Working hard in the background...
Neo World Elite® Mastercard® Secured Review
The Bottom Line
This secured card offers the highest cash back rates in Canada for gas (up to 4%), grocery (up to 7%) and recurring purchases (up to 5%) which is pretty hard to beat. While the cash back rates are very high, you need to mind the spend caps set for each category to see if your earning potential is really that high compared to most other credit cards. However, for a typical person who's spending is generally below $12k per year in grocery, $6k per year in recurring bills and $12k per year in gas then you'll be doing pretty well, especially with the great insurance and benefit offers.
Our choice for: Premium cashback for everyday spending
APPLY NOW
on Neo Financial's website
Welcome Bonus
N/A
Rewards Rate
1% - 7% cashback
Cash Back
Annual Fee
$125
Interest Rates
19.99% - 26.99%□ / 22.99% - 28.99%□
Rewards
- 5% cash back on grocery purchases up to $1,000 spending per month (6% cash back if you have $5k in a Neo everyday account, or 7% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 4% cash back on recurring purchases up to $500 spending per month (4.5% cash back if you have $5k in a Neo everyday account, or 5% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 3% cash back on EV charging and gas purchases up to $1,000 spending per month (3.5% cash back if you have $5k in a Neo everyday account, or 4% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 1% cash back on all other purchases with no spending caps
- 5% average cash back at Neo Partners
Insurance
Coverage
Emergency Out of province Medical
Up to $1,000,000
Trip Cancellation
$1,000
Trip Interruption
$1,000
Flight Delay
$500Baggage Delay
$1,000
Lost or Stolen Baggage
$1,000
Hotel Burglary Insurance
$1,000
Car Rental Accident
$100,000 for cardholder, up to $10,000 per Spouse or Dependent Child.svg)
Car Rental Damage & Theft
Yes.svg)
Car Rental Personal Effects
$1,000
Purchase Protection
90 days
Extended Warranty
1 year
Benefits
Details
Airport Lounge - Dragon Pass
Pass only - pay $32 USD per visit
Eligibility
Credit Score
PoorAnnual Income
$80,000 personal or $150,000 household
Card Details
Interest Rates
Purchase APR
19.99% - 26.99%□
Cash Advance APR
22.99% - 28.99%□
Balance Transfer APR
22.99% - 28.99%
□ Quebec rates: Purchase 19.99% - 23.99%, Cash advance 22.99% - 24.99%
Fees
Annual Fee
$125
Additional Cards
$49 (max 1 additional cardholder)
Eligibility
Minimum Individual Income
$80,000
Minimum Household Income
$150,000
Credit Score Estimate
Poor
Type
Card Type
Secured Credit
Reward Type
Cash Back
Pros & Cons
Pros
- Low to no credit score requirement, making approvals easy and helps to build your credit score over time
- Highest cash back rates in Canada for highest spending categories like Grocery (up to 7%), especially if you keep at least $5k in a Neo everyday account
- 12 different types of insurance coverage
- Airport lounge access with DragonPass with $32 USD per visit
- Additional cash back earning at over 10,000 Neo partners
Cons
- High income requirements of $80,000 personal or $150,000 household
- Cash back spend caps can limit your rewards
- Having to keep at least $5k in an everyday account to boost your cash back tier
Get personalized rewards estimates — see exactly how much you could earn.
Neo World Elite® Mastercard® Secured Cash Back Calculator
APPLY NOW
on Neo Financial's website