Neo World Elite® Mastercard® Review

The new Neo Cashback World Elite Mastercard claims to be the “best cashback credit card in Canada” and at first glance, it might seem tough to argue that claim. With this card, you can earn additional cashback at partner retailers on top of specialized spending categories.

To learn more about who you’ll need to purchase from in order to optimize your cashback, plus all there is to know about the Neo World Elite Mastercard in general, read this comprehensive review. 

How You Earn Rewards with the Neo World Elite Mastercard

This isn’t your typical rewards breakdown, the Neo World Elite Mastercard is a little bit more complex than traditional credit cards when it comes to earning cashback.

Here’s how you can earn big with the Neo World Elite Mastercard, expect:

• 5% cashback on groceries, capped at a $1,000 monthly spending limit
• 4% cashback on recurring purchases, capped at a $500 monthly spending limit
• 3% cashback on gas, capped at a $1,000 monthly spending limit
• 1% cashback on all other purchases with no spending caps
• Plus, up to 15% cashback on purchases from over 10,000 Neo Partners

As you can see, the standard cashback rates for the Neo World Elite Mastercard are already competitive against other high-earning cashback credit cards in Canada. However, if you purchase products or services from Neo Partners, you can tack on extra cashback on top of these impressive initial rates.

Redeeming your Rewards with the Neo World Elite Mastercard

With the Neo World Elite Mastercard, you can redeem your cashback rewards whenever you'd like, which is rare among most credit cards. Your rewards are instantly deposited into your "Rewards Wallet", which can ultimately be turned into a statement credit, transferred to your Neo Everyday account, or used to purchase merchandise at the Neo Store.

4 Benefits of the Neo World Elite Mastercard

As with all our reviews, it's best to begin with the Neo World Elite Mastercard's benefits.

Here's what makes this Mastercard stand out:

Boost Your Cashback

As previously mentioned, with the Neo World Elite Mastercard, you can boost your cashback rewards when you make purchases with Neo Partners.

These partners include:

• Fast Food Chains (Subway, Booster Juice, Freshii and more)
• Restaurant Chains (such as The Keg, Cora Breakfast & Lunch, and Earls)
• Clothing Stores (including Zara, Old Navy, and Lululemon)
• Grocery Stores (like Loblaw Companies, Walmart Supercentre, Real Canadian Superstore)
• Pharmacy Chains (including Shoppers Drug Mart, Pharmasave, The Medicine Shoppe)
• Subscriptions (like Netflix, Amazon Prime, Spotify)
• Online Stores (Amazon)
• Gas Chains (Shell, Esso, Petro Canada)

Some of these partners will offer a higher first time purchase cashback rate, after that, you'll receive an ongoing purchase cashback offer. You may also be subject to minimum spending requirements to receive your rewards. The best thing about these partner rates is that they're applied on top of any corresponding reward rates. For example, if you shop for groceries at Loblaws, you'll get the Loblaw Companies partner cashback rate and the Neo World Elite Mastercard's overall earn rate on grocery purchases.

For more information on Neo partners, refer to our Neo Credit Card partners blog.

Subscription Perks 

Unlike traditional benefits that automatically accompany certain credit cards, the Neo World Elite Mastercard gives cardholders the opportunity to opt into extra rewards for an additional fee on top of the Neo World Elite Mastercard's annual fee.

The perks are customizable through flexible monthly subscriptions. These subscriptions allow you to combine and stack perks to create a unique rewards program with substantial value.

Let's take a closer look at these exclusive add-ons:

Travel

For $7.99 a month, you can activate the Travel perk for access to exclusive travel rewards. The biggest advantage of this is that you can cancel the subscription at any time, which means you can pocket the perk when you need it, and save some money when you don't, making it a great alternative to travel perks that are included in larger, less flexible annual fees.

Here's what you can expect with your travel perk subscription:

• 2% cashback on all foreign transactions
• Priority Pass airport lounge access at over 1,300 locations across the globe
• SmartDelay free airport lounge access when your flights are delayed for longer than an hour
• 1.5x cashback boost at all hotel partners
• Comprehensive travel coverage from Chubb, with the inclusion of emergency travel medical, trip cancellation, car rental protection, and flight delay insurance.

