I ask my followers which financial brands or institutions they’re most interested in learning about each year. This time around, Neo Financial was the most common response. So, because I never offer information about products or services until I’ve used them myself, I figured it was time to do my research on their credit card and savings accounts.

Since the pandemic, I did a lot of reassessing what credit cards made sense to have given the *gestures everywhere* current state of the world. For example, I had a travel card that became useless and another credit card that collected points that were only good to buy specific items through that financial institution.

Neither of those options was helpful and didn’t make me feel like I was winning when I went to swipe my card. I needed an excellent cashback card, which is surprisingly hard to find in Canada. Well, it was tough to find — until Neo Financial. 

What is Neo Financial?

Neo is a Canadian financial services company that offers credit cards, savings accounts and investing tools. They are 100% digital, which means that Canadians can pay their bills, deposit money, send e-transfers and earn cashback rewards at any time and all from their phone or computer. 

They’re disrupting the more traditional way Canadians manage their money and spending, which I love. I’m a big fan of anything that helps support local small businesses and Canadian-specific brands and businesses, and that’s precisely what they do.

Why did I choose their credit card?

Choosing a credit card today can feel overwhelming because you need to make sure it works with your lifestyle. 

Some common considerations for me are always:

• Will this card help me save money?

• Will I earn rewards I’ll actually use?

• Does the credit card have an annual fee?

• What is the interest rate?

Neo was a yes on all counts. The credit card can help me save money by earning cashback. The rewards are cash (so, of course, I’ll use them), there are no annual or monthly fees, and the interest rate is in line with most financial institutions.

On average, you can earn 5% or more cashback and bonuses of up to 15% cash back at some of their partners. Not only that, but their partners are some of my favourite local and Canadian businesses that I use regularly. 

Some of my favourites that they have partnerships with include The Keg, Well.ca, Cobbs Bakery, and more. Even the fact that I can get 1% cashback at some of my most frequented grocery stores was game-changing to my budget and how I spend. 

How many credit cards does one need?

Many people argue that you only need one credit card, but for me, it makes sense to use certain cards for certain purchases to take advantage of their rewards best. I have five credit cards, but most of them don’t make sense to use given their less than favourable rewards point systems and the fact that I haven’t been able to travel recently. 

Aside from that, for more local travelling, Neo has partnered with many excellent hotels and restaurants that I know I can take advantage of for my family road trips and weekend getaways. 

I think it’s perfectly fair to have multiple credit cards as long as you:

• Are capable of managing to pay each of them on time and in full

• Don’t *need* additional access to credit limits

• Aren’t carrying a balance on other credit cards

• Will use the cards for different purchases

Every situation is different, but having multiple cards helps me compartmentalize my purchases and ensure that I’m spending on what will make the best use of the rewards systems offered by the lenders.

How does the Neo Secured card work?

One of the most common questions I get from followers is which card is best for building credit and learning to manage debt responsibly. For most, I’d easily recommend the Neo Secured card for a few reasons.

1.  Guaranteed approval for all Canadians

2. Your credit score won’t be impacted upon application as there is no hard credit check

3. 15% off your first purchase at thousands of brands

How much cashback did I earn in just one week?

To make sure the Neo credit card worked for me and my lifestyle, I did a lot of research to ensure I’d be able to get cashback on some of my more significant purchases. When I found out they partner with Clearly (where I get my contacts), I was immediately sold on the cashback. 

In just five days of using the Neo credit card, I have earned $8 in cashback just for buying things I needed, regardless of the reward. 

How do you sign up?

In just four steps and without leaving the comfort of your own home, you can start spending your cashback. It took me about 10 minutes, and I was approved instantly.

1. Create a Neo Profile 

2. Sign up for your Neo Card 

3. Set your limit with a security fund 

4. Start earning up to 15% cashback on your purchases

If you’re looking for a new credit card that has the perks and rewards that make sense for you, do a lot of local shopping and are looking to build credit, the Neo Secured card is a great option.