Neo Financial Credit Card Review 2022

Neo financial credit card is one of the best credit cards that comes with 3 level cashback rewards and starts with $0 per month. This Neo Financial Credit Card Review will give you some insight regarding the Neo financial cashback rewards compared to as other cashback rewards and how to manage your savings through Neo savings.

Neo Credit Card Features:

• Annual: $0
  
• Purchase APR: 19.99% – 24.99%
  
• Cash Advance APR: 21.99% – 26.99%
  
• Digital wallets: Apple Pay and Google Pay
  
• Mobile app: Yes
  

Card Name & Issuer: Neo Financial Credit Card

Neo Financial is a start-up fintech company founded by two of the co-founders of Skip The dishes and Kris Read. Its headquarters is situated in Calgary and Winnipeg. Neo Financial has partnerships with Concentra Bank and ATB Financial as well.

Neo financial review

Neo financial is a top-notch credit card that has raised $50 million in seed financing as well. You can earn 5% of an average and unlimited cashback on any thousand local store and Neo partner stores. Neo Financial is providing high-interest savings account, sort of credit cards.

Neo Financial Credit Card Annual fee

Neo financial credit card can be availed for a $0 annual fee. There is no requirement of an annual fee or monthly fee. You can get the most of it without paying anything. We list Neo Financial CC as the best no-fee credit card in Canada.

Although there are some upgrades available to the standard version of the card. Like the plus version which comes with a $2.99 annual fee and ultra-version with a $8.99 annual fee.

Eligibility Requirements for Neo Financial Credit Card:

• You must be a citizen of Canada/permanent resident/temporary resident.
  
• You must have attained the age of majority in your province.
  
• Neo financial credit card isn’t available to Quebec residents.
  

How to apply for Neo Financial Credit Card:

The application for a Neo financial Credit card is quite simple. The application process is available on the mobile app as well. But few incentives are only available to limited locations of Canada. The process is quite straightforward: –

• You just need to download the app and then you can find the option of opening your savings account as well.
  
• The next step is to prove your identity or the documents you provided are correct or not. You may also be asked to provide a picture of yourself and any government-issued identification.
  
• It will hardly take your 3 minutes to approve your application. Then you can get immediate access of your card through online mode. And the physical card will arrive in approximately one week.
  

Neo financial Cashback Rewards/Offers:

The Neo financial cashback comes with three-level cashback rewards: –

• You can earn an average 5% cashback and unlimited cashback as well at thousands of local and Neo partnered stores.
• 1% cashback across all purchases.
  
• An exciting bonus offer is also provided where you will get 15% cashback on your first purchase at most partners.
  
• You can also upgrade your plans to boost your cashback rewards.
  

Insurance coverage on Neo Financial Credit Card:

• Zero liability protection: Zero liability protection allows you protection against any unauthorized payment done through your Neo Financial Credit card. It covers all your loss against theft or any payment done illegally.
  
• Lock your card: Neo financial gives you the extraordinary feature of locking your card or putting a hold on it. Altogether, you can add a limit to your spending as well to prevent any unnecessary spending.
  

Neo Financial Credit Card Pros:

• Neo financial credit card offers cashback rewards upon buying anything with the card.
  
• There is no requirement of an annual fee which saves a lot of money.
  
• Credit scores are not given preference means you can get a credit card even if your credit score is low.
  
• Instant compatibility with Google Pay and Apple Pay.
  

Neo Financial Credit Card Cons:

• The major drawback is the limited location where the cashback offers can be availed. As you may not earn rewards on some purchases due to your location.
  
• The Quebec residents cannot get the card.
  
• Additional Incentive is provided to only some location.
  

Editor’s review on Neo Financial Credit Card: –

The Neo Financial credit card is certainly the Best Credit card for Canadians, which is then paired up with an interest rate of 1.55% and extensive cashback rewards. And it is renowned as the most used and convenient credit card when it comes to savings and spending on a specific purchase.

