Neo FinancialMastercardBest for: Partner network cash back

Neo Mastercard®

Average 5% cash back at 10,000+ Neo partner merchants across Canada
No annual fee and no minimum income requirement
Available with any credit history — accessible to newcomers and students
Up to 15% cash back on first-time purchases at partner merchants

Built around a partner merchant network of 10,000+ Canadian retailers, with an average 5% cash back rate at those locations. Worth considering for anyone who shops frequently at Neo partners or needs a card with no income requirement and no credit history barrier — though the variable APR means it rewards those who pay in full each month.

Welcome bonus

Earn up to 15% cash back on first-time purchases.

cad

Earn rates

Groceries1%

Gas & EV charging1%

Everything else1%

Estimate annual rewards

You'd earn ~$120/year

Key facts

Annual fee

Standard version has no annual fee.

Purchase APR

19.99% - 29.99%

Cash advance APR

22.99% - 31.99%

Foreign transaction fee

2.5%

Income required

None

Credit score

600+

Quebec residents — terms may differ

Available in Quebec with variable interest rates (19.99%-24.99% purchase, 22.99%-25.99% cash advance) and a 5% minimum monthly payment.

Verify current terms at issuer website →

Rates and fees sourced from Neo Financial's official card page →

Perks & benefits

Average 5% cash back at 10,000+ Neo partner merchants across Canada

No annual fee and no minimum income requirement

Available with any credit history — accessible to newcomers and students

Up to 15% cash back on first-time purchases at partner merchants

Insurance coverage

Purchase protection (90 days) and extended warranty.

Pros & cons

Pros

No minimum income or credit history required — widest eligibility of any card
Partner network spans major Canadian retailers across most categories
No annual fee with potential for high earn rates at partners
App-based experience makes discovering partner merchants straightforward

Cons

Variable APR (19.99%-29.99%) — your rate depends on creditworthiness, not disclosed upfront
1% base rate outside the partner network is among the lowest available
Partner earn rates vary by merchant and require checking the app before each purchase
Not a predictable cash back card — value depends heavily on where you shop

Eligibility requirements

Apply with any credit history or income. Must be age of majority and Canadian resident.

Frequently asked questions

Neo Financial is a Canadian fintech founded in 2019 and headquartered in Calgary. The Neo Mastercard is issued by Concentra Bank, a federally regulated Canadian bank. Neo is not a big bank but it operates under federal banking oversight and your deposits are CDIC-eligible up to applicable limits.