Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026
Neo Mastercard
Our take: a no-fee way to build or rebuild credit with Neo, including a secured option if you don’t qualify for a regular card, but its cashback is limited.
- Goes straight to Neo Financial
- Our review
MoneyMint rating
#27 of 34 no-fee rewards cards · How we rate
Varies
Neo doesn’t publish this card’s cashback rate on gas and groceries, so we can’t estimate a first-year value.
Quick Facts
Purchase rate 19.99%–29.99%, based on your credit profile
Pros & Cons
- No annual fee
- You can apply with any credit history or income; a secured version is offered if you don’t qualify for a regular card
- Reports to both Equifax and TransUnion
- Neo says you can be eligible for a higher limit in as little as 3 months
- Free additional cardholders
- Neo doesn’t publish the card’s cashback rate on gas and groceries
- Gas and grocery cashback is capped at $500 of spending a month each, then earns nothing
- The secured version requires Neo’s Build membership (up to $9.99 a month)
- Purchase rate can be as high as 29.99%
- 2.75% foreign transaction fee
- No welcome bonus
Rates & Fees
Your exact rates depend on Neo’s assessment of your credit application and your province. In Quebec, purchase rates are 19.99%–24.99% and cash advance rates are 22.99%–25.99%.
The Secured Option
If you’re new to credit or rebuilding it, Neo offers the Neo Mastercard with a secured credit limit. You set aside your own money as security, and your limit is based on how much you deposit. The minimum is $50.
You use it like any other credit card, and you get the same rewards as the regular Neo Mastercard, including partner cashback offers and cashback on gas and groceries. Approval is guaranteed as long as you’re the age of majority in your province, a Canadian resident, provide security funds and are eligible for credit under Neo’s policies.
Two things to know before you sign up. First, the secured version requires Neo’s Build membership, which costs up to $9.99 a month (Neo says there are ways to get it for free). If you cancel the membership, you have to close the card. Second, your security funds are refunded only when your balance is paid in full and the account is closed.
Neo used to market this as a separate Neo Secured Mastercard. It’s now an option on this card, so we’ve folded our secured-card review into this page.
Who This Card Is For
The Neo Mastercard makes the most sense if you’re building credit for the first time, rebuilding after a setback, or new to Canada and want a card that reports to both credit bureaus without an annual fee. If you have fair-to-good credit and mainly want rewards, a no-fee card with published cashback rates (including Neo’s own World Mastercard, if you meet its $50,000 income requirement) will usually earn more.
Bottom Line
This is a credit-building card first and a rewards card second. The no-fee regular version is an easy starting point, and the secured version is a reasonable option if you can’t get approved elsewhere, but budget for the Build membership fee it requires. Don’t choose it for the cashback: Neo doesn’t publish the rate, and grocery and gas cashback stops after $500 a month.
FAQ
Is there an annual fee?
No. The Neo Mastercard has no annual fee. The secured version requires Neo’s Build membership, which costs up to $9.99 a month.
What credit score do I need?
Neo doesn’t require a minimum credit score. If you don’t qualify for a regular card, Neo offers a secured version backed by your own deposit.
How does the secured version work?
You deposit security funds (minimum $50), and your credit limit is based on that amount. You use it like a regular credit card, and Neo reports your payments to Equifax and TransUnion. Your deposit is refunded when the balance is paid in full and the account is closed.
What is the credit limit?
Up to $10,000 on the regular card. On the secured version, your limit depends on how much you deposit.
Does it charge foreign transaction fees?
Yes. Neo charges a 2.75% foreign transaction fee on its credit cards.
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Neo Mastercard
Best for groceries and gas · No annual fee · no current welcome bonus