Neo Secured Card

Build your credit on your terms - the credit card based on potential, not just history.

Updated: Jul 4, 2024

Advertiser Disclosure

The Neo Card™ (Secured) is a credit card that is designed to help people build or rebuild their credit history. It is offered by Neo Financial, a Canadian fintech company that is committed to making banking simple, affordable, and accessible to all. With its unique approach to credit and its range of features and benefits, the Neo Secured Card is a popular choice for Canadians who are looking to improve their credit while earning rewards on their spending.

ANNUAL FEE

$0

ONGOING APR

19.99% to 24.99% Variable

INTRO APR

N/A

74 User Ratings

Neo Secured Card

at Neo Financial's Secured website

Apply Now

Introductory APR

N/A

Intro APR Period

N/A

Recommended Credit

Bad Credit OK

Key Features

  • A physical and digital secured card that doesn't require a hard credit check
  • Security funds minimum of only $50, because wealth should never be a condition for building credit
  • Guaranteed approval for all Canadians
  • Earns cashback on everyday spending
  • 15% welcome bonus cash back on your first purchase at 10,000+ Neo partners
  • Average of 5% cash back at Neo partners
  • No monthly or annual fees for free Standard rewards plans
  • Track spending with real time notifications and view balance in seconds
  • Cash out your rewards at any time.
  • Issued by ATB Financial pursuant to license by Mastercard International Inc.

Our Take

Credit Based on Potential, Not Just History

The Neo Card Secured takes a unique approach to credit by looking at your potential to repay debts, rather than just your credit history. This means that even if you have a low credit score or no credit history, you may still be eligible for the card.

Who Is It For?

The Neo Card (Secured) is aimed at people who are looking to build or rebuild their credit, as well as those who are looking for a credit card that is simple and easy to use. It is also a good option for people who are looking for a credit card that offers rewards and no annual fees.

Key Features

The Secured Neo Card offers a range of features that make it a convenient and affordable option for people who are looking to build or rebuild their credit. Here are some of the key features of the card:

  • Guaranteed approval, which means that you can get approved for the card regardless of your credit history.
  • Instant, unlimited cashback on all purchases, with no limits on how much you can earn.
  • No annual fees, which makes it an affordable option for people who are looking to save money on banking fees.
  • No hard credit checks, which means that applying for the card won’t affect your credit score.
  • Flexible limits, so you can increase your credit limit whenever you need to.
  • Virtual card available to use instantly.

Rewards Program

In addition to its features, the Secured Neo Card offers a rewards program that allows you to earn cashback on your purchases. Here are some key details about the rewards program:

  • Get up to 15% cashback on your first-time purchase at 10,000+ Neo partners when you use your Neo Card.
  • Enjoy an average 5% cashback at thousands of partners, including gas stations, grocery stores, and restaurants.
  • The cashback is yours to spend however you like, and you can save up to $120 per year by using your card for everyday purchases.
  • You can also earn cashback at over 10,000 loyalty partners with your card, making it easy to earn rewards on your regular spending.
  • You can earn a $25 cashback bonus when you open a new account.

Upgrading your Neo Secured Card

Did you know that you can upgrade your Neo Card (Secured) to a Neo Travel Card or a Neo Everyday Essential Card? By adding flexible monthly perks, you can tailor your card to suit your specific needs and lifestyle. Plus, as a Neo Cardholder, you can continue to customize your card by stacking up additional perks. With its range of features and benefits, the Neo Credit Card is a flexible and convenient option for anyone looking to take control of their finances.

Also, check Neo Money Card and Neo Card Plus as potential alternatives.

Neo Secured Card Benefits

The Neo Card (Secured) offers several benefits that make it an attractive option for people who are looking to build or rebuild their credit. Here are some of the key benefits of the card:

  • A unique approach to credit that looks at your potential to repay debts, rather than just your credit history.
  • Cashback rewards that are easy to earn and use, with no limits on how much you can earn.
  • A range of features that make banking simple and convenient, such as instant approval, real-time spend insights, and automatic payments.
  • No annual fees, which makes it an affordable option for people who are looking to save money on banking fees.
  • A trusted and reliable credit card that is used by thousands of Canadians.

What Are the Drawbacks?

  • While the Neo Secued offers a range of benefits and features, there are some drawbacks to consider. Here are some of the key drawbacks:
  • Higher interest rates than some other credit cards, which means that the card may not be the best option for people who carry a balance on their credit card.
  • A security deposit is required to open the account, which may be a barrier for some people.

