Want something a little different when it comes to your credit card rewards? A Neo Financial credit card may be for you.

They offer 2 versions of their credit card, and here we'll discuss the Neo Standard Credit Card – which is the no annual fee version.

This card will give you an average of 5% cash back at partners, and gets you 1% back on gas and groceries, and has lower credit score requirements than most other rewards credit cards, making for a good beginner credit card, or someone looking to improve their credit. Neo also makes it easy to customize your card with various add-on bundles.

Here's what this card has to offer.

Neo Financial credit card rewards

Neo Financial offers regular cash back credit cards.

And Neo does things differently. Neo has also partnered with plenty of retailers who will give you extra cash back when you shop with your Neo Card. There's nothing special you have to do to take advantage – all you have to do is swipe your card.

You can earn an average of 5% back when shopping with Neo's retail partners.

What about everywhere else? Well, that is going to depend on how much money you have deposited into a Neo Everyday Account. The more you have deposited there, the higher your rewards will be. This account comes with an interest rate of 0.1%.

Here's what you can earn.

Now, there's one more layer to this. There are also spending caps on how much you'll earn in each category. Reach the cap, and you won't earn rewards above that.

Here's what they are.

• Groceries – $6,000
• Gas – $10,000
• Everything else – $20,000

5 benefits of the Neo Mastercard

Beyond the rewards, here are 5 other benefits to the Standard Neo credit card.

1. Upgrade to Neo Premium

Neo makes it easy to upgrade your card. For $4.99 per month ($59.88 per year), you can earn more rewards on purchases and get more benefits with your Neo card.

For rewards, you'll earn cash back at these rates on everything:

• 3% back on gas and groceries, and
• 0.5% back everywhere else.

You'll also earn even more cash back on purchases with Neo Partners, including:

• 6% average cash back at restaurants, bars, and cafes,
• 4% on popular streaming services,
• 4% on ride sharing services,
• 4% on food delivery services, and
• 3% or more at retail partners.

You'll also get these extra benefits:

• credit score monitoring,
• $2,500 group life insurance,
• 24/7 legal assistance,
• purchase protection and extended warranty, and
• priority security support.

2. Redeem your rewards any time

A lot of cash back credit cards only offer rewards once per year, at their choosing.

With Neo, you can redeem your rewards whenever you want, with no minimum redemption.

And, you've got choices when it comes to how you want to redeem your rewards too.

You can simply apply them for a statement credit, or you can choose to use them for merchandise and other rewards through Neo.

3. No annual fee

The card has no annual fee, which means everything you earn goes right back in your pocket.

If you decide you want to see what Neo bundles offer, you only pay a monthly fee instead of an annual fee for them. That gives you the flexibility to test them out for just a month, then remove them from your no fee card if it's not working for you.

4. Lower credit score requirements

Some credit cards require a score of at least 660 to be considered, with many needing at least 725 or better.

But not with Neo. Neo only requires a lower credit score of 600 to be approved for their credit cards. It makes their cards open to more people.

If you're having some credit score issues, this is one potential option to look into. And even though it has lower credit score requirements, you're still getting good rewards on your purchases.

5. Many one-time welcome bonuses

Finally, with many of Neo's partners, you can earn 15% back on your first purchases with them.

It's easy cash back when you get a new Neo Financial credit card.

2 downsides of the Neo Mastercard

Nothing is perfect of course, so here are 2 things to keep in mind.

1. No included insurance coverage

A big downside – there's no included insurance coverage. Even the basics like extended warranty and purchase protection aren't here, let alone travel insurance.

If you like having some free insurance coverage, Neo credit cards can't help you.

2. Caps on earning rewards

This is a rare credit card where you need to have a savings account in order to get the best deal. If you don't have a Neo Everyday Account with a decent amount of money deposited into it you're going to be very limited as to what you'll earn in rewards.

And even if you do, you're not going to be earning much interest on your balance either, seeing as you're only getting 0.1%.

Your turn

Neo Financial has an interesting credit card product that's different from what else is out there.

Have a Neo Financial credit card? Leave a user review below so others can see what you thought of it.

FAQ

What does the Neo Standard Mastercard offer for rewards?

The Neo Credit Card offers an average of 5% cash back when shopping at a partner retailer. Outside of that you'll only earn 1% cash back on gas and grocery stores. You can also earn more rewards when you have money deposited in a Neo Everyday account.

What are some of the benefits of the Neo Mastercard?

Some of the benefits to Neo credit cards include being able to redeem cash back on demand, and the ability to easily add and remove bundles that give you extra cash back and perks from your credit card.

What is the annual fee and income requirements of the Neo standard credit card?

The Neo credit card has no annual fee and no income requirements.