How do I apply for the Secured Neo Mastercard?

What do I need to know before applying?

Need to build credit but don’t want to miss out on cashback benefits? The Secured Neo Mastercard is the best option, offering up to 4% cashback!

Neo Financial offers a range of financial services to the public, pretty focused on bringing technology to daily life with your work. Key solutions include account management, investment portfolios, mortgages, and credit cards.

One prominent option is the Neo Secured Mastercard, a highly efficient secured credit card. Users can set their credit limit according to their needs, though a security deposit is required.

The minimum deposit is $50. For instance, a $200 credit limit requires a $200 security deposit. Though the card is designed to help build credit history, it also provides a competitive cashback rate, offering 0.5% cashback on all eligible purchases.

However, the cashback extends beyond this, as it reflects Neo’s tradition of offering variable cashback rates tailored to your spending.

And the more you spend, the higher the percentage, reaching up to 4% cashback on groceries and gas, for example.

The Neo card carries a fee of $5 per month, totaling $60 per year, consistent with the card’s secured structure.

Upon closing the account and fully paying off the balance, the security deposit is refunded. This card offers ease of daily use along with benefits, including a solid cashback rate.

The card has earned multiple awards from Canadian market analysis agencies, making it one of the top choices for accessing benefits across the country.

For further details, continue reading.

Who can Apply?

The eligibility criteria for obtaining a secured card are considerably simpler than those for other credit cards. Generally, applicants need to only be 18 or 19 years old, depending on their province of residence.

A distinctive feature of the Neo Mastercard is its acceptance of foreign identification documents for verification without the need for Canadian equivalents.

Neo does not conduct a detailed credit history check, as the secured deposit format ensures payment coverage, making income verification unnecessary.

This type of review is typically reserved for credit cards with post-payment features.

It’s important to note that all applications are subject to Neo’s availability, and meeting these conditions does not guarantee approval, though the majority of applicants are approved.

Learn How to Apply for a Secured Neo Mastercard

To start the application process, visit the “Sign Up” page on Neo’s website. The first step involves creating a Neo account, a requirement to obtain the secured credit card.

To create an account, you’ll need to provide an email address and password, along with a phone number, full name, and residential address.

Additional documentation for identity and residence verification may be requested during the application.

While the card does not require a detailed income or credit history review, further information about your employment and income may be requested.

Neo aims for a streamlined and efficient approval process, and customer support is available through the digital bank’s service channels should you have any questions.

More Details

Its primary advantage lies in supporting credit score improvement, with monthly reports sent to Canada’s major credit bureaus, TransUnion and Equifax.

By reporting to both bureaus, the card facilitates more comprehensive credit checks by other institutions, helping to build a complete financial profile.

Additionally, you can monitor your credit score directly through the Neo app, which provides access to your TransUnion score at any time.

Overall, this card serves as a secure and reliable tool for building credit from the ground up.

In this way, Secured Neo Mastercard can give you a good experience in your daily life, which is why it’s recognized as a great choice and one of the best secured cards in Canada.

Want to learn another option?

Neo offers at least two additional credit cards, including the Neo Money Card, which allows you to manage your account through a unique everyday-use card.

You also benefit from variable cashback rates, enabling you to earn even more—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.