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Neo Mastercard® vs American Express Platinum Card®: Which one is better?
Neo Mastercard®
2.7
American Express Platinum Card®
4.5
Finly Rebate
Finly Rebate
N/A
Rewards Breakdown
Annual Rewards
$181.33
First Year Bonus Value
$0
Annual Fee
$0
First Year Value
$181.33
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$581.26
American Express Membership Rewards
First Year Bonus Value
$0
American Express Membership Rewards
Annual Fee
$799
First Year Value
-$217.74
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included
Balance Protection
optional add on
Insurance Included*
Lost or Stolen Baggage
$1,000
Baggage Delay
$1,000.svg)
Car Rental Damage & Theft
Yes
Travel Accident
$500,000
Extended Warranty
1 year
Purchase Protection
120 days
Hotel Burglary Insurance
$1000
Emergency Out of province Medical
15 days
Trip Cancellation
$2,500
Trip Interruption
$2,500Flight Delay
$1,000
Extra Benefits
Neo Premium ($4.99/month)
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Neo Travel Benefits ($4.99/month)
Neo Food Cashback boost ($1.99/month)
Neo Mind and Body Perks ($9.99/month)
Extra Benefits*
Trip and legal Assistance
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Concierge Services
American Express® Experiences
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Status lift
Upgrade to Hilton Honors Gold StatusStatus lift
Upgrade to Marriott BonvoyTM Gold Elite status
Extra points
Earn 2 points on Amex Travel Online purchases and extra points on American Express offersTravel Credit
$200Dining Credit
$200 at Select Restaurants
Nexus Program Rebate
$100 statement credit every 4 years
Airport Lounge - American Express Global Lounge
Take full advantage of The American Express Global Lounge Collection™ which unlocks access to over 1,400 airport lounges worldwide. This includes The Centurion® Lounge network, Plaza Premium Lounges, and hundreds of other domestic and international lounges designed to enhance your travel experience.
Complimentary Hotel Benefits
Hotels booked American Express Travel
Priority Travel
At Toronto Pearson Airport get Priority Security lane, Complimentary valet and 15% discount at the Express Park and daily park
Interest Rates
Purchase:
19.99% - 29.99%
Cash Advance:
22.99% - 31.99%
Interest Rates*
Purchase:
21.99% - 30%2
Cash Advance:
N/A2
Annual Fee
$0
Annual Fee*
$799
Income Required
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Welcome Bonus
N/A
Welcome Bonus*
New Platinum® Cardmembers, earn 70,000 Welcome Bonus points after you charge $10,000 in net purchases to your Card in your first 3 months of Cardmembership. Plus, earn 30,000 points when you make a purchase between 14 and 17 months of Cardmembership.
Rewards Rate
- 1% cash back on grocery purchases up to $500 spending per month (3% cash back with $5k in a Neo everyday account, and 4% cash back with $10k in a Neo everyday account) - drops to the 0.5-1% cash back tier after hitting spend cap
- 1% cash back on gas purchases up to $500 spending per month (3% cash back with $5k in a Neo everyday account, and 4% cash back with $10k in a Neo everyday account) - drops to the 0.5-1% cash back tier after hitting spend cap
- 0% cash back on all other purchases with $0 in a Neo everyday account, or 0.5% cash back with $5k in a Neo everyday account up to $1,667 spending per month, or 1% cash back with $10k in a Neo everyday account up to $1,667 spending per month - drops to 0% cash back again after hitting spend cap
- +5% earned on average at Neo Partners.
Note: our reward calculations use the base cash back rates assuming you do not hold any money in a Neo everyday account to earn the higher tier (boosted) cash back rates, otherwise the reward estimates may be higher.
Rewards Rate*
- 2x points per $1 spent on eligible dining & food delivery purchases (restaurant, fast food, coffee shop, food delivery)
- 2x points per $1 spent on eligible travel purchases (flights, hotels, tours and more)
- 1x point per $1 spent for all other purchases
Loyalty Program
N/A
Loyalty Program*
Point Redemption Options
Not Applicable
Point Redemption Options*
Most Optimal
Transfer to Airline Partners
2.1¢ / point
Fixed Point Travel Program
1.66¢ / pointTransfer to Hotel Partners
1.66¢ / point
Statement Credits (Cash)
1¢ / point
Gift Cards
0.91¢ / point
Amazon.ca
0.7¢ / point
Merchandise
0.63¢ / point
Is this card worth it?
The Neo Credit Card is special because it earns rewards based on whether the merchant is a partner or not. Most of the time, the cashback earned at these partners is the highest possible compared to all other credit cards. However, we don't recommend using this card as your main credit card and suggest using it only at partner merchants. This is because the rewards at non-partner merchants are very small, and most merchants are not partnered with Neo.
Is this card worth it?
If you're a frequent traveler, the Platinum card is an excellent choice. It's highly recommended for its extensive travel benefits, including unlimited lounge access for you and a guest at the American Express Lounge collection, making it the best card for lounge access in Canada. The card also offers unique perks not commonly found with other Canadian cards, such as status upgrades at Marriott Bonvoy and Hilton, dining and travel credits, concierge service, airport benefits, Nexus application reimbursement, and more. These benefits can more than offset the annual fee. However, if you don't travel often or are mainly looking for a card that maximizes rewards, this card may not be the best option for you.
Pros
- High cash back on grocery and gas if you're willing to hold at least $5k in a Neo everyday account
- Unique cashback program which earns cashback based on partner instead of purchase category.
- Massive cashback at some partners that any other credit card couldn't beat.
- Unique benefit system where perks could be bought with a monthly fee and cancelled after use.
Pros
- Offers more perks than any other credit card in Canada, catering to premium users who value extensive benefits.
- Enjoy $400 in annual travel and dining credits, which can offset some of the card's cost.
- Gain unlimited access to over 1,400 airport lounges worldwide, enhancing your travel experience.
- Multiple options for redeeming points for high value, giving you flexibility in how you use your rewards.
- Includes 11 types of insurance coverage, offering comprehensive protection for cardholders.
Cons
- Base Cash back is very low when you do not hold any money in a Neo everyday account
- No built-in purchase protection and extended warranty benefit.
Cons
- As with other American Express cards, it may have lower acceptance in some locations compared to other networks.
- The high annual fee of $799 may be a barrier for some users, especially those who do not fully utilize the card's benefits.
- Some benefits are limited to specific airports and hotels.
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Legal
**Terms and conditions apply.
This Charge Card requires full payment of the Due in Full balance each month, with a 30% interest rate on late payments. The Flexible Payment Option balance has a 21.99% interest rate, which increases to 25.99% after two missed payments and 28.99% after three or more within 12 months. A 21-day interest-free grace period applies to new transactions if the full balance is paid by the due date.
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment. Check here for full details and current product information.
2 This Charge Card requires full payment of the Due in Full balance each month, with a 30% interest rate on late payments. The Flexible Payment Option balance has a 21.99% interest rate, which increases to 25.99% after two missed payments and 28.99% after three or more within 12 months. A 21-day interest-free grace period applies to new transactions if the full balance is paid by the due date.