Guaranteed approval³
No hard credit check
International IDs accepted
Earn cashback on purchases
SECURED NEO MASTERCARD
Voted Canada’s Best Secured Credit Card¹
Start building your credit history for only $5 a month.
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Neo secured credit cards help you build your credit score² while earning instant cashback that grows with healthy balances in your Neo Everyday account.
We’ve got a few awards in the bank
Build your credit history with industry leadersOur credit cards report to the two leading credit reporting agencies in Canada TransUnion® & Equifax
How does a secured credit card work?
Set your credit limitSet aside funds to act as your security deposit⁹, starting with as little as $50.
Make on-time paymentsMake everyday purchases and pay off your balance with regular on-time payments by using additional funds.
Help build your credit scoreOur monthly reporting to TransUnion and Equifax enables you to view your credit profile and better understand how to improve your credit score⁴.
Protect your credit balance from the unexpectedBalance Protection is optional coverage that can help cover the minimum monthly payments of your outstanding credit card balance during tough times. Peace of mind starts from $1.39* per $100 of your average daily balance.
Get the secured credit cards that reward you for responsibly managing your money for only $5 a month.
Get started in minutes, with no branch visits required.
Got questions?
We’ve got answers.
How does cashback work with a secured Neo Mastercard?
Our cashback amounts are tied to your Everyday balance. For example, earn 2% on gas and groceries, with an additional 0.5% on all other spend when you have $3,000 in your Everyday account. Use the calculator above to see how your Everyday balance rate impacts your cashback rates.
Does the secured Neo Mastercard require a credit check to be approved?
No—there are no hard credit checks for the Secured Neo Mastercard (unless you are a resident of Quebec). Approval is guaranteed¹ and instant regardless of good, low, or no credit score.
Which credit bureaus does Neo report to?
Neo reports to Canada's consumer credit bureaus, Equifax and TransUnion. These are the two main credit bureaus in Canada that collect, store and share information on your financial history. Equifax and TransUnion use that information to compile credit reports and issue credit scores based on your financial behaviours.
What are the benefits of reporting to both credit bureaus?
Reporting to both Equifax and TransUnion means lenders, employers, insurance companies, mobile phone companies, landlords, or anyone else who checks your credit score will have a more complete view of your credit profile and credit history. Depending on the lender, they pull information from one or both credit bureaus, so it's beneficial to have your Neo credit payments reported to both bureaus. With a more complete picture, you can better understand how to help build and maintain your credit score⁴ and history.
How can I check my credit score?
You can easily check the progress of your credit score using TransUnion in the Neo app any time. To check your credit score using Equifax, you can check it directly through the Equifax website. Check our Help Centre article to learn more about our in-app features.
Can I have more than one credit score?
Yes, you can have more than one credit score, depending on the credit bureau. It's normal for your credit score to differ between credit bureaus because Equifax and TransUnion use their own proprietary scoring algorithms to calculate your credit score. Although both credit bureaus calculate credit scores based on the same factors (payment history, credit utilization, length of credit history, types of credit and number of inquiries), they may weigh those factors differently and have different information about your credit history.
What makes the Secured Neo Mastercard different from other traditional credit cards?
The Secured Neo Mastercard may help you build your credit² while earning cashback rewards. Unlike traditional credit cards, we won’t check your credit history (unless you are a resident of Quebec), and you’re guaranteed approval³. You can use the Secured Neo Mastercard just like you would any other traditional credit card, anywhere Mastercard® is accepted.
How much is the credit limit?
Your credit limit is equal to the amount of security funds you’ve set aside³. This means you choose your limit based on your comfort level. For example, if you set aside $500 as your security funds, your credit limit is $500. The minimum amount of security funds to get started is $50.
What is the minimum amount I have to set aside for security funds?
Only $50—because wealth should never (ever) be a condition for building credit.
Will I get my security funds back?
Yes—your security funds will be returned to you if you decide to close your account and your balance has been paid off in full.
What is the Purchase Credit Rate / APR?
The Purchase Credit Rate on the Secured Neo Mastercard is 19.99%-29.99% and the Cash Advance Rate is 22.99%-31.99%. For Quebec, the Purchase Credit Rate is 19.99%-24.99% and the Cash Advance Rate is 22.99%-25.99%. The standard rate on purchases and cash advances is dependent on our assessment of your credit application, credit profile, and your province. See your Cardholder Disclosure at time of application for your specific rate.
As awarded by Hardbacon on October 26, 2023.¹ When you make payments in full and on time each month.² Conditions apply. Must 1. be the age of majority in your province or territory of residence; 2. be a Canadian resident; 3. provide security funds.³ Excluding Quebec residents.⁴ Except in Quebec where the amount of the security funds is a variable amongst others, which helps establish your credit limit.The Neo Everyday account is provided by Peoples Bank of Canada.Neo World Elite® Mastercard is issued by Neo Financial™ pursuant to licence by Mastercard International Incorporated.Mastercard, World Elite, and the circles design are registered trademarks of Mastercard International Incorporated.* Cashback earn subject to monthly spend limit. After monthly spend limit is reached, subsequent purchases are not eligible for cashback. Spend limit resets monthly. Minimum Neo Everyday account balance required to earn the highest rate. For more information, visit the Neo app.