Updates to Neo Mastercard Features and Fees – Plus: New Neo Membership

Neo has made a few changes to its Mastercards.

First, you can no longer earn extra cash back on purchases by maintaining large balances in a Neo Everyday Account.

Second, the monthly fees have increased for the Neo Secured Credit and the Neo World Mastercard. With this increase comes some new features. Fees and features remain the same for the Neo World Elite Mastercard.

Finally, a new feature is coming soon: Neo Memberships.

Neo scraps bonus cash back earn rates with a Neo Everyday Account

Previously, Neo cardholders could earn extra cash back by keeping a large balance in a Neo Everyday Account. Neo is removing this feature.

However, this isn’t a huge loss. In most cases, it didn't make much sense to leave money in a Neo Everyday Account to increase your rewards. The Neo Everyday Account only earns 0.1% in interest, so your cash would earn more sitting in a high-interest savings account.

Here is what you could have earned by keeping at least $5,000 in a Neo Everyday Account.

Increased monthly fee for secured cards

If you have either the Neo Secured Credit or the Neo Secured World Mastercard, your monthly fee is increasing to $7.99.

With this increased monthly fee, you're getting access to a few new features.

• Credit Builder Tool – Insights to help create positive credit habits
• Credit Score Monitoring – Track your credit score
• Spending Insights – Summaries of your spending

There is no fee or feature change to the Neo Secured World Elite Mastercard.

Coming soon: Neo membership

The details are scarce, but Neo is coming out with a new membership called Neo membership.

According to Neo, this membership lets you "level up all of your Neo products and unlock premium features, credit tools, and higher savings interest rates."

So what you see advertised is all we know – except for one extra detail: If you have a Neo World Elite Mastercard you'll unlock this membership for free.

We tried to get Neo to tell us more, but they're keeping things under wraps! We'll have more details when the membership launches.

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