<sup>* When you make payments in full and on time each month.

¹ Cashback earn subject to monthly spend limit. When monthly spend limit is reached, earn rate decreases for subsequent spending. Spend limit resets monthly. Minimum balance required to earn the highest rate. For more information, visit the Neo app.</sup>

<sup>² As awarded by Savvy New Canadians on June 30, 2024.

³ Conditions apply. Must 1. be the age of majority in your province or territory of residence; 2. be a Canadian resident; 3. provide security funds.

⁴ Except in Quebec where the amount of the security funds is a variable amongst others, which helps establish your credit limit

Mastercard, World Mastercard, World Elite, and the circles design are registered trademarks of Mastercard International Incorporated.</sup> 

Frequently Asked Questions

How does cashback work with a Secured Neo Mastercard?

Our cashback amounts are linked to the secured card that you applied for. For example, if you have a Secured Neo World Elite®, you get 5% back on groceries. If you have a Secured Neo World Mastercard®, you will get 2% back on groceries. You can also boost your cashback levels by having a Neo Everyday account and increasing your balance. Check out the Neo app for more details.

Do the Secured Neo cards require a credit check to be approved?

No—there are no hard credit checks for the Secured Neo Mastercard®, Secured Neo World Mastercard® or the Secured Neo World Elite® Mastercard . Approval is guaranteed² and instant regardless of good, low, or no credit score.

Which credit bureaus does Neo report to?

Neo reports to Canada's consumer credit bureaus, Equifax and TransUnion®. These are the two main credit bureaus in Canada that collect, store and share information on your financial history. Equifax and TransUnion® use that information to compile credit reports and issue credit scores based on your financial behaviours.

What are the benefits of reporting to both credit bureaus?

Reporting to both Equifax and TransUnion® means lenders, employers, insurance companies, mobile phone companies, landlords, or anyone else who checks your credit score will have a more complete view of your credit profile and credit history. Depending on the lender, they pull information from one or both credit bureaus, so it's beneficial to have your Neo Credit payments reported to both bureaus. With a more complete picture, you can better understand how to help build and maintain your credit score* and history.

How can I check my credit score?

You can easily check the progress of your credit score using TransUnion® in the Neo app any time. To check your credit score using Equifax, you can check it directly through the Equifax website. Check our Help Centre article to learn more about our in-app features.

EN / FR

Can I have more than one credit score?

Yes, you can have more than one credit score, depending on the credit bureau. It's normal for your credit score to differ between credit bureaus because Equifax and TransUnion® use their own proprietary scoring algorithms to calculate your credit score. Although both credit bureaus calculate credit scores based on the same factors (payment history, credit utilization, length of credit history, types of credit and number of inquiries), they may weigh those factors differently and have different information about your credit history.

The Secured Neo cards may help you build your credit⁵ while earning cashback rewards, for only $5 a month (or a $125 annual fee for the Secured Neo World Elite®). Unlike traditional credit cards, we won’t check your credit history, and you’re guaranteed approval.¹ You can use the Secured Neo card just like you would any other traditional credit card, anywhere Mastercard is accepted.

What makes the Secured Neo cards different from other traditional credit cards?

Half of Secured Neo card users improve their credit score by an average of 27 points in just 3 months 

We’ve got a few awards in the bank

Build your credit history with industry leaders* 

Our credit cards report to the two leading credit reporting agencies in Canada TransUnion^® & Equifax

Start building credit history safely with on-time payments 

Monitor your credit score in the Neo app with real-time data provided by TransUnion^® 

How much is the credit limit?

Your credit limit is equal to the amount of security funds you’ve set aside.⁵ This means you choose your limit based on your comfort level. For example, if you set aside $500 as your security funds, your credit limit is $500. The minimum amount of security funds to get started is $50.

What is the minimum amount I have to set aside for security funds?

Only $50—because wealth should never (ever) be a condition for building credit. For a Secured Neo World Elite® Mastercard, a minimum deposit of $200 is required, with a maximum credit limit of $10,000.

Will I get my security funds back?

Yes—your security funds will be returned to you if you decide to close your account and your balance has been paid off in full.

Build your credit history while getting world-class cashback*

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