Neo Financial is a digital fintech company that offers a range of financial products and services to make banking more accessible, convenient, and rewarding for all. With its innovative platform, Neo Financial is shaking up the banking world and making it easier for Canadians to manage their finances.
If you are looking for a zero annual fee rewards card offering lucrative cashback rates, Neo Financial is your best option. From high-interest savings accounts to cashback rewards on everyday purchases, Neo Financial has everything you need to make your money work for you.
In this Neo Financial review, we’ll look at what sets Neo Financial apart, its product offerings, pros, cons, safety, and why it’s quickly becoming a popular choice among Canadians.
Our Take on Neo Financial
Launched in 2019, Neo Financial revolutionizes Canadian banking with cutting-edge financial technology. Neo stands out by offering a rewards cashback credit card and innovative financial products, allowing users to spend, save, and earn rewards seamlessly. As Neo evolves, it continues to redefine how Canadians manage their finances, with more innovations on the horizon. Neo Financial provides access to superior financial services via its user-friendly app or website. With a wide network of cashback partners, users earn rewards when they shop using their Neo card. Additionally, the Neo Money account offers high-interest savings and features like bill payments, e-Transfers, and fund deposits and withdrawals, all without any annual fees.
- High cashback rates when you shop at Neo partner store
- No annual or monthly fees
- A diverse range of partners
- No account minimums
- Competitive interest rates
- You must shop at Neo partners to earn more cashback
An Overview of Neo Financial
Neo Financial is a financial institution that helps Canadians save costs on their spending and earn high interest on their savings.
Launched in 2019, this FinTech company simplifies Canadians’ banking experience using advanced financial technology. Neo is owned by Andrew Chau and two founding members of SkipTheDishes restaurant. That’s Jeff Adamson and Kris Read.
With its headquarters in Calgary, Neo Financial serves Canadians across Canada, including Quebec.
Neo is unique because it lets you spend, save, and earn rewards. It offers high rewards, such as a cashback credit card and other interesting products.
The company is evolving daily, constantly creating new ways to change how Canadians spend and save. The Neo card and savings accounts are just the beginning of Neo. Expect more in the future.
How Does Neo Financial Work?
Neo Financial offers access to better financial services through its easy-to-use app or website. They have a vast network of cashback partners who reward you when you shop using your Neo card.
The Neo Money account earns high interest and lets you pay bills, send and receive e-Transfers, deposit and withdraw funds, etc. You don’t have to worry about any annual fees.
Who Can Use Neo Financial?
To use a Neo Financial Card, you must have a Canadian Photo ID and reach the age of majority in your province.
Neo Card is available to all Canadians, including Québec residents. However, Neo Money is not available to Québec residents.
The target audience for Neo Card includes tech enthusiasts, savvy spenders, credit builders, local shoppers and consolidators/automation.
On the other hand, the target audience for Neo Savings includes nesters, savvy savers, and consolidators/automation.
Benefits and Downsides of Neo Financial
Pros
- High cashback rates when you shop at Neo partner store
- No annual or monthly fees
- A diverse range of partners
- No account minimums
- Competitive interest rates
Cons
- You must shop at Neo partners to earn more cashback
How Secured Is Neo Financial?
Neo financial is very safe to use. Neo Financial partners with Concentra. Your savings account funds have deposit protection.
Neo uses the latest technology to keep you safe. You must verify your identity by taking a photo of your ID, whether driver’s license, passport, or permanent resident card. You will be required to create security questions when signing up. This will help to improve your account security.
Also, the CDIC insures your deposit in this Financial Tech company up to $100,000. So you have nothing to lose on Neo Financial.
Neo Financial Products
Neo Financial offers a range of financial products tailored to meet modern-day customers’ needs. Let’s look at them one after the other:
1. Neo Card
This is a flexible cashback rewards card that rewards you for making purchases at Neo partners. Neo currently partners with over 10,000 stores.
This card does not charge annual fees or account inactivity fees. It offers a 15% exclusive welcome bonus on first-time purchases and an average of 5% cashback when you shop at Neo Partner stores nationwide.
Some popular stores include Earls Kitchen + Bar, Second Cup, Best Western, Kit & Ace, Frank And Oak, Oxygen Yoga & Fitness, and many more.
