NEO Premium Access Review

2.85

$12

Annual Fee

$288

Annual Rewards

N/A

Intro Offer

$12

Annual fee

$288

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

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 Premium Access has earned a 2.85 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 Premium Access 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 Premium Access the most important factors for scoring this card are its fees and interest.

Rewards

With the NEO Premium Access, 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 Premium Access 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 Premium Access is worth up to $0.01, depending on how you redeem.

This $288 in rewards value puts the NEO Premium Access 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 Premium Access 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 Premium Access 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 Premium Access has an annual fee of $12. After deducting this, we predicted net annual rewards of $276.

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.

Fees

The NEO Premium Access has a $12 annual fee.

The average card charges $85. So, the NEO Premium Access is in the bottom 50% 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 Premium Access scored a 1.8 out of 5 for perks, putting it in the top 40% 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 Premium Access charges {{purchase_interest_diff}} than the average.

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

Testing the NEO Premium Access 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 Warranty1 year1 year
Purchase Protection90 days90 days

We scored it 0.0 out of 5 for insurance.

It offers 2 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$12
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 Premium Access, 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 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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