Neo Secured Mastercard Review 2025: A Secured Credit Card With Cash Back

• Build credit history with on-time payments
• Guaranteed approval, no credit score needed to apply
• Up to 4% cashback on gas and grocery and up to 1% everywhere else
• Cashback rates climb higher when the Everyday account balance increases
• Earn up to $680 in annual cashback
• Get additional offers up to 15% cashback on Canada’s largest partner network
• Get up to $10k credit limit, instantly
• Reports to both Transunion® and Equifax
• Only $5 / Month

The Neo Secured Mastercard® is somewhat unique: Secured credit cards don’t usually offer rewards, perks or benefits. However, the Neo Secured Mastercard® is changing things up by offering cardholders cash-back rewards—with solid earn rates, at that.

On top of the cash back, (which is a huge draw) the Neo Secured Mastercard® also stands out thanks to its low security deposit requirement. Most secured credit cards require $300 or more which, for some people, may be difficult. By contrast, the Neo Secured Mastercard® offers a $50 minimum security deposit—a much more accessible option for those trying to build their credit.

Formerly carrying no monthly fee, new customers now pay a $5 monthly fee as of August 1st and existing customers will start to pay that same $5 per month on September 1st. On a positive note, the Neo Secured Mastercard® still guarantees instant approval, no matter your credit score.

• The Neo Secured Mastercard® offers instant guaranteed approval making it a great choice for individuals with a poor or even no credit score.
• The Neo Secured Mastercard® only required a security deposit of $50. This is incredibly low, as many secured cards require a deposit of $300 or more.

Earning rewards

Earning rewards with the Neo Secured Mastercard® is easy and potentially very lucrative. The Neo Secured Mastercard® is a cash-back card and claims an average of 5% cash back when shopping from Neo Partners, including brands such as Loblaws, Amazon, Netflix, Canadian Tire, Lululemon, Zara and more. The actual rate of cash back you receive will depend on the specific partner, but some cash-back rates go as high as 15%.

Redeeming Rewards

Redeeming your Neo Secured Mastercard® cash-back rewards is simple and straightforward. You don’t need to worry about waiting for your rewards once a year or meeting a minimum redemption threshold, like with other cash-back cards. Instead, you can access your cash back at any time, for any amount, at either the Neo Store (Neo’s online retail portal) or towards your credit account.

Rewards Potential

The Neo Secured Mastercard® states that the average amount of cash back that cardholders earn across their purchases is 4%—which is well above average, even for a non-secured cash back card. Of course, all of Neo’s 10,000+ partners have different cash-back rates, so how much you earn will depend on where you shop.

Related: Best Rewards Credit Cards In Canada

Customizing Your Rewards

The Neo Secured Mastercard® lets you customize your perks and build rewards with a flexible monthly subscription plan.

The Travel Perk (at $4.99 per month) includes:

• 2% cash back on all foreign transactions
• Priority Pass airport lounge access at over 1,300 locations worldwide
• SmartDelay free airport lounge access when registered flights are delayed by more than one hour
• 1.5 times more cash back boost at all hotel travel partners
• Comprehensive travel insurance including emergency travel medical, trip cancellation, car rental protection, flight delay and more

The Mind & Body Perk (at $9.99 per month) includes:

• 1.25 times more cash back at gyms, fitness classes, yoga studios, recreational centres, vitamin and supplement suppliers and wellness practitioners
• Free subscription to Headspace Plus
• One free fitness class per month
• Hundreds of FitOn PRO workouts including unlimited access to premium music and personalized meal plans

The Food & Drink Perk (at $1.99 per month) includes:

• 1.25 times more cash back at partner restaurants, cafes and bars
• 1.25 times more cash back from food delivery partners

The Mobile & Personal Protection Perk ( at $9.99 per month) includes:

• Protection for your mobile device against damage, breakdowns and theft (up to two claims per year with $49 deductible and $500 limit)
• Dashlane Premium subscription for secure password management
• $1 million in fraud, ransomware and social engineering coverage
• 24/7 hotline and credit monitoring service provided by CyberScout, a TransUnion company

Upgrading Your Card

You can choose either the free Base plan or upgrade to the Premium plan that offers more cash back and exclusive perks and features:

Features and benefits:

What To Know About Upgrading Your Plan:

Can I add other perks if I already have Premium? Yes. Perks are flexible monthly subscriptions for certain rewards, such as travel or food & drink, which you can add on top of your Premium plan.

When does my Premium plan take effect? It takes effect immediately as soon as you activate Premium on your card.

Can I cancel my Premium plan? Yes, you can cancel at any time.

The Neo Secured Mastercard® is designed to help cardholders build their credit history when you make payments in full and on time each month. The Neo Secured Mastercard® offers:

• Guaranteed approval: You must be the age of majority in your province or territory, be a Canadian resident and provide security funds.
• Smart financial tools: See all of your purchases in one place, track your spending and explore purchase details by category.
• Customized rewards: Upgrade your perks with flexible monthly subscription perks that boost your cash back and unlock extra benefits.
• Flexible credit limits: Your credit limit is equal to the amount of security funds you provide for collateral, starting at $50.

• New cardholders have access to exclusive welcome bonuses.
• Welcome bonuses include cash-back rates up to 15% on first-time purchases on first-time purchases.

Interest Rates

• Regular APR (Purchases): 19.99% – 29.99%
• Regular APR (Cash Advances): 22.99% – 31.99%

Fees

• Foreign Transaction Fee: 2.5%
• Monthly Fee: $5 (new cardholders August 1, existing cardholders September 1, 2024)
• Any other fees: Add a secondary authorized user: $10 per user. Rush replacement card: $29. Cash advance in Canada: $2.50. Cash advance outside of Canada: $5.

Neo Secured Mastercard® vs. Home Trust Secured Visa

The Home Trust Secured Visa is another very popular credit-building credit card for Canadians. Unlike the Neo Secured Mastercard®, there is no annual fee and it has a very high approval rate. While, the Home Trust Secured Visa has no monthly fee, it also has no rewards program and the minimum security deposit is $500, which is quite high compared to the $50 required by the Neo Secured Mastercard®.

Neo Secured Mastercard® vs. KOHO Prepaid Mastercard

KOHO is a unique hybrid card. As a prepaid card, the account on its own does not allow you to build credit. However, you can choose to add a credit-building feature called the KOHO-Credit Builder. This add-on costs $10 per month on top of the free KOHO account or $7 per month if you have an upgraded KOHO account. KOHO has a lot of great features and can be a good addition to your wallet. However, if you are specifically looking to build credit, then you would be better off with the $5 per month Neo Secured Mastercard®.

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With secured credit cards, the scoring model used takes into account factors such as, but not limited to, annual fees, minimum security deposits, rewards rates and categories, fees, welcome bonus, and other benefits and features. Keep in mind, what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.

If you are looking for a secured credit card to build your credit then the Neo Secured Mastercard® is definitely worth your consideration. This card has a variety of features that make it a stand-out, including guaranteed approval, the low $50 security deposit requirement and, of course, the ability to earn cash back.

Related: Best Canadian Credit Cards