When it comes to secured credit cards in Canada, it's turning into Neo's world. The limited options that exist out there are only really designed to be basic cards to start building your credit. No rewards or features of any kind come with these cards.
But not Neo. Every card Neo Financial issues has a secured version available. It's a new way of imagining secured cards.
And when the second-best cash back card is available in secured form, it shoots up the list as the best secured credit card in Canada.
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About the creditcardGenius awards
We've been dishing awards to the best credit cards in various categories since 2017.
And our awards are strictly data driven. We look at over 126 data points and pump these through our own algorithms to produce scores out of 5 for all
Each award comes with its own eligibility criteria and a customized scoring system. We change the weights of each category to match the purpose of the award.
Here are our default weightings across 7 categories, which change depending on the category.
- Rewards (31%)
- Fees (20%)
- Approval (5%)
- Perks (16%)
- Insurance (16%)
- Interest (7%)
- Acceptance (5%)
You can learn more about our methodology here.
Neo's top-level secured credit cards
Neo offers 3 main credit cards:
These are cash back cards offering varying levels of rewards, and 2 of them (the Neo Mastercard and Neo World Mastercard) have no annual fee.
All of these cards have secured versions, and suddenly you get a mix of cards with varying levels of rewards, perks, and insurance. The one thing that you have to do to get the secured version instead of the regular one is provide a security deposit. This deposit then becomes your credit limit.
But Neo keeps the minimum deposits low: $50 for both the Neo Secured Mastercard and Neo Secured World Mastercard and $200 for the Neo Secured World Elite Mastercard.
There's only one change with the Neo Secured Mastercard and Neo Secured World Mastercard – they do have a monthly fee of $7.99. However, it can be waived by maintaining deposits of $5,000 or more in Neo accounts.
The summary on Neo's secured credit cards
Here are the basic features of all 3 cards side-by-side.
| Neo Secured Mastercard | Neo Secured World Mastercard | Neo Secured World Elite Mastercard | |
|---|---|---|---|
| Earn Rates | * Average of 5% cash back at partner retailers * 1% cash back on gas and EV charging, up to $500 spent monthly * 1% cash back on groceries, up to $500 spent monthly | * Average of 5% cash back at partner retailers * 2% cash back on groceries, up to $1,000 spent monthly * 2% cash back on recurring bills, up to $500 spent monthly * 2% cash back on gas and EV charging, up to $1,000 spent monthly * 0.5% cash back everywhere else | * Average of 5% cash back at partner retailers * 1% cash back on gas and EV charging, up to $500 spent monthly * 1% cash back on groceries, up to $500 spent monthly |
| Annual Fee | 95.88 | 95.88 | 95.88 |
| Insurance Included | 0 types | 2 types | 0 types |
| Perks | None | World Mastercard benefits | World Elite Mastercard benefits |
| Income Requirements | None | $50k personal/$80k household | $80k personal/$150k household |
| Learn More | Learn More | Learn More | Learn More |
Other secured credit cards
Truth be told, there aren't many options for secured credit cards in Canada. In fact, Neo is the only issuer currently offering rewards on secured cards.
Here’s what other secured cards have to offer:
| Secured Tims Mastercard | Home Trust Secured Visa Card | Capital One Guaranteed Secured Mastercard | |
|---|---|---|---|
| Earn Rates | * 2 points per $1 spent at Tim Hortons * 2 points per $1 spent on gas, groceries, EV charging, transit, taxis, rideshares * 1 point per $4 spent everywhere else | * None | * None |
| Annual Fee | 0 | 0 | 0 |
| Insurance Included | 2 types | 0 types | 6 types |
| Perks | None | Lower 2% foreign exchange fee | None |
| Income Requirements | None | None | None |
| Learn More | Learn More | Learn More | Learn More |
Note that the Secured Tims Mastercard – which is a pared-down version of the regular Tims card – is the only card with rewards. That’s because this card is offered in partnership with Neo.
However, if you’re looking for a no-fee option, you can consider the Home Trust Secured Visa Card and the Capital One Guaranteed Secured Mastercard.
Overall, there’s not much of a competition between these cards and what Neo offers. Though they have annual fees, Neo's cards are vastly superior in terms of rewards, perks, and insurance.
The Neo World Elite Mastercard is a top cash back card in Canada
It wasn't just Neo's secured cards that took home some awards: The Neo World Elite Mastercard took home a trio as well:
- 1st place in the challenger bank category
- 2nd best cash back credit card (by the tightest of margins)
- 3rd best flexible card
A big reason why is the rewards it offers.
- 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
These are among the best for a cash back card. And you can redeem your cash back on demand when you like.
Toss in 12 types of insurance and a reasonable $125 annual fee, and Neo has a clear winner on their hands.
×3 Award winner 
More credit card awards
We’ve done the math on the top credit cards for students, businesses, travel rewards, insurance, perks, and more. Discover Canada’s best credit cards for 2026.
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