Neo Financial Technologies Inc. (“Neo Financial”) is proud to announce the launch of two brand-new, leading cashback credit cards: the Neo World Mastercard® and the Neo World Elite® Mastercard. These new cards deliver top-tier cashback rates for Canadian consumers who want tangible rewards on everyday purchases in the upward battle against the high cost of living. As Canadians actively look for ways to maximize the value of their spending, Neo Financial’s new credit card suite is designed to meet this demand, offering some of the highest cashback rates in the market.
“Canadians deserve better ways to save, especially with the rising cost of living,” said Andrew Chau, CEO and Co-Founder of Neo Financial. “Our new Neo World Mastercard and Neo World Elite Mastercard credit cards are designed to help Canadians save more on everyday essentials like gas, groceries, and recurring bills. As inflation continues to strain budgets, we’re committed to putting more money back in Canadians’ pockets, offering clear, meaningful rewards when they need them most.”
Highlights of these top-tier credit cards are:
Neo World Mastercard¹
- A no-annual fee² card that offers some of the highest cashback rewards: 2% on gas, 2% on groceries, 2% on recurring payments, 0.5% on all other purchases, and 5% average on the Neo Rewards network³.
- Estimated cashback starts at $582 annually based on an annual credit card spend of $38,400⁵.
- Plus, earn unlimited cashback from the Neo Rewards network, ~$1,200 per year³ for those taking advantage of the network.
- Customers with higher Neo Everyday account balances can earn up to 4% on gas, groceries, and recurring payments.
- Extended warranty and purchase protection⁴ to provide peace of mind for cardholders.
Neo World Elite Mastercard¹
- For Canadians seeking more rewards and premium benefits, the Neo World Elite Mastercard offers customers a top-tier cashback experience: 5% on groceries, 4% on recurring payments, 3% on gas, 1% on all other purchases, and 5% average on the Neo Rewards network³.
- Estimated cashback starts at $1,312 annually based on an annual credit card spend of $53,196⁵.
- Plus unlimited cashback from the Neo Rewards network, ~$1,200 per year³ for those taking advantage of the network.
- Customers with higher Neo Everyday account balances can earn up to 7% back on groceries, 5% on recurring payments, and 4% on gas.
- It also includes comprehensive travel insurance⁴, covering out-of-province or country emergency medical expenses, delayed and lost baggage, flight delays, and trip cancellations/interruptions. Additionally, it offers Auto Rental Collision Loss Damage coverage.
- Extended warranty and purchase protection⁴ to provide peace of mind for cardholders.
Competitive Comparison Charts
Neo Financial has compiled competitive comparison charts to showcase the most competitive credit cards on the market. Each card selected reflects a top-tier offering from its respective provider, allowing for a clear comparison of cashback rates, benefits, and features.
Neo World Mastercard
The chart below is based on $38,400 annual spend for the Neo World Mastercard, comparing its cashback rates¹ to the most competitive no annual fee² credit cards on the market⁵:
|
Category |
Neo World |
Neo World |
Tangerine World |
BMO Cashback |
CIBC Costco |
|
Groceries |
2% |
4% |
2% |
3% |
1% |
|
Recurring |
2% |
4% |
0.5% |
1% |
1% |
|
Gas |
2% |
4% |
2% |
0.5% |
3% |
|
Everything else |
0.5% |
1% |
0.5% |
0.5% |
1% |
|
Cashback Net Avg |
5% |
5% |
0% |
0% |
0% |
|
Total Estimated Annual Rewards |
$582 +$1200 network³ |
$978 +$1200 network³ |
$444 |
$357 |
$480 |
Neo World Elite Mastercard
The chart below is based on $53,196 for the Neo World Elite Mastercard, comparing its cashback rates¹ to the most competitive fee credit cards on the market⁵:
|
Category |
Neo World Elite |
Neo World Elite |
Scotia |
BMO Cashback |
TD Cashback |
|
Annual Fee |
$125 |
$125 |
$120 |
$120 |
$139 |
|
Groceries |
5% |
7% |
4% |
5% |
3% |
|
Recurring |
4% |
5% |
4% |
2% |
3% |
|
Gas |
3% |
4% |
2% |
3% |
3% |
|
Everything else |
1% |
1% |
1% |
1% |
1% |
|
Cashback Net Avg |
5% |
5% |
0% |
0% |
0% |
|
Total Estimated Annual Rewards |
$1,312 + $1,200 network³ |
$1,672 + $1,200 network³ |
$1,144 |
$988 |
$1,012 |
The Neo World Mastercard and Neo World Elite Mastercard join Neo Financial’s existing offerings, which include the Neo Mastercard, Neo Money™ card, Cathay World Elite Mastercard, Hudson’s Bay Mastercard, JA Money card, and Tims® Mastercard.
For more information on Neo Financial and its suite of innovative financial products, visit: www.neofinancial.com
About Neo Financial
Neo Financial is a technology company building a more rewarding financial experience through reimagined spending, savings, investing, and mortgages. Founded in 2019 by the co-founders of SkipTheDishes, Neo Financial has raised more than $299 million in funding and has been recognized as Canada’s top growing company by The Globe and Mail. Neo Financial is headquartered in Calgary and Winnipeg, and is backed by top-tier investors across North America.
Through partnerships with leading financial institutions, Neo Financial provides customers with safe and secure ways to spend (Neo’s suite of credit cards), save (Neo Money™), invest (Neo Invest™), and get a mortgage (Neo Mortgage). Neo for Business powers financial solutions for Tim Hortons, Cathay, Hudson’s Bay, and over 12,000 other partners across the country. To learn more, visit neofinancial.com.
Disclaimers:
The Neo Everyday account is provided by Peoples Bank of Canada.
Neo World Mastercard® and Neo World Elite® Mastercard are issued by Neo Financial™ pursuant to license by Mastercard International Incorporated.
Mastercard, World Mastercard, World Elite, and the circles design are registered trademarks of Mastercard International Incorporated.
¹ Cashback earn subject to monthly spend limit. When monthly spend limit is reached, earn rate decreases for subsequent spending. Spend limit resets monthly. Neo Everyday account minimum balance is required to earn the highest rate. For more information, visit the Neo app.
² For Quebec: Monthly Statements; No monthly or annual fees; 21-day grace period; Minimum payment is the higher of $10.00 or 5.0% of total statement balance; Purchase rate (19.99%-24.99%) and cash advance rate (22.99%-25.99%).
³ Average based on current offers at select partners. Cashback may be limited and varies by perks, offer and partner. Offer is subject to the Rewards Policy.
⁴This insurance coverage is underwritten by Chubb Insurance Company of Canada under a Group Policy issued to Neo Financial Technologies Inc. All coverage is subject to the terms, conditions, limitations and exclusions outlined in each Certificate of Insurance, and, for Quebec residents, each Product Summary. Travel insurances unavailable for Quebec residents. The cost will be charged to the eligible Neo card that Neo Perks is activated on. Neo, its employees and representatives are not agents of Chubb, nor can they waive or change any terms of the insurance coverage. View the full list of insurance certificates here: https://www.neofinancial.com/legal/plans
⁵ Based on annual spend of $38,400 for the Neo World Mastercard, and $53,196 for the Neo World Elite Mastercard, in comparison of the non-promotional gas and grocery earn rates on cashback credit cards as of October 23, 2024. Research excludes welcome offers. Numbers rounded for simplicity. Neo Everyday account minimum balance required to earn the highest rate. For more information, visit the Neo app.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241210087642/en/