Neo Financial is a digital-first alternative in Canada’s banking landscape, from the founder of SkipTheDishes. They offer a cashback credit card and a savings account, accessible through an integrated app. Neo Financial Mastercard is a no annual fee credit card with guaranteed 1% cashback on all spend, and a potential to earn 4-6% cashback from everyday spend with partners. And Neo Savings is a high-interest saving account with no monthly fee, or minimum balance requirements.
Neo Financial Mastercard and Rewards
New Financial Mastercard is the everyday credit card that rewards daily spending, with no annual fees. And Neo Rewards provide exclusive offers, and an average of 4-6% cashback from everyday spend at partner businesses. What I personally like is the ability to browse rewards in the app before applying, simply download the app to see offers nearby.
Neo Financial Mastercard – quick highlights:
- Available Canada-wide, including Quebec
- No fee rewards Mastercard
- Guaranteed 1% cashback on all spend. 4-6% cashback at partner businesses
- Cashback earned is instant, and can be cashed out anytime, no minimum threshold
- Simplified application process
While the credit card itself is a no-fee card, Neo Rewards program has 3 plans that members can choose from;
- Standard (default with card sign up): $0/month, with an average of 4% cashback at partners
- Plus: $2.99/month ($35.88 annually), with an average of 5% cashback at partners
- Ultra: 8.99/month ($107.88 annually), with an average of 6% cashback at partners
My personal account is the default no fee version, and here is a sample of offers I see for Ottawa;
While this card wont be my first choice for Gas and Grocery spends, several local eateries have spectacular offers that range from 5-10%. For a no-fee card, these are really strong offers, especially at establishments that do not accept Amex cards.
Neo Savings account
Neo Savings does everything an everyday bank account does but earns a higher interest rate. No minimum balances or monthly fees. Simply pay bills, make Interac e-transfers, deposits and withdrawals, all from one convenient place.
Neo Savings – quick highlights:
- No fees, 1.30% interest rate
- Available Canada-wide (with the exception of Quebec, coming soon)
- All the features of an everyday bank account – bill payments, Interac e-Transfers®, and bank to bank
transactions – all with no monthly fees or minimum balances and unlimited free transactions
While this may not be for everyone, Neo Financial Mastercard offers intriguing cashback options, especially if you are willing to upgrade to the premium rewards plan. As mentioned above, I would recommend readers signup for an account and review the local rewards in place before making a decision on the credit card.