Our Verdict
The Neo Mastercard stands out as one of the best no-fee credit cards in Canada, especially for people who value simplicity and digital-first convenience. With strong cashback offers, no annual fees, and tailored perks from Canadian merchants, it’s an accessible option that delivers consistent everyday value.
Pros
- Easy approval process
- no annual fee
- generous cashback potential
- fully digital platform
- personalized rewards
Cons
- Limited premium travel perks
- Some high spenders may find better value in niche category cards.
Neo Mastercard (Canada) - No Fee, Cash Back Credit Card by Neo Financial
Why Choose Neo
- No annual fee on the standard Neo Mastercard; optional upgrades available.
- Instant cash back on everyday purchases, plus average ~5% at 10,000+ partners across Canada.
- Fast digital application and quick decisions - apply online, track rewards in the app.
Flexible credit limits (as low as $100, up to $10,000 on approval).
- Secured option (from $5/month) to build credit with deposits starting at $50.
How Neo Cash Back Works
Neo combines base cash back with partner boosts and optional "Perks" (monthly add-ons) so you can tailor rewards:
- Base + Partner Network: Earn cash back on most purchases, and boost to ~5% average at 10,000+ partners (restaurants, retail, travel, services).
- Everyday Account Tie-In: Higher Everyday account balances can unlock elevated earn rates on categories like gas/grocery - Neo shows this in their calculator.
- Subscription Perks: Add monthly Perks (e.g., travel, food & drink, mobile protection) to increase value; stackable and flexible.
- Redemption: Use cash back to reduce your card balance, move it to your Neo Everyday account, or redeem in the Neo Store - all from the app.
Note: Neo applies monthly spend limits for elevated earn; after the limit, rates decrease until the next monthly reset. Details in the app/rewards policy.
Neo Credit Card Summary
| Card |
Fee |
Credit Limit |
Typical Requirements |
Standout Features |
| Neo Mastercard (standard) |
$0 annual fee |
Up to $10,000 (from ~$100) |
Canadian resident, age of majority |
No fee, instant cash back; ~5% avg at 10,000+ partners; full app control |
| Neo World Mastercard |
$0 annual fee |
Up to $30,000 (secured up to $10k) |
Typically $50k personal or $80k household income (unsecured) |
Higher tier benefits & higher limits; optional secured variant |
| Neo World Elite Mastercard |
$125 annual fee |
Up to $30,000 (secured up to $10k) |
Typically $80k personal or $150k household income (unsecured) |
Premium perks & elevated earn potential vs standard cards |
| Secured Neo Mastercard |
$5/month |
Deposit-backed limit (min $50) |
No hard credit check for approval; international IDs accepted |
Builds credit (reports to Equifax & TransUnion); earns cash back like standard |
Neo Mastercard Rates & Fees
| Item |
Details |
| Annual Fee (standard Neo) |
$0 |
| Purchase APR (range) |
Approx. 19.99% - 29.99% (province & profile dependent) |
| Cash Advance APR (range) |
Approx. 22.99% - 31.99% (province & profile dependent) |
| Secured Neo Mastercard |
$5/month; deposit-backed limit (min deposit often starts low) |
| Notes |
Exact rates/fees shown during application; offers & partner cash back vary and may have monthly spend caps. |
Neo Mastercard vs. Other Popular No-Fee Credit Cards
| Card |
Annual Fee |
Rewards Structure |
Standout Pros |
Considerations |
| Neo Mastercard (standard) |
$0 |
Instant cash back; elevated earn at wide partner network; optional add-on Perks |
No fee; big partner footprint; strong app; secured version available |
Partner-boosted cash back may vary by location; monthly caps may apply |
| Tangerine Money-Back (no fee) |
$0 |
Category-based cash back; choose categories in app |
Flexible categories; no annual fee |
Requires managing categories to maximize value |
| PC Financial Mastercard (no fee) |
$0 |
Points in the Loblaw/Shoppers retail ecosystem |
Strong value if you shop PC/Loblaw brands often |
Best value is concentrated at specific retailers |
| National Bank / BMO / CIBC no-fee cash back |
$0 (most variants) |
Typically base cash back with category boosts |
Established bank brands; occasional intro promos |
Earnings can be lower without promos or category planning |
Neo Credit Card - FAQs
Is there an annual fee?
The standard Neo Mastercard has no annual fee. Other tiers may have annual or monthly fees shown at application.
How does cash back work?
You earn base cash back on everyday purchases and boosted rates at partner merchants. Offers vary by location and may have monthly caps.
Can I build credit with Neo?
Yes. The Secured Neo Mastercard reports to major credit bureaus and uses a refundable security deposit to set your limit.
What are the current APRs?
APR ranges are shown during application and can vary by province and profile. Typical ranges for purchases and cash advances are disclosed before you accept.
What credit score do I need to qualify?
Neo considers a wide range of applicants. The unsecured Neo Mastercard typically requires fair to good credit, while the secured version is accessible to those with limited or poor credit histories.
Does Neo Mastercard work internationally?
Yes. As a Mastercard, it’s accepted globally wherever Mastercard is. Foreign currency purchases are subject to standard foreign exchange fees.
Can I use Neo with Apple Pay or Google Pay?
Yes. Neo Mastercard is compatible with Apple Pay, Google Pay, and Samsung Pay, making tap-to-pay and mobile wallet use seamless.
Does Neo charge foreign transaction fees?
Yes. Like many Canadian credit cards, standard 2.5% FX fees may apply on non-CAD purchases. Always check your cardholder agreement for the latest details.
What's the minimum income requirement?
Neo does not advertise strict income minimums. Approval depends more on your credit profile and financial history than on a set income threshold.
What's included in Neo Perks?
Neo offers optional monthly Perks subscriptions (e.g., food delivery, rideshare, streaming) that unlock extra cash back. Availability and value vary by partner.
How do I manage my Neo account?
All account management is handled through the Neo mobile app and web dashboard. You can view transactions, rewards, statements, and lock your card instantly.
Is Neo secure?
Yes. Neo Mastercard uses bank-grade encryption, fraud monitoring, and Mastercard Zero Liability protection to safeguard your account.
Our Verdict
The Neo Mastercard is a modern, no-fee credit card that delivers strong everyday value with cashback and perks tailored to Canadian lifestyles. Its digital-first design makes it a great choice for those who want convenience and speed without traditional banking friction. While it may not offer the deep premium travel benefits of higher-tier cards, its balance of rewards, ease of use, and accessibility makes it an excellent choice for most Canadians.
Overall Rating: 9/10
Pros: Easy approval process, no annual fee, strong cashback rewards, fully digital platform, tailored offers from Canadian merchants.
Cons: Limited travel perks, rewards structure may not maximize value for high spenders in niche categories.
Ready to Experience Smarter Credit?
The Neo Mastercard offers cash back, digital convenience, and flexible options designed for Canadians who want more value from their credit card.
Whether you're looking to build credit, maximize rewards, or enjoy the perks of a fully digital experience - Neo has you covered.
Apply Now for the Neo Mastercard
Approval is quick, the application is 100% online, and you'll see your personalized options in minutes.
