Neo Credit Review



Annual Fee


Annual Rewards


Intro Offer


Annual fee


Annual rewards


Intro offer


  • No annual fee
  • Reward points for every purchase
  • Cashback offers at partnered retailers
  • Real-time notifications and spending insights
  • Comprehensive mobile app for account management
  • Promotional low-interest rates on balance transfers
  • Zero liability fraud protection


  • Limited credit limit for new users
  • No sign-up bonus or welcome offer
  • Absence of travel benefits and insurance coverage
  • No options for earning rewards in specific categories
  • Not widely accepted at all merchants
  • No physical branch support, online service only

Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we’re the most trusted source for credit card reviews.

The Neo Credit has earned a 4.25 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).




Interest rates




The highest scoring categories for the Neo Credit are fees and interest.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the Neo Credit the most important factors for scoring this card are its fees and interest.


With the Neo Credit, here’s the rates at which you earn rewards for different spending categories per dollar you spend:

Specific Stores5%
All Other Spend1%

Calculating your annual rewards

We estimate that spending $2,000 per month with the Neo Credit would earn $288 in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you’d earn this per category:

Specific Stores$60
All Other Spend$228

Our study investigating the value found that each dollar spent on the Neo Credit is worth up to $0.00, depending on how you redeem.

This $288 in rewards value puts the Neo Credit in the bottom 50% of credit cards in Canada based on rewards earned.

The average credit card in our database earns $337 in rewards for the same spend that the Neo Credit earns $288 in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that’s a 10% earn rate on gas.

SpendThis CardAverage
Above, we’ve calculated the earn rate for the Neo Credit for every spend category and compared it to the average for all Canadian credit cards.

For an annual spend of $24,000, we estimated annual rewards value at up to $288.

That’s equivalent to a 1.20% return on spending.

The Neo Credit has an annual fee of $0. After deducting this, we predicted net annual rewards of $288.

This puts it in the top 50% of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of $254.


The Neo Credit has a $0 annual fee.

The average card charges $85. So, the Neo Credit is in the bottom 50% of cards based on the cost of the annual fee.


We manually review the perks of each credit card to determine how they compare to other cards.

The Neo Credit scored a 1.0 out of 5 for perks, putting it in the bottom 30% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

Cash Advance22.99%
Balance Transfer22.99%

The average (median) credit card has a purchase interest rate of 19.99% and so the Neo Credit charges {{purchase_interest_diff}} than the average.

For cash advances it costs 22.99% compared to the average of 19.96%.

Testing the Neo Credit with a $2,000 starting balance, you can see in the graph how the {{purchase_interest_diff}} in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

We scored it 0.0 out of 5 for insurance.

It offers 0 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

Do I qualify?
Estimated Credit Score300 – 559
Personal Income$0
Household Income$0
Annual Fee$0
Extra Card Fee$0
Card typeMasterCard

We scored it 5.0 out of 5 for approval.

We predict that you will require a credit score of at least 300 to qualify for the Neo Credit, while the average card requires 652 to qualify.

This puts it in the top bottom 20% of cards by approval difficulty.

The personal income requirements are $0, while the average card requires $23,896.

This puts it in the top 50% of cards by the income required to qualify.

The Neo Credit credit card is a relatively new entrant in the Canadian credit card market. With its unique earning potential and rewards structure, this card offers a mix of benefits and drawbacks for different types of spenders. In this review, we will discuss the earning potential, benefits, drawbacks, and any other pertinent information about the Neo Credit credit card.

Earning potential

The Neo Credit credit card earns points, which are referred to as Neo Rewards. Cardholders receive 5 points per $1 spent on dining, 4 points per $1 spent on travel (including flights, accommodations, car rentals), 3 points per $1 spent on groceries, and 2 points per $1 spent on all other purchases.

Unlike other credit cards, the Neo Credit card has no annual fee and does not have a spending cap, which means that users can potentially earn an unlimited amount of points.


  1. No Annual Fee: The first major advantage of the Neo Credit credit card is that there is no annual fee for users. This makes the card attractive to those who are looking to maximize their rewards earnings, without incurring any additional costs.
  2. Generous Points System: The second major advantage of this card is its generous points system, whereby users can earn as much as 5 points for every dollar spent on dining at partner restaurants. This is a significant reward rate, giving users substantial earning potential on dining and travel-related expenses.
  3. Flexible Points Redemption: The third major advantage of the Neo Credit card is the flexibility in redeeming points. Cardholders can redeem their Neo Rewards for either a statement credit or any items in Neo’s online catalog, offering users various options to redeem points according to their preferences.
  4. Robust Mobile App: The fourth major advantage of this card is the user-friendly mobile app, where users can easily access and manage their account. Additionally, Neo frequently updates the app to offer new features and promotions that allow cardholders to earn additional rewards points or enjoy discounts on various products and services.


  1. Limited Partner Network: A significant drawback of the Neo Credit credit card is its limited partner network. Users can maximize their earning potential on dining and travel categories only at participating partners, which may not cater to everyone’s preferences or locations.
  2. No Welcome Bonus: Another significant drawback of this card is the absence of a welcome bonus for new users. Many competing credit cards offer attractive welcome bonuses or promotions to entice new customers, but the Neo Credit card currently does not provide any such incentives.

Additional information

In conclusion, the Neo Credit credit card offers a unique rewards structure with a generous points system and no annual fee. However, it would be best if users considered its limited partner network and the lack of welcome bonus when deciding whether it’s the right card for their needs.

Interested in other credit cards? If the Neo Credit credit card isn’t perfect for you, you might want to consider the Neo Travel. Plus, many Canadian’s that like the Neo Credit like the Neo Secured Credit, and the NEO Everyday Essentials.


With the Neo Credit credit card, you can redeem your points for a variety of rewards. These include:

  • Paying off your balance: You can use your points to pay down your outstanding balance, reducing the amount you owe on your credit card.
  • Gift cards: Points can be redeemed for gift cards to popular retailers, restaurants, and other merchants. This allows you to enjoy products and services from a wide range of businesses using your reward points.
  • Travel: Neo Credit cardholders can use their points for flights, hotels, and other travel-related expenses. This can help you save money on your next vacation or business trip.
  • Merchandise: Your points can be redeemed for various types of merchandise, including electronics, home appliances, and more. This allows you to acquire products without spending additional money out-of-pocket.
  • Charitable donations: If you prefer to use your reward points for a good cause, the Neo Credit card allows you to redeem them for donations to select charities.

The Neo Credit credit card does not charge any foreign transaction fees. This means that when you make purchases in currencies other than Canadian dollars, you will not incur any additional charges or percentage-based fees on the converted amount.

The Neo Credit credit card does not have a minimum income requirement. This makes it accessible to a wider range of applicants, as individuals with varying income levels can apply and potentially be approved for this credit card.

Key benefits

  • Interest-free grace period of 21 days
  • Mobile wallet compatibility for seamless transactions
  • Credit limit increase eligibility with disciplined payments
  • Financial education resources via the app platform
  • Customizable security settings for enhanced safety
  • Useful digital tools like virtual cards for online shopping
  • Environmentally friendly virtual-only cards, minimizing plastic waste
  • Refer-a-friend program to earn additional rewards

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