Tue. Jun 18th, 2024

Neo Card Overview: Get $25 without cost

**This put up could comprise affiliate hyperlinks. I could also be compensated for those who use them.

The Neo Card™ has been out there to Canadians for some time now, and it’s rapidly change into one of many extra fashionable no payment bank cards. It presents a number of the highest money again charges and now has non-compulsory perks that can help you customise your card to earn additional rewards and advantages primarily based in your spending. 

Whereas Neo Monetary is comparatively new in Canada, they’re beginning to make a reputation for themselves. Learn my Neo Card assessment now for the total particulars.

Neo Card

The very first thing you’ll seemingly discover in my Neo Card assessment is that the cardboard presents a median of 5% money again. That is extraordinary for a no month-to-month/annual payment card. That stated, you must take a look at the main points of the cardboard. Solely Neo companions give you enhanced money again. Thankfully, Neo Monetary has greater than 8,000 retailers the place you’ll be able to earn money again. Which means some companions would possibly give you 1% money again, whereas others gives you 10% money again.

The Neo Card additionally ensures you at the very least 0.5% money again per 30 days (as much as $50). 

Admittedly, some individuals don’t like the concept of solely incomes money again at accomplice retailers. Thankfully, discovering these companions is simple as there’s a map function constructed straight into the Neo Monetary app that you would be able to see in real-time. Alternatively, you’ll be able to even search companions by class. For instance, eating places, journey, and attire.

A few of Neo’s money again companions embrace Earls, Frank and Oak, Harry Rosen, Marble Slab Creamery, AVIS, Nicely.ca and extra. Typically talking, smaller chains and impartial shops supply increased money again rewards than nationwide retailers. For a full listing of companions, you’ll be able to join along with your e mail. Word that this doesn’t robotically imply you’re making use of for the Neo Card. You’re merely signing up for an account to see what companions are close to you.

The Neo Card is a conventional bank card that’s out there to everybody in Canada, together with residents of Quebec. Which means you get an curiosity free interval, not like pay as you go bank cards

With this card, you solely want a credit score rating of 600 to be thought of. In case your credit score rating falls beneath that quantity, you would apply for Neo’s secured bank card possibility. Additionally, observe that there was Neo Plus and Neo Extremely tiers. They’re not out there.

As soon as authorized, you’ll be able to add your Neo Card to your digital pockets for each Android and iOS (Google Pay & Apple Pay). The app can even show any present presents and ship you notifications.

Neo Monetary Perks

One concern that many individuals have seemingly already observed in my Neo Card assessment is the dearth of class primarily based money again presents and extra advantages. To handle this, Neo just lately launched totally different subscriptions that can help you customise your perks. Better of all, these plans will be bought and cancelled at any time, so you’ll be able to create an final money again card for those who plan accordingly. 

Premium Entry

  • $0.99 per 30 days
  • As much as 20% money again in your first buy with choose companions
  • Unique month-to-month money again bonus presents
  • Precedence buyer help
  • Buy safety and prolonged guarantee

Premium Entry is a bit attention-grabbing. At $0.99 a month, you get buy safety, prolonged guarantee, and further money again bonus presents. This is likely to be the perfect “worth” bundle because it’s low value and provides you just a few good advantages.

Journey Perks

  • $4.99 per 30 days
  • 2% money again on overseas transactions
  • 1.5x money again enhance in any respect airline, resort, and automobile rental journey companions
  • Precedence Go airport lounge entry (no free passes)
  • SmartDelay free airport lounge entry when registered flights are delayed by greater than an hour
  • Complete journey insurance coverage protection, together with emergency journey medical, journey cancellation, automobile rental safety, flight delay, and extra

The Neo Journey perks will value you $4.99 month-to-month or $59.88 a yr. 2% again on overseas transactions is good, however the overseas transaction payment is 2.5%, so that you’re nonetheless down 0.5%. That stated, the included journey insurance coverage is kind of useful and simply value greater than the month-to-month payment. The Precedence Go membership usually prices US$99 a yr, however you’re getting it free with this subscription. After all, you continue to have to pay for every particular person go to. 

On a regular basis Necessities Perks

  • $8.99 per 30 days
  • 1.5x money again enhance at grocery and wholesale shops like Costco and Walmart
  • 1.5x money again enhance at specialty meals and liquor retailer companions
  • 1.5x money again enhance at fuel station companions
  • Unique presents at fashionable grocery shops and fuel station chains like Husky, Chevron, and Irving Oil
  • Important life insurance coverage safety to cowl card balances

Costco and Walmart sometimes fall into the bottom earn fee for many bank cards, however Neo’s On a regular basis Necessities plan offers each of them a 1.5X money again enhance. This could attraction to those that do lots of purchasing at wholesale shops. There’s additionally a money again enhance at specialty meals, liquor retailer, and fuel station companions.

