Pros & cons
Pros
- Earn an average of 5% cash back at Neo retail partners
- Earn up to 5% cash back on purchases
- Redeem your cash back whenever you want
- Includes 12 types of insurance
Cons
- Caps on bonus categories
- High income requirements of $80,000 personal or $150,000 household
- No welcome bonus
Your rewards
How you earn rewards
Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With Neo World Elite Mastercard, here's how you earn rewards:
- Average of 5% cash back at partner retailers
- 5% cash back on groceries , up to $1,000 spent monthly
- 4% cash back on recurring bills , up to $500 spent monthly
- 3% cash back on gas and EV charging , up to $1,000 spent monthly
- 1% cash back everywhere else
For all reward details click here.
How much your rewards are worth
The dollar value of your rewards depends on the specific rewards program ‒ and what you choose to redeem your points for. For Neo World Elite Mastercard in particular, if you spend $2,000 per month, here's our estimated annual rewards earned depending on which reward you choose:
| Statement credits | $612 |
Calculating your annual rewards
$24,000 annual spending x 2.55% return on spending = $612 annual rewards
$612 annual rewards − $125.00 annual fee = $487 net annual rewards
Details and eligibility
- Estimated Credit Score
- 560 - 659
- Personal Income
- $80,000
- Household Income
- $150,000
- Annual Fee
- $125.00
- Extra Card Fee
- $49
- Card type
- Credit
- Purchase
- 19.99% - 29.99%
- Cash Advance
- 22.99% - 31.99%
- Balance Transfer
- 22.99% - 31.99%
Insurance coverage
- Extended Warranty
- 1 year
- Purchase Protection
- 90 days
- Emergency Medical Term
- 14 days
- Trip Cancellation
- $1,000
- Trip Interruption
- $1,000
- Flight Delay
- $500
- Baggage Delay
- $1,000
- Lost or Stolen Baggage
- $1,000
- Hotel Burglary
- $1,000
- Rental Car Theft & Damage
- Yes
- Rental Car Accident
- $100,000
- Rental Car Personal Effects
- $1,000
Please review your insurance certificate for details, exclusions and limitations of your coverage, terms and conditions apply.
Learn more about the value of credit card insurance coverage.
Genius Rating
Neo World Elite Mastercard's 4.7 Genius Rating is based on the weighted average of the following scores:
Methodology
All scores are produced by our math-based rating algorithm that takes into account over 126 credit card features.
Neo World Elite Mastercard review
The marketing for the Neo World Elite Mastercard is certainly eye catching, offering up to 5% cash back on purchases. And truth be told. It's among the best cash back credit cards in Canada.
It offers high rewards, perks, and insurance. It's not without its flaws of course, but overall you're getting a high end card for a reasonable annual fee.
Earning cash back with the Neo World Elite Mastercard
The Neo World Elite Mastercard offers cash back on all your purchases.
First, we'll cover Neo's retail partners, where you can earn cash back beyond your normal earn rates. While the rates vary by store, Neo states that you can earn an average of 5% cash back with partner retailers.
Here’s what you’ll earn everywhere else you shop:
- Average of 5% cash back at partner retailers
- 5% cash back on groceries, up to $1,000 spent monthly
- 4% cash back on recurring bills, up to $500 spent monthly
- 3% cash back on gas and EV charging, up to $1,000 spent monthly
- 1% cash back everywhere else
Those are some good earn rates – just note the annual caps. It's one of the rare credit cards that will cap your rewards.
You can redeem your cash back towards your balance at any time, or deposit them into a Neo Everyday Account.
4 pros of the Neo World Elite Mastercard
There's more to this card than just the rewards. Here are a few more things to like about it.
1. Terrific insurance
The insurance included is quite good. You'll get access to 12 types of coverage, the details of which you can view in the insurance tab above.
2. Redeem cash back whenever you want
Many cash back cards only dole out your rewards once per year as a statement credit. With Neo, once you earn cash back, you're free to use it towards any purchase made with your card.
3. World Elite Mastercard benefits
The usual World Elite Mastercard benefits are here, including access to Priceless events, a Mastercard Travel Pass membership (with no free passes), and Mastercard Travel Rewards.
