4 Neo Credit Cards That Will Help You Build Your Credit Up

By Julien Brault, founder of MooseMoney.

Neo Financial offers four secured credit cards offering different perks including travel miles and cash back, with no credit score requirement to qualify. Whether you are new to Canada, recovering from past credit issues, one of these cards can do the heavy lifting. 

What makes Neo's lineup unique is that every card it offers comes in two versions: a regular unsecured credit card and a secured version available through Neo's Build membership. This membership costs $7.99 per month, but can be easily waived. It is free if you hold at least $5,000 across your Neo accounts, or if you hold either of the two premium cards listed below (the Neo World Elite or Cathay World Elite Mastercard). It’s also important to note that Neo secured credit cards work like regular credit cards, except that you put down a deposit that serves as your credit limit.

Some people worry that a secured card will be seen as a red flag on their credit report, but that is not how it works. Julie Kuzmic, Head of Consumer Advocacy and Compliance at Equifax Canada, said: "On a credit report, a secured credit card looks the same as an unsecured credit card."

The same logic applies to the tier of cards you hold. Richard Goyder, Chief Credit Risk Officer at Neo Financial, said: "The brand of card that you have doesn't make a difference as far as the credit bureau is concerned. What matters is your utilization and making payments on time."

If you are wondering whether you should stack multiple secured cards to speed things up, Goyder offered a measured perspective: "Having two secured cards will probably help in the sense that you have two trade lines, so your file is a little bit thicker. On the other hand, they're the same kind of credit, so it won't help as much as getting another form of credit. It definitely will not hurt your credit score, but it's not necessary.".

How to Apply For a Neo Secured Card

When you apply for any Neo card, you do not need to decide upfront whether you want a secured or unsecured version. Neo will assess your application and show you which offer you qualify for: a traditional unsecured credit card with a limit up to $10,000, a card with a secured credit limit where your deposit becomes your limit, or a mixed credit card that combines both a secured and an unsecured portion into a single credit limit. This means you can apply with confidence regardless of your credit history.

Neo also uses cash flow underwriting to potentially improve the offer you receive. Goyder explained how it works: "We just ask your permission to connect to your chequing account, that can be at any other bank, then you put in your password to connect us and then we will be able to read the data from there." He added that "cash flow underwriting is something we mostly offer to people that want a higher limit than what we offered them or when it would allow us to offer an unsecured card to someone to whom we could only offer a secured card." If your bank account shows stable income and responsible spending, Neo may offer you a higher limit or upgrade you to an unsecured card outright.

With that foundation, here are the four Neo cards available as secured credit cards worth considering:

1. Secured Neo Mastercard

The Secured Neo Mastercard is the most accessible card in Neo's lineup, with no income or credit score requirement to qualify. It earns 1% cashback on gas and groceries, plus additional cashback at over 10,000 Neo partner merchants across Canada. 

Eligibility: No income requirement. No credit score requirement.

2. Secured Neo World Mastercard

The Secured Neo World Mastercard steps up the rewards without adding an annual fee. It earns 2% cashback on groceries, gas, and recurring payments, plus 0.5% on everything else, with additional cashback available at over 10,000 Neo partners. It also includes extended warranty and purchase protection insurance, making it one of the few no-fee World Mastercards in Canada that can be obtained as a secured card.

Eligibility: Minimum personal income of $50,000 or household income of $80,000. No credit score requirement.

3. Secured Neo World Elite Mastercard

The Secured Neo World Elite Mastercard is where Neo's lineup gets genuinely unusual. World Elite Mastercards typically require strong credit scores and are reserved for applicants with established credit histories, but Neo makes this tier available as a secured card with guaranteed approval… provided you meet the minimum income requirements. The card earns 5% cashback on groceries, 4% on recurring payments, 3% on gas, and 1% on everything else, and comes with comprehensive travel insurance, extended warranty, purchase protection, and auto rental collision coverage. The annual fee is $125.

Goyder explained why Neo is willing to go there: "Mastercard and Visa are the ones who set the standards in terms of minimum income and household income [for their World Elite Mastercard and Visa Infinite tiers]. That's because Mastercard and Visa are trying to maintain the exclusivity of their prestige cards. We do have minimum income requirements for premium cards that comply with their rules, but we're prepared to offer our premium cards as secured cards, because we do have customers who have a very good income, but don't have good credit rating, either because they're new to Canada or they've had issues in the past."

Eligibility: Minimum personal income of $80,000 or household income of $150,000. No credit score requirement.

4. Secured Cathay World Elite Mastercard

The Secured Cathay World Elite Mastercard is the only card in Canada that earns Cathay Pacific Asia Miles directly, and it is available as a secured card with guaranteed approval for those who meet the income threshold.. It earns 4 Asia Miles per dollar on eligible Cathay Pacific purchases, 2 Asia Miles per dollar on foreign currency transactions, 1 Asia Mile per dollar on everything else, and an average of 5 Asia Miles per dollar at Neo partner merchants. The annual fee is $180, and coverage includes emergency medical, trip cancellation and interruption, flight delay, and auto rental collision protection. For newcomers to Canada who fly with Cathay Pacific regularly, this card offers a rare combination of credit building and meaningful travel rewards. The 2.5% foreign transaction fee does partially offset the value of the 2x earning rate on foreign currency purchases, so frequent international spenders should weigh whether a no-FX-fee card would serve them better for those transactions.

Eligibility: Minimum personal income of $80,000 or household income of $150,000. Not available in Quebec. No credit score requirement.