Wellness (Mind & Body)

For 9.99 a month, you can tack on the Mind & Body perk to tap into health and wellness rewards, which can also be cancelled at anytime.

Here's how this added perk can help you practise self-care:

• Earn 1.25x more cashback at gyms, fitness classes, yoga studios, recreational centres, vitamin and supplement suppliers, plus wellness practitioners
• Take advantage of a free Headspace Plus account, with hundreds of meditation and mindfulness exercises
• Participate in one free fitness class per month
• Enjoy hundreds of FitOn PRO workouts and unlimited access to premium music and personalized meal plans

Food & Drink

For an affordable $1.99 a month (which can also be cancelled at any time), indulge in the Food & Drink perk to receive rewards on dining experiences and food deliveries.

Here's what you'll get specifically:

• 1.25x more cashback at partner restaurants, cafes, and bars
• 1.25x more cashback from food delivery partners

Mobile & Personal Protection

When you subscribe to Neo's Mobile & Personal Protection perk, you'll pay only $9.99 per month as a precaution against online threats. While the extra protection offers you peace of mind, similar to the previously mentioned perks, you're never locked in and can cancel your subscription at any time.

If you choose to add this perk onto your Neo World Elite Mastercard, expect the following:

• Protection on your mobile device against damage, breakdowns, and theft
• A Dashlane Premium subscription for secure password management
• Coverage of up to $1 million in fraud, ransomware, and social engineering
• A 24/7 support hotline, plus credit monitoring services

Airport Lounge Access

Travellers may also be tempted by this card's airport lounge Dragon Pass benefit. Just keep in mind that with this perk, you'll only receive the pass, and you'll still need to pay an entry fee for each visit.

Comprehensive Insurance

Also ideal for travellers, the Neo World Elite Mastercard comes with comprehensive insurance including valuable categories like trip interruption, trip cancellation, and car rental accident coverage.

Scroll back up to this page's card breakdown for the full coverage list.

3 Downsides to the Neo World Elite Mastercard

Where there are benefits, there are bound to be some drawbacks.

Here are some of the Neo World Elite Mastercard's shortcomings:

No Welcome Bonus

Everyone loves a good sign-up bonus incentive. Unfortunately, the Neo World Elite Mastercard is lacking in this into offer category. However, with great reward rates, and the potential to optimize those reward rates, you're still in for a solid first year value (as long as you take full advantage of this card's features).

Reward Caps: High Spenders Beware

Another thing to note about the impressive rewards program is that if you're a high spender, for most categories, you could hit their monthly spending cap. If you do, your cashback rate will unfortunately drop to 0% rather than a standard base rate like other credit cards.

High Annual Income Requirements

On top of the annual fee (which is typical for a World Elite Mastercard), you'll also need to make sure you meet the annual personal and household income requirements for the Neo World Elite Mastercard, which are considered high. These higher income requirements might make the card less accessible to some cardholders.

Comparison to Other High-Earning Cashback Credit Cards

We're putting the Neo World Elite Mastercard's "best cashback credit card in Canada" claim to the test in this section by comparing it to other high-earning cashback credit cards on the Canadian market.

Here's a sneak peak at the comparisons we'll be making:

Neo Cashback World Elite vs SimplyCash Preferred Card from American Express

When comparing the SimplyCash Preferred Card from American Express and the Neo World Elite Mastercard, it's best to start with the intro requirements and features. First of all, the annual fee for the Neo World Elite Mastercard is slightly higher than the SimplyCash Preferred Card, not to mention it's substantial income requirements, something the SimplyCash Preferred Card doesn't have to begin with. Unlike the Neo World Elite Mastercard, the SimplyCash Preferred Card comes with a welcome bonus, which earns cardholders extra cashback on all purchases in the first few months of membership, plus a statement credit when you make a purchase in month 13. This intro offer contributes to a great first year value, one that's higher than the Neo World Elite Mastercard's.

