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Neo Financial Cathay Pacific World Elite Mastercard review

Neo Financial Cathay Pacific World Elite Mastercard review

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5x Asia Miles at thousands of Neo partners nationwide*

2x Asia Miles for every $1 spent on purchases made in foreign currencies*

2x Asia Miles on Cathay Pacific flights*

1x Asia Miles on purchases in Canada*

19.99% - 26.99% Variable APR

22.99% - 28.99% Cash Advance APR

$180 Annual Fee

2.5% Foreign Transaction Fee

Good Recommended Credit Score

$80,000 Required Annual Personal Income

$150,000 Required Annual Household Income

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Neo Financial Cathay Pacific World Elite Mastercard review

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Quick overview

Quick overview of Neo Financial Cathay Pacific World Elite Mastercard

The Neo Financial Cathay Pacific World Elite Mastercard is a travel rewards card for discerning travellers who frequently jet between Asia and Canada. It’s the only credit card in Canada that directly offers Asia Miles, which may be enough to convince you to add it to your wallet.

It also boasts several additional perks, such as robust insurance, airport lounge access, decent points-earning potential and flexible redemption options. 

Who's it for?

Who’s Neo Financial Cathay Pacific World Elite Mastercard for?

It should be no surprise who this card is for — the hint is in the name. If you travel frequently to Asia, the Neo Financial Cathay Pacific World Elite Mastercard is for you. It comes packed with features like lounge access, priority online check-in and an extra baggage allowance. Another attractive feature is bonus rewards for foreign currency spend.

New Canadians may also be drawn to the Cathay World Elite Mastercard, which offers a secured version of the card that is guaranteed to be approved, even without a credit history in Canada. There aren't many secured travel cards on the market anywhere in North America, so the fact that Neo offers this option for Canadian travellers is a major selling point. 

Pros and cons

Pros and cons

Pros

Pros

  • Rewards Program: Earn up to 30,000 Asia Miles, plus miles on everyday spending and foreign purchases.

  • Travel Benefits: Includes priority check-in, extra baggage, and access to Cathay Pacific lounges.

  • World Elite Perks: Comprehensive insurance coverage and global airport lounge access.

  • Approval Process: Quick approval and instant use of a virtual card.

Cons

Cons

  • Income Requirement: High minimum income requirements ($80,000 for individuals, $150,000 for households).

  • Geographic Restriction: Not available to residents of Quebec.

Welcome bonus

Neo Financial Cathay Pacific World Elite Mastercard welcome bonus

    • You’ll earn 30,000 welcome Asia Miles just for signing up
    • You’ll also earn 2 miles per $1 spent on Cathay Pacific flights and purchases made with foreign currency; earn an average of 5 miles per $1 spent at Neo retailers; earn 1 mile per $1 spent on all other purchases

    Save 10% on your first flight

    New accounts can save an additional 10% on their first Cathay Pacific booking thanks to a limited-time promo code:

    •  From now until 12/31/24, enter discount code CXNEO10OFF and pay with your Cathay World Elite® Mastercard® to enjoy up to 10% OFF when making your booking.


How to earn rewards

How to earn Asia Miles with the Neo Financial Cathay Pacific World Elite Mastercard

The easiest and quickest way to earn Asia Miles with the Cathay World Elite Mastercard is to simply sign up. All new users will be given 15,000 Asia Miles once the card is activated. You’ll then earn an additional 15,000 Asia Miles if you spend $3,000 within three months from the application start date. 

After that, you’ll earn each time you use your card. While the everyday purchasing spend will only net you 1 mile per $1 spent, you can maximize your miles by spending with Neo retailers. Depending on the retailer, you’ll average 5 miles per $1 spent up to a maximum of 15 miles per dollar. 

Finally, you can earn a decent 2 miles per $1 spent on Cathay Pacific flights and purchases made in foreign currency. 

How to redeem

How to redeem Asia Miles

To redeem your miles, create an account and log into cathaypacific.com. There, you can redeem miles for flights, hotels, car rentals, tickets, events, gift cards and more. 

With Cathay Pacific's membership in the Oneworld alliance, you have the flexibility to earn and redeem miles with a network of carriers, including American Airlines, British Airways and Qantas. Whether you're dreaming of a round-the-world adventure or a series of exciting trips, rest assured that the Oneworld award chart is your trusted guide, ensuring you get the most out of your travel rewards.

Cathay Pacific transfer partners

Here is a list of Cathay Pacific/Asia Miles transfer partners:

  • Alaska Airlines
  • American Airlines
  • British Airways
  • Fiji Airways
  • Finnair
  • Iberia
  • JAL
  • Malaysia Airlines
  • Qantas
  • Qatar Airways
  • Royal Air Maroc
  • Royal Jordanian Airlines
  • Sri Lankan Airlines
  • Air Canada
  • Air China
  • Air New Zealand
  • Austrian Airlines
  • Bangkok Airlines
  • Gulf Air
  • Hong Kong Express
  • LATAM
  • Lufthansa
  • Shenzhen Airlines
  • Swiss
Key benefits

Neo Financial Cathay Pacific World Elite Mastercard key benefits

  • A generous Asia Miles welcome bonus
  • Access to airport lounges, including Cathay Pacific’s business class lounge and Dragon Pass

Cathay Secured Mastercard option

Neo and Cathay Pacific also offer a secured credit card to applicants seeking to establish a positive credit history. The Cathay Secured Mastercard requires a modest $50 security deposit to open, with the deposited amount equal to the credit line with the card. Need more credit? Simply deposit more funds.

Even better, the secured version of the Cathay Pacific Mastercard from Neo earns the same great rewards as the World Elite Mastercard version, meaning you don’t need to sacrifice rewards while building credit. 

