Learn How to Apply for a Secured Neo Mastercard

What do I need to know before applying?

Looking to build credit and still earn cashback? The Secured Neo Mastercard is your best bet, with cashback rates that go up to 4%!

Neo Financial brings a whole lineup of digital-first financial services aimed at making life easier with tech. From managing accounts and investments to offering mortgages and credit cards, they’ve got you covered.

One standout is the Neo Secured Mastercard, a secured credit card that’s flexible to your needs—you set the credit limit with a security deposit starting as low as $50.

So if you want a $200 limit, you put down $200. While it’s built to help you build credit, it also gives a nice cashback boost, with 0.5% back on all eligible purchases.

But it gets even better: Neo offers variable cashback rates that grow with your spending. You can earn up to 4% back on everyday essentials like groceries and gas.

There’s a $5 monthly fee (or $60 annually), typical for a secured card setup. When you close your account and pay off the balance, your deposit is refunded. 

With competitive cashback and easy everyday use, this card is a solid choice, recognized by top Canadian market experts. 

For more details, keep reading!

Who can Apply?

Getting approved for a secured card is way easier than with regular credit cards. In most cases, you just need to be 18 or 19, depending on your province.

A cool perk with the Neo Mastercard is that it accepts foreign ID for verification, so you don’t need Canadian documents.

Neo skips the credit history check, thanks to the secured deposit covering any balance. No income check is needed either since there’s no post-payment setup.

Just a heads up: applications depend on Neo’s availability, so meeting these criteria doesn’t mean a guaranteed approval, but most people do get approved.

How do I Apply for the Secured Neo Mastercard?

To start your application, head over to the “Sign Up” section on Neo’s website. First up, you’ll create a Neo account, which is essential to applying for the secured credit card.

To set up the account, you’ll need to provide an email address and create a password, plus enter details like your phone number, full name, and residential address. Neo may also request additional documents for identity and residence verification to complete your application.

Although the card doesn’t require an in-depth look at your income or credit history, they might still ask for some basic info about your employment and income to better understand your profile.

Neo is committed to making the approval process smooth and efficient, and if you have any questions along the way, their customer support team is readily available through digital channels.

More Details

One big advantage of the Neo card is that it actively supports your credit score improvement. Each month, Neo sends a report to Canada’s two main credit bureaus, TransUnion and Equifax, which helps build a well-rounded credit profile that’s visible to other institutions.

With Neo reporting to both bureaus, your financial profile becomes more comprehensive, making it easier to show lenders a solid credit history.

Plus, you can track your credit score directly through the Neo app, giving you access to your TransUnion score whenever you need it.

Overall, the Secured Neo Mastercard is a reliable choice for building a strong credit foundation.

With features like these, it’s recognized as one of Canada’s best secured cards, giving you a dependable and rewarding experience in your day-to-day financial life.

Want to learn another option?

The TD Aeroplan Visa Infinite is a credit card option for those with an established credit history and higher income, offering a range of benefits for both travel and daily use.

When you receive the card, you can enjoy a bonus of up to 40,000 Aeroplan points, 1.5x points on grocery purchases, and 1x points on all other purchases. Check out how to apply.

Written by

Gabriel Gonçalves