After taking a look at the two cards' rewards programs, you'll immediately see that the Neo World Elite Mastercard offers more earning categories than the SimplyCash Preferred Card. In terms of common special earn categories, the Neo World Elite Mastercard features higher cash back on groceries, but the SimplyCash Preferred Card earns you more cashback on gas. The SimplyCash Preferred Card also has a higher cashback base rate on all other eligible purchases. However, as we know, the Neo World Elite Mastercard's rates can be boosted when you purchase goods through participating Neo Partners, whereas with the SimplyCash Preferred Card, when it comes to rewards, what you see is what you get.

The coverage on the Neo World Elite Mastercard also beats the coverage included on the SimplyCash Preferred Card, offering better value in most categories (except for emergency out of province medical), and adding valuable categories like trip interruption and trip cancellation insurance, plus car rental accident and car rental personal effects insurance.

As for benefits, the SimplyCash Preferred Card only offers the standard American Express network's Amex Experiences, whereas the Neo World Elite Mastercard offers the airport lounge Dragon Pass.

Another advantage to the Neo World Elite Mastercard over the SimplyCash Preferred Card is that it's a Mastercard, meaning it's accepted at Costco, and considers Walmart to be a grocery store rather than a department store (unlike other cards) offering the opportunity to earn more rewards when shopping there.

Ultimately, you might pick the SimplyCash Preferred Card over the Neo World Elite Mastercard if you want to pay less money annually, avoid high income requirements, take advantage of a sign-up bonus, optimize your gas purchases, and have a better base cashback rate on all purchases. Otherwise, if you think you'll purchase from Neo Partners to boost your cashback, if you want to optimize your grocery purchases, collect better coverage, and avoid American Express (likely due to its lower acceptance rate), or you frequently shop at Costco or Walmart, then the Neo World Elite Mastercard could still be your top choice.

Neo Cashback World Elite vs CIBC Dividend Visa Infinte Card

So far, we compared the Neo World Elite Mastercard against an American Express Card, now it's time to compare it against a Visa Infinite Card, specifically the CIBC Dividend Visa Infinite Card.

Starting once again with application requirements and sign-up benefits, the Neo World Elite Mastercard still has a higher annual fee than the CIBC Dividend Visa Infinite Card, plus the CIBC Dividend Visa Infinite Card's annual fee is also waived in the first year. Both cards have income requirements, but the personal and household annual income requirements for the Neo World Elite Mastercard are still higher. True to theme, the CIBC Dividend Visa Infinite Card also boasts a welcome bonus rebate, while the Neo World Elite Mastercard offers cardholders nothing for signing up. It comes as no surprise then that the CIBC Dividend Visa Infinite Card has a higher first year value.

Regarding rewards, the CIBC Dividend Visa Infinite Card offers better cashback on gas, but the Neo World Elite Mastercard offers better cashback on groceries. Additionally, the CIBC Dividend Visa Infinite Card offers decent cashback on transportation and dining, but the Neo World Elite Mastercard tops its cashback rate on recurring purchases. You could also actually earn better cashback on dining with the Neo World Elite Mastercard, if you purchase meals from some of the Neo Partners. Overall, average spenders will earn a higher annual value with the Neo World Elite Mastercard.

When comparing coverage, it's clear that the Neo World Elite Mastercard comes out on top, offering more travel insurance than the CIBC Dividend Visa Infinite Card. But, the CIBC Dividend Visa Infinite Card still has some good categories, including a more valuable emergency out of province medical category and mobile device insurance.

While the Neo World Elite Mastercard's airport lounge Dragon Pass benefit is geared more towards travellers who fly to reach their destinations, the CIBC Dividend Visa Infinite Card's car rental and gas discounts cater more towards travellers who partake in road trips.

So, if you're often travelling on the road, you might want to get your hands on a CIBC Dividend Visa Infinite Card. But, if you're looking for higher cashback on other categories like groceries, recurring purchases, and potentially dining (depending on where you eat), then the Neo World Elite Mastercard could be the better alternative.

Neo Cashback World Elite vs BMO Cashback World Elite Mastercard

Next up, we're comparing one World Elite Mastercard to another.

Beginning with the annual fee, the BMO Cashback World Elite Mastercard comes at a slightly cheaper annual cost that's completely waived in the first year. Since both credit cards are World Elite Mastercards, they have the same higher income requirements. The biggest introductory difference between the two is that the BMO Cashback World Elite Mastercard includes a welcome bonus that earns cardholders extra cashback in the first few months of membership. This contributes to its first year value, which is higher than the Neo World Elite Mastercard's.