Difference Between Neo Secured and Neo Credit Card

The Neo Card (Secured) and the Neo Card (Credit) are both credit cards that aim to help users build or rebuild their credit history. The main difference between the two is that the Neo Secured Card requires a security deposit to open the account, while the Neo Rewards Credit Card does not. The Neo Secured Card is ideal for people who are new to credit or have a poor credit history, as the security deposit serves as collateral for the credit limit. On the other hand, the Neo Credit Card is aimed at people with a good credit history and offers a higher credit limit than the Neo Secured Card, depending on the individual’s credit history and financial situation. Additionally, both cards offer cashback rewards and a range of features and benefits, making them a good option for anyone looking for a reliable and convenient credit card.

How the Secured Neo Compares to Other Offers

The Secured Neo card stands out among other offers with its unique credit approval system based on potential rather than just credit history.

Plastk Secured Visa vs Neo Secured

Both credit cards are designed for people who are building or rebuilding their credit. While they have some similarities, such as guaranteed approval and cashback rewards, there are also some key differences to consider. Plastk Secured Visa requires a minimum security deposit of $300, while Neo Card Secured allows you to set your own credit limit with a corresponding security deposit. Additionally, Neo Card Secured offers more rewards and benefits, including the ability to upgrade to a regular credit card after a year of responsible use. (Related: Plastk Secured Card Review)

Refresh Financial Secured Visa vs Neo Secured

Both are designed for individuals who are looking to build or rebuild their credit score. While both cards offer guaranteed approval and report to credit bureaus, the Neo Secured stands out with its instant, unlimited cashback, and no annual fees. The Refresh Financial Secured Visa Card offers a lower interest rate and more flexibility in terms of credit limits, but lacks the cashback rewards and other perks that the Neo offers.

Jeton Visa Debit Card vs Neo Secured

These are two different types of cards with distinct features. While Jeton Visa Debit Card is a debit card that can be used to make purchases with funds from the account, Neo Secured is a credit card that requires a security deposit to be made before it can be used. Additionally, Jeton Visa Debit Card does not report to credit bureaus, while Neo Secured does, which means that using Neo responsibly can help build credit history.

Bottom Line

The Neo Card (Secured) is a reliable and convenient credit card that is designed to help people build or rebuild their credit. With its unique approach to credit, no annual fees, and a range of features and benefits, it is a great option for people who are looking to improve their credit while earning cashback rewards on their purchases. While the card does have some drawbacks to consider, it is a trusted and reliable credit card that is used by thousands of Canadians. If you’re looking for a simple and convenient way to build your credit and earn rewards, this Neo card may be a good option for you.

Frequently Asked Questions

Here are some common questions and answers about the Secured Neo Credit Card:

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Basic Information
Issuer: ATB Financial
Network: Mastercard
Category: Consumer (Secured)
Best Used For:
  • Guaranteed Approval
  • Sign-Up Bonus
  • New to Credit
  • Build Credit
  • Virtual Card
Rewards: Yes
Reward Types:
  • CashBack Rewards
  • Universal Rewards
  • Other Rewards
Reward Units: Cash
Rates & Fees
Regular APR: 19.99% to 24.99%
Regular APR Type: Variable
Annual Fee: $0
Balance Transfer: No
APR on Cash Advances: 24.99%
Grace Period: 21 days
Other Fees:
  • FX Fee: 2.5%
  • For ROC
  • Purchase: 19.99%-26.99%
  • Cash Advance: 22.99%-28.99%
  • For QC
  • Purchase: 19.99%-24.99%
  • Cash Advance: 22.99%-25.99%

Neo Secured Card Alternatives


Neo Secured Card

Neo Secured Card

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Annual Fee

$0

Regular APR

24.99%

Intro APR

N/A

Rec. Credit Score

Bad Credit OK

IMPORTANT
*The information provided for Neo Secured Card is believed to be accurate at the time of evaluation or recent update on July 4, 2024. However, we strongly advise visitors to review the card fees and Terms & Conditions on the issuer's website by following Apply Now link to verify the accurancy of the information posted prior to applying for this card offer.

Neo Secured Card

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Neo Secured Card

Neo Secured Card

Rec. Credit Score: Bad Credit OK

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MarketProSecure® Canada website supports advertisements and receives compensation from certain credit card issuers and advertisers. The partnership with a few financial product providers results in the coverage of their credit or debit related products. The content on the website is not provided or commissioned by any credit card issuers. The advertiser relationships do not affect the ratings and reviews nor our Best Card Picks. MarketProSecure® Canada makes an effort to provide accurate information. Clicking on the "Apply Now" button will present the most up-to-date information from the credit card issuer regarding the terms and conditions, rates, and fees. MarketProSecure® Canada may receive a commission from product providers and credit card issuers. Editorial Guidelines provides the full list of these issuers.