cashback, simply use your NEO Credit Card at a participating retailer. The cashback will automatically be credited to your account. There is no minimum spend required to earn rewards.
Neo also guarantees a 0.5% cashback floor on all purchases, even non-partner transactions. So you’ll always get at least 0.5% back no matter where you shop.
Welcome Bonus
New NEO Credit Card customers can earn up to 15% cashback on their first purchase at select Neo partners. This provides an easy way to maximize rewards from the start.
Redeeming Rewards
Redeeming rewards on the NEO Credit Card is straightforward. At any time, you can:
- Pay down credit card balances using cashback;
- Deposit cashback into a savings account;
- Use cashback to shop at the Neo online store.
There are no minimum redemption requirements or waiting periods to access your rewards.
Unlimited Earning Potential
The NEO Credit Card places no caps on how much total cashback can be earned. This means your earning potential is unlimited.
As long as you keep using the card for purchases with Neo retail partners, you can continue accumulating rewards.
APPLY NOW FOR YOUR NEO CREDIT CARD
Fees
A major advantage of the NEO Credit Card is the lack of annual fees. There is $0 required each year to keep the card open.
Here is a summary of the other key fees:
- Cash Advance in Canada: $2.50 per transaction;
- Cash Advance Outside Canada: $5 per transaction;
- Overdraft Transfer Fee: $0;
- Foreign Transaction Fee: 2.5% of transaction amount.
As you can see, the fee structure is quite minimal compared to other credit cards. Cash advances and foreign transactions cost slightly more, but day-to-day spending in Canada can be completely free.
Benefits
The NEO Credit Card focuses its value proposition on cashback rewards rather than insurance coverage or additional benefits. However, there are still a few perks included:
Flexible Rewards
One unique aspect of the NEO Card is the ability to customize your rewards through “perks”.
For a monthly fee, you can add various perks to your card that boost your cashback rates in certain categories or provide other bonuses.
This flexibility lets you tailor rewards to your spending habits. You can stack multiple perks together for even more potential value.
Premium Upgrade
For $4.99 per month, the Premium Upgrade unlocks boosted cashback rates, credit score monitoring, purchase protection, and more benefits. It essentially takes your rewards and features to the next level.
Credit Score Monitoring
All NEO Credit Card holders get access to credit score monitoring directly in the Neo app. This allows you to keep an eye on your credit and work to improve it over time.
Monitoring is also included with no extra fees needed.
APPLY NOW FOR YOUR NEO CREDIT CARD
Application Process
Applying for the NEO Credit Card is simple and can be completed online in just a few minutes.
Here are the steps:
- Visit the NEO Financial website;
- Click “Get Your Card”;
- Choose either the standard NEO Credit Card or the secured NEO Credit Card;
- Provide some basic personal information;
- Enter your documentation (proof of ID and proof of address);
- Accept the terms and conditions;
- Submit your application.
Once submitted, Neo will process your application and inform you whether you have been approved. If approved, your new NEO Credit Card will be mailed to you shortly after.
The entire process is smooth and digital, with approvals often instant. And support is available every step of the way in case any questions come up.
Eligibility Criteria
To qualify for the NEO Credit Card, applicants must:
- Reside in Canada
- Possess valid Canadian ID
- Be of the age of majority in their province
The card is quite accessible, accepting a wide range of credit scores. There is also a secured version available with guaranteed approval for those looking to build or rebuild credit.
Meeting those basic eligibility requirements above is all that’s needed to have a strong chance of approval.
The Neo Credit Card: Our Opinion
The Neo Credit Card offers a remarkable 5% cash back on regular purchases, deposited directly into an account that offers 10 times the interest compared to standard bank accounts. This feature sets Neo apart from other credit cards in Canada.
As a digital-only credit card, Neo Financial offers simplicity and ease of digital payments. If you prefer visiting a physical bank, a credit card from a traditional bank might be more suitable.
However, if you embrace digital payments, then Neo’s card is tailor-made for your preferences.
Neo Credit Card has a remarkably swift approval process that is accessible to individuals with a credit score as low as 600.
As a Mastercard, it is accepted wherever Mastercard is. Its compatibility with Google Pay and Apple Pay adds an extra layer of convenience.
The Neo Credit Card is the epitome of flexibility and simplicity in Canada. The groundbreaking app connectivity enhances your experience, and new sign-ups enjoy a free $25 Cash Bonus.
Furthermore, the card offers an enticing 15% discount on first-time purchases from partner stores.
Overall, the Neo Credit Card is a great choice for anyone looking for a digital-only credit card that offers high cashback on regular purchases, swift approval process, and compatibility with Google Pay and Apple Pay.
APPLY NOW FOR YOUR NEO CREDIT CARD
Conclusion
With exceptional cashback rewards, minimal fees, flexible redemption, and solid approval odds, the NEO Credit Card stands out in Canada’s credit card landscape.
It makes for an excellent option whether you want to maximize savings or simplify your finances.
This definitive guide covered all the most important details – from earning rates to application criteria.
So you now have an in-depth understanding of how the card works and what it provides cardholders.
Take advantage of this knowledge to determine if the NEO Card aligns with your spending habits and financial needs.
