When it comes to finding a secured credit card in Canada, there aren’t many options.
One of the better ones include the
After that, it’s pretty slim pickings in terms of a great secured credit card in Canada – until now, that is.
Never miss an amazing deal again + get our bonus 250+ page eBook for FREE. Join 50,000 other Canadians who receive our weekly newsletter – learn more.
The new Neo Secured Visa shakes up secured cards
Neo Financial has just taken the trophy for the best secured credit card in Canada.
In a move that’s the first of its kind, their newly launched
To add to that, while most secured credit cards on the market require a $500 minimum deposit to acquire, the Neo Secured Mastercard only needs a $50 deposit to obtain.
Remember though, just like your average secured card, whatever deposit you choose to pay, whether it be the $50 minimum or a much higher dollar figure, that amount will become your credit limit and will be fully returned to you by Neo Financial once you’ve closed the card and paid off your balance (as long as your account is in good standing).
In addition, Neo Financial will not be performing hard credit checks on applicants, setting the stage for guaranteed approval.
Neo Secured Mastercard rewards
But once you have this new secured credit card, what kind of rewards can you expect?
The Neo Secured Card earns cash back on everyday spending.
You’ll earn 1% cash back on all purchases up to $5,000 spent per month, plus bonus rewards at Neo Financial’s partner retailers.
It’s not much, but when it comes to a secured card, some rewards are way better than no rewards at all.
Plus, there’s no minimum threshold and you can redeem either points or cash back whenever you want.
The card carries a 19.99% – 24.99% purchase APR, but along with keeping track of your rewards, the app that comes with the card will help you track your spending, see exactly what’s owed, tell you how to avoid interest, and help you make a payment, all with one tap.
And to top it all off – there’s no annual fee.
Comparison of the Neo Secured Card to other secured credit cards
We’ve said it off the top and we’ll say it again, the Neo Secured Card is the best secured card in Canada because it’s the only secured card in Canada to offer a modicum of rewards.
But if you want us to prove its prowess in the Canadian secured card landscape, check out how it stacks up against these other secured card brands.
| Neo Secured Mastercard | Home Trust Secured Visa | |
|---|---|---|
| Earn Rates | * Average of 5% cash back at partner retailers * 1% cash back on gas, up to $500 spent monthly * 1% cash back on groceries, up to $500 spent monthly |
None |
| Minimum Security Deposit | $50 | $500 |
| Other Interesting Features | * No hard credit check | * Lower foreign exchange fee of 2% * Option to pay annual fee for lower interest rate |
| Annual Fee | $95.88 | $0 |
| Income Requirements | None | None |
| Learn More | Learn More | Learn More |
Your turn
So there you have it. The Neo Secured Card offers cash back, while its closest competitors don’t have rewards.
Plus, the barrier for entry is so low that you can get this card for a minimum deposit of $50, while Home Trust Secured Visa Card and requires a minimum of $500.
To us, it’s no contest. The Neo Secured Mastercard has thrown down the secured card gauntlet for the new best secured card in Canada.
What do you think? Does it sound too good to be true or will you be applying for the Neo Secured yourself? Leave us your feedback and let us know your thoughts.
creditcardGenius is the only tool that compares 126+ features of 229 Canadian credit cards using math-based ratings and rankings that respond to your needs, instantly. Take our quiz and see which of Canada's 229 cards is for you.
GC: 
Comments
Leave a comment
Required fields are marked with *. Your email address will not be published.