Neo financial credit card is the Best Credit Card in Canada for students in 2022 as it provides the quickest approval process during application and comes with the best cashback offers out of any other credit card in Canada. But you must be wondering what makes the difference here? So, it’s their ground-breaking connectivity with Google pay and Apple pay as we know everything has switched to online mode recently, and it’s very crucial for everyone to use the convenient product remotely. Neo Financial credit card also gives you a $25 gift voucher promotion and it is accepted everywhere.

The only drawback I can suggest is that it doesn’t provide any high-end travel insurance package like those found on expensive $100+ annual fee cards. Otherwise, it is a great option if you are not a freaking traveler and don’t care about the insurance packages. Then Neo Financial credit card is a good-to-go option for you.

A good credit score is a financial parameter through which the lenders decide whether you are worthy of giving the loans or not or whether you can be trusted or not. You have no idea how far credit scores can affect your life. Well, an average Canadian who just carries some level of debt would be surprised to know that the three-digit of credit score could mean a lot to you.

What is Credit Score?

The credit score is basically a three-digit number ranging from 300 to 900, which shows your credit history. The credit score is calculated through the information contained in your credit report and is a kind of measure of your credit worthiness. Even Some jobs check your credit scores as well. Therefore, it is crucial for everyone to maintain a better credit score.

What is a good credit score?

Although there are two major credit bureaus available, Equifax and TransUnion that depict your credit score through different parameters. According to Equifax, a good credit score ranges between 660 to 724. And as per borrowell, a good Credit score ranges between 713-900, Like:

• 760 – 900 EXCELLENT
  
• 725 – 759 VERY GOOD
  
• 660 – 724 GOOD
  
• 560 – 659 FAIRS
  
• 300 – 559 POOR
  

Through a good credit score, you can get a great chance to qualify the credit check for loans, mortgages etc. As lenders prefers those only whose credit scores are beyond the good range. And with an excellent credit score, you can get the best options available in Canada.

How credit score is calculated?

Credit bureaus get the information of your credit history, and activities through the lenders and other financial institutions and make a credit report. And there are various factors which they look for to determine the credit score includes: –

• Payment history: (35%)
  

Payment history is checked to get the idea if you pay your bills on time or not. It carried the high weightage on your credit score.

• Credit history:(15%)
  

Credit history is the time period for how long you have been using the credit. It is advised that the longer history is more beneficial because it shows you are responsible.

• Credit inquiries: (10%)
  

when you go for a credit check, the lender inquiries about your credit score. So, the times you have been inquired is credit inquiries.

If you have had several inquiries with a short time, then it might affect your credit score negatively.

• Credit types: (10%)
  

It shows the mix of credits, that what kind of credits you have been using. The different kind of credits shows you are responsible and familiar with how the financial options work.

• Credit utilization rate: (30%)
  

The Credit utilization rate is the rate of how much credit amount you have used or using out of your total credit limit. For example: if the credit limit is up to $10000 and your credit balance is up to $4000.Then you have attained 40% of your credit limit which is your credit utilization ratio. It is advised to keep it 30% or below.

How to check your Credit score?

Although, checking credit score is paid but there are various companies that provide free credit reports like Mogo, Borrowell directly from Equifax, and TransUnion. And you get extra beneficial offers and services as well.

How can you improve your credit score?

We have mentioned some strategies below that can help you increase your credit score:

• Always pay your bills on time.
  
• Never carry balance more than 30% of your total credit limit. It is recommended to maintain the credit balance below 30%.
  
• Check your credit reports more often to get a better idea and contact credit bureaus if you find any errors.
  
• Don’t close your old credit accounts because your credit scores are affected positively by old credit accounts as it shows your familiarity towards financial credibility.
  
• Avoid shopping for no reason until it’s necessary.

Plastic Review: How to Pay Taxes and Mortgage with Credit Card?

Are you eager to encounter the drawbacks before you pay your mortgage and taxes with your credit card? Certainly, this article is for you.

