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Neo Secured Mastercard® Review
The Neo Secured Mastercard is a leading secured credit card in Canada, notable for its rewards and accessibility.
Jul 16, 2026 7:16 PM
Written By
Co-founder
Edited By
Lead Writer
The Bottom Line
If you want to pocket some cash back on everyday purchases like and groceries, plus avoid annual income requirements, the Neo Secured Mastercard might be the secured credit card for you.
Skip to: Detailed Review
Our choice for: Guaranteed approval and earning cashback
APPLY NOW
on Neo Financial's website
Welcome Bonus
$25 bonus upon approval for new clients
Annual Fee
See Rates
Interest Rates
19.99% - 29.99%□ / 22.99% - 31.99%□
RECOMMENDED CREDIT SCORE
300⁎Poor
560⁎Fair
660⁎Good
725⁎Very Good
760⁎Excellent
Welcome Bonus Details
- Get an exclusive $25 bonus through our offer link
- Click on Apply Now to learn more
- This offer is only valid for new Neo clients
Card Details
Interest Rates
Purchase APR
19.99% - 29.99%□
Cash Advance APR
22.99% - 31.99%□
Balance Transfer APR
22.99% - 31.99%
□ Quebec rates: Purchase 19.99% - 24.99%, Cash advance 22.99% - 25.99%
Fees
Annual Fee
$95.88 ($7.99 Monthly)⁕
⁕ To waive the $7.99 monthly fee on the Neo secured credit card (Neo Build), you must maintain a total balance of at least $5,000 across your Neo Everyday, Neo Savings, or Neo High-Interest Savings accounts.
Eligibility
Minimum Individual Income
N/A
Minimum Household Income
N/A
Credit Score Estimate
Poor
Type
Card Type
Secured Credit
Reward Type
Cash BackPros & Cons
Pros
- Low minimum deposit
- High partner cashback rates
- Instant approval
- Credit-building tools
- No income requirements
- No credit score requirements
Cons
- Potentially high interest rates
- Monthly fee
Awards
Best Secured Credit Card
2026
Our Detailed Review
The Neo secured credit card is one of Canada's Best Secured Credit Cards. The card offers so much more than its competitors, making it a no-brainer if you're looking for a secured option. Not to mention, it avoids annual income requirements, deeming it the most accessible secured rewards card.
How to Earn Rewards with the Neo Secured Mastercard
One important thing about Neo Secured card is that it offers cashback rewards, earning it a spot on the best Neo credit cards in Canada list.
Because many other secured cards don't offer rewards on your purchases, this fact alone makes the card much better than its competitors.
That said, the Neo reward system is built a bit differently compared to standard credit cards.
On top of decent cashback on gas and groceries, cardholders can earn extra cashback at over 10,000 Neo Partners across Canada.
Expect the following:
- 1% cashback per dollar spend on gas
- 2% cashback per dollar spent on groceries
- Up to 15% cashback at Neo Partners
The cashback rates on Neo Partner purchases differ from partner to partner, it ranges anywhere from 1% all the way up to 15%.
Even though the system is complicated, the reward rates are exceptionally good for a secured card.
How to Redeem Rewards with the Neo Secured Mastercard
You can redeem your cash back at any time. You'll receive your cash back instantly inside of your "Rewards Wallet" which can then be converted into a statement credit, transferred to your Neo Everyday account, or used to purchase merchandise at the Neo Store.
Benefits and Perks
3 Benefits of the Neo Secured Mastercard
There are a few benefits that make the Neo Secured Mastercard worthwhile.
As a secured card, the Secured Neo Mastercard helps Canadians improve or build credit, making it an accessible option for newcomers or those with poor credit and a lower income.
Secured credit cards require a refundable security deposit, which typically determines your credit limit. Thi deposit acts as collateral for the issuer in case of missed payments.
On top of decent cash back rates on gas and groceries, cardholders can earn extra cash back at over 10,000 Neo Partners across Canada.
The cash back rates on Neo Partner purchases differ from partner to partner, ranging anywhere from 1% to 15%.
The Neo Secured Mastercard is increasingly accessible compared to other secured credit cards since it lacks any annual income requirements.
Drawbacks and Considerations
2 Downsides to the Neo Secured Mastercard
The are a couple of drawbacks to consider too.
Even though the Neo Secured Mastercard is extremely accessible, it's not exactly affordable. The card comes with a monthly fee that can only be waived if you maintain a minimum balance across your Neo Everyday, Neo Savings, or Neo High-Interest Savings accounts.
Unlike other higher-end secured credit cards, the Neo Secured Mastercard lacks added benefits or insurance coverage.
Compare to Similar Cards
Comparison Against Other Top Secured Credit Cards in Canada
There are a handful of other secured credit cards you may want to consider before applying for the Neo Secured Mastercard, all of which are conveniently issued by Neo Financial. These contenders boast superior cashback rates, coverage, and benefits.
