Dollarwise

NEO Premium Access Review

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Mastercard > Neo







Advertising disclosure









{{card.name}} Review







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★★★★★











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Apply Now ->



















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Annual Fee







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Annual Rewards







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Intro Offer









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Annual fee







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Annual rewards







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Intro offer
























Pros











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Cons











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Editorial Note: DollarWise may earn a commission on sales made from partner links on this page.





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 {{card.name}} has earned a {{ranking}} DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).









{{factor_score_rewards}}

















Rewards











{{factor_score_fee}}

















Fees











{{factor_score_perks}}

















Perks











{{factor_score_interest}}

















Interest rates













{{factor_score_insurance}}

















Insurance











{{factor_score_acceptance}}

















Acceptance











{{factor_score_approval}}

















Approval











The highest scoring categories for the {{card.name}} are {{score_1}} and {{score_2}}.





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 {{card.name}} the most important factors for scoring this card are its {{score_1}} and {{score_2}}.





Rewards





With the {{card.name}}, here's the rates at which you earn rewards for different spending categories per dollar you spend:





Bills{{reward_bills}}
Pharmacy{{reward_drug}}
Gas{{reward_gas}}
Groceries{{reward_grocery}}
Restaurants{{reward_restaurant}}
Specific Stores{{reward_store}}
Travel{{reward_travel}}
All Other Spend{{reward_other}}




Calculating your annual rewards





We estimate that spending {{monthlyspend}} per month with the {{card.name}} would earn {{card.rewards}} 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:





Bills{{bills_dollarrewards}}
Pharmacy{{drug_dollarrewards}}
Gas{{gas_dollarrewards}}
Groceries{{grocery_dollarrewards}}
Restaurants{{restaurant_dollarrewards}}
Specific Stores{{store_dollarrewards}}
Travel{{travel_dollarrewards}}
All Other Spend{{other_dollarrewards}}




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Our study investigating the value found that each dollar spent on the {{card.name}} is worth up to {{card.max_reward}}, depending on how you redeem.





This {{card.rewards}} in rewards value puts the {{card.name}} in the {{decile.annual_rewards}} of credit cards in Canada based on rewards earned.





The average credit card in our database earns {{averages.mean_annual_rewards}} in rewards for the same spend that the {{card.name}} earns {{card.rewards}} in rewards value.





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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
Bills{{bills_earnrate}}{{averages.mean_bills_earnrate}}
Pharmacy{{drug_earnrate}}{{averages.mean_drug_earnrate}}
Gas{{gas_earnrate}}{{averages.mean_gas_earnrate}}
Groceries{{grocery_earnrate}}{{averages.mean_grocery_earnrate}}
Restaurant{{restaurant_earnrate}}{{averages.mean_restaurant_earnrate}}
Store{{store_earnrate}}{{averages.mean_store_earnrate}}
Travel{{travel_earnrate}}{{averages.mean_travel_earnrate}}
Other{{other_earnrate}}{{averages.mean_other_earnrate}}
Above, we've calculated the earn rate for the {{card.name}} for every spend category and compared it to the average for all Canadian credit cards.




Redemption methodAnnual rewards
Transfer to partner airlines{{transfer_airlines}}
Fixed points travel{{fixed_points_travel}}
Transfer to partner hotels{{transfer_hotel}}
Redeem for travel{{redeem_travel}}
Apply to statement credit{{statement_credit}}
Ticketmaster{{ticketmaster}}
Charity{{charity}}
Gift cards{{gift_cards}}
Amazon.ca{{amazon}}
Merchandise{{merchandise}}
Make investments{{investments}}
Enjoy experiences{{experiences}}
Car rentals{{car_rental}}
Vacations{{vacation}}
Attractions{{attractions}}
Cash rewards{{cash_rewards}}
Grocery rewards{{grocery_rewards}}
Restaurant rewards{{restaurant_rewards}}
Movie rewards{{movie_rewards}}
Apple / BestBuy{{apple_bestbuy}}
Flight rewards{{flight_rewards}}
Airlines Rewards (Charts){{airlines_rewards_chart}}
CIBC financial products{{cibc_financial_products}}
Air travel - redemptions (scheduled){{air_travel_redemptions_schedule}}
RBC travel{{rbc_travel}}
Transfer to WestJet{{transfer_westjet}}
Transfer to Hudson Bay{{transfer_bay}}
RBC financial products{{rbc_financial_products_rewards}}
Air Canada gift cards{{aircanada_gift_card}}
Air Canada vactions{{air_canada_vacations}}
Electronics gift cards{{electronics_gift_cards}}
Cash - World Elite{{cash_worldelite}}
Cash - Platinum Plus{{cash_platinumplus}}
Banking plans{{banking_plans}}
Desjardins financial products{{desjardins_financial_products}}
Expedia travel{{expedia_td}}
Educational rewards{{education_rewards}}
HSBC financial products{{hsbc_financial_products}}
Walmart{{walmart_rewards}}
Triangle (Canadian Tire){{triangle_rewards}}
Meridian travel{{meridian_travel}}
Direct deposit{{direct_deposit_rewards}}
Costco gift cards{{costco_gift_cards}}
Wireless Rogers rewards{{wireless_rogers_rewards}}
1 Rogers rewards{{1_roger_rewards}}
Other Rogers rewards{{other_roger_rewards}}
Other 1 Rogers rewards{{other_1_roger_rewards}}




For an annual spend of {{annualspend}}, we estimated annual rewards value at up to {{total_net_rewards}}.





