Voted Canada’s Best Secured Credit Card¹
Guaranteed approval²
No hard credit check
No annual fee³
Complete your application in minutes.
A rewarding way to help build credit⁴
Earn up to5%on restaurants and bars⁵Eat, drink, be merry, and earn cashback at all of our food and beverage partners.
Earn up to3%on your favourite apps⁵Netflix, Disney+, Crave, Apple, Uber, Lyft, SkipTheDishes, DoorDash, UberEats.
Earn up to1%on gas and groceries⁶Save money on everyday essentials.
Earn0.5%on all other purchases⁷Earn a flat cashback rate on everything else when you pay with your Neo Secured Credit card.
We’ve got a few awards in the bank
How does a secured credit card work?
Set your credit limitSet aside funds to act as your security deposit⁹, starting with as little as $50.
Make on-time paymentsMake everyday purchases and pay off your balance with regular on-time payments by using additional funds.
Build your credit score⁴Our monthly reporting to TransUnion and Equifax enables you to view your credit profile and better understand how to improve your credit score⁴.
Protect your credit balance from the unexpectedBalance Protection is optional coverage that can help cover the minimum monthly payments of your outstanding credit card balance during tough times. Peace of mind starts from $1.39* per $100 of your average daily balance.
Got questions?
We’ve got answers.
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 guaranteed² and instant regardless of good, low, or no credit score.
Which credit bureaus does Neo report to?
Neo reports to Canada's consumer credit bureaus, Equifax and TransUnion. These are the two main credit bureaus in Canada that collect, store and share information on your financial history. Equifax and TransUnion use that information to compile credit reports and issue credit scores based on your financial behaviours.
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.
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.
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.
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.
What makes the Neo Secured Credit card different from other traditional credit cards?
Neo Secured Credit may help you build your credit⁴ while earning cashback rewards—all with no annual fee³. Unlike traditional credit cards, we won’t check your credit history (unless you are a resident of Quebec), and you’re guaranteed approval². You can use the Neo Secured Credit card just like you would any other traditional credit card, anywhere Mastercard® is accepted.
Is my credit score transferable from another country?
No, your credit score and credit history isn't transferable when you move to Canada from another country. This is because different countries have different credit reporting systems, plus different laws around credit reporting, data protection and information sharing. When you move to Canada, you will have to build a new credit history.
What are the benefits of reporting to both credit bureaus?
Reporting to both Equifax and TransUnion means lenders, employers, insurance companies, mobile phone companies, landlords, or anyone else who checks your credit score will have a more complete view of your credit profile and credit history. Depending on the lender, they pull information from one or both credit bureaus, so it's beneficial to have your Neo credit payments reported to both bureaus. With a more complete picture, you can better understand how to help build and maintain your credit score* and history.
How can I check my credit score?
You can easily check the progress of your credit score using TransUnion in the Neo app any time. To check your credit score using Equifax, you can check it directly through the Equifax website. Check our Help Centre article to learn more about our in-app features.
Can I have more than one credit score?
Yes, you can have more than one credit score, depending on the credit bureau. It's normal for your credit score to differ between credit bureaus because Equifax and TransUnion use their own proprietary scoring algorithms to calculate your credit score. Although both credit bureaus calculate credit scores based on the same factors (payment history, credit utilization, length of credit history, types of credit and number of inquiries), they may weigh those factors differently and have different information about your credit history.
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.
¹ As awarded on December 5, 2023 by votes cast for best credit cards by Savvy New Canadians.² Conditions apply. Must 1. be the age of majority in your province or territory of residence; 2. be a Canadian resident; 3. provide security funds.³ For Quebec: Monthly Statements; No monthly or annual fees; 21-day grace period; Minimum payment is the higher of $10.00 or 5.0% of total statement balance; Purchase rate (19.99%-24.99%) and cash advance rate (22.99%-25.99%).⁴ When you make payments in full and on time each month.⁵ Average based on current offers at select partners. Cashback may be limited and varies by perks, offer, and partner.⁶ Based on the maximum $300 category spending per month. Cashback may be limited and varies by perks, offer, and partner. There may be monthly limits for boosted cashback offers. For more information, visit the Neo App.⁷ Cashback is earned on eligible purchases with the Premium plan. See the Neo Rewards™ Policy for details on earning cashback and other terms and conditions that apply. Cashback, perks, insights, and other offers and rewards are operated by Neo.⁸ Credit score monitoring is provided by TransUnion.⁹ Except in Quebec, where the amount of the security funds is a variable amongst others, which helps establish your credit limit.¹⁰ The variable monthly premium is based on the statement amount owed at the end of your billing cycle and is calculated based on the average daily balance for every $100 in posted transactions throughout the billing cycle. The insurance premium rate is calculated as $1.39 per $100 average daily balance over the insured period.