The article shall walk you through a thorough Review of Plastiq as well as significant pros and cons hidden behind the financial “Phrase payment of mortgage and taxes with a credit card”.

Payment of Mortgage & Taxes

Ahead we dive into the actual mechanism, let us understand the basic definitions of few terms.

Mortgage: It is a typical kind of loan that enables you with financial assistance to buy a property or a house. Mortgages pave the way to own a house or property bit by bit until you pay the loan and amount of interest on the mortgages. If failed to do so the lender holds the right to acquire your house in the form of possession.

An individual is entitled to pay taxes on his/her annual income, assets, and profits to the government of their particular country.

Basically, payment of the mortgage and taxes refer to the process of paying the amount of interest on the mortgages and tax on the property or house inherited from mortgage loans.

Payment of Mortgage & Taxes via Credit Card

Irrelevantly, the answer is yes there are various possible ways in order to pay your mortgage and taxes through a credit card. Fortunately, it relies on the type of credit card the user holds(apart from Discover or Mastercard a user cannot use other cards ), the cost for processing the payments, and most importantly involvement of a third party.

• Based on the type of credit card (Discover or Mastercard)
  
• Charges for the processing
  
• Third-Party Involvement (Plastiq)
  

Plastiq Review

Plastiq is a platform that enables one user, especially whose major problem is cash flow to pay his/her bills through a particular credit card or debit card. It was launched in the year 2012 extending a helping hand in the terms of payment and is also holding the history with 2+ million registrations by consumers and businesses, 1,50,000+ payments by various businesses moreover $ billion processed payments and currently, it is still counting.

Plastiq Features (Features of Plastiq)

• Plastiq facilitates cost-free with unlimited bank transfers and is suitable for any kind of enterprise due to its accuracy, security, and organizing nature.
  
• The services could satisfy one consumer holding a rational behavior by providing acquisition of perfect deal under huge competitive exchange rates if he/she making payments abroad 40+ countries in 20+ currencies. As discussed earlier it has no limit restrictions in terms of amounts.
  

• It provides the consumer to sync with the accounts of payments, bills, and vendors by merging QuickBooks online with Plastiq. This syncretization helps in paying automatically with just one click costing the least time.
  

• A consumer can also switch to enable approvals that facilitate the consumer to permit his/her employee or accountant to complete the payment on behalf of the consumer by delegating approval. Plastiq send the customer an approval request via mail especially for a large number of bills.
  

• Plastiq made tracking easy by updating and displaying your processing status at one place itself. Hence the consumer need not put effort nor waste time by surfing around the browser windows.
  

• The software is advantageous as its special feature FFD’s (Fee-Free Dollars) are the rewards provided to the consumers which are useful to eliminate or reduce fee charges.
  

Payments & Pricing – Plastiq (Plastiq fees Canada & US)

Payment through Plastiq is possible by credit & debit cards with 2.85% charges, bank-to-bank ACH transfer, or EFT free of cost and Wire Transfer Payment Delivery with $ 40 to US and $ 60 to international respectively.

A consumer or enterprise may encounter restrictions based on the type of card he/she is holding cards such as VISA, American Express, and personal prepaid debit cards are not supported nor accepted.

Make sure to notice the processing time taken by Plastiq in order to avoid delayed payments. As Plastiq takes 3 business days for bank transfers, EFT’s & ACH as well as 8 business days for cheques especially in the countries like Canada and the USA.

In context to the above conditions of payments and pricing Plastiq made easy cash flows to the following payments:

• Rent
  
• Mortgage
  
• Property Tax
  
• Income Tax
  
• Insurance
  
• Car Installments
  
• Tuition Fee
• Regular utilities
  

If you are the one who had the best experiences with Plastiq, please do share your experiences in the comment section.

In Search of a Credit Card?

