Build your credit history while earning cashback 

* As awarded by RATESDOTCA on February 4, 2025.

¹ 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. 

² When you make payments in full and on time each month. 

³ Cashback earn subject to monthly spend limit. After monthly spend limit is reached, subsequent purchases are not eligible for cashback. Spend limit resets monthly. Minimum Neo Everyday account balance required to earn the highest rate. For more information, visit the Neo App. The Neo Rewards™ Program, including cashback, is operated by Neo.

⁴ Average based on current offers at select partners. Cashback may be limited and varies by perks, offer, and partner. Cashback, perks, insights, and other offers and rewards are operated by Neo.

⁵ For Quebec: Purchase rate (19.99%-24.99%) and cash advance rate (22.99%-25.99%).

⁶ Based on data collected by Neo as of November 1, 2024.

⁷ Based on research comparing Canadian secured credit cards. Research conducted by Neo Financial and based on data taken from public websites on December 10, 2024.

⁸ The account owner is solely responsible for all charges made by the additional cardholder. The account owner may remove the additional cardholder at any time. The additional cardholder shares the account owner’s credit limit. Additional cardholders must be the age of majority in their province. All cashback earned by the additional card is automatically added to the account owner’s Rewards Wallet. Transactions made by the additional cardholder only impact the account owner’s credit history. Refer to the Cardholder Agreement and Rewards Policy for full terms and conditions.

Mastercard, World Elite, and the circles design are registered trademarks of Mastercard International Incorporated.  

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secured credit card* 

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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 the Secured Neo Mastercard, you get 1% cashback on groceries and gas, and you get access to the Neo cashback network. 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^®. Approval is guaranteed 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. 

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.

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Guaranteed approval¹ 

Helps build credit history

Earn cashback on groceries & gas³

International IDs accepted 

Half of Secured Neo card users improve their credit score by an average of 26 points in just 3 months⁶ 

We’ve got a few awards in the bank

Earn even more on Canada’s largest cashback network

Visit any of our 10,000+ partners and earn an average of 5% cashback on top of your everyday cashback.⁴ 

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

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

How much is the credit limit? 

Your credit limit is equal to the amount of security funds you’ve set aside.⁶ 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.  

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. 

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SECURED NEO MASTERCARD

Can I get an additional card? 

Yes, you can invite a spouse, family member, or someone you trust to get an additional card, making it easier to earn rewards and manage expenses all in one place.⁸