How do I Apply for the Secured Neo Mastercard?

**Before Applying, What Should I be Aware of?**

The Secured Neo Mastercard is a card that does not need a credit check and provides up to 2% cashback on groceries and gas stations.

Under the slogan “a fresh place for your finances,” Neo Financial provides a range of services to its customers.

Highlighted financial services encompass a wide range such as account management, investment portfolios, home loans, and credit cards.

One of the choices available is the Neo Secured Mastercard, which is known for its high level of effectiveness.

To start, you select the credit limit according to your requirements. Nevertheless, you are required to provide collateral funds.

To open an account with a credit limit of $200, a security deposit of $ $200 is required. The initial deposit should be at least $50.

Although the primary purpose of this card is to establish credit history, it also provides a competitive cashback rate of 0.5% on all qualifying purchases.

Furthermore, you will receive a refund of your security deposit upon closing the account and settling the entire outstanding balance.

The card is designed to be user-friendly for daily use, providing a generous cashback percentage.

It comes as no surprise that the card has been recognized with numerous accolades from different Canadian market research organizations, solidifying its position as a top option for reaping benefits nationwide.

Should you desire further information, please continue reading.

Eligible Candidates

The eligibility requirements for a secured card are less stringent compared to other credit cards. You just need to be at least 18 or 19 years old, depending on your place of residence.

A distinctive characteristic of the Neo Mastercard is the ability to utilize international documents for identity verification, eliminating the need for Canadian equivalents.

Neo does not conduct a thorough examination of credit history, mainly because the security deposit structure ensures the payment of bills.

Hence, there is no necessity to establish a minimum income requirement, since this kind of evaluation is typically associated with credit cards that permit bill payment after the purchase.

Please take into consideration that Neo’s availability may vary for each request, and meeting the requirements does not guarantee the card, although approval is typically given in the majority of cases.

Discover the Process to Request a Secured Neo Mastercard

On the bank’s official website, you have the option to navigate to the “Sign Up” page in order to commence the card application process.

Initially, you will need to open a Neo account, which is a prerequisite for acquiring the secured credit card.

In order to proceed, you are required to enter an email address and password. To complete the account setup, it is necessary to furnish a phone number, full name, and address.

Moreover, throughout the application process, there may be a necessity for you to provide documentation for the purpose of confirming your identity and residency.

The card doesn’t conduct an in-depth examination of income or credit history. However, additional details about employment and income may be requested.

Nevertheless, Neo guarantees fast and straightforward approval, and if you have any queries, you can reach out to the digital bank’s customer support channels.

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The Neo card is priced at just $5 per month, equating to $60 per year, reflecting the card’s structure.

The primary advantage of the card is its ability to assist in enhancing your credit score. It accomplishes this by submitting monthly reports to the key credit reporting agencies in Canada, namely TransUnion and Equifax.

By informing both credit bureaus, it simplifies the process for other businesses to perform credit evaluations, providing a more comprehensive overview of your credit history.

You have the option to monitor your credit score advancement conveniently on the Neo app whenever you want to check your TransUnion score.

In general, this card is highly effective for embarking on your credit journey with peace of mind and dependability.

Interested in exploring a different choice?

If your credit score is high, you may want to consider the **Simply Cash Preferred from American Express**, providing up to 4% cash back on purchases at grocery stores and gas stations.

The American Express credit card offers a high-end experience, with exclusive access to events and airports. Learn how to submit your application.

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