That's equivalent to a {{total_earn_rate}} return on spending.





The {{card.name}} has an annual fee of {{card.annualFee}}. After deducting this, we predicted net annual rewards of {{net_after_fee}}.





This puts it in the {{decile.net_annual_rewards}} of credit cards for net rewards after fees.





In comparison, the average card earns net annual rewards of {{averages.mean_net_annual_rewards}}.





Fees





The {{card.name}} has a {{card.annualFee}} annual fee.





The average card charges {{averages.mean_annual_fee}}. So, the {{card.name}} is in the {{decile.annual_fee}} of cards based on the cost of the annual fee.





Perks





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





The {{card.name}} scored a {{factor_score_perks}} out of 5 for perks, putting it in the {{decile.factor_score_perks}} of cards.





The average card scores {{averages.mean_factor_score_perks}} out of 5 for perks.





Interest Rates





Purchase{{purchase_interest_rate}}%
Cash Advance{{cash_advance_interest_rate}}%
Balance Transfer{{balance_transfer_interest_rate}}%




The average (median) credit card has a purchase interest rate of {{averages.median_purchase_interest_rate}} and so the {{card.name}} charges {{purchase_interest_diff}} than the average.





For cash advances it costs {{cash_advance_interest_rate}}% compared to the average of {{averages.mean_cash_advance_interest_rate}}.





Testing the {{card.name}} 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





InsuranceThis CardAverage
Extended Warranty{{warranty}}{{averages.median_warranty}}
Purchase Protection{{purchase_protection}}{{averages.median_purchase_protection}}
Travel Accident{{travel_accident}}{{averages.median_travel_accident}}
Emergency Medical Term{{emergency_medical_term}}{{averages.median_emergency_medical_term}}
Emergency Medical over 65{{emergency_medical_65}}{{averages.median_emergency_medical_65}}
Trip Cancellation{{trip_cancellation}}{{averages.median_trip_cancellation}}
Trip Interruption{{trip_interruption}}{{averages.median_trip_interruption}}
Flight Delay{{flight_delay}}{{averages.median_flight_delay}}
Baggage Delay{{baggage_delay_insurance}}{{averages.median_baggage_delay_insurance}}
Lost or Stolen Baggage{{stolen_baggage}}{{averages.median_stolen_baggage}}
Event Cancellation{{event_cancel}}{{averages.median_event_cancel}}
Rental Car Theft & Damage{{rental_theft_damage}}No
Rental Car Personal Effects{{rental_personal}}{{averages.median_rental_personal}}
Rental Car Accident{{rental_accident}}{{averages.median_rental_accident}}
Hotel Burglary{{hotel_burglary}}{{averages.median_hotel_burglary}}
Mobile Phone Insurance{{mobile_insurance}}{{averages.median_mobile_insurance}}
Personal Effects Insurance{{personal_effects}}{{averages.median_personal_effects}}
Price Protection Insurance{{price_protection}}{{averages.median_price_protection}}




We scored it {{factor_score_insurance}} out of 5 for insurance.





It offers {{insurance_count}} types of insurance, whereas the average card has {{averages.insurance_count}} types of coverage.





Approval and qualifying







Do I qualify?
Estimated Credit Score{{credit_score_low}} - {{credit_score_high}}
Personal Income{{personal_income}}
Household Income{{household_income}}






Fees
Annual Fee{{card.annualFee}}
Extra Card Fee$0
Card type{{card_type}}






We scored it {{factor_score_approval}} out of 5 for approval.





We predict that you will require a credit score of at least {{credit_score_low}} to qualify for the {{card.name}}, while the average card requires {{averages.mean_credit_score_low}} to qualify.





This puts it in the top {{decile.credit_score_low}} of cards by approval difficulty.





The personal income requirements are {{personal_income}}, while the average card requires {{averages.mean_personal_income}}.





This puts it in the {{decile.personal_income}} of cards by the income required to qualify.





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.





Benefits






  1. Comprehensive Insurance Coverage: 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.




  2. Exclusive Concierge Service: 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.




  3. Purchase Protection and Extended Warranty: 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.




  4. Compatibility with Mobile Wallets: 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.





Drawbacks






  1. Annual Fee: 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.




  2. Lack of Welcome Bonus: 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.





Additional information





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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