Secured Neo Mastercard

Same published earn as the unsecured Neo Mastercard: '1% cashback on gas and grocery' and 'Up to 15% with Neo partners'. No base rate for any other category is published, so those fields are NOT PUBLISHED rather than zero. No cap on the 1% is published. Partner offers are personalised and rotating with no published merchant list. Note that Neo also allows every one of its other cards. Neo World, Neo World Elite (all three plans), Cathay World Elite and United MileagePlus World Elite. To be issued with a secured credit limit, so 'the Neo secured card' is really a secured limit that can be attached to any Neo card; the earn structure then follows whichever card you hold, and the income minimums for those cards still apply.

No welcome bonus published.

The card itself has a $0 annual fee and $0 additional cardholder fee, and Neo states 'Minimum income: None' and 'No credit score required', with approval described as guaranteed (footnoted). The security deposit sets the credit limit: minimum $50 for most cards, $200 for World Elite cards, maximum $10,000. THE REAL COST IS THE MEMBERSHIP: the secured credit limit is a feature of Neo's 'Build' membership, which is 'Free for the first 3 months, then $7.99' per month. $95.88/year for what is marketed as a no-annual-fee card. Build can be made free by keeping at least $5,000 across Neo Everyday, Neo Savings or Neo High-Interest Savings accounts, or by holding a Neo World Elite / United World Elite / Cathay World Elite card. The security fund is fully refundable on account closure or upgrade, but Neo states you cannot REDUCE your security funds without closing the account. Money in is effectively locked until you close. On-time payments are reported to both TransUnion and Equifax. Eligibility screens still apply: no other in-progress credit card application, no credit decline in the last 30 days, no Neo secured card opened within 3 months, no delinquencies or charge-offs. $29 over-limit fee once per billing cycle, excluding Quebec. Cash withdrawal $2.50 in Canada / $5.00 abroad. HEADLINE VS SUBSTANCE. FEE: advertised as a $0 annual fee secured card, but the secured credit limit is a Build membership feature costing $7.99/month after a 3-month free trial. That is $95.88/year, far more than most secured cards' annual fees. Only waived with $5,000+ on deposit at Neo or by holding a World Elite card. The $50 minimum deposit is real but only applies to the basic Neo Mastercard; secured World Elite cards require a $200 minimum, and the maximum is $10,000. Neo states security funds cannot be reduced without closing the account entirely. You can add to your deposit but not take money back out while the account is open. 'Guaranteed approval' is footnoted and does not guarantee an unsecured product. FX FEE CONTRADICTION: help centre 3% vs Neo's Disclosure Statement PDF 2.5%. Recorded at 3%, high for a credit-building card. APR range 19.99% to 29.99% purchases / 22.99% to 31.99% cash advances applies to secured cards too; a secured limit does not buy you the low end. Even with 'no credit score required', Neo declines applicants with an open credit card application, a decline in the last 30 days, a Neo secured card opened within 3 months, or any delinquency, charge-off or fraud-related closure. Only gas and grocery have a published earn rate; everything else is unpublished, and the '15%' partner figure is a personalised ceiling.