The Secured Neo Mastercard is built for people who can't get a regular credit card: newcomers, students, people between jobs, or anyone rebuilding after a rough patch. You put down a deposit, and that deposit becomes your credit limit. Because the bank is holding your money as protection, approval is far easier than with a standard card.
How it works
- Minimum deposit: $50, by Interac e-Transfer or linked bank account
- Credit limit: matches your deposit. A $500 deposit gets a $500 limit
- Deposit: fully refundable when you close the account or upgrade
- Funding: you need a Neo Everyday account to fund it
- Approval: Neo says it's guaranteed regardless of credit history
- Minimum income: none
The deposit isn't a fee. It's your own money, and you get it back. You're just locking it up as the limit.
What it costs
| Item | Neo's current terms |
|---|---|
| Monthly fee | Free for 3 months, then $9.99 |
| Purchase interest | 19.99% to 29.99% |
| Additional cardholder | $0 |
That monthly fee is the catch. In your first year you'd pay for nine months, which comes to $89.91. After that it's $119.88 a year. Compared with a no-fee card, that's the price of guaranteed approval, so think of this card as something to use for a stretch while you build your history, not something to hold forever.
As with most credit cards, paying your full statement balance by the due date is how you avoid paying interest on purchases. If you carry a balance, a rate in the 20s adds up quickly.
Cashback
Neo advertises up to 15% cashback at its partner merchants. The partner list and rates move around, so the Neo app is the best place to check what's on offer before you shop. Our Neo cashback partners guide explains how the network works.
Applying step by step
- Sign up for Neo using the sign-up link or the code
- Open a Neo Everyday account (Neo Chequing), since this funds the card
- Choose your deposit, anything from $50 up
- Send the deposit by Interac e-Transfer or from a linked bank account
- Your limit is set to match what you deposited
Since you need the chequing account anyway, you can pick up the $10 chequing bonus on the way. Our welcome bonus guide walks through both bonuses.
How much should you deposit?
Your deposit is your limit, so this is the main decision. A few practical thoughts:
- Start with what you can comfortably lock up. The money is refundable, but you won't be able to spend it while it's the limit
- A very low limit is easy to max out. A $50 limit leaves almost no room, and a card that's nearly always at its limit can work against you
- Think about monthly spending. If you'd put $300 a month on the card, a limit well above that gives you breathing room
You can add to the deposit later, and the limit rises by the same amount. Neo's own guidance says adding to the deposit doesn't need a credit check.
Using it to build credit
Neo pitches this card as a way to build credit through regular, on-time use. The habits that matter are simple:
- Pay on time, every time. Set up automatic payments so a missed due date can't happen
- Keep your balance low relative to the limit. A common rule of thumb is to stay under about 30% of your limit
- Don't close the account early. Closing your oldest account can shorten your credit history, so keep it open if you can
- Be patient. Credit history builds over months, not days
Moving up to a regular card
The secured card isn't meant to be permanent. Neo says its card may offer a limit above your deposit based on on-time payments, low utilization and account age. Its own guidance suggests six to 12 months of clean payments before a limit increase, and considering an unsecured card after 12 to 24 months of consistent on-time payments, a better score and low utilization.
Who it suits
- Newcomers with no Canadian credit file
- Students and people between jobs
- Anyone declined for an unsecured card
- Anyone rebuilding after missed payments
Who should skip it
- If you already qualify for the standard Neo card, that avoids the $9.99 monthly fee
- If you can't spare the deposit tied up as your limit
- If you'd rather use a no-credit-check prepaid card (see our Neo vs KOHO comparison)
Sign-up bonus
Yes, the $25 bonus applies to the Secured Neo Mastercard. Neo ties it to a credit card approval and doesn't limit it to one card, and the secured card is a Neo credit card. The $10 chequing bonus fits naturally too, since you need a Neo Everyday account to fund the card anyway. The Neo referral code is on our Neo page.
Quick FAQ
Is approval really guaranteed? Neo says so, regardless of credit history. The deposit is what makes that possible.
Do I get my deposit back? Yes. It's refundable when you close the account or upgrade.
Can I raise my limit? Yes. Add to your deposit and the limit goes up by that amount.
What's the minimum deposit? $50.
Is there a monthly fee? Free for 3 months, then $9.99.
🎁 Applying for the Secured Neo Mastercard? Use code E6B8C9Y7 at Neo Financial for $25 on approval, plus $10 when you deposit $50 into your chequing account.
ℹ️ Still have questions? The home page has current offers, guides and sign-up bonuses.