A way to help protect your credit score
Avoid missing credit card payments with Balance Protection. This optional coverage¹ can be added to any Neo credit card, which can cover your minimum monthly credit card payments or your outstanding balance—and it’s free to cancel anytime².Peace of mind starts from $1.39⁴
Pay as little as $1.39 per $100 of your account balance on your statement date. Example: For a credit card with an average daily balance of $500 for a monthly statement period, you’ll pay $6.95 (plus applicable taxes).
How to add Balance Protection
You can add optional Balance Protection insurance¹ to your Neo card in minutes.
Step 1
Log in to your Neo account using the Neo app or on your computer.
Step 2
Select the Credit tab, and select the credit card you want to insure.
Step 3
In the top right corner, select the “Balance Protection” option.
Access through Canada’s #1 rated financial app⁵
Log in to the Neo app to add Balance Protection to your Neo Credit card. It’s free to cancel anytime².
Got questions?
We’ve got answers.
What is covered under balance protection?
How do I know if I’m eligible?
You must be a Canadian resident, above the age of majority and have a Neo Credit account open.
How will I be charged and when?
The insurance premium is calculated as $1.39 per $100 of your average daily balance over the billing cycle. The premium and applicable taxes for each billing cycle will be included as part of your next billing cycle's transactions and will be due along with your regular payments. The premium will appear as a transaction charge on your posted credit statement at the end of every month as "Balance Protection premium”. If you enroll at any time during your billing cycle, your premium will be calculated based on your average daily balance for the entire billing cycle.
When does my coverage start?
Coverage begins immediately once enrollment has been received. Your coverage will end if you are no longer eligible for coverage. If you choose to cancel the insurance after the initial free look period, your coverage will end on the next statement billing date.
What happens if I no longer want balance protection?
You can cancel your coverage directly in the Neo app. You must cancel within 30 days (60 days for Quebec residents) of policy purchase to receive a full refund for any premiums charged during the cancellation period. If you decide you want to add this back to your account within the same statement cycle, the fee still applies and premiums will be charged to your account.
What happens if I cancel my insurance and re-enroll during the same billing cycle?
The fee still applies, and there will be no lapse in coverage.
Do I have to be a Neo customer to get Balance Protection?
Yes. This is optional coverage for all Neo credit cards. You can add Balance Protection insurance when you sign up. For more information, visit the Neo Help Centre.
How do I make a claim?
Making a claim can be done in a few simple steps. Log in to your Neo account, under the Credit tab, select the insured credit account, press Balance Protection, and select “Submit a claim.” You’ll be directed to your insurance provider, TGI, to complete your claim. TGI will process your application and be in touch through the rest of the process.
I am unable to log in to my Neo account, how can I file a claim?
Please contact our insurance provider TGI at 1-844-930-6022 to obtain the necessary form. Claim forms can also be downloaded from: https://transglobalinsurance.ca/claims/
Who is TGI?
Trans Global Insurance Group ("TGI") is composed of Trans Global Insurance Company, a property and casualty company and Trans Global Life Insurance Company, a life insurance company. TGI has been operating across Canada for over 25 years, with an industry leading suite of simple, affordable, and effective financial protection and insurance products. TGI is the exclusive provider of credit insurance for some of Canada's leading consumer finance companies and retailers. For more information about Trans Global Insurance, visit their website at: https://transglobalinsurance.ca/
What happens if my balance is below $100?
The premium will be prorated over the number of days the balance is outstanding.
Example: For a monthly statement with an average daily balance of $80, it would cost $1.11 / month.
What is an eligible Lifetime Milestone event?
An eligible Lifetime Milestone event includes:
- The Birth or adoption of your child or children.
- Your marriage.
- Your child’s marriage.
- Your purchase of a home for use as a principal residence.
- The final payment of your mortgage loan.
- Your retirement from employment (lifetime limit of one payment).
- Your, your spouse, or your child’s post-secondary graduation or professional certification/designation.
Conditions apply. See Certificate of Insurance for more details.
¹ Balance Protection is optional and not a condition for credit approval or access to credit card products.² Cancellation limits apply and may differ by province. See Certificate of Insurance & Disclosure Statement for more details. There is no cancellation fee, coverage can be cancelled for free anytime.³ Balance Protection covers the specific credit card enrolled. Not all credit cards are covered. Limits are per each eligible card for which you have purchased Balance Protection. Minimum payments and/or outstanding balances are calculated on the date of loss. If your credit card balance continues to increase after the date of loss, your minimum payment may not be covered.⁴ Variable monthly premium based on the statement amount owed at the end of your billing cycle and is calculated based on the average daily balance for every $100 in posted transactions throughout the billing cycle. The insurance premium rate is calculated as $1.39 per $100 of the average daily balance over the billing cycle period. If you enroll at any time during your billing cycle, your premium will be calculated based on your average daily balance in posted transactions for the entire billing cycle.⁵ Based on research comparing and limited to: BMO, CIBC, KOHO, PC Financial, EQ, RBC, Scotiabank, Tangerine, TD Bank, Wealthsimple, and Simplii Financial app ratings in the App Store and Google Play. Research conducted by Neo Financial on December 12, 2023.⁶ Lifetime Milestone Support is not an insurance coverage but an additional service feature that qualifies you to receive a payment of part of your outstanding balance up to $2,000 if you are insured under this Policy and you experience an eligible Lifetime Milestone event. Conditions Apply. See Certificate of Insurance for more details.Balance Protection covers the specific credit card enrolled. Not all credit cards are covered. Limits are per each eligible card for which you have purchased Balance Protection. Minimum payments are calculated on the date of loss. If your credit card balance continues to increase after the date of loss, your minimum payment may not be covered.Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.