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Understanding Neo Financial Credit card Fees: A Comprehensive Guide

Updated: Mar 2


Neo Financial Credit card Fee

Navigating the world of credit cards can sometimes feel like a maze, with various fees and charges lurking around every corner. Neo Financial, a modern financial institution, aims to simplify this experience for its users.


With a commitment to transparency, Neo Financial provides a clear breakdown of its fees, ensuring that cardholders are never caught off guard. In this blog post, we'll delve deep into the fee structure of Neo Financial's card, so you know exactly what to expect. And remember, the following information is not applicable to residents of Quebec.


We will discuss the fees below, but If you decide to go for one of these two cards, we are offering rebates on both these cards; use the button below to receive your rebate.




1. No Annual Fee

First and foremost, Neo Financial offers a card with no annual fee. This is a significant advantage, allowing cardholders to enjoy the card's benefits without any yearly charges.


2. Interest Rates for Neo Secured Credit Card

  • Purchases: The Purchase Credit Rate varies between 19.99% and 24.99%.

  • Cash Advances: The Cash Advance Rate falls between 22.99% and 25.99%.

3. Interest Rates for Neo Credit Card

  • Purchases: The Purchase Credit Rate ranges from 19.99% to 29.99%.

  • Cash Advances: The Cash Advance Rate varies between 22.99% and 31.99%.

4. Cash Advance Fees

  • Within Canada: Planning a cash withdrawal in Canada? It'll cost you $2.50 for each physical withdrawal.

  • Outside Canada: Travelling abroad? Each physical Cash Withdrawal will set you back by $5.00.

5. Overdraft Transfer Fee

Good news! There's no fee for Overdraft Transfers from the Card Account to the Neo Money Account.


6. Promotional Balance Transfer/Cheque Fee

If you're considering a Balance Transfer to take advantage of a promotional interest rate, be prepared for a fee up to 2% of the transfer amount.


7. Sales Slip Copy

Lost a sales slip and need a copy? That'll be $5.00 for each request.


8. Supplementary Statement

If you need an additional mailed statement, it comes with a $2.50 fee.


9. Over the Limit Fee

While Neo Financial doesn't charge a fee if your balance exceeds your credit limit, it's always wise to monitor your spending.


10. Secondary Authorized User Fee

Adding an authorized user? There's a $10.00 fee for each addition.


11. Rush Replacement Card Fee

Are you in a hurry and need a replacement card ASAP? The rush service comes with a $29.00 fee.


12. Over the limit fee

$29 is charged once per billing cycle if your balance exceeds your credit limit at any time during the billing cycle, charged on the day your balance exceeds your credit limit. So be sure to always keep what of your balance so that you don't pay this hefty fee!


When making the decision to get the Neo Credit card or not, the fee isn't the only important factor that you have to look at. In this Neo Credit card review and Neo Secured Card Review posts, we go into great detail on the different aspects of Neo Credit cards so that you can make the correct decision!



Wrapping Up

Neo Financial's commitment to transparency and simplicity is evident in its fee structure. By understanding these charges, cardholders can make the most of their card and manage their finances effectively. Always remember to refer to the official Neo Financial website or contact their customer service for the most recent and accurate information. Happy spending!

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