When you tap on an offer in the Neo app, the partner’s welcome bonus cashback rate will be displayed along with the normal rate. For instance, at Second Cup in Toronto, the welcome bonus is 10% cashback on first-time purchases, up to $5, and the normal rate is 4% cashback fr every three purchases, up to $4.25.
You can add perks to your Neo card. It offers perks like travel, fitness, gas and grocery, food and drinks, extended warranty, purchase protection, etc.
Neo Financial offers lower cashback rewards rates when you shop with non-partners. This means you earn every day whether you shop at partners or not.
Your cashback accumulates in your Rewards Balance tab, and you can cash out once transactions post to your credit account. There is no minimum cash-out threshold, and rewards apply against your next statement payment.
You have the option to choose the cashback reward that you want. Each option has different rewards and monthly fees.
Key Features
- $0 annual fee
- 1% minimum cashback on all purchases (you can earn up to 50% cashback by purchasing at Neo partners).
- 19.99% – 26.99% purchase APR
- 19.99% – 28.99% cash advance APR
- $0 inactivity fee
2. Neo Money
Neo Money is a product from Neo Financial that lets you double your earning potential by getting the Neo Money account and the Neo Money card. You can earn high interest on your savings and high cashback when you use the card. It requires no annual fees.
With the Neo Money Card, you can earn unlimited cashback of up to 5% at 10,000 partner stores, instant access to your balance, free everyday transactions, and withdrawals from any ATM worldwide.
The Neo Money account offers 2.25% interest on every dollar saved in your account. It requires no minimum balance, monthly or annual fees and offers free everyday transactions.
You can enable Auto-save to set up automatic savings and instantly deposit Interac e-Transfers requests in your Neo Money account. You can also set up automated payments for bills.
3. Neo Invest
With Neo Invest powered by OneVest, you can get the convenience of digital investing and the expertise of portfolio managers to reach your financial goals.
This Neo Invest doesn’t allow one-size-fits-all investing. Rather, it uses your personal goals, values, timelines, and risk tolerance to build a custom portfolio for your investment needs.
It offers better potential returns with up to 3x more asset classes. It diversifies your portfolio beyond basic stocks and bonds to help you achieve better risk-adjusted returns.
Neo Invest charges lower fees than traditional wealth management firms and banks and lets you start your investment with as little as $1.
It charges 0.25%-1.5% for passive portfolios and robo-advisors and 0.75% for OneVest actively managed portfolios, whereas other traditional wealth managers will likely charge 1.5%-2.5%.
You can link your Neo Money account to your Neo Invest to make regular contributions with Auto-Invest. Select your financial goals and set your contribution amount and frequency, and Neo Financial will take care of the rest.
4. Neo Mortgage
If you want to get a new mortgage, refinance, or renew your mortgage without leaving the comfort of your home, Neo Mortgage is here for you.
Neo Mortgage uses technology to transform the traditional mortgage experience into a more accessible, affordable, and efficient platform. It has no hidden fees, no surprises or obligations.
You can apply with as little as a 5% down payment. The application is quick, takes only a few minutes and can be done anywhere. You only have to upload your documents digitally.
While traditional mortgage lenders charge 6.59% for a 5-year fixed-rate (closed), Neo Mortgage changes 5.09% for the same package.
With Neo Mortgage, you can close your mortgage online, saving time and securing your data. You can:
- Upload documents digitally
- Connect with your mortgage advisor online
- Meet your lawyer online
- Sign all your legal documents online
- Manage your mortgage online
5. Hudson’s Bay Mastercard
The Hudson’s Bay Mastercard powered by Neo Financial offers lucrative cashback rates. It lets you earn 15% cashback on first-day purchases, plus double points when you shop at Hudson’s bay stores and thebay.com.
It also offers points when you shop at other stores and 2% cash back at Neo partners nationwide.
You can apply for Hudson’s bay Mastercard by visiting any Hudson’s Bay location, downloading the Neo app, or applying on the web portal.
The Mastercard requires no annual or over-limit fees, and you can redeem your rewards points instantly at Hudson’s Bay stores and thebay.com.
- Annual Fee: $0
- Overlimit fee: $0
- Inactive fee: $0
- Purchase Credit Rate / APR: 19.99% – 24.99%
- Cash Advance Rate / APR: 21.99% – 26.99%
6. Cathay World Elite Mastercard
The Cathay World Elite Mastercard from Neo Financial offers amazing cashback offers. You can earn 1 Asia Mile for every $1 spent in Canada, 2x miles on Cathay Pacific flights and outside Canada, and 5x miles at Neo partners.
