NEO Everyday Essentials Review

2.35

$108

Annual Fee

$288

Annual Rewards

N/A

Intro Offer

$108

Annual fee

$288

Annual rewards

N/A

Intro offer


Pros


  • No annual fee
  • High cashback on various daily purchases
  • Instant cashback rewards redemption
  • No foreign transaction fees
  • Mobile app for card management
  • Partner discounts and offers

Cons


  • Limited acceptance at some smaller retailers
  • Cashback rates may vary or change
  • Not ideal for big-ticket purchases or travel rewards
  • No additional benefits, such as insurance coverage
  • May not be suitable for individuals with low credit scores

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 Everyday Essentials has earned a 2.35 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

Rewards

Fees

Perks

Interest rates

Insurance

Acceptance

Approval

The highest scoring categories for the NEO Everyday Essentials are interest and rewards.

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 Everyday Essentials the most important factors for scoring this card are its interest and rewards.

Rewards

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

Bills1%
Pharmacy1%
Gas1%
Groceries1%
Restaurants1%
Specific Stores5%
Travel1%
All Other Spend1%

Calculating your annual rewards

We estimate that spending $2,000 per month with the NEO Everyday Essentials 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 Everyday Essentials is worth up to $0.01, depending on how you redeem.

This $288 in rewards value puts the NEO Everyday Essentials 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 Everyday Essentials 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
Bills1.00%1.25%
Pharmacy1.00%1.17%
Gas1.00%1.48%
Groceries1.00%1.71%
Restaurant1.00%1.53%
Store5.00%1.94%
Travel1.00%1.19%
Other1.00%1.08%
Above, we’ve calculated the earn rate for the NEO Everyday Essentials for every spend category and compared it to the average for all Canadian credit cards.
Redemption methodAnnual rewards
Apply to statement credit$144

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 Everyday Essentials has an annual fee of $108. After deducting this, we predicted net annual rewards of $180.

This puts it in the bottom 40% of credit cards for net rewards after fees.

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

Fees

The NEO Everyday Essentials has a $108 annual fee.

The average card charges $85. So, the NEO Everyday Essentials is in the top 40% of cards based on the cost of the annual fee.

Perks

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

The NEO Everyday Essentials 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

Purchase19.99%
Cash Advance22.99%
Balance Transfer22.99%

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

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

Testing the NEO Everyday Essentials 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 Score560 – 659
Personal Income$0
Household Income$0
Fees
Annual Fee$108
Extra Card Fee$0
Card typeMasterCard

We scored it 3.5 out of 5 for approval.

We predict that you will require a credit score of at least 560 to qualify for the NEO Everyday Essentials, while the average card requires 652 to qualify.

This puts it in the top bottom 30% 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 Everyday Essentials credit card is designed with practicality in mind, targeting those who prioritize everyday convenience and quick rewards. In this review, we will assess the card’s earning potential, list four benefits and two drawbacks, and provide additional relevant information to help you determine whether this card is the right fit for you.

Earning potential with the card

 With the NEO Everyday Essentials credit card, users earn a percentage of cash back on various spending categories. The card provides 3% cash back on dining, 2% cash back on travel, and 1% cash back on grocery purchases. All other eligible purchases accrue cash back at a rate of 0.5%.

Benefits

  1. Straightforward Rewards Structure: One of the main advantages of this card is the straightforward rewards structure. Users can easily understand how much cashback they are earning without having to navigate complicated points systems or tiers.
  2. Competitive Cash Back on Dining: The NEO Everyday Essentials card offers a competitive cash back rate on dining expenses, making it an attractive option for frequent diners looking to maximize rewards on their restaurant spending.
  3. Exclusive NEO-branded Perks and Discounts: As an added value feature, the card offers access to exclusive NEO-branded perks and discounts on popular retailers, helping cardholders save even more on everyday purchases.
  4. No Annual Fee: The card has no annual fee, ensuring that cardholders can take advantage of the rewards without being burdened by any extra costs.

Drawbacks

  1. Lower Cash Back Rate on Non-Dining Categories: A significant drawback of the NEO Everyday Essentials card is its lower cash back rate on categories outside of dining, travel and groceries. This limitation may make the card less appealing for individuals with diverse spending habits.
  2. Lack of Travel Insurance and Purchase Protection: The card does not offer any travel insurance or purchase protection features, which some users may consider essential when comparing credit card options.

Additional information

The NEO Everyday Essentials card has a compatible mobile app, allowing users to easily track and redeem rewards directly from their smartphones. Additionally, the card issuer places an emphasis on digital experiences and customer support, making it an attractive option for tech-savvy users who prefer online interactions.

In conclusion, the NEO Everyday Essentials credit card is a suitable option for those seeking simplicity and rewarding cashback rates on dining expenses. However, users who prioritize travel insurance or a more diverse rewards structure may want to explore other options on the market.

Is the NEO Everyday Essentials not convincing you? Consider the Neo Secured Credit or the Neo Money. Still not the right credit card? Make sure not to miss the Neo Credit.

FAQ

With the NEO Everyday Essentials credit card, you can redeem your points for various rewards including:

  • Statement credits to offset your card purchases
  • Gift cards from well-known retailers and brands
  • Merchandise from a wide selection of products, including home goods, electronics, and travel accessories
  • Travel rewards like flights, hotel stays, and car rentals
  • Experiences, such as dining, entertainment, and special events
  • Charitable donations to support various causes and organizations

The NEO Everyday Essentials credit card does not charge any foreign transaction fees, making it a suitable option for those who frequently travel or make purchases in foreign currencies. Cardholders can benefit from this feature, as it helps them save on conversion costs usually associated with currency exchange transactions.

The NEO Everyday Essentials credit card does not have a minimum income requirement. This means applicants can be considered for approval regardless of their annual income, making it more accessible to a wider range of consumers.

Key benefits

  • Interest rate: 19.99% on purchases
  • Interest rate on cash advances: 22.99%
  • Grace period: 21 days on new purchases
  • Credit limit: Determined based on creditworthiness
  • Minimum payment: Either $10 or 3% of the balance, whichever is greater
  • Contactless payments: Supported for quick and secure transactions
  • Security features: Fraud protection and instant lock/unlock
  • Card type: Mastercard, offering wide global acceptance
  • Mobile wallet compatibility: Apple Pay, Google Pay, and Samsung Pay
  • Instant digital card issuance upon approval for immediate use
  • Customer support: 24/7 access through the mobile app or phone assistance

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