• Review: CIBC Dividend Visa Infinite Card
  
• Review: Scotia Bank Amex

Scotiabank American Express Card Review, Eligibility, Benefits, Pros, Cons, Rewards

The Scotiabank American Express Card is one of the best travel cards and the only so influential card which comes without any annual fee in Scotiabank’s AMEX group of cards. This makes it super easy for customers to save money and earn Scotia reward points. This credit card is flexible and comes without any travel restrictions. It provides a number of special offers and merchandise, also the reward points can be redeemed both in day-to-day spending plus in abroad visits too. For customers who like to travel, this card really stands out among its peer cards only because of its variety of insurance protection coverages, so travelers fear no more.

Card Name and Issuer: Scotiabank American Express Card

Scotiabank is a leading bank in Canada and is one of the best international financial services providers in the Americas. It is the 3rd most preferable bank in Canada. Scotiabank credit cards are accepted in more than 200 countries and territories, allowing you to pay for your purchases safely and conveniently.

Scotiabank American Express Card Rewards

When you sign up for Scotiabank’s American Express Card, you become eligible for a welcome offer of 5,000 Scotia Rewards bonus points equalling $50 in value and which can be redeemed with your first $500 everyday purchases in the first 3 months.

In addition to these, you earn 1 Scotia reward point for every 1$ spend on everyday purchases. Moreover, you get access to special offers, merchandise, gift cards, rewards, and more as when they become live. Interest rates are 19.99% on purchases and 22.99% In case of cash advances, balance transfers, and Scotia Credit Card Cheque.

Scotiabank American Express Card Benefits

• No Annual Fee ($ 0) and no fee for each additional supplementary card.
• Enjoy all the benefits that come with being an American Express Cardholder.
• Book Trips without any restrictions or blackout periods by using Scotia Rewards Point with the help of travel agents in the Scotia Rewards Travel Service or at Post Purchase travel redemptions.
• This card comes with automatic 90-day purchase protection on eligible items against theft, loss or damage and an extended warranty term of 1 one year excluding the manufacturer’s warranty. Save on Car Rentals is another service you become eligible for by being a Scotiabank AMEX Cardholder, you can save up to 25% off base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S. when you pay with your Scotiabank American Express card.
• It provides two types of optional insurance coverage bundles, Basic Protection And Comprehensive Protection.
• Provides Purchase Protection, reimbursement up to 100$ if the product price falls within 60 days of its purchase.

Scotiabank American Express Card Eligibility Requirements:

Unlike other credit cards, the eligibility requirements are very straightforward and you wouldn’t need to worry to be eligible for this card if you satisfy –

• Must be 18+ and have a fair credit score of around 650 or more.
• Minimum Income – $ 12000/yr. and no minimum household income is required as such.

How To Apply for Scotiabank American Express Card?

• In Person – by appointment in the branch office.
• By Phone Call – +18007473208 (Takes About 8 Minutes)
• Apply Online: Official Site – https://www.scotiabank.com/ca/en/personal/credit-cards/american-express/no-fee-amex-card.html

Insurance Coverages Offered on Scotia American Express Card

• Travel Accident Insurance – gives you the benefit to charge at least 75% of your ticket cost to your Card.
• Travel Emergency Medical Insurance – This Coverage is provided for eligible persons under age 65 for up to 8 consecutive days and for eligible persons age 65 and older for up to 3 consecutive days.
• Trip interruption – Let’s you charge at least 75% of your trip costs to your Card without any extra charges.
• Rental Car Collision Loss/Damage Insurance
• Purchase Security & Extended Warranty Protection.

Scotiabank American Express Card Advantages / Pros:

• Save time at the checkout – Tap your Scotiabank American Express Card or your smartphone for quick easy payments using Apple pay.
• One Account, Multiple Cards at no extra cost with same benefits.
• Interchangeability – Scotia Rewards points can be converted into SCENE points and SCENE points can be converted into Scotia Rewards points.
• A bunch of Insurance Coverages to let you always feel assured and protected

Scotiabank American Express Card Disadvantages/ Cons:

• The Primary Cardholder on the Scotiabank American Express Card Account (the “Account”) is responsible for all charges to the Account including those made by the additional Supplementary Cardholder.
• You can convert points up to a maximum of 4 times within a 24-hour period. Interchangeability conversions cannot be reversed or canceled once completed.

