See How to Apply for a Neo Money Card

What do I need to know before applying?

The Neo Money card is unlike anything you’ve seen before and offers variable cashback based on your spending!

Neo is a company dedicated to providing financial services directly through the internet, utilizing digital platforms to create innovative ways to manage your finances.

It offers a variety of services, including account management, financial advice, credit options, and various card products.

Among its offerings, Neo primarily features three types of cards, with Neo Money standing out as a unique option in the market.

Unlike traditional credit or debit cards, Neo Money presents a more efficient way to utilize your funds, similar to a checking account.

This card comes with no monthly fees and does not require a minimum balance, allowing for free daily transactions.

As a result, Neo Money operates like a bank account but adds the benefit of earning cashback—are you with me? Generally, the card provides around 3% cashback on grocery and gas purchases, along with 1% on all other transactions.

Moreover, there is potential for increased cashback rates. According to Neo, as you spend more, the cashback percentage can rise, especially to better suit your spending habits.

For instance, if you frequently spend on gas and groceries, the cashback rates for those categories can increase, adapting to your spending patterns.

If you’d like to learn more about the card, keep reading.

Who can Apply?

Neo Money has relaxed requirements and stands out from traditional market options.

Since it isn’t a credit card, it doesn’t perform checks on credit scores or histories, nor does it consider income factors. This is because it operates more like a checking account, without future bill payments.

To qualify for the card, you simply need to have a Canadian Social Insurance Number (SIN) and be at least 13 years old.

Neo strives to simplify the approval process, but meeting the criteria does not guarantee complete approval, as each application is subject to Neo’s discretion.

How do I Apply for the Neo Money Card?

To open your account and apply for the Neo Money card, you need to click the “Switch Now” button on Neo’s platform.

Initially, you will review the application terms and can click the “Get Started” button to begin your application.

The first step is to enter your email and password to create an account with Neo. To complete your profile, you will need to provide your phone number, physical address, full name, and your SIN details.

Throughout the process, you may be asked for additional banking or personal information.

However, registering for an account with Neo is typically a straightforward process, particularly since it is available to minors.

During the application, you might need to submit documentation or undergo email and phone verifications. If you have any inquiries, you can reach out to Neo’s customer service for help.

More Details

The Neo Money card provides an Everyday account designed for effective financial management, automating your payments to help avoid late fees.

Deposits with Neo are protected by CDIC insurance, and the card comes with top-notch protections for various situations.

As you utilize your card, you’ll receive instant notifications to help you monitor your spending. The app allows you to log into your account easily and freeze or unfreeze your card whenever necessary.

You can transfer funds from other accounts to your Neo account, as well as use Interac e-Transfer for moving money within Neo.

Moreover, cashback rewards are automatically credited to your account, making it even more convenient to use your card.

In this way, the card holds its own compared to other credit cards.

Want to learn another option?

If you’re looking for another credit card option for those starting their financial journey, consider the BMO Cashback Mastercard for Students, a card with a $0 fee that is widely accepted outside Canada. 

The card also offers a solid cashback rate, with 3% cashback on restaurant purchases, 1% on recurring bills, and 0.5% on all other purchases. Find out how to apply now. 

Written by

Gabriel Gonçalves