This post is sponsored by Neo Financial. The views and opinions expressed in this blog, however, are purely our own.
One of Canada’s most unique credit cards is the Neo Card. Instead of traditional cash back on select categories, Neo has partnered with plenty of retailers to earn you bonus cash back, which cover a wide swath of different types of retailers.
But there’s more – you can also customize your Neo Card with flexible monthly subscription plans. These plans allow you to earn more rewards and add more features to your Neo Card in a variety of categories for various monthly fees.
In the end, you won’t believe how much actual value and earning potential these subscriptions actually have.
Here’s what they are, and how they work.
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All about the Neo Card
First, let’s start with the base Neo Card and what it offers. The base card has no annual fees or monthly fees.
This is a credit card that earns you instant, unlimited cash back. You’ll earn an average of 5% cash back from over 10,000 Neo partners.
They cover a wide range of categories, but also merchants big and small.
Here are some major partner merchants, and the base cash back earn rate for each.
| Merchant | Cash Back Rate | Limits |
|---|---|---|
| Shoppers Drug Mart | 1% on $25 in spend | Earn rewards on up to $25 in spend every 90 days |
| Loblaws | 1%, up to $5 back | Maximum $5 cash back per transaction |
| Canadian Tire | 2% | Earn rewards on up to $25 in spend every 90 days |
| Esso | 1%, up to $5 back | Maximum $5 cash back per transaction |
| Boston Pizza | 6% | Maximum of $10 earned on 4 transactions every 180 days |
There are limitations to most partners, but a Neo Card is an easy way to earn more cash back.
Here’s an example of one of the above – Boston Pizza.
Here’s the basic details:
And here are the full blown terms.
As for small retailers? Here’s a sampling of what’s available in Halifax and how much cash back you can get.
Neo merchants come and go, so be sure to check your dashboard for merchants with cash back offers in your area.
Shop outside Neo partners? You won’t earn anything.
However, Neo has a small minimum cash back guarantee. If your total cash back rate falls below that, Neo will top you up so you’re earning at least that much.
The Neo Card doesn’t offer anything else in terms of insurance (that’s where the perks come in).
One last bonus – if you have poor credit, there’s a version of this card for you. The Neo Card™ (Secured) has guaranteed approval. The only difference is you have to provide a security deposit to get a card issued to you. This deposit then becomes your credit limit.
Neo only requires a deposit of $50 to get a secured card, which is much lower than other banks, which typically need a deposit of at least $500 to get started. And of course, you can add all the same perks to this version of the card too.
Upgrade your Neo Card with perks
If you want more from your Neo Card, you can take a look at their perks.
For varying monthly fees, you can gain access to subscriptions, insurances, boosted cashback, and more. You can add and stack as many perks as you want – you don’t have to choose just one.
Since you’re only charged monthly, when you opt in to a Neo bundle, you’re only making a 1 month commitment. If you decide it’s not worth it, you can remove it from your Neo Card at any time. Subscribe mid-month and the monthly cost is pro-rated.
No matter which perk you choose to add, you’ll be upgrading your Neo Card for a nominal monthly fee.
Your thoughts on Neo Card perks
Neo certainly has made a unique product with the Neo Card and their perks.
Does Neo have an enticing cash back product? Which of their perks are you interested in?
Let us know in the comments below.
FAQ
What is the Neo Card?
The Neo Card is a no fee cash back credit card where you earn rewards at thousands of partner retailers. There’s a regular as well as a secured version of the card.
What are Neo Card perks?
Perks offer members the ability to upgrade their card. For varying monthly fees, you can gain access to subscriptions, insurances, boosted cash back, and more. If you’re not sure it’s right for you, you can try it out for 1 month. If it’s not for you, you can cancel it at any time and be charged the prorated fee.
What Neo Card perks are there?
There are 6 Neo perks to choose from, with more being added in the future. They are:
- Premium Access,
- Travel,
- Mind & Body,
- Everyday Essentials,
- Food & Drink, and
- Mobile & Personal Protection.
The cheapest perk is $0.99 per month (Premium Access), and the most expensive two are Mind & Body and Mobile & Personal Protection, both of which cost $9.99 per month.
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