Conclusion/ Editor’s Review on Scotiabank American Express Card

The Information and references provided above are true to my knowledge and are made available upon thorough research of the Card. I had never before gotten a chance to get a credit card as good as this one and I will surely love to try such a service provider card myself someday. The research I’ve made before writing this article has convinced me that I myself should start making use of cards and card such as this I find worthy of use. And the other thing which I liked the most about this card is the number of insurance coverages it offers which particularly and to a substantial extent is a noteworthy factor while choosing a card for oneself. The advantages of this travel card surely outweigh its cons and that is what I find most comforting.

This card will be most suitable for frequent travelers and is a rewarding travel card when compared with its competitors.

Note: Effective November 22, 2021, changes are coming to the SCENE and Scotia Rewards programs as stated on the official site.

Borrowell Review – How Does Borrowell Work?

Borrowell is the largest online lender in Canada with a good credit score since 2014. Borrowell helps thousands of Canadians easily access loans that suit their financial profile. If the user has a minimum credit score, Borrowell will quickly let all loan options that apply. The user can choose the tier on a three or five-year term. The user now needs to upload a notice of assessment from the last two tax returns even a picture of it, is allowed.

In the next step, Borrowell verifies the user’s bank account suing VERSAPAY. To verify, a small deposit will be deposited into the user’s bank account.at this stage, the user will get an email regarding his verification and a final review will be mailed. After his acceptance of the loan, the total amount will be deposited in the user’s account. All these will take about three days without any wasted time.

How to Repay the Loan? – Borrowell Review

Automatic monthly payment from the verified bank account is made to the borrower. An email will be sent to the user before the payment is removed. The user can also pay the total amount at any time in the process without any penalty. If the user doesn’t have enough money in the account to pay, then the user will be charged $25. The interest rate on loans ranges from 5.6% to 29.19%.

Eligibility For Borrowell – Borrowell Review

To get a loan the criteria required:

• One must be a Canadian citizen or resident.
• The age mentioned varies by province.
• A valid account with a Canadian bank.
• Valid email address.
• The credit score of about 660.
• No bankruptcy.
• Minimum credit history of 12 months and a yearly income of at least $20000 before taxes.
  

Is Borrowell Legit & Secure? – Borrowell Review

One of the biggest about online lending, in general, is security. Borrowell states that ‘the security of user’s information is their utmost priority and they spend a lot to assure security. It is legitimate and uses advanced 256-bit data encryption and uses similar technology as a traditional bank.

Borrowell – Free Credit Check

Borrowell provides the user with his Equifax credit score which is free of charge.it also provides recommendations and personalized credit coaching to the best financial products. The Equifax credit score is based on Equifax’s proprietary model and may not be the same score used by third parties to assess users’ creditworthiness. In addition to the credit score, other information is also considered to evaluate creditworthiness. The score provided is the Equifax risk score, ERS 2.0. Weekly updates on the core, credit score, and tips to increase score will be updated.

Borrowell Benefits (Borrowell Pros)

• Bank-level security with 256-bit encryption.
• checking credit score with Borrowell is free.
• Personalize financial product recommendations.
• Free weekly credit score and improvement tips are recommended.
  

Conclusion – Borrowell Review

As the interest rates charged in Borrowell are fair and free for signing, many Canadians prefer to borrow for their business or personal loans. Though If you have an excellent credit score and own a substantial portion of your house, borrowing money at a cheaper rate than what Borrowell is offering is easy. However, many Canadians don’t have excellent credit or hundreds of thousands of dollars worth of equity built up in their homes. Borrowell allows these Canadians loans quickly and easily. And the security provided is one of the main reasons for its greater impact.