Are you a Canadian looking for an easy way to rebuild your credit? A secured credit card might be the answer.
Secured credit cards are designed for people who don’t have a good or any established credit history.
They work in the same manner as regular (unsecured) credit cards but with added security, giving users peace of mind when rebuilding their financial standings.
If you’re on the hunt for a secured credit card to help rebuild your credit in Canada, look no further than Neo Financial Secured Credit Card.
Not only does it offer some of the best features and incentives compared to other cards available in Canada, but it also allows consumers to take more control over their financial future.
Also, since all purchases made with the card earn you cash back, you can be assured that you’ll receive maximum benefit from your purchases.
In this Neo Financial Secured Credit Card review, we will look at what this unique card offers to help make managing finances easier.
Read on below as we review all of this card’s features and see if it meets your needs!
Table of Contents
About Neo Financial
Neo Financial is a leading fintech industry in Canada. This is due to their innovative approach to banking.
The company was launched in 2019 and has since then had an undeniable impact on the Canadian banking industry as they continue to expand.
They offer a straightforward, hassle-free experience for their users, allowing customers to apply for credit cards and high-interest savings accounts with ease.
Plus, they offer great unique features such as no annual fees. And with their commitment to customer satisfaction, Neo Financial is revolutionizing the way Canadians use financial services in an ever-evolving digital world.
What are Secured Cards?
Secured cards are a valuable financial tool for those with poor or no credit history; they provide an opportunity to establish credit and build up a solid score.
They work by allowing the consumer to submit a security deposit equal to their credit limit, which the issuer holds onto until the balance of the card is fully paid back.
Though not interest-free like other cards, this structure does reduce the risk for banks which allows them to approve more people for a secure card.
One important thing to note when opting for secured cards is that the security deposit is not refundable and cannot be used to pay off balances.
It simply serves as protection for the issuer in case of default or nonpayment on the part of the cardholder.
If a secured card is used responsibly and the bills are paid on time every month, then it can be a smart way to improve credit health.
While the security deposit to get a secured card may be high, over time it can be beneficial as users are able to pay for purchases with ease and take control of their finances.
All in all, secured cards are an excellent option for those looking to rebuild their credit standing.
What is Neo Financial Secured Credit Card?
The Neo Financial Secured Card is an incredibly beneficial and user-friendly card.
Unlike many other secured cards in Canada, the Neo Financial Secured card allows you to enjoy the convenience of both a virtual and physical credit card.
With its hassle-free approval guarantee, even those with limited or poor credit can access this card, as it does not conduct hard credit checks.
This makes it an ideal option for those with poor or limited credit who may find other cards difficult to obtain.
Additionally, the minimum security deposit of $50 ensures that this card can fit within virtually any budget.
Not only is the Neo Financial Secured Card accessible, but through its cash back rewards system holders can earn money while using the card.
You should note that the Neo Financial Secured Card has an interest rate of 19.99% to 26.99% on purchases and 22.99% to 28.99% on cash advances.
Pros and Cons of Neo Secured Credit Card
The Neo secured credit card offers many benefits to those with low or no credit scores, allowing them to build a positive payment history and demonstrate financial responsibility.
However, just like other secured credit cards, there are several pros and cons of the Neo Financial Secured Card you need to be aware of.
Here are some of the advantages and disadvantages of the card to help you determine if the card is right for you:
Pros
Welcome Bonus
Unlike most secured credit cards in Canada, Neo Financial Secured Card offers you a welcome bonus.
The card offers you a welcome cash back of up to 15% after making your first purchase at any of the numerous Neo partner stores.
The best part about the welcome bonus is that there is no required minimum spending amount to earn the bonus.
This means that no matter the amount of the first purchase you make, you will get the welcome offer.
No Annual Fee
Although the main purpose of a secured credit card is to help you build your credit history, most credit cards charge an annual fee.
This contradicts the goal of establishing good credit by causing you to spend more money than you had anticipated.
With a Neo Financial Secured Card, you can begin fixing your credit history without having to pay an additional cost.
This is because the card doesn’t charge any annual fees making it stand out from the crowd.
Auto-pay
The Neo Financial Secured Card comes with an auto-pay. This feature helps you to set automatic payments.
With this unique feature, you don’t have to worry about missing any of your payments again.
This is because once you set the auto-pay on your Neo Financial Secured Card, your payments with deducted automatically anytime due.
Guaranteed Approval
As mentioned earlier, the Neo Financial Secured Card offers you guaranteed approval.
This is because a credit check is not conducted when you apply for the card. No matter your credit score, you can still qualify for the card.
Therefore, if you are someone who has been having trouble acquiring other secured credit cards, the Neo Financial Secured Card is a fantastic choice.
Once you have the minimum $50 security deposit, you are good to go. You can easily apply for the card and you will be approved in no time.
