Neo Secured Mastercard® Review

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The Neo secured credit card is Canada's Best Secured Credit Card, voted by the FinlyWealth Team. The card offers so much more than other secured credit cards, making it a no-brainer if you are looking for a secured credit card option.

The Rewards

One important thing about Neo Secured card is that it offers cashback rewards. If you compare the rewards to the other cards, you will find the reason this card has an excellent reward score.

Because other secured cards don't offer rewards on your purchases, this fact alone would make the card much better than the other cards already. 

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 rate on Neo Partner purchases differs 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 because you will gain nothing with other Secured credit cards.

Approval

Because this is a secured card, Neo mentions that they instantly approve everyone. This is true for the majority of people, but there have been some rare cases reported that the approval was not instant, but that should not be of concern.

One other important note about Neo is that the deposit you can put in only starts with $50 whereas other secured cards require a much higher rate. This lower deposit requirement would help everyone get the secured card, without the need of locking a huge deposit.

1 Benefit of the Neo Secured Mastercard®

1. Reports to both TransUnion and Equifax

This way your credit score will be updated on both credit bureaus as a result of your Neo secured card activity, and therefore, help to boost your score in the eyes of lenders yethat may pull from multiple credit bureaus.

1 Downside of the Neo Secured Card

Maybe the only and biggest downside Neo Secured Mastercard has compared to the other secured cards is the $7.99 monthly fee ($96 annually). 

Most people struggling to build their credit or have a poor credit history and are tackling debt might be unwilling to pay an additional $7.99 out of pocket every month for a secured credit card.

Final Verdict

If you are looking for a secured credit card, the Neo card should be your go-to option. 

The only exception would be if you really want your credit score to be reported to Equifax. In those cases, you have to think whether the rewards and advantages of Neo are worth giving up in favor of reporting or not.