NEO Premium Access Review

3.00

$11.88

Annual Fee

$288.00

Annual Rewards

N/A

Intro Offer

$11.88

Annual fee

$288.00

Annual rewards

N/A

Intro offer


Pros


  • No annual fee
  • Earn up to 6% cash back on eligible purchases
  • Rewards instantly available for use at participating retailers
  • Compatibility with Apple Pay and Google Pay
  • Zero-liability protection for unauthorized transactions
  • Mobile app for easy account monitoring

Cons


  • Limited to participating retailers
  • No comprehensive travel/insurance benefits
  • Cash back only redeemable at partner retailers
  • No access to global airport lounges
  • No credit score improvement features
  • Limited to Canadian residents

How you earn rewards

Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With NEO Premium Access, here’s how you earn rewards:

Specific Stores5%
All Other Spend1%

How much your rewards are worth

The dollar value of your rewards depends on the specific Neo rewards program and what you choose to redeem your points for.

For NEO Premium Access in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:

Redemption methodAnnual rewards
Apply to statement credit$1.44

Calculating your annual rewards

$24,000.00 annual spending x $1.20% return on spending = $288.00 annual rewards

$288.00 annual rewards – $11.88 annual fee = $$276.12 net annual rewards

Details and eligibility

Do I qualify?
Estimated Credit Score560 – 659
Interest Rates
Purchase19.9%
Cash Advance22.9%
Balance Transfer22.9%
Fees
Annual Fee$11.88
Extra Card Fee$0
Card typeMasterCard

Insurance coverage

Extended Warranty1 year
Purchase Protection90 days

NEO Premium Access Review

The NEO Premium Access credit card is designed for individuals who want to earn rewards on their everyday spending, while enjoying an array of benefits. In this review, we will discuss the earning potential of the card, four key advantages, two drawbacks, and additional relevant information for potential cardholders.

Earning Potential: The NEO Premium Access credit card offers competitive rewards rates across different spending categories. Cardholders can earn 4% cash back on grocery and restaurant purchases, 3% cash back on gas and transportation expenses, and 2% cash back on other eligible purchases. This earning structure allows for a well-rounded rewards experience with the opportunity to collect cash back on everyday spending.

Benefit 1: The first major advantage of the NEO Premium Access credit card is its comprehensive insurance coverage. Cardholders can access emergency medical coverage, trip cancellation and interruption insurance, and rental car collision damage coverage when traveling. These coverages provide added peace of mind and protection during trips.

Benefit 2: The second major advantage of this card is its exclusive concierge service granting access to dining and event reservations, travel assistance, and other personalized services. This perk helps cardholders enjoy a premium, stress-free experience when organizing their plans.

Benefit 3: The third benefit is the card’s purchase protection and extended warranty. The NEO Premium Access credit card offers added security on purchased items by covering them against theft, damage, and extending the manufacturer’s warranty. This is a valuable feature for those who frequently make expensive or valuable purchases.

Benefit 4: The fourth key advantage is the card’s compatibility with mobile wallets like Apple Pay, Google Pay, and Samsung Pay. This feature provides added convenience and allows for quicker, contactless transactions when making purchases with a smartphone.

Drawback 1: One significant drawback of the NEO Premium Access credit card is its annual fee. With a $120 annual fee and no first-year waiver, potential cardholders will have to weigh whether the benefits offered by the card outweigh its associated costs.

Drawback 2: Another drawback of this card is the lack of a welcome bonus. While many other credit cards on the market offer introductory incentives for new cardholders, the NEO Premium Access credit card does not. This may deter potential users who seek immediate value from a card.

In conclusion, the NEO Premium Access credit card offers strong earning potential by providing competitive cash back rates among various spending categories. The card also presents four valuable benefits, ranging from extensive insurance coverage to mobile wallet compatibility. However, potential cardholders must consider the drawbacks of the annual fee and absence of a welcome bonus before applying. As a prospective cardholder, it is crucial to evaluate whether the benefits and rewards offered by this card align with your personal spending habits and preferences.

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

FAQ

The NEO Premium Access credit card allows cardholders to redeem their points for a wide range of rewards. These include:

  • Travel rewards: You can redeem points for flights, hotels, car rentals, cruises, and vacation packages through the card’s travel portal.
  • Merchandise rewards: A variety of products, such as electronics, home appliances, and fashion items, are available for redemption in the online rewards catalogue.
  • Gift cards: Points can be exchanged for gift cards from popular retailers, restaurants, and entertainment providers.
  • Financial rewards: Redeem points to save on account fees, receive statement credits, or make charitable donations.
  • Experiences: Points can also be used to access exclusive events, shows, and local attractions.

The NEO Premium Access credit card is an option for Canadians who are looking for a card with a variety of benefits, including low transaction fees. When it comes to foreign transaction fees, this card offers a competitive edge as it does not charge any additional fees on foreign transactions. Specifically, it provides a 0% foreign transaction fee, which is ideal for customers who frequently travel or make purchases in foreign currencies.

The NEO Premium Access credit card does not have a minimum income requirement. This makes it accessible to a broader range of individuals, regardless of their income level.

Key benefits

  • Interest rate: 19.99% on purchases, 21.99% on cash advances
  • Minimum credit limit: $1,000 CAD
  • Grace period: 21 days interest-free on new purchases
  • International transaction fee: 2.5% surcharge on foreign currency transactions
  • Authorized user cards available at no extra cost
  • Digital wallet compatible (supports Apple Pay, Google Pay, and other payment apps)
  • Contactless payment feature for fast and convenient transactions
  • Bill payments and balance transfers capability
  • 24/7 customer service hotline available for card-related concerns
  • One-time enrollment bonus upon successful sign-up (subject to promotional periods)
  • Online account login and management via the card issuer’s website and mobile app

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