Secured Neo Mastercard: No Deep Credit Check and 0.5% Cashback on all Purchases

The Secured Neo Mastercard is a credit card designed to help you improve your credit score while still earning cashback benefits.

As such, it’s considered one of the best secured credit cards in Canada, offering security and reliability. Here’s how to apply.

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Neo is a digital financial company, investing in technology to offer services such as checking and savings accounts, credit cards, investments, and mortgages.

In terms of credit cards, Neo offers the Neo Secured Mastercard as one of the leading secured cards in the country.

The card offers different levels of cashback, with 0.5% cash back on all your purchases. For gas stations and grocery stores, the cashback rate is 2%.

The platform provides a cashback calculator so you can know exactly how much you could potentially earn with the card.

Due to the well-balanced combination of a secured card with cashback, it has received several awards as the best card in its category from names like RatesdotCA, Savvy, and Hardbacen.

The secured card format allows you to reserve funds as a security deposit, starting at $50. From there, you can make your daily purchases and pay off the balance in regular installments.

The secured card format allows for a highly customizable credit limit. If you reserve $500 as a security deposit, your credit limit will be $500, and so on. The minimum deposit is $50.

No, the Neo Mastercard does not offer any kind of welcome bonus for new users.

The card has a monthly maintenance fee of $5, totaling $60 annually. Purchase interest rates range from 19.99% to 31.99%, depending on the province.

Neo states that it does not conduct a thorough credit check like other regular credit cards, making it easier for the public to access.

Yes, the entire application process can be completed directly through Neo’s customer service channels, as it is primarily an online service.

Neo then sends monthly reports to companies like Equifax and TransUnion to add more credit to your profile. This is essential for improving your credit score and enabling you to qualify for more robust credit cards.

Moreover, the Mastercard network is widely accepted worldwide, making travel and usage anywhere easy, without major restrictions.

Another great benefit of the Neo credit card is guaranteed approval, as by the very nature of the Neo Mastercard, there is no requirement for a strict credit check.

In this sense, you can apply for the credit card using your international identification documents, which will be accepted without necessarily needing Canadian documents.

Therefore, the Neo Secured is an efficient solution for those who want quick credit with good terms, working in all locations without significant difficulties in day-to-day life.

Want to learn another option?

If you have a higher credit score, you can opt for the SimplyCash Preferred by American Express, offering up to 4% cashback on purchases at gas stations and grocery stores.

Additionally, the card comes with exclusive access to experiences and events, offering premium benefits to Amex customers. Here’s how to apply.

SEE HOW TO APPLY