How do I Apply for the Secured Neo Mastercard?

What do I need to know before applying?

The Secured Neo Mastercard is a card that does not require a credit check and still offers up to 2% cashback on groceries and gas stations.

With the motto “a new home for your money,” Neo Financial is a company offering multiple services to the public.

Highlighted financial solutions include account management, investment portfolios, mortgages, and credit cards.

Among its options is the Neo Secured Mastercard, a secured credit card that works very efficiently.

To begin, you choose the credit limit based on what you need. However, you must provide security funds. 

The minimum deposit is $50. If you want a credit limit of $200, you need to make a security deposit of $200.

Despite being a card aimed at building credit history, it still offers a good cashback rate, with 0.5% cashback on all eligible purchases.

Additionally, you get your security deposit back when you close the account and pay off the balance in full. 

This way, the card is simple to use daily, while still offering benefits, with a good cashback percentage.

Not surprisingly, the card has won multiple awards from various Canadian market analysis agencies, making it one of the top choices for enjoying benefits across the country.

If you want to know more, keep reading.

Who can Apply?

The selection criteria for a secured card are much simpler than for other credit cards. Therefore, you only need to be at least 18 or 19 years old, depending on the province you live in.

One unique feature of the Neo Mastercard is that you can use foreign documents to verify your identity, without having to provide Canadian versions.

Neo does not perform an in-depth credit history check, primarily because the security deposit format guarantees bill payments. 

Therefore, there’s no need to set an income requirement, as this type of analysis is more common with credit cards that allow post-payment of bills. 

It’s worth noting that every request is subject to Neo’s availability, and meeting the conditions does not guarantee the card, although approval is granted in most cases.

Learn How to Apply for a Secured Neo Mastercard

Directly on the bank’s website, you can select the “Sign Up” page to start the application process for the card.

The first step is to create an account with Neo, which is mandatory to obtain the secured credit card. 

To do so, you need to submit an email address and password. To continue creating the account, you’ll need to provide a phone number, full name, and address.

Additionally, during the application, you may be required to submit documents to verify your identity and residence.

The card does not perform a detailed income or credit history check, but you may be asked for more information about your employment and income. 

Still, Neo promises quick and easy approval, and in case of any questions, you can contact the digital bank’s customer service channels. 

More Details

The Neo card costs only $5 per month, which totals $60 annually, in line with the card’s format.

The main benefit of the card is precisely helping you improve your credit score. In this regard, it provides monthly reports to the major credit reporting agencies in Canada: TransUnion and Equifax. 

By reporting to both credit agencies, it becomes easier for other companies to conduct credit checks, presenting a more complete profile for you. 

You can also track your credit score progress directly on the Neo app at any time to see your TransUnion score. 

Overall, the card is very efficient for starting your credit journey with security and reliability.

Want to learn another option?

If you have a higher credit score, you can check out the Simply Cash Preferred from American Express, which offers up to 4% cashback on groceries and gas stations.

The American Express card provides a very premium experience, including special access to events and airports. Here’s how to apply.

Written by

Gabriel Gonçalves