Steps to Apply for the Secured Neo Mastercard
The Secured Neo Mastercard is an excellent option for establishing your credit while still enjoying cashback rewards, making it a savvy addition to your financial toolkit.
What should I know before applying?
The Secured Neo Mastercard is a card that does not require a credit check while providing up to 2% cashback on purchases at grocery stores and gas stations.
With the tagline “a new home for your money,” Neo Financial provides a range of services to its customers.
Key financial services include account management, investment options, mortgages, and credit cards.
One of the products available is the Neo Secured Mastercard, a highly effective secured credit card.
You can select your credit limit based on your needs, but you’ll need to provide a security deposit.
The minimum deposit is $50. To have a credit limit of $200, a $200 security deposit is required.
Even though this card is designed to help build your credit history, it still offers a solid cashback rate of 0.5% on all qualifying purchases.
Your security deposit will be refunded once you close your account and settle your balance completely.
This card is easy to use daily while still providing advantages, including a decent cashback rate.
It’s no surprise that this card has earned several accolades from various Canadian market analysis firms, making it one of the top options for enjoying benefits nationwide.
If you’re curious to learn more, keep reading.
Who is Eligible to Apply?
Getting a secured card has much simpler requirements compared to traditional credit cards. All you need is to be at least 18 or 19 years old, depending on your province.
A standout aspect of the Neo Mastercard is its acceptance of foreign documents for identity verification, eliminating the need for Canadian versions.
Neo avoids conducting thorough credit history checks, largely because the security deposit arrangement ensures payments are made.
As such, there’s no necessity for an income requirement, making this analysis less relevant compared to credit cards that permit bill payments after the fact.
It’s important to remember that each application is contingent on Neo’s availability, and just meeting the criteria doesn’t ensure you’ll receive the card, although most applications do get approved.
How to Apply for a Secured Neo Mastercard
On the bank’s official website, you can navigate to the “Sign Up” page to commence your application for the card.
Your initial step is to create a Neo account, which is essential to get the secured credit card.
You’ll need to provide an email and a password to start. To finalize account creation, you must also include your phone number, full name, and address.
Additionally, during the application process, you might need to provide documents to confirm your identity and address.
While the card doesn’t conduct an exhaustive income or credit history review, you may be asked for additional details regarding your job and salary.
Nevertheless, Neo assures swift and straightforward approval; if you have any inquiries, you can reach out to the customer service of the digital bank.
Additional Information
The Neo card comes with a monthly fee of just $5, totaling $60 per year, which is consistent with the card’s structure.
One of the key advantages of this card is its ability to help you enhance your credit score. It provides monthly updates to major Canadian credit bureaus: TransUnion and Equifax.
When you report to both credit bureaus, it simplifies the process for other companies to perform credit checks, providing a fuller picture of your financial profile.
You can keep an eye on your credit score anytime using the Neo app, where you’ll find your TransUnion score readily available.
All in all, this card is a great way to embark on your credit journey with both safety and trustworthiness.
Interested in exploring another option?
If your credit score is on the higher side, consider the Simply Cash Preferred from American Express, which gives you up to 4% cashback on groceries and fuel purchases.
The American Express card offers a truly premium experience, including exclusive access to events and airport lounges. Here’s how you can apply.