Cash Back Rewards
The Neo Financial Secured Card is one of the few secured credit cards in Canada that offers you cash back.
When you apply and get the Neo Financial Secured Card, you will get several cash backs just for using the card to make purchases.
First, the card offers you a cash back of 5% anytime you use the card to purchase at any of the Neo partner stores.
Second, if your cash back is below 0.5%, Neo Financial will offer you a cash back of 0.5% on all other purchases you make with the card.
The best part is that there is no expiry date to the cash back you earn with the card. This means you can redeem your cash back at any time.
Flexible Limits
The Neo Financial Secured Card has minimum credit limits but the limits are flexible.
If you are not okay with your credit limit, Neo Financial provides you with an option to expand your credit limit to the maximum of your choice.
This unique feature also makes the Neo Financial Secured Card a great option for people looking for a flexible secured card.
Spending Insights
The Neo Financial Secured Card is different from other secured credit cards that you spend without having a record of what you have spent or what credit you have left.
With this unique card from Neo Financial, you have the option of keeping track of everything you spend.
If you want to have an insight into your spending on the card, you can easily use the Neo insights dashboard to do that.
Cons
Limit on Earning Rewards
If you use the Neo Financial Secured Card at a Neo non-partner store you will only get guaranteed cash back of 0.5%.
However, the cash back has a limit of $50 per month. This means that if you spend more than $50 at a Neo non-partner store, you won’t get the bonus.
No Insurance Coverage
Another disadvantage of the Neo Financial Secured Card is that it doesn’t have any insurance coverage. This means that using the card is at your risk.
How to Get the Neo Financial Secured Credit Card
Now that you know everything you need to know about the Neo Financial Secured Card, how do you get the card?
Well, the process of getting the card is very simple. You can get the Neo Financial Secured Card in two easy ways.
You can either apply for the card through the Neo Financial website or the Neo Financial mobile app.
Let’s look at how you can apply for the Neo Financial Secured Card in each of the ways below:
How to Apply Online
To apply for the Neo Financial Secured Card online, you will need a valid email address.
If you already have an email address, all you have to do is open your browser and go to member.neofinancial.com.
Once you enter the website, you will see a place where you will be required to provide your email address and password.
If you are already a Neo Financial customer, put your email address and password then click on sign in.
But if you are not already a customer, click on sign up and follow the prompts to easily create your Neo Financial account.
After you are done creating your account, you will land on a page that contains two boxes. One of the boxes is “Money” while the other one is “Credit”.
Under each of the boxes, you will see “Get started”, click the one under the “Credit” box.
Once you click the option you will be taken to a page where you will be required to choose your card type.
Choose the option that indicates “Neo Secured Card and that’s it. You have successfully applied for your Neo card.
How to Apply Through the Neo App
To apply for the Neo Financial Secured Card through the Neo app you have to download the app from Google Play Store or Apple App Store.
After downloading and installing the app on your computer or mobile device, you have to create an account.
To create an account you have to log in to the app and click on sign up. Once you click on the option, you will be provided with registration steps. Just follow the steps you will easily create your Neo Financial account.
After creating your account, you will see a page where two boxes will appear before you. One of the boxes will read “Money” while the other will read “Credit”.
Click on the one that reads “Credit” and you will be taken to a place where you will have to choose the type of card you want to apply for.
Choose the Neo Secured Card and you will be walked through the entire application process.
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Conclusion on Neo Financial Secured Credit Card Review
Overall, the Neo Financial secured card is a great option for those looking for an affordable way to build their credit history.
With low fees and competitive cash backs, this card can help you save money while also giving you the chance to improve your credit score.
If you’re considering a new secured credit card, be sure to check out the Neo Financial secured card – it may just be what you need.
I hope this article has helped you understand the card and decide if it’s right for you. Thanks for reading!
FAQs on Neo Financial Secured Credit Card Review
What is the credit limit on a Neo Mastercard?
The credit limit on the Neo Financial Mastercard usually ranges from $100-$1000. After completing your Neo Financial Mastercard application, your first credit limit would be assigned.
Each statement will include information about your current credit limit, which is available both online and on the Neo mobile app.
Can I use my Neo Financial card anywhere?
The Neo Financial Secured Card can be used as both a physical and virtual card. This means that you can use the card anywhere even if you are not with your physical card.
Is Neo credit card hard to get?
As mentioned earlier, getting a Neo Credit Card is not hard. The card has guaranteed approval.
This means that even if you have a low credit score or no credit at all you can still qualify for the Neo Financial Secured Card.
Can I withdraw money from Neo credit card?
Just like any other credit card, you can withdraw money from your Neo Financial Secured Card at any ATM.
However, you can only withdraw money from your Neo Financial Secured Card according to your credit limit.
