Neo Secured Credit Crad
Neo Secured Credit Crad Review
Neo is redefining the credit card experience with its Neo Secured Credit card, designed to make credit-building accessible and rewarding. This card stands out by offering perks and flexibility that go beyond traditional secured credit cards.
The Neo Secured Credit card comes in two plans: Base and Premium. Both plans require a minimum security deposit of $50 and allow a maximum deposit of $10,000.
Annual Fees:
- Base Plan: No annual fee.
- Premium Plan: $59.88 annually or $4.99 per month.
Cashback Rewards:
- Base Plan: 1% cashback on gas and groceries, 0.5% minimum monthly cashback with Neo partners, 5% average cashback at Neo-partnered restaurants, 3% on popular streaming services, and 2%+ at Neo retail partners.
- Premium Plan: Enhances these rates with 3% cashback on gas and groceries, 0.5% cashback on all purchases, 6% average cashback at Neo-partnered restaurants, 4% on streaming services, and 3%+ at Neo retail partners.
Purchase and Cash Advance Rates:
- Base and Premium Plans: Purchase rates from 19.99% to 29.99% (QC: 19.99% to 24.99%) and cash advance rates from 22.99% to 31.99% (QC: 22.99% to 25.99%).
Key Features
- Base Plan: Includes personalized AI insights and cashback rewards without an annual fee.
- Premium Plan: Offers all Base Plan features plus additional benefits such as credit score monitoring via the Neo app, purchase protection, extended warranty, group life insurance, 24/7 legal assistance, and priority support.
- Eligibility: Must be a Canadian resident of legal age with a government-issued photo ID and a minimum security deposit of $50.
- Application: Apply through Neo’s website or app, create an account, choose your rewards program, provide personal and financial details, and set your credit limit.
- Earning Cashback: Earn cashback on purchases, which can be redeemed anytime. Timely payments can help improve your credit score, as they are reported to TransUnion.
Security Deposit
- Refundable upon account closure if the account is in good standing.
Adding Funds
- Fund your card by linking an external bank account or transferring from a Neo Everyday Account.
Benefits
- Neo Secured Credit offers guaranteed approval, real-time notifications, no fees, customizable credit limits, and the opportunity to build credit without a hard credit check (except in Quebec).
Frequently Asked Questions
The credit limit is determined by your security deposit. You can set your limit between $50 and $10,000 based on your deposit amount.
By using your Neo Secured Credit card responsibly and making timely payments, your credit actions are reported to TransUnion, which can help build a positive credit history.
No, a hard credit check is not required unless you reside in Quebec. Approval is guaranteed as long as you meet the minimum security deposit requirement.
Neo Secured Credit Crad
Neo is redefining the credit card experience with its Neo Secured Credit card, designed to make credit-building accessible and rewarding. This card stands out by offering perks and flexibility that go beyond traditional secured credit cards.
Product Brand: Neo
4.7
Pros
- Credit Building Opportunity: By making timely payments, users can build a positive credit history, with reporting to TransUnion.
- Flexible Credit Limit: Choose a credit limit between $50 and $10,000 based on your security deposit.
- No Annual Fee: The Base Plan comes with no annual fee.
- Cashback Rewards: Earn cashback on various purchases, with higher rates available on the Premium Plan.
- No Hard Credit Check: Generally, there’s no hard credit check required for approval, except in Quebec.
- Refundable Security Deposit: Your security deposit is refundable upon account closure, provided the account is in good standing.
- Real-Time Notifications: Get instant updates on transactions and account activity.
Cons
- Reports Only to TransUnion: Credit activities are reported only to TransUnion, which may lead to differing credit scores if checked through other bureaus like Equifax.
- Higher Interest Rates: Purchase and cash advance rates can be relatively high.
- Limited to Security Deposit: The credit limit is directly tied to the security deposit amount, which may not offer as much flexibility compared to unsecured credit cards.
- Additional Costs for Premium Plan: The Premium Plan incurs an annual fee and additional charges for premium perks.
- No Built-In Travel Insurance: The Base Plan does not include travel insurance; this is only available with additional perks.
Disclaimer
This is just educational content ,not financial advice. Top Loan is an affiliate partner. Verify all information with your lender and consult your financial advisor before making decisions. For any inquiries, please contact us at Info@toploan.ca.
