Everyone needs a fallback plan

Balance Protection insurance can help protect your credit card payments during difficult times. Sign up in minutes.

A way to help protect your credit score

Avoid missing credit card payments with Balance Protection. This optional coverage¹ can be added to any Neo credit card, which can cover your minimum monthly credit card payments or your outstanding balance—and it’s free to cancel anytime².

Peace of mind starts from $1.39⁴

Pay as little as $1.39 per $100 of your account balance on your statement date. Example: For a credit card with an average daily balance of $500 for a monthly statement period, you’ll pay $6.95 (plus applicable taxes).

Peace of mind starts from $1.39⁴

How to add Balance Protection

You can add optional Balance Protection insurance¹ to your Neo card in minutes.

Step 1

Log in to your Neo account using the Neo app or on your computer.

Step 2

Step 2

Select the Credit tab, and select the credit card you want to insure.

Step 2

Step 3

In the top right corner, select the “Balance Protection” option.

Step 2

Access through Canada’s #1 rated financial app⁵

Log in to the Neo app to add Balance Protection to your Neo Credit card. It’s free to cancel anytime².

Got questions?

We’ve got answers.

¹ Balance Protection is optional and not a condition for credit approval or access to credit card products.² Cancellation limits apply and may differ by province. See Certificate of Insurance & Disclosure Statement for more details. There is no cancellation fee, coverage can be cancelled for free anytime.³ Balance Protection covers the specific credit card enrolled, not all credit cards are covered. Limits are per each eligible card for which you have purchased Balance Protection. Minimum payments are calculated on the date of loss. If your credit card balance continues to increase after the date of loss, your minimum payment will not be covered.⁴ Variable monthly premium 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.⁵ Based on research comparing and limited to: BMO, CIBC, KOHO, PC Financial, EQ, RBC, Scotiabank, Tangerine, TD Bank, Wealthsimple, and Simplii Financial app ratings in the App Store and Google Play. Research conducted by Neo Financial on December 12, 2023.⁶ Restrictions apply. You must cancel within 30 days (60 days for Quebec residents) of policy purchase to receive a full refund for any premiums charged during the cancellation period. Balance Protection covers the specific credit card enrolled. Not all credit cards are covered. Limits are per each eligible card for which you have purchased Balance Protection. Minimum payments are calculated on the date of loss. If your credit card balance continues to increase after the date of loss, your minimum payment may not be covered.Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.