Neo Money Review



Annual Fee


Annual Rewards


Intro Offer


Annual fee


Annual rewards


Intro offer


  • No annual fee
  • Instant cashback rewards
  • No foreign transaction fees
  • Real-time notifications and spend tracking
  • 0% interest on purchases
  • Widely accepted at all Visa merchants
  • Customizable credit limit


  • Not widely available for physical use
  • Credit limit might be lower than other cards
  • Limited to merchants in Neo’s rewards network
  • No travel insurance benefits
  • Lack of a robust rewards program
  • No introductory promotional offers

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 Money has earned a 5.00 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 Money 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 Money the most important factors for scoring this card are its fees and interest.


With the Neo Money, 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 Money 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 Money is worth up to $0.00, depending on how you redeem.

This $288 in rewards value puts the Neo Money 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 Money 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 Money 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 Money 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 Money has a $0 annual fee.

The average card charges $85. So, the Neo Money 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 Money scored a 0.9 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 AdvanceN/A%
Balance TransferN/A%

The average (median) credit card has a purchase interest rate of 19.99% and so the Neo Money charges 19.99% less than the average.

For cash advances it costs N/A% compared to the average of 19.96%.

Testing the Neo Money with a $2,000 starting balance, you can see in the graph how the 19.99% less 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 Money, 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.

Earning potential

The Neo Money credit card offers a unique rewards program that provides users with cash back on their everyday spending. Cardholders can earn up to 6% cash back at partnered local businesses, housing a variety of spending categories like dining, travel, and grocery.

The reward rates vary depending on the partnership level with a local business, which means that users should check Neo’s official list of partners to exploit the earning potential of the card fully.


Benefit 1: A major advantage of the Neo Money credit card is that it does not charge any annual fee, making it a cost-effective choice for users who want a hassle-free cashback card.

Benefit 2: The second major advantage is its digital-first approach. The card comes with an easy-to-use mobile app that allows users to track spending, manage their account, and access rewards seamlessly.

Benefit 3: The Neo Money credit card also offers unlimited cash back, meaning there is no cap on how much cash back a customer can potentially earn throughout the year. With higher spending and strategic shopping at partnered businesses, cardholders can maximize their rewards.

Benefit 4: Another key benefit of this card is its instant notification and security features. Users receive real-time notifications for every transaction conducted, ensuring that they’re aware of any unauthorized activities. Besides, it allows users to lock their card if it is lost or stolen directly from the mobile app to safeguard their account.


Drawback 1: A significant drawback of the Neo Money credit card is its limited partner network. Despite attractive high cash back rates, its effectiveness is determined by whether a user frequently shops at Neo’s partnered local businesses. If not, the rewards potential may be diminished for some users.

Drawback 2: Another potential drawback is that the Neo Money credit card is currently only available to Canadian customers living in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, and Saskatchewan.

Additional information

The Neo Money credit card also features an enticing referral program. Existing users can benefit from referring their family and friends, receiving up to $15 cash back per successful referral.

Additionally, the card frequently offers special promotions and introductory cash back rates for new users, creating an attractive proposition for those looking to maximize savings with a no-annual-fee card.

Not the right fit? You could consider the Neo Secured Credit. Or, if you’re looking for other options check out the NEO Everyday Essentials, and the Neo Credit.


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

About The Author