This Neo Disclosure Statement, Rate and Fee Schedule (“Rate and Fee Schedule”) is provided by Neo Financial (“Neo”, also referred to as “we”, “our” and “us”) in connection with the Neo Financial Mastercard® Card Account (the “Card Account”), and the Neo Financial Mastercard Card (the “Card”) issued by ATB Financial. This Rate and Fee Schedule sets out the annual interest rates and fees that apply to the Card Account, summarizes certain provisions of the Neo Financial Mastercard Personal Cardholder Agreement (the “Cardholder Agreement”), and forms a part of the Cardholder Agreement. Capitalized terms not defined in this Rate and Fee Schedule have the meaning indicated in the Cardholder Agreement. This Rate and Fee Schedule and the Cardholder Agreement apply to all Neo Financial Card Accounts and Cards, including co-branded Card Accounts and Cards. We may change the information set out below in accordance with the Cardholder Agreement. The information set out here and rates are correct as of February 19, 2021 and are subject to change in accordance with the Cardholder Agreement. For complete information about the Card Account, please email firstname.lastname@example.org. You may also contact Neo in writing at Suite 200, 632 Confluence Way SE, Calgary AB, T2G 0G1.
By submitting your application for a Neo Financial MasterCard, you consent to receive electronic communications, notifications and messages from Neo and from service providers working on our behalf to service your Card Account with respect to the use of your Card, including enrollment and transaction information, by way of: (i) e-mail, to the e-mail address you have provided to us in connection with your Card; (ii) by SMS text; (iii) through the digital wallet and/or digital wallet provider itself (if you enroll your Card in the digital wallet); and (iv) through notifications in-app. You consent to the electronic delivery of all documents, to take effect immediately, including but not limited to:
The Disclosure Statement, Rate & Fee Schedule and the Cardholder Agreement included with this application;
Monthly account statements and information;
Notice of changes to the account terms, products or services, including changes to any interest rate(s), fee(s), service charge(s), operating conditions of the account, and any other items mentioned in the disclosure statements provided to you;
Communications from Neo about the terms and conditions applicable to the account, including changes and confirmations; and
Any other confirmation, notice or information that Neo is required by law to provide to you in writing relating to the account.
You agree to update your cellular telephone number and e-mail address in the event that it changes through Neo’s in-app functionality or by calling us at 1-855-636-2265.
Neo will provide a Statement for the Card Account once each month, on a date that depends on your billing cycle; however, we may not provide a Statement for the Card Account if there has been no activity that month and i) nothing is owing on the Card Account or ii) you have been notified that your Card Account has been suspended or cancelled and we have demanded payment of the outstanding balance unless otherwise required by law.
Annual Interest Rates:
The annual interest rate is based upon the payment history in connection with this Card Account and will be determined as described below:
The Standard rates set out on the first page of this Rate and Fee Schedule, that apply to your Card (the “Standard Rate”) will be the initial annual interest rates. The Standard Rate will apply for the entire Billing Period for a Statement if you always pay at least the Minimum Balance Due for each Statement on or before the payment due date for that Statement;
At any time the Standard Rate applies, you will lose the benefit of the Standard Rate if, for two consecutive Billing periods, you fail to pay at least the Minimum Balance Due for each Statement on or before the payment due date for each particular Statement, in which case, the applicable annual interest rates will be increased, effective from (and including) the first day of the next Billing Period following such second consecutive Billing Period, to the Default Rates set out on the first page of this Rate and Fee Schedule, that apply to your Card (the “Default Rate”);
At any time the Default Rate applies, the Default Rate will continue to apply until, for three consecutive Billing Periods, you pay at least the Minimum Balance Due for each particular Statement on or before the respective payment due date for each Statement, in which case, the applicable annual interest rates will be decreased, effective from (and including) the first day of the next Billing Period following such payment, to the Standard Rate.
The annual fee (if applicable) on your Card, will appear and be due on your second Statement, whether or not you have activated your Card, and thereafter will appear annually on your Statement anniversary date. Other fees are charged on the date that the transaction or event occurs (unless otherwise indicated). See the Rate and Fee Schedule above for the annual rate and all other fees applicable to each type of Card.
You will be required to pay the Minimum Balance Due by the payment due date shown on each Statement. We explain how we calculate the Minimum Balance Due in the Rate and Fee Schedule above.
If you fail to comply with any of your payment obligations under the Cardholder Agreement, in addition to interest charged in accordance with the Cardholder Agreement, you will be liable to pay us, on demand, the amount of all legal expenses, costs and disbursements (including legal expenses of both our internal and external legal counsel) that we incur in collecting or attempting to collect any payment owing to us and/or to enforce any security that we may have taken to secure your obligations under this Agreement.
Lost or Stolen Cards and Maximum Liability for Unauthorized Use:
If a Card, Card Account information, Cheque, PIN, Password, or other Security Credential, is lost or stolen or suspected lost or stolen, you must notify Neo Financial immediately by utilizing in-app functionality, contacting chat support, or calling 1-855-636-2265. You will not be liable for unauthorized use of the Card or Card Account that occurs after you have notified us that your Card, Card Account information, Cheque, PIN, Password or other Security Credential may have been lost or stolen. Except where you are protected by our zero liability commitment as described in the Cardholder Agreement, or unless otherwise prohibited by law, you will be liable for unauthorized charges on the Card Account as follows:
if Purchases or Cash Advances, other than those drawn using your PIN or other Security Credential at an ATM, are charged to your Card Account as a result of unauthorized use of a lost or stolen Card, each Primary Cardholder will be jointly and severally liable with each other Primary Cardholder to Neo for all Debt on the Card Account resulting from such unauthorized use up to a maximum of $50.00;
if any Cheques that we have provided to you are lost or stolen, each Primary Cardholder will also be jointly and severally liable with each other Primary Cardholder to Neo for all Debt incurred; and
each Primary Cardholder will be jointly and severally liable with each other Primary Cardholder to Neo for the full amount of any unauthorized Cash Advances drawn using your PIN or other Security Credential at an ATM.
A transaction will be considered “unauthorized” only if, after investigation we determine:
the Card, Card Account information, Cheque, PIN, Password or other Security Credential has been used by a person other than a Cardholder and without actual or implied consent, and the Cardholder did not contribute to the unauthorized use in any way;
no Cardholder receives any benefit from the transaction;
the Cardholder has fulfilled their obligations under the Cardholder Agreement.
you have cooperated fully with our investigation.
Under our zero liability commitment, you will not be liable for Charges to your Card Account incurred as a result of unauthorized use of your Card or Card Account, provided the conditions set out in the Cardholder Agreement are satisfied.
Table of Cost of Borrowing Calculations
Note: Cost of borrowing is calculated based on the original balance outstanding and does not reflect interest charges, which are compounded monthly.