Overview of the Secured Neo Mastercard®

Secured Neo Mastercard®

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Earning categories

15%

On first-time purchases at over 10,000 Neo partners

On average cashback with Neo partners

On gas (max.)

On groceries (max.)

On everything else (max.)

Secured Neo Mastercard® details

Welcome bonus: earn $25 cash back.
Annual fee: $60
Reward: Earn 15% on first-time purchases at over 10,000 Neo partners, 5% on average cashback with Neo partners, 4% on gas (max.), 4% on groceries (max.), 1% on everything else (max.)
Average point value: $1
Purchase interest rate: 19.99%
Cash advance interest rate: 22.99%
Balance transfer interest rate: N/A
Minimum income: $0K/yr
Household income: Any amount
Network: Mastercard
Provider: Neo Financial
Card type: Cash back

Detailed card summary

Benefits & features

Limited-time offer: Get $25 when you sign up
Earn instant cashback at over 10,000 partners and get up to 15% cashback on first-time purchases
Up to 4% cashback on gas and grocery and up to 1% everywhere else¹
Earn up to $680 in annual cashback^²
$5 monthly fee
Get up to $10,000 credit limit, instantly
Sign up in 3 minutes and start using your virtual card right away
Upgrade your card by adding flexible monthly subscriptions for travel*, gas, grocery, dining, and more

How to redeem

How to get approved

Ratehub review

Natasha Macmillan

November 7, 2024

The Secured Neo Mastercard offers you the opportunity to earn cash back rewards – a feature that is hard to come by for a secured card. The card also comes with noteworthy budgeting features through Neo AI and the ability to adjust your credit limit anytime.

Pros

Cash back rewards: Cash back rewards apply to gas and grocery purchases, as well as purchases with Neo partners
Low minimum deposit requirement: The $50 minimum deposit requirement makes this card accessible for most – many other cards require at least $500
Customize rewards: For a low monthly fee, you can subscribe to Perks which allow you to earn rewards from your spending and benefits like airport lounge access for specific categories, such as travel or wellness

Cons

Higher interest rate: The card’s 19.99% interest rate is quite a bit higher than some low interest cards and other secured cards
Cash back rewards are limited: You can earn a maximum of $680 in cash back per year, which is quite limited

Legal

^† The Purchase Credit Rate on the Neo Credit card is 19.99%-29.99% and the Cash Advance Rate is 22.99%-31.99%. For Quebec: Monthly Statements; No monthly or annual fees; 21-day grace period; Minimum payment is the higher of $10.00 or 5.0% of total statement balance; Purchase rate 19.99%-24.99% and cash advance rate 22.99%-25.99%. The standard rate on purchases and cash advances is dependent on our assessment of your credit application, credit profile, and your province. See your Cardholder Disclosure at time of application for your specific rate.

¹Minimum balance in a Neo Everyday account required to earn the highest rate. Cashback subject to monthly maximum spend limits. Cashback may be limited and varies by perks, offer, and partner. There may be monthly limits for boosted cashback offers.

²With Annual Spend Caps

³ Based on a comparison of the non-promotional grocery rewards earn rate on cashback credit cards with no annual fee as of June 28, 2024. A minimum balance of $10,000 in a Neo Everyday account is required to earn the highest rate. Up to $680 in total cashback annually.