Voted Canada's Best Secured Credit Card2
Guaranteed approval1
No hard credit check
Legal Disclaimers
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 As awarded by Savvy New Canadians on October 26, 2023.
3 When you make payments in full and on time each month.
4 Cashback earn subject to monthly spend limit. After monthly spend limit is reached, earn rate decreases for subsequent purchases. 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.
5 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.
6 Except in Quebec, where the amount of the security funds is a variable amongst others, which helps establish your credit limit.
7 Limited-time offer. This offer is only valid for eligible new Neo customers who successfully open their first eligible Neo product. Customer has 90 days to complete the card application process. The free trial offer expires 14 days after customer successfully opens their eligible Neo product. Limit of one offer per customer, this offer cannot be combined with other promotional codes. Once free trial is started, trial period will end after 30 days, after which the customer will be charged the monthly subscription amount. Offer is subject to the Neo Rewards Policy and may be amended or cancelled at any time without notice. Third party terms and conditions may apply.
The Neo Everyday account is provided by Peoples Bank of Canada.
Secured Neo Mastercard is issued by Neo Financial™ pursuant to license by Mastercard International Incorporated.
Mastercard, World Elite, and the circles design are registered trademarks of Mastercard International Incorporated.
How does cashback work with a Secured Neo Mastercard?
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Our cashback amounts are tied to your Everyday balance. For example, earn 2% on gas and groceries, with an additional 0.5% on all other spend when you have $3,000 in your Everyday account. Use the calculator above to see how your Everyday balance rate impacts your cashback rates.
Does the Secured Neo Mastercard require a credit check to be approved?
No—there are no hard credit checks for the Neo Secured Credit card (unless you are a resident of Quebec). Approval is guaranteed1 and instant regardless of good, low, or no credit score.
How much is the credit limit?
Your credit limit is equal to the amount of security funds you’ve set aside3. 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.
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 score3 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.
What makes the Neo Secured Credit card different from other traditional credit cards?
Secured Neo Mastercard may help you build your credit⁴ 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 card just like you would any other traditional credit card, anywhere Mastercard is accepted.
SECURED NEO MASTERCARD®
Step 1
Step 2
Step 3
Open a free Neo Everyday account instantly.
Top up your Everyday account balance and earn increased cashback.
Earn even more on Canada’s largest cashback network
Pay with Neo at over 10,000 partners. Earn an additional average of 5% cashback5
Secured Neo Mastercard at a glance
Monthly Fee
$5
Purchase Interest
19.99% - 29.99%
Cash Advance Interest
22.99% - 31.99%
Do more. Get more.
The more money you have in your Neo Everyday Account, the higher your cashback rates4. See for yourself below.
Secured Neo Mastercard
Gas
Groceries
Everything else
1%
1%
0%
1.5%
0.5%
1.5%
2%
0.5%
2%
3%
1%
3%
4%
1%
4%
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.
Earn up to 5% cashback5
An award-winning secured credit card2
Our credit cards report to the two leading credit reporting agencies in Canada TransunionⓇ & Equifax
How does a secured credit card work?
Set your credit limit
Set aside funds to act as your security deposit, starting with as little as $506.
Make on-time payments
Make everyday purchases and pay off your balance with regular on-time payments by using additional funds.
Build your credit score3
Our monthly reporting to TransUnion and Equifax enables you to view your credit profile and better understand how to improve your credit score.
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.
What is the Purchase Credit Rate / APR?
The Purchase Credit Rate on the Neo Secured Mastercard is 19.99%-29.99% and the Cash Advance Rate is 22.99%-31.99%. For Quebec, the Purchase Credit Rate is 19.99%-24.99% and the Cash Advance Rate is 22.99%-25.99%. The standard rate on purchases and cash advances is dependent on our assessment of your credit application, credit profile, and your province. See your Cardholder Disclosure at time of application for your specific rate.