Neo Financial
4.8
Neo Financial
4.8
Customers who spend heavily on dining, takeout, and retail shopping
Neo Financial
4.8
Customers who want simplicity with strong flat-rate cashback on all purchases
Neo Financial
4.4
Premium cashback for everyday spending
Annual Fee
$95.88
$95.88
$95.88
$95.88
$149
Interest Rates
Purchase
19.99% - 29.99%
Quebec
19.99% - 24.99%
Cash advance
22.99% - 31.99%
Quebec
22.99% - 25.99%
Balance transfer
22.99% - 31.99%
Purchase
19.99% - 29.99%
Quebec
19.99% - 23.99%
Cash advance
22.99% - 31.99%
Quebec
22.99% - 24.99%
Balance transfer
22.99% - 31.99%
Purchase
19.99% - 29.99%
Quebec
19.99% - 23.99%
Cash advance
22.99% - 31.99%
Quebec
22.99% - 24.99%
Balance transfer
22.99% - 31.99%
Purchase
19.99% - 29.99%
Quebec
19.99% - 23.99%
Cash advance
22.99% - 31.99%
Quebec
22.99% - 24.99%
Balance transfer
22.99% - 31.99%
Purchase
19.99% - 29.99%
Quebec
19.99% - 26.99%
Cash advance
22.99% - 28.99%
Quebec
22.99% - 24.99%
Balance transfer
22.99% - 28.99%
Welcome Bonus
$25 bonus upon approval for new clients
—
—
—
—
Rewards
0% - 1%
$273.98
First year rewards
0.5% - 2%
1%
$518.08
First year rewards
Apply Now
on Neo Financial's website
Apply Now
on Neo Financial's website
Apply Now
on Neo Financial's website
Apply Now
on Neo Financial's website
Apply Now
on Neo Financial's website
Welcome Bonus Details
Earn Rates
Insurance Coverage
Extra Benefits
Requirements
Neo Secured Mastercard vs Secured Neo World Mastercard – Gas & Grocery
The Secured Neo World Mastercard – Gas & Grocery is basically the upgraded version of the Neo Secured Mastercard. This card offers better cash back rates on gas and groceries, plus it optimizes recurring purchases. Unlike the Mastercard, the World Mastercard includes basic coverage: extended warranty and purchase protection insurance. The catch? To qualify for this competitor, you'll need to meet some annual income requirements.
Verdict: The Secured Neo World Mastercard – Gas & Grocery is more valuable than the Neo Secured Mastercard, but the Neo Secured Mastercard is more accessible.
Neo Secured Mastercard vs Secured Neo World Mastercard – Shop & Dine
The Secured Neo World Mastercard – Shop & Dine optimizes both dining and shopping; a unique earn category. Like the Secured Neo World Mastercard – Gas & Grocery, this contender also provides cardholders with extended warranty and purchase protection insurance, but it comes with income requirements as well.
Verdict: The Secured Neo World Mastercard – Shop & Dine caters more towards foodies and avid shoppers, but the Neo Secured Mastercard is still much more accessible.
Neo Secured Mastercard vs Secured Neo World Mastercard – Everywhere
Maybe you don't want to narrow down your earn categories. In that case, check out the Secured Neo World Mastercard – Everywhere. This competitor earns decent cashback on everything. Like the other World tier secured cards, cardholders can expect extended warranty and purchase protection insurance, plus annual income requirements.
Verdict: The Secured Neo World Mastercard – Everywhere simplifies the cashback program, but is still less accessible than the Neo Secured Mastercard.
Neo Secured Mastercard vs Secured Neo World Elite Mastercard – Gas & Grocery
One of the most premium secured credit cards on the Canadian market is the Secured Neo World Elite Mastercard – Gas & Grocery. This card collects impressive cashback on groceries, recurring purchases, gas, and partner purchases. As a World Elite contender, this competitor boasts comprehensive travel coverage and an airport lounge Dragon Pass membership. Unfortunately, due to this card's extensive perks, it comes with a higher annual fee and income requirements.
Verdict: The Secured Neo World Elite Mastercard – Gas & Grocery is best for high-earning Canadians looking for easier approval and credit building opportunities alongside exclusive rewards, coverage, and perks.
About the author
Kevin Shahnazari
Co-founder
Kevin started FinlyWealth and juggles a bit of everything—digging into data, running our marketing, and keeping the finances on track. Before this, he spent years as a data scientist at tech companies...
SEE FULL BIOAbout the editor
Sara Skodak
Lead Writer
Since graduating from the University of Western Ontario, Sara has built a diverse writing portfolio, covering topics in the travel, business, and wellness sectors. As a self-started freelance content ...
SEE FULL BIOOn this page
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