Credit Cards

Neo Financial Mastercard Review

Overall Ranking



Annual Fee


Cashback Offers


Credit Limit


Earn Rewards


With a guaranteed rate of 1% cash back on all purchases, and an average of 5% cash back at Neo partners depending on your monthly plan, the Neo Financial Mastercard is one of the most lucrative rewards credit cards in Canada, and one that can earn you some of the highest cash back rates on your everyday purchases. Their high cashback rate combined with the high-interest Neo Money account means you have more money to spend and save for what you want.

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What is Neo Financial?

Neo is the latest Canadian start-up to disrupt the Canadian FinTech space. Founded by the team who created SkipTheDishes, Neo’s head office is located in Calgary and serves Canadians across Canada, including Quebec. If you’re ready for a better experience, Neo is it.

Neo Financial is revolutionizing the way people spend, save, and earn rewards. As of right now, Neo is offering a high rewards cashback credit card and a high-interest savings account. However, expect more from them in the future! Neo wants to change the way Canadians spend and save, and a credit card and savings account are only beginning.

About the Neo Financial Mastercard

The Neo Financial credit card is a high-rewards cashback credit card that provides an exceptionally high cash back rate, especially if you’re shopping at Neo Financial partners. You’re guaranteed to earn at least 1% cashback everywhere you shop (top-up limited to $5,000 of spending/month at non-partners), but the average at Neo partners offers 4% to 6%. The average is based on current offers and may vary per offer period and partners. Many retailers also have bonus cashback offers for first-time visits, repeated visits, or certain purchase thresholds.

You can view Neo Financial partners and their cashback 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 like Restaurants, Health & Wellness, or Apparel.

Some of the best cashback offers come from local businesses, so cardholders can earn the highest rewards by supporting business owners in their own neighbourhood!

In addition to unlimited cash back, your Neo Financial credit card charges no monthly or annual fees. You get unlimited transactions without having to worry about any out-of-pocket cost. Best of all, the Neo credit card is available Canada-wide, including Quebec, so Canadians across the country can enjoy the great cashback rate wherever they shop.

Is Neo a credit card?

Neo is powered by Mastercard®, so your Neo 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.

What credit score do you need for Neo?

You need a credit score of at least 600 to qualify for a Neo Mastercard. However, if you’re not quite there yet, you can apply for the Neo Card with Credit Builder. This is 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 range from 19.99% to 24.99%. You’ll be able to see your offer in the Neo app before you accept it. Once you accept, you’ll get your Neo Mastercard to add to your Apple Pay or Google Pay wallet, so you can begin earning cash back right away.

Card Features and Benefits

  • Welcome Bonus: New Neo Financial Mastercard cardholders get a welcome bonus of up to 15% cash back on their first purchase at most Neo partners. Terms and conditions apply. According to Neo, this 15% average is based on current offers, and cash back rates vary per offer and partner.
  • 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.
  • A guaranteed 1% cash back rate. Even if you don’t catch many bonus offers, your cash back rate from Neo will never fall below 1%.
  • Fully digital. Unlike a traditional Financial Institution, you don’t need to set foot in a branch to apply for a Neo card 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.

Pros and Cons

Neo Financial has great cashback offers, including double-digit cashback offers from many local neighbourhood cafes and restaurants for repeated visits or spending thresholds. It’s easy and fun to browse Neo partners in the app before choosing where to grab lunch so you can maximize cash back.

Your cashback will accrue as you spend, and you can cash out at any time. There’s no waiting for your credit card statement, or to hit a certain threshold before you can make a withdrawal. When you want your funds, simply tap “cash out” in the app and your cashback rewards will be applied to your Neo card balance. I earn about $30 per month in Neo rewards on my card.

Another helpful feature is Neo notifies you when your bill is due and how much you have to pay to avoid interest charges. Neo notifies its users via the app and by email before their bill is due with the exact amount they need to pay to avoid interest charges. When was the last time you had a credit card company help you avoid interest charges?

  • Guaranteed rate of 1% cash back

  • High bonus cashback offers

  • Unlimited cashback

  • Cash out your cashback rewards at any time

  • Fully digital

  • Beautiful, user-friendly app

  • Cashback is the only benefit currently offered

  • Low credit limits

  • Most Neo partners are cafes and restaurants, so the best cashback offers come from those

  • Cannot cash out your cash back rewards to the Neo Money account

The Verdict

The Neo card is the most rewarding cashback 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.


What is Neo Financial?

Neo Financial is a Canadian fintech brand offering a high-rewards cashback credit card and a high-interest savings account.

How do you apply for a Neo Credit Card?

You can apply directly for a Neo Credit Card by downloading their app or following this link. The Neo Card is a credit card so applying for it will count as a credit application. The limit and interest rate you receive for your Neo Card depends on your income and credit history.

What are some of the Neo Card cash back partners?

Neo partners include big box stores, online retailers, and local businesses alike. Expect to see familiar brands like Hudson's Bay, Staples, Second Cup, Best Buy, and Chapters Indigo, but look out for local cafes and restaurants too! You can view Neo partners without applying for the card right away simply by signing up through the app.

Neo Card issued by ATB Financial pursuant to license by Mastercard International Inc.

Neo Money is provided by Concentra Bank.

Apple Pay is a trademark of Apple Inc. / Google Pay is a trademark of Google LLC.

Mastercard® is a registered trademark, and the circle design is a trademark of Mastercard International Inc.

All product and company names are trademarks or registered trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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