Meals & Drink Perks

  • $1.99 per 30 days
  • 1.25x money again enhance at accomplice eating places, cafes, and bars
  • 1.25x money again enhance  on meals supply
  • Solely out there in Alberta, British Columbia and Manitoba

Usually, I’d be all for a money again enhance on eating places, however the Neo Meals & Drink bundle is at present solely out there in Alberta, British Columbia and Manitoba, so it’s solely good for those that reside or are visiting these provinces. That stated, at $1.99 a month, this bundle may very well be value it.

Thoughts & Physique Perks

  • $9.99 per 30 days
  • 1.25x money again enhance at gyms and health studios
  • FitOn PRO exercise app subscription
  • Headspace Plus meditation app subscription

If you happen to subscribe to Headspace Plus and FitON PRO, the Thoughts & Physique perks may very well be a greater worth in your Neo Card. The price of these subscriptions is about the identical because the $9.99 month-to-month subscription payment, however you’re additionally getting 1.25x the money again at gyms and health studios.

Cell & Private Safety Perks

  • $9.99 per 30 days
  • Cell machine insurance coverage
  • Dashlane Premium subscription for safe password administration throughout gadgets
  • $1 million in fraud, ransomware, and social engineering protection
  • Credit score monitoring companies

Lastly, there’s the Cell & Private Safety plan. Cell machine insurance coverage is good, however the promoting factors for this bundle are the Dashlane Premium subscription and $1 million in fraud safety.

What’s Neo Monetary?

Neo Monetary is a web-based monetary know-how firm primarily based in Calgary. They have been based by Andrew Chau and Jeff Adamson, the identical crew that created Skip The Dishes, so arising with game-changing apps is nothing new to them. In addition they have some large identify traders backing them.

Presently, Neo Monetary has a high-interest financial savings account (Neo Cash™) and two bank cards out there. As well as, they’re the bank card supplier for the Hudson’s Bay Firm. In addition they present a Secured Credit score Card, Mortgage (Neo Mortgage™) and Funding (Neo Make investments™) companies.

How the Neo Card compares

It’s now time to go over comparisons in my Neo Card assessment. The 2 most comparable playing cards are the Tangerine Cash-Again Card, and the Tangerine World Mastercard. Each of those playing cards haven’t any charges and can help you choose as much as three classes the place you’ll earn 2% money again. All different purchases earn you 0.5% money again. The World model additionally consists of cellular machine and rental automobile insurance coverage.

With the Neo Card, you’ll earn a median of 5% money again, with a minimal money again payout of 0.5% every month (as much as $50). Which card is best will rely in your spending patterns. If you happen to primarily store with three service provider classes, the Tangerine playing cards could also be a greater match. Nonetheless, if the Neo Monetary companions line up along with your spending, then the Neo Card is the way in which to go.

The extra benefit of the Neo Card is the non-compulsory bundles. You may add and stack perks to boost your money again or advantages everytime you need. You may then unsubscribe at any time for those who not want them. That stated, for those who add multiple subscription, it’s possible you’ll be higher off with probably the greatest bank cards in Canada.

There are additionally some pure comparisons to KOHO since each earn you additional money again from companions. Whereas the playing cards do have some similarities, KOHO is a pay as you go bank card, whereas Neo is a conventional bank card. 

Neo Monetary Mastercard professionals and cons

The final part of my Neo Card Overview is the professionals and cons. There’s no excellent bank card. Each bank card has positives and negatives. As a shopper, you must take into account either side earlier than deciding if a bank card is best for you.

Neo Card professionals

  • No annual payment – It gained’t value you something to have this card
  • Welcome bonus – You’ll get $25 as quickly as you join
  • Sturdy money again – Earn a median of 5% money again (0.5% assured)
  • Non-obligatory perks – Improve your card with non-compulsory perks

Neo Card cons

  • No flat fee money again – Enhanced earn charges solely apply to companions
  • No included insurance coverage – If you’d like insurance coverage, you must pay for a subscription
  • Perks will be expensive – When subscribing to a number of perks, the month-to-month charges add up
  • There are higher choices – If you happen to’re prepared to pay an annual payment, there are higher money again and journey bank cards out there.

Ultimate ideas

My Neo Card assessment is constructive. As a brand new participant, Neo Monetary is making some attention-grabbing strikes. Customers that may persistently earn a median of 5% cashback gained’t complain. Particularly since it is a no payment card. Nonetheless, for those who store often the place Neo doesn’t have companions, you then’re higher off with one of many finest money again bank cards in Canada. 

For these contemplating a Neo Cash Account, it is best to know that Neo Monetary is partnered with Concentra Financial institution. Since Concentra is a CDIC member, your deposits are insured as much as $100,000.

Neo Card Review: Get $25 for free

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