4. Available as a secured credit card
If you have poor credit, there's a secured version of this card you can take a look at. The only difference is you'll need to provide a security deposit of at least $50 to get an account opened.
3 cons of the Neo World Elite Mastercard
There are 3 major things we don't like about the Neo World Elite Mastercard – along with a standard beef with World Elite Mastercards.
1. Caps on rewards
It's not uncommon to see caps on category spending, but the caps on gas and groceries are somewhat low at only $1,000 in monthly spending before your earn rate drops down.
2. No welcome bonus
Almost all premium cash back credit cards come with a welcome bonus – but not this one. Neo won't give you anything for signing up.
3. High income requirements
This is par for the course with World Elite Mastercards. You’ll need to meet income requirements of $80,000 personal or $150,000 household.
Comparison to other top cash back credit cards
How does this card compare to other top cash back credit cards? Here's our quick comparison to the MBNA Rewards World Elite Mastercard and the SimplyCash Preferred Card from American Express.
| Neo World Elite Mastercard | MBNA Rewards World Elite Mastercard | SimplyCash Preferred Card from American Express | |
|---|---|---|---|
| Earn rates | * Average of 5% cash back at partner retailers * 5% cash back on groceries, up to $1,000 spent monthly * 4% cash back on recurring bills, up to $500 spent monthly * 3% cash back on gas and EV charging, up to $1,000 spent monthly * 1% cash back everywhere else | * 5 points for every $1 spent on restaurants, groceries, and select recurring bills (up to $50,000 spent annually per category) * 1 point per $1 spent on all other purchases | * 4% cash back on gas and groceries * 2% cash back on all other purchases |
| Welcome bonus | None |  $150 GC Boost + 30,000 bonus points (terms) | 10% cash back for the first 3 months + $50 (terms) |
| Average earn rate | 2.55% | 2.37% | 2.55% |
| Insurance included | 12 types | 12 types | 10 types |
| Other perks | * World Elite Mastercard benefits | * World Elite Mastercard benefits * 10% bonus points on your birthday | * Amex benefits |
| Annual fee | $125 | $120 | $119.88 |
When it comes to rewards, the Neo card is hard to beat. It's right there among the best cash back cards out there – though we should note that you can earn more for rewards with the MBNA Rewards World Elite Mastercard if you redeem your points for travel or e-gift cards.
We've done a full comparison that includes a few more top cash back credit cards. Check it out for yourself.
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FAQ
What does the Neo World Elite Mastercard offer for rewards?
The Neo World Elite Mastercard is a cash back credit card, and offers the following for rewards:
- Average of 5% cash back at partner retailers
- 5% cash back on groceries, up to $1,000 spent monthly
- 4% cash back on recurring bills, up to $500 spent monthly
- 3% cash back on gas and EV charging, up to $1,000 spent monthly
- 1% cash back everywhere else
Does the Neo World Elite Mastercard offer any special benefits?
The only benefits the Neo World Elite Mastercard offers are World Elite Mastercard benefits and 12 types of insurance.
What are the annual fee and income requirements of the Neo World Elite Mastercard?
The Neo World Elite Mastercard has an annual fee of $125 and income requirements of $80,000 personal or $150,000 household.
Key benefits
User review
Reviewed by 1 Canadian
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This card is so underrated and is not talked about enough. It gives base 5% cash back on groceries, 4% cash back on recurring payments, 3% cash back on gas and 1% cash back on everything else. If you add $10K to a chequing account, you get 7% cash back on groceries, 5% cash back on recurring payments, 4% cash back on gas, and 1% cash back on everything else. What’s not advertised but is an unbelievable option is that with $10 a month, you can add 2% additional cash back on groceries, 2% cash back on gas, 0.5% cash back on recurring payments and 0.5% cash back on everything else. That means I’m currently getting 9% cash back on groceries, 6% cash back on gas, 5.5% on recurring, and 1.5% on everything else. Cash back is updated in their rewards in real time and can be redeemed in real time as well. Downside is you need 150K+ household income and I assume credit score needs to be decently high (~750-800).