The two Mastercards are tied for grocery and gas cashback rates. Both these high-earn categories on each card are also capped. Both cards also have a specialized category for recurring payments, but the Neo World Elite Mastercard cashback rate for this category is higher. The BMO Cashback World Elite Mastercard also has a specified earn category on daily transit, something the Neo World Elite Mastercard lacks. In the end, average spenders will actually earn more value annually on rewards with the Neo World Elite Mastercard, especially if they purchase from Neo Partners for boosted cashback.

Yet again, the Neo World Elite Mastercard has better insurance coverage overall, adding additional coverage categories like car rental accident, car rental personal effects, and trip interruption and trip cancellation insurance.

But as far as benefits go, the BMO Cashback World Elite Mastercard brings the most to the table. Like the Neo World Elite Mastercard, the BMO Cashback World Elite Mastercard offers the airport lounge Dragon Pass, but it prolongs this benefits list by adding perks like car rental, gas, and hotel discounts, plus roadside assistance (a rarity) and the Boingo Wi-Fi hotspot.

So, you might want to go with the BMO Cashback World Elite Mastercard if you're more transportation-oriented, with specialized earnings on transit, car rental and gas discounts, and roadside assistance. Otherwise, you'll be satisfied with the Neo World Elite Mastercard, especially since you have the opportunity to optimize your cashback rates through Neo Partners.

Scotia Momentum Visa Infinite Card

For our final comparison, we're bringing in the Scotia Momentum Visa Infinite Card.

This card comes with a lower annual fee compared to the Neo World Elite Mastercard. It also has some income requirements, but they're not at as high as those on the Neo World Elite Mastercard.

The Scotia Momentum Visa Infinite Card's rewards program offers high cashback rates on groceries and recurring payments. While the recurring payment category matches that of the standard recurring payment cashback rate on the Neo World Elite Mastercard, the Neo World Elite Mastercard still has a higher standard cashback earn rate on groceries. The Neo World Elite Mastercard also wins over the gas cashback category, but the Scotia Momentum Visa Infinite Card includes specialized cashback on transit which as we've seen before, is something the Neo World Elite Mastercard lacks.

The coverage on these two cards come close in value and variety. Both cards offer the same 9 coverage categories, but the Neo World Elite Mastercard goes on to add three additional categories (car rental accident, hotel burglary insurance, and car rental personal effects insurance), whereas the Scotia Momentum Visa Infinite Card only adds two additional categories (travel accident and mobile device insurance). The Neo World Elite Mastercard has better insurance value on categories like lost or stolen baggage and baggage delay, and alternatively, the Scotia Momentum Visa Infinite Card has better insurance value on important features like trip interruption and trip cancellation insurance.

As for benefits, the Scotia Momentum Visa Infinite Card includes a car rental discount on top of its Visa Infinite Exclusive Benefits.

Overall, the Scotia Momentum Visa Infinite Card might be the better choice for you over the Neo World Elite Mastercard if you want to prioritize daily transit, claim competitive coverage (particularly on trip interruption and trip cancellation insurance), pay less annually (and nothing in the first year), and receive a welcome bonus. Otherwise, you'll certainly get better cashback rates overall with the Neo World Elite Mastercard, especially if you purchase from Neo Partners.

Final Verdict

The Neo World Elite Mastercard could certainly be considered the "best cashback credit card in Canada," especially if you plan on buying products and services from Neo Partners.

That said, if you don't purchase from Neo Partners, then there may be other credit cards (like those above) that still offer significant cashback and other perks that suit your financial needs.

Frequently Asked Questions

Is the Neo World Elite Mastercard worth it?

If you frequently purchase goods and services from Neo Partners, want to earn some of the highest cashback rates on popular spend categories like groceries, recurring purchases, and gas, then the Neo World Elite Mastercard is perhaps the best credit card you could ask for.

Is the Neo World Elite Mastercard hard to get?

The Neo World Elite Mastercard comes with some steep income requirements and the highest annual fee out of all the cards we mentioned in this review. These factors alone might make the Neo World Elite Mastercard less accessible to some cardholders.