How do I Apply for the Neo Money Card?

What do I need to know before applying?

Neo Money is a smart card designed to integrate your account into your purchases and earn up to 3% cashback!

Neo is a company that focuses on offering financial services directly over the internet, leveraging digital platforms to bring new dynamics to managing money.

In this sense, it provides a range of services, such as account management, financial consulting, credit offerings, and cards.

Neo primarily offers three types of cards, with Neo Money standing out as something quite different from what you’ve seen in the market.

This is because Neo Money is neither a credit card nor a debit card, providing a better way to make the most of your money, similar to a checking account.

The card has no monthly fees and doesn’t require a minimum balance, offering free daily transactions.

Therefore, Neo Money functions like a bank account but with the added advantage of earning cashback—understood? In terms of cashback, the card typically offers around 3% on groceries and gas, along with 1% on all other purchases.

However, there can be an increase. According to Neo, as you spend, the cashback percentage can rise, especially to better align with your spending habits.

So, if you spend more on gas and groceries, the cashback rate for these categories can increase, adapting well to your spending patterns. 

If you want to learn more about the card, keep reading.

Who can Apply?

Neo Money doesn’t have strict requirements and is quite different from traditional offerings in the market.

Since it’s not a credit card, it doesn’t conduct checks for scores or history, nor does it take income factors into account. This is because it acts more like a checking account, with no future bill payments. 

To be eligible for the card, you simply need a Canadian Social Insurance Number (SIN) and to be at least 13 years old.

Neo aims to streamline approvals, but meeting the requirements doesn’t guarantee 100% approval, as every request is subject to Neo’s availability.

Learn How to Apply for a Neo Money Card

To open your account and apply for the Neo Money card, you need to select the “Switch Now” button directly on Neo’s platform.

First, you’ll see the application terms and can click the “Get Started” button to begin your request. 

The first step is to enter your email and password to create your account with Neo. To set up your profile, you’ll need to provide your phone number, physical address, full name, and details regarding your SIN.

Throughout the process, you may need to provide additional banking or personal information. 

However, opening an account with Neo is generally a simpler registration process, especially as it is open to minors.

During the process, you may be required to submit documentation or receive email and phone verifications. If you have any questions, you can contact Neo’s customer service for assistance.

More Details

The Neo Money card offers an Everyday account for efficient financial management, automating your payments to prevent issues with late payments.

Deposits with Neo are eligible for CDIC protection, and the card also includes world-class protections for any situation.

As you use your card, you’ll receive real-time notifications to track where your money is going. The app allows you to log in and out of your account and freeze or unfreeze your card instantly. 

You can transfer funds to your account from another account, as well as through Interac e-Transfer to move money within Neo.

Additionally, cashback deposits are automatically applied to your account, making it even easier to use your card.

Want to learn another option?

If you’re looking for a proper credit card, check out the BMO Cashback Mastercard for Students, offering 3% cashback on groceries and 1% on recurring payments.

The card is also a Mastercard, widely accepted worldwide, featuring zero liability protection and a special offer for new cardholders. See how to apply.

Written by

Gabriel Gonçalves