Will the Neo Secured Credit card require a credit check to be approved?
No—there are no hard credit checks for the Neo Secured Credit card (unless you are a resident of Quebec). Approval is guaranteed¹ and instant regardless of good, low, or no credit score.
What is the minimum amount I have to set aside for security funds?
Only $50—because wealth should never (ever) be a condition for building credit.
What makes the Neo Secured Credit card different from other traditional credit cards?
Neo Secured Credit may help you build your credit⁶ while earning cashback rewards—all with no annual fee⁵. Unlike traditional credit cards, we won’t check your credit history (unless you are a resident of Quebec), and you’re guaranteed approval¹. You can use the Neo Secured Credit card just like you would any other traditional credit card, anywhere Mastercard® is accepted.
How much is the credit limit?
Your credit limit is equal to the amount of security funds you’ve set aside⁷. This means you choose your limit based on your comfort level. For example, if you set aside $500 as your security funds, your credit limit is $500. The minimum amount of security funds to get started is $50.
Is this a secured credit card?
Yes—but unlike other secured credit cards, the Neo Secured Credit card rewards you with cashback at thousands of places with no monthly or annual fees⁵.
Is the Neo Secured Credit card a prepaid card?
No, this is better. With prepaid cards, as you spend the funds, your balance decreases and the card must be reloaded. The Neo Secured Credit card is like any other credit card where you borrow money (your credit) and pay your monthly statement. Security funds don’t mean your card is paid off, they only act as payment guarantee. Plus, unlike with other cards, you're getting rewarded with cashback almost everywhere you shop that you can cash out anytime for anything—all for no annual or monthly fees⁵.
Will I get my security funds back?
Yes—your security funds will be returned to you if you decide to close your account and your balance has been paid off in full.
What is the Purchase Credit Rate / APR?
The Purchase Credit Rate on the Neo Secured Credit card is 19.99%-29.99% and the Cash Advance Rate is 22.99%-31.99%. For Quebec, the Purchase Credit Rate is 19.99%-24.99% and the Cash Advance Rate is 22.99%-25.99%. The standard rate on purchases and cash advances is dependent on our assessment of your credit application, credit profile, and your province. See your Cardholder Disclosure at time of application for your specific rate.