How do I apply for the Neo Money Card?

What do I need to know before applying?

The Neo Money is a card used to manage your everyday account while still earning cashback like a regular card, and the earnings can be substantial; take a look!

Neo is a company committed to delivering financial services directly through the internet, leveraging digital platforms to develop innovative methods for managing personal finances.

The company offers a range of services, including account management, financial guidance, credit options, and various card products.

Among its offerings, Neo prominently features three types of cards, with Neo Money distinguishing itself as a unique option in the market.

Unlike traditional credit or debit cards, Neo Money provides a more efficient mechanism for accessing funds, akin to a checking account.

This card imposes no monthly fees and does not require a minimum balance, enabling free daily transactions.

Consequently, Neo Money functions similarly to a bank account while incorporating the advantage of earning cashback. Typically, the card offers up to 4% cashback on grocery and gas purchases, along with 1% on all other transactions.

Furthermore, there is potential for enhanced cashback rates. According to Neo, as spending increases, the cashback percentage may also rise, tailored to align with your spending habits.

For example, if you regularly spend on gas and groceries, the cashback rates for those categories can be adjusted to reflect your purchasing patterns.

If you wish to learn more about the card, please continue reading.

Who can Apply?

Neo Money features relaxed eligibility requirements, distinguishing itself from traditional market options.

As it is not a credit card, Neo Money does not conduct checks on credit scores or histories, nor does it consider income factors.

This approach aligns with its function as a checking account, which does not involve future bill payments.

To qualify for the card, applicants must possess a Canadian Social Insurance Number (SIN) and be at least 13 years of age.

Neo aims to simplify the approval process; however, meeting the criteria does not guarantee full approval, as each application is subject to Neo’s discretion.

Learn How to Apply for a Neo Money Card

To open your account and apply for the Neo Money card, you need to click the “Switch Now” button on Neo’s platform.

Initially, you will review the application terms and may proceed by clicking the “Get Started” button to begin the application process.

The first step requires entering your email and password to create an account with Neo. To complete your profile, you will need to provide your phone number, physical address, full name, and SIN details.

Throughout the process, you may be asked for additional banking or personal information.

However, registering for an account with Neo is generally a straightforward process, particularly as it is accessible to minors.

During the application, you might be required to submit documentation or undergo verification via email and phone. For any inquiries, you can contact Neo’s customer service for assistance.

More Details

The Neo Money card offers an Everyday account specifically designed for effective financial management, automating your payments to help you avoid late fees.

Deposits made with Neo are safeguarded by CDIC insurance, and the card includes comprehensive protections for various circumstances.

As you utilize your card, you will receive instant notifications to aid in monitoring your spending. The accompanying app allows for easy account access and enables you to freeze or unfreeze your card as needed.

You can transfer funds from other accounts to your Neo account and utilize Interac e-Transfer for moving money within the Neo system.

Additionally, cashback rewards are automatically credited to your account, enhancing the convenience of using your card.

Want to learn another option?

The Scotiabank Value Visa is a credit card from a traditional bank with a very clear objective: to facilitate balance transfers, including 0% fees for 10 months. 

And despite its focus on paying off other debts, the card does not compromise on quality for everyday use; find out how to apply.

Written by

Gabriel Gonçalves

Writer with over 10 years of experience specializing in finance and education. Master's student in Communication and an expert in online content production.