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Are you in search of a cost-effective way to spend your money and increase your savings? Neo Financial credit card might be an ideal choice for you. Neo has emerged as an ideal alternative to the traditional banks in Canada. No matter the problem in cashback on purchase or interest rate, Neo has a solution for all.
In terms of popularity, Neo Financial credit has become a new competitor of Five Big Banks and other banks in Canada. You will get to know everything about it in this detailed review. But first, let’s find out what exactly is Neo financial and is it legit or not.
What is NEO Financial Credit Card?
Neo Financial is an online bank that was established in September 2020. The main agenda behind this was to help Canadians save costs on their spending and earn high interest on their savings. With its advanced financial technology, this online bank has simplified the banking experience for Canadians.
Not only this, Neo is a proud partner of top Canadian financial institutions like MasterCard, ATB, and Concentra Bank. Among its most popular products, Neo MasterCard and Neo Savings Account hold top spots.
How Does it Work?
Neo has two modes of operation. To begin, its cashback credit card pays you when you use your Neo credit card to make a transaction. As a result, the more you use the Neo credit card, the more you will earn rewards.
Second, a Neo Savings account pays a high rate of return on your money. You can use the Neo Savings account to make deposits, pay bills, and withdraw funds just like a regular bank account. You can also conduct unlimited free transactions with the Neo Savings account without paying a monthly charge.
How Does Neo Card Work?
When you use the card to pay at your favorite stores, you’ll earn cash rewards. It also has a savings account with a 1.55 percent interest rate, which is significantly higher than the market average. The credit card is designed to provide important financial benefits while also assisting people in improving their credit scores.
What Makes The Neo Card Unique?
This credit card stands out for its high yield and huge quick cashback incentives, as well as making it easy to support local companies. Savings accounts through this business are monitored by Concentra Bank and are protected by deposit insurance.
While it is a very handy card for Canadians, some of the benefits are only available in particular jurisdictions. Manitoba, British Columbia, and Alberta are among them. This is due to the fact that the card is linked to specific locations and companies in those areas, allowing it to provide competitive incentives.
Features of the Neo Financial Card
- There are no fees associated with the Neo card. You’ll only have to pay a price if you upgrade to one of their higher-tiered programs. These programs provide better benefits than the free ones, but they are only worthwhile if you spend more than $750 every month.
- Convenient: The Neo card comes with an app that lets you manage your card from the palm of your hand. Prior to making any purchases, you can use the app to browse rewards and shop offers.
- Management: You can also receive real-time notifications about your transactions, such as when you earn cashback or need to make a payment. The app allows you to view your rewards and spending information, which is useful for budgeting.
- Security: If a user believes their card has been stolen or tampered with, the Neo Financial card app allows them to unlock their accounts.
- Digital Wallets: You get a physical copy of the Neo card as well as the option to digitize it by adding it to Apple Pay or Google Pay. This will allow you to make purchases with your smartphone without having to interact with anyone.
- There are no minimum redemption requirements, so you may cash out your points whenever you choose.
- Upgrade at Any Time: Annual fees on regular credit cards frequently lock you in. You can upgrade or downgrade to a different plan with the Neo Financial credit card at any time.
How to Apply for Neo Financial Credit Card
The application process for a Neo Financial Credit Card is simple. Neo makes the application procedure available on both their website and their app to enhance accessibility. All Canadians, with the exception of Quebec residents, can apply for the credit card and use it (coming soon). Only a few provinces, including Alberta, British Columbia, and Manitoba, are eligible for the incentives. The application procedure is straightforward:
- Download App: You can complete the application without affecting your credit once you’ve downloaded the Neo Financial app. You can be prequalified, and if you are, the app will prompt you to apply for the card. You have the option to open a savings account once you’re in the app.
- Verify Your Identity: The following stage is to demonstrate that you are who you claim to be. You must provide government-issued identification to complete the process. Both sides of the card are seen in your image. In addition, you must provide a photo of yourself to the website.
- Approval: It only takes 3 minutes to apply, and if approved, you may use your card right away with Apple Pay or Google Pay. The real card will be delivered in about a week.
Is Neo Financial Legit?
Yes, Neo Financial’s credit card is legit. As mentioned above, Neo Financial partners with Concentra Bank and MasterCard, which hold 85% of credit unions in Canada. So, it is safe to say that Neo Financial is a real and legit credit card.
The Bottom Line
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