In addition to the cashback offers, you get to enjoy travel benefits, including priority check-in, access to airport lounges, Wi-Fi, and travel insurance.
This Mastercard comes with a secured credit option with zero transaction fees. However, you must note that the annual fee for this Mastercard is $180. The income requirement is $80,000 per year (individuals) and $150,000 annually (households).
Benefits:
- Build credit history and earn Asia Miles
- Guaranteed approval with no credit history required
- Earn up to 30,000 Asia Miles when you sign up
7. Junior Ambassador Money Card
The Junior Ambassador Money Card from Neo Financial comes with amazing cashback offers at popular teen brands, like restaurants, games, clothing, etc.
With this card, you can enjoy 5% cash back at awesome restaurants and Uber Eats, 2% cash back at stores like Dynamite, JD Sports, and Simons, 2% cash back on books and e-books like Chapters, Indigo, and Kobo, 2% cash back at gaming spots like PlayStation, Xbox, Nintendo, and Steam, 2% cash back at fitness places like GoodLife Fitness and YMCA.
The zero monthly fee card comes with access to Neo high-interest savings accounts, budgeting tools and financial literacy lessons.
The best part is that you can get real-time transaction notifications, deposit insurance, a secure app, and the ability to freeze and unfreeze cards.
Neo Financial New Updates
Neo Financial has recently announced that they have partnered with Shell to offer their customers better cashback offers when they make eligible purchases with their Neo Credit Card, Neo Secured Credit Card, or Neo MoneyTM Card.
For every eligible purchase you make at Shell gas stations and convenience locations using the Neo Credit, Neo Secured, or Neo Money card, you can get up to 4% cashback.
You earn 2% cash back at the pump or convenience store locations and 4% cash back for eligible transactions made via the Shell App. You can even boost these offers up to 6% cashback if you subscribe to Neo’s Everyday Essentials perk.
However, this offer only applies to Alberta, British Columbia, Manitoba, Ontario, and Saskatchewan residents.
In addition to this, Neo Financial will be extending credit to Canadians with credit scores as low as 600. This is to help them serve a wider range of Canadians.
Neo Financial Mobile Apps
Neo Financial Mobile App is available on Google Play Store and Apple Store.
Android and iOS device users can download the app to create an account and enjoy a seamless experience.
With Neo Financial Mobile App, users can pay their bills, check cashback offers, and use Google Pay and Apple Pay for quick POS transactions.
Neo Financial Customer Service
There are several ways you can contact Neo Financial customer service.
They have live support available daily from 7 am to 8 pm MST. You can also contact their support by emailing support@neofinancial.com or calling 1-855-636-2265.
In addition, they provide a financial help desk that offers answers to common questions you may have.
Final Thoughts on Neo Financial Review
Neo Financial is a digital fintech company that has revolutionized banking for Canadians. The company offers a range of financial products and services that make banking more accessible, convenient, and rewarding.
Neo Financial has created an innovative platform that is shaking up the banking world and making it easier for Canadians to manage their finances.
The company offers high cashback rewards rates, competitive interest rates, and no annual or monthly fees, making it an excellent option for Canadians looking to save money.
Neo Financial is a great choice for anyone looking for a better banking experience. This Neo Financial review is positive, and I recommend it to anyone looking to make the best of their savings and purchases.
FAQs on Neo Financial Review
Is Neo Financial a Bank?
No, Neo Financial is not a bank. It is, however, a financial institution accredited to offer financial services in Canada.
Is Neo a Real Credit Card?
Neo offers a real cashback credit card that rewards you upon using it to buy something. Neo is in partnership with ATB, Concentra Bank, and MasterCard. These big financial institutions add trust to Neo credit cards.
Additionally, Neo is a member of CDIC, which protects your deposit of up to $100,000.
Does Neo Financial Report to Credit Bureau?
Neo Financial reports to TransUnion to access your credit score during your application process. However, this will not affect your credit score in any way.
Can I pay my neo account by cheque. And where do I send the cheque?
Hi Joan,
Unfortunately, you cannot pay into your NEO financial account by cheque at this time. I shall keep a close eye on NEO financial as they add new features to their accounts and will update this piece accordingly.
Please let me know if you have other questions.
Thank you for your comment.
what does your credit score need to be to get approved.