Secured Neo World Elite® Mastercard
4.0 Ratehub rated
Best for Everyday spending
Cash back
Card highlights
Annual fee
Number of perks & insurances
Ratehub’s review
Natasha Macmillan
The Secured Neo World Elite Mastercard offers excellent cash back rewards – a feature that is hard to come by for a secured card. The card also includes guided credit-building tools with built-in credit-score tracking.
Pros
- Customizable cashback: Match your exact spending habits by choosing from three distinct earning structures. You can pick the Gas & Grocery tier, the Shop & Dine option, or the Everywhere plan, which offers a solid 2% back on all purchases
- Low minimum deposit requirement: A minimum deposit of $200 is required, and you can deposit more for a maximum credit limit of $10,000
Cons
- Higher interest rate: The card’s interest rate ranges from 19.99% to 29.99% depending on your credit profile and location. This is quite a bit higher than some low interest cards and other secured cards
- Higher annual fee: The annual fee of $149 is on the high side for a secured credit card
Rewards & bonuses
See what you could earn based on how you spend.
Earn rates
5%
On groceries*Up to $1,000 / month, then 1%
4%
On recurring bills*Up to $500 / month, then 1%
3%
On gas*Up to $1,000 / month, then 1%
1%
On everything else*
Monthly spending caps apply where shown. Rewards are earned on eligible purchases only, see the card’s terms for full details.
Your earning potential
First year reward
Based on spending $2,200/mo after $149 annual fee
Second year reward
Based on spending $2,200/mo after $149 annual fee
These numbers are based on estimations and the calculation breakdown below.
Adjust your spending
First year reward†
- If you spend $2,200/month, you’ll earn
- Annual fee
- First year reward
Second year reward†
- If you spend $2,200/month, you’ll earn
- Annual fee
- Second year reward
† Estimate calculated by Ratehub.ca and is based on current offers and a monthly spend of $2,200. It is for illustrative purposes only.
Perks & insurance
Perks and insurance coverage included with the card.
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Extended warranty | one full year following the expiry of the applicable Manufacturer’s Warranty | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
| Insurance | Details | |
|---|---|---|
| Travel accident insurance | Included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | first fourteen (14) consecutive days; up to $1,000,000 | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | up to (48) consecutive days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | combined maximum $5,000 per Covered Trip with trip interruption | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | combined maximum $5,000 per Covered Trip with trip cancellation | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | maximum of $500 per any one occurrence | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | up to a maximum of $1,000 | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | up to a maximum of $1,000 | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Not included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
Details & eligibility
Fees
- Annual fee
- $149
Rates
- Purchase interest
- 19.99% – 29.99%
- Balance transfer rate
- N/A
- Cash advance rate
- 22.99% – 31.99%
Type
- Provider
- Neo Financial
- Card type
- Cash back
- Payment network
- Mastercard
- Minimum deposit
- $200
Eligibility
- Minimum personal income
- $80,000
- Minimum household income
- $150,000
- Minimum credit score
- N/A