Neo Financial Credit Card Review 2023

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
  

Visit Neo Financial – Best #1 Canadian Credit Card

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.
  

Sign Up for Neo Financial Credit Card- Best #1 Canadian Credit Card

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 2023 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.

Visit Neo Financial Credit Card Promo

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.

Best Credit Cards For Bad Credit In Canada 2022: Majority of the credit cards require a good credit history. Once you fail to pay back a loan or credit, your credit history goes from good to bad. With a bad credit history, it is almost impossible to get a credit card or a loan in the future. This worry can be put aside with credit cards shown below as they help you regain your good credit history.

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What is a credit score? 

A credit score determines whether a person is worthy of lending credit, in Canada. It is a three-digit score ranging from 300 to 900. A good credit score has a score above 660 and a bad score is below it. 

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How to improve bad credit?

A bad score can be regained into good credit by obtaining credit cards. These are some kinds of cards through which one can increase a credit score:

• Secured credit cards: this requires a security deposit of the credit limit or a percentage of it.
• Unsecured credit cards: It works like a regular card and might even have perks or rewards.
• Guaranteed credit cards: It requires a full or partial deposit by which you receive instant approval.
• Low-interest rate credit cards: As the name says, they provide lower interests.
• Prepaid cards: An amount is required in advance within the account, to avail of the card.

All these cards report to the credit bureau, thus increasing your credit score if you pay in time.

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Best credit cards for bad credit in Canada in 2022

1. Home Trust Secured No fee Visa Card

The Home Trust Secured No Fee Visa Credit Card has been mainly brought to help the users with their credit rating. Their features are:

• No annual fee
• Interest: 19.99%
• Amount set according to the deposit made, ranging from $500 to $10,000.
• Eligibility: People having bad to poor credit scores can apply.

This card is not available in Quebec. The Home Trust Secured No Fee Visa Card has received recognition as the #1 Best Credit Card For Bad Credit for Building Credit of 2022.

2. Home Trust Secured Low-rate Visa Card

Home Trust secured cards give two options of either choosing no annual fee or low rate cards. The cardholder can choose according to their preferences. The features are:

• Annual fee: $59
• Interests: 14.90%
• Amount set according to the deposit made, ranging from $500 to $10,000.
• Eligibility: People having bad to poor credit scores can apply.

3. Plastk Secured Visa Card

Plastk Secured Visa card has one of the lowest interest rates and annual fees. It also has a high approval rate for people with imperfect credit histories. The features are:

• Annual fee: $48 ($6 monthly maintenance fee)
• Interests: 17.99% for purchases and 21.99% for cash advances (no interest for the first 3 months)
• Instant balance transfer and additional bonuses.
• Eligibility: People having bad to poor credit scores can apply.

4. KOHO Prepaid Visa card

Not all prepaid cards help with the credit history building, but the KOHO Prepaid Visa card allows a $7 per month to avail the credit building option. Prepaid cards necessarily require the cardholder to deposit an amount in the account in advance to use the card. Their features are:

• No annual fee (except $7 to avail of the credit building feature)
• Interest: 1.7% on savings and spending account
• 0.5% cashback on all expenses
• Eligibility: The card has no hard credit check. People having bad to poor credit scores can apply.

The KOHO app helps make transactions and money depositing easier.

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5. Capital One Guaranteed Secured Mastercard

The Capital One Guaranteed Secured Mastercard was brought out to help people regain their credit history. Their features are:

• Annual fee: $59
• Interests: 19.8% on purchases and balance transfers; 21.9% on cash advances
• Necessary security funds from $75 to $300 should be provided.
• Additional bonuses and insurances
• Eligibility: A person with the majority age of the province who hasn’t applied for the Capital account more than once in the 30 days or had a good standing account till last year. 

Conclusion:

The above-curated information is from meticulous research as I have not earned the opportunity to purchase these credit cards. The above 5 credit cards are the best credit cards for bad credit in Canada, as they have a high approval rate for people with poor to bad credit history. Bad credit is no longer a worry as it can be turned into a good credit score through the attentive use of these credit cards.

We know Credit score is very much beneficial nowadays to get the best credit card or best rates on loans, mortgages. And when we are shifting to a rented house or apartment, the owner of the house also checks our credit score to get the idea of our credit history and affordability.

Although checking credit scores used to be paid and tough for the average person because not everyone wants to pay for that. But don’t worry. We have mentioned the ways through which you can check credit score for free. Yes, you read that right. You’ll get a credit report free. There are various companies that provide a to check credit score free.

Before you get the answer to your question “How to Check Credit Score for free” we need to understand about Credit Score.

What is a Credit score?

A credit score basically shows the credit worthiness of someone. It is based on your number of accounts, credit history, total levels of debt, or any payment history. Credit Score helps the lenders to get the idea of your

 potential while lending you the amount.

Generally, it’s a three-digit number and ranked in a manner:

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

The higher score depicts the better potential of a borrower to lenders. A very good score can help you get the best rates on loans, mortgages, etc.

How to get free credit scores?

These are the companies that provide free credit scores:

#1 Borrowell

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How to apply for a free credit score?

The process is simple. You just need to login to the site and enter your personal details. Few questions may be asked just to make sure of your identity. Then you can submit the form.

This process is basically a soft inquiry that doesn’t affect your credit score anyway. It is recommended to check the scores from both Equifax and TransUnion because Sometimes the scores may vary.

Free Credit Report in Canada

Check credit score for free is an easy job in Canada. As we mentioned, a credit score reveals a lot about your credit history and affordability.

You can get your Equifax free credit report through Equifax for free., just by dialing them at 1-800-465-7166. Or, if you want a Transunion free credit report then you can get it through online portals. But it’s mostly preferred to use both methods just to be sure about the slightest differences.

How Credit score is calculated?

If you want to improve your credit score or know how it works. Then you must understand how it is calculated.

Basically, there are various factors that affect credit scores in Canada.

• Payment history:(35%)
  

Your payment history plays a vital role in credit scores. Because any lenders first want to know your punctuality when it comes to paying your bills. If you pay your bills very late then it affects your credit scores badly.

• Credit history: (15%)
  

It is advised to keep the old old credit accounts when you are closing the credit accounts. Because it can fetch you more points as longer the credit history, the better it is.

• Amount owned: (30%)
  

This basically shows your credit utilization ratio, which How much ratio of credit limit you have been using from the amount of credit limit that is provided to you.

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 recommended to keep it 30% or below.

• New credit inquiries: (10%)
  

Inquiries are basically how many times you have applied for credit and how many times you have been inquired for that. Because lenders may think you are desperate for cash which might affect your credit score and reliability.

• Credit Mix: (10%)

Credit mix shows your different kinds of credit accounts. Like a personal loan, mortgage loan. It affects your credit score positively. Because it shows how much you are capable of managing your different accounts if all the accounts are in good standing.

How often the Credit score is updated?

Usually, You can check Credit score updated after every 30 days. Credit bureaus update your information according to the data they get from your lenders like payment history, credit limit changes, account balance, etc. Sometimes, it might take more than 30 days as well.

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