Dollarwise

Neo Secured Credit Review

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Mastercard > Neo







Advertising disclosure









{{card.name}} Review







{{ranking}}

★★★★★











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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











{{Cons}}













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





Review of the Neo Secured Credit Card





Earning potential





The Neo Secured Credit Card allows cardholders to earn cash back on everyday purchases. The card offers a flat reward rate of 1.5% cash back in multiple spending categories, including dining, travel, groceries, and more. This means that for every dollar spent in these categories, cardholders will receive 1.5 cents worth of cash back.





Benefits






  1. Credit Building Opportunity: One major advantage of the Neo Secured Credit Card is its accessibility. Since it’s a secured credit card, applicants with less than perfect or limited credit history can still obtain the card by providing a cash deposit as collateral.

    This makes it an ideal choice for individuals looking to establish or rebuild their credit.




  2. No Annual Fee: The second major advantage of the Neo Secured Credit Card is its no annual fee structure. This means that cardholders won’t need to worry about any ongoing fees, allowing them to enjoy the cash back benefits without any added costs.




  3. User-Friendly Mobile App: The third major advantage of this card is the mobile app that comes with it. The user-friendly app allows cardholders to monitor their account, view transactions, make payments, and access customer support conveniently through their smartphones.




  4. Potential for Credit Limit Increases Without Additional Deposits: The fourth major advantage of the Neo Secured Credit Card is the potential for credit limit increases without additional deposits.

    Responsible usage of the card, such as on-time payments and keeping the balance low, may lead to an increased credit limit without necessitating an additional deposit from the cardholder.





Drawbacks






  1. Limited Cash Back Redemption Options: A significant drawback of this card is the limited redemption options for cash back rewards.

    Unlike other cards that may offer multiple ways to redeem rewards, such as statement credits, gift cards, or travel rewards, the Neo Secured Credit Card only allows cardholders to redeem cash back as statement credits.




  2. No Signup Bonus: Another significant drawback of this card is the absence of a signup bonus. Many credit cards offer introductory bonuses for new cardholders, but the Neo Secured Credit Card does not provide any such incentives to attract new customers.

    This might make the card less appealing to people comparing multiple credit card options.





Additional information





The Neo Secured Credit Card offers free access to your credit score and credit-building tips through the mobile app. This feature can be extremely helpful for individuals looking to improve their credit, as regular monitoring and understanding of credit scores play a significant role in credit-building efforts.





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





FAQ







With the Neo Secured Credit Card, you can redeem your accumulated points for various rewards, such as:






  • Merchandise from a wide range of top brands and retailers




  • Gift cards from popular stores and websites




  • Travel bookings, including hotels, flights and car rentals




  • Statement credits to reduce your credit card balance




  • Charitable donations to a selection of reputable organizations





By carefully selecting your redemption options, you can maximize the value you get from your Neo Secured Credit Card points and enjoy the benefits that come with responsible credit card use.







The Neo Secured Credit credit card does charge foreign transaction fees. When you make a purchase in a foreign currency or with a merchant located outside of Canada, a fee of 2.5% is applied to the converted Canadian Dollar amount.





This means that for any international transactions or purchases made with foreign merchants, you will incur a small additional cost at a rate of 2.5%.







The Neo Secured Credit Card does not have a minimum income requirement, making it accessible for individuals with varying income levels. This feature allows more Canadians to take advantage of this credit card option and build their credit profile.







Key benefits






  • Interest-free grace period up to 21 days




  • Two-stage identity verification for safe transactions




  • Up to 5 supplementary cards available for family members




  • Minimum credit limit of $200, potential for gradual increases with timely payments




  • Responsibly issued based on individual’s financial circumstances




  • Widely recognized chip and pin technology for added security




  • Cash advances and emergency replacement cards available



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