SECURED NEO MASTERCARD
Canada’s best secured credit card¹
Start building your credit history for only $5 a month.
Apply Now
Half of Secured Neo Mastercard users improve their credit score by an average of 26 points in just 3 months.²
Guaranteed approval³No matter your financial background, you can get started with just a security deposit. It’s a simple way to begin building your credit history with confidence and take a step toward better financial health.
No hard credit checkApplying won’t impact your credit score. We don’t perform a hard credit check, so you can get the Secured Neo Mastercard without worry.
International IDs acceptedYou can apply using valid international identification. The Secured Neo Mastercard is designed to be accessible, helping newcomers start building credit history in Canada.
Earn cashback on purchasesGet rewarded for everyday spending. With the Secured Neo Mastercard, you’ll earn cashback on everyday gas and grocery purchases, and with thousands of dining and retail partners across Canada.
We’ve got a few awards in the bank
Build your credit profile with Canada's top bureausYou can improve your credit score by making consistent and on-time payments. Neo reports to Canada’s two leading credit bureaus (TransUnion® and Equifax) so you’ll have a more complete credit profile.
How does a secured credit card work?
Set your credit limitPut aside refundable security funds. You choose how much to set aside and this amount sets your credit limit, starting with as little as $50.
Make on-time paymentsShop online and pay in-stores—it works just like a normal credit card. Pay off your balance with regular, on-time payments each month to build your credit history.
Can help build your credit score⁵Our monthly reporting to TransUnion® and Equifax enables you to build your credit history and monitor your progress.
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.
Get a secured credit card that rewards you for responsibly managing your money.
Get started in minutes. Only $5/month.
Got questions?
We’ve got answers.
How does cashback work with a Secured Neo Mastercard?
You’ll get the same rewards and benefits as the regular Neo Mastercard, including cashback offers at Neo partners and cashback on gas and groceries⁴.
Does the Secured Neo Mastercard require a credit check to be approved?
No—there are no hard credit checks for the Secured Neo Mastercard. Approval is guaranteed³ 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.
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 your credit score from the Neo app at any time. Neo’s credit monitoring using information from TransUnion. To check your credit score using Equifax, go to 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 makes the Secured Neo Mastercard different from other traditional credit cards?
The Secured Neo Mastercard can help you build your credit² while earning cashback rewards. Unlike traditional credit cards, we won’t check your credit history when you apply and your approval is guaranteed³. You can use the Secured Neo Mastercard 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 aside. 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.
What is the Purchase Credit Rate / APR?
The Purchase Credit Rate on the Secured Neo Mastercard 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.
What is a good credit score?
A good credit score in Canada is typically between 660 and 724. Scores in this range show lenders that you’re a reliable borrower and can help you qualify for better financial products and rates. A score above 724 is considered very good to excellent in Canada. It shows strong creditworthiness and can help you access the best interest rates and premium financial products.
How long does it take to rebuild bad credit?
Rebuilding bad credit can take anywhere from 3 months to several years, depending on the severity of your credit issues. Consistently making on-time payments, reducing debt, and using credit responsibly can help improve your score over time.
The Neo Mastercard, Neo World Mastercard®, Neo World Elite® Mastercard and Neo Money™ card are issued by Neo Financial™ pursuant to license by Mastercard International Incorporated.Mastercard, World Mastercard, World Elite, and the circles design are registered trademarks of Mastercard International Incorporated.A $5 monthly fee applies to a Secured Mastercard account. For Quebec: Monthly statements; 21-day grace period; Minimum payment is the higher of $10.00 or 5.0% of total statement balance; Purchase rate is 19.99%-24.99% and cash advance rate is 22.99%-25.99%.¹ As awarded by RATESDOTCA on February 4, 2025.² Based on data collected by Neo as of November 1, 2024.³ 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; 4. be eligible for credit under Neo’s policies.⁴ Cashback earn subject to monthly spend limit. When monthly spend limit is reached, earn rate decreases for subsequent spending. Spend limit resets monthly. Minimum balance required to earn the highest rate. For more information, visit the Neo app.⁵ When you make payments in full and on time each month.* The insurance premium is calculated as $1.39 per $100 of your average daily balance over the billing cycle. If you enroll at any time during your billing cycle, your premium will be calculated based on your average daily balance for the entire billing cycle.