Insurance coverage

Neo Financial Cathay Pacific World Elite Mastercard insurance coverage

  • Auto rental collision and damage: Covers rentals cars valued up to $65,000 for up to 48 consecutive days
  • Emergency medical insurance: Get covered for up to $1 million for trips of up to 14 days, for those who are 60 years of age or younger
  • Extended warranty: This doubles the manufacturer’s warranty, up to an additional year
  • Flight delay: Get up to $500 if your flight is delayed
  • Hotel/motel burglary insurance: Get covered for up to $1,000
  • Lost/delayed baggage: Get up to $1,000 for delays of six hours or longer
  • Purchase protection: Protection for up to 90 days from date of purchase
  • Trip interruption: Coverage for up to $5,000 per trip
  • Trip cancellation: Coverage for up to $5,000 per trip
Extra benefits

Extra benefits of the Cathay Mastercard

  • Free in-flight Wi-Fi on Cathay Pacific flights
  • Cathay Pacific benefits like priority boarding, free checked bags
What users say

What people have to say about this card

According to one Reddit user, applying for the Neo Financial Cathay Pacific World Elite Mastercard is a breeze, even after encountering issues with sign up.

“Applied for the NEO Cathay WEMC yesterday. It went into a hold, but within hours I got an email asking me to confirm my ID, apparently the in-application attempt did not work,” the user wrote.

“Anyways, I did that and within an hour, I was approved and had the card details. All very smooth. Made a small purchase last night, already posted, and miles from that already in my Asia Miles account too.”

A user on RedFlagDeals suggested the Cathay Pacific World Elite card would work well as an additional card for those who have the American Express Cobalt card.

“Looks like they would work well in tandem,” they wrote. “Use Cobalt for food, gas, streaming services, transit and non-Cathay Pacific travel. Use the [Cathay Pacific World Elite] for uncategorized spend, Neo partners and Cathay tickets.

How it compares

How the Neo Financial Cathay Pacific World Elite Mastercard compares

Cathay World Elite Mastercard vs. RBC Avion Visa Infinite

RBC Avion Visa Infinite

Apply now

3.9

55,000 pts

Welcome offer

Very Good

Suggested credit score

to receive the latest news, tips and offers by email

Apply now

Pros

  • Rewards program is highly flexible, transferable, and includes a slew of non-travel-related reward options

  • Partnerships with other retailers like HBC and Petro-Canada

  • Provides excellent travel insurance

  • New cardholders earn 55,000 welcome Avion points on approval*

  • Solid option for looking for a travel-centric points program

Cons

  • The points-to-dollars ratio is only average and there are few opportunities for accelerated earning.

  • The $120 annual fee isn’t cheap

  • High annual income requirement: Personal: $60,000 or Household: $100,000

Eligibility

Recommended Credit Score

Very Good

Required Annual Personal Income

$60,000

Pros

  • Rewards program is highly flexible, transferable, and includes a slew of non-travel-related reward options

  • Partnerships with other retailers like HBC and Petro-Canada

  • Provides excellent travel insurance

  • New cardholders earn 55,000 welcome Avion points on approval*

  • Solid option for looking for a travel-centric points program

Cons

  • The points-to-dollars ratio is only average and there are few opportunities for accelerated earning.

  • The $120 annual fee isn’t cheap

  • High annual income requirement: Personal: $60,000 or Household: $100,000

Eligibility

Recommended Credit Score

Very Good

Required Annual Personal Income

$60,000

Earn 1.25 Avion point for every dollar you spend*.

1.25

extra Avion points on eligible travel purchases

25%

mobile device insurance

$1,500

savings on fuel at Petro-Canada and always earn 20% more Avion points

3¢/L

Be Well points for every $1 spent on eligible products at Rexall

50

off at Hertz and earn 3x the Avion points

20%

delivery fees for 12 months from DoorDash

$0

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$120

Foreign Transaction Fee

2.5%

The RBC Avion Visa Infinite is a flexible travel rewards card that allows you to redeem points for travel on any airline without blackouts. If you’re someone who values that in a travel card, it may be the one for you. It also comes with a lower annual fee than the Cathay World Elite Mastercard and requires a lower annual income.

Where the Cathay card shines is with its travel benefits, which includes stellar lounge access. 

Cathay World Elite Mastercard vs. American Express Cobalt

American Express Cobalt® Card

Apply now

4.9

up to 15k pts

Welcome offer

Fair

Suggested credit score

Earn up to 15,000 Welcome Bonus Membership Rewards® points* – that’s up to $150 in value.

Apply now

Pros

  • High earn rates (up to 5% return on spending!)

  • Flexible month-by-month fee structure

  • Free supplementary cards

  • 1:1 points transfer with selected hotels, airlines and frequent flyer programs

Cons

  • Accelerated earn rates only apply to purchases in Canada (not to purchases made abroad)

  • Amex has a more limited merchant acceptance rate than Visa and Mastercard

  • Slightly higher than average annual fee

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$0

Required Annual Household Income

$0

Pros

  • High earn rates (up to 5% return on spending!)

  • Flexible month-by-month fee structure

  • Free supplementary cards

  • 1:1 points transfer with selected hotels, airlines and frequent flyer programs

Cons

  • Accelerated earn rates only apply to purchases in Canada (not to purchases made abroad)

  • Amex has a more limited merchant acceptance rate than Visa and Mastercard

  • Slightly higher than average annual fee

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$0

Required Annual Household Income

$0

the points on eligible eats & drinks purchases in Canada

5x

the points on eligible streaming subscriptions in Canada

3x

the points on eligible gas, transit & ride share in Canada

2x

the points on everything else

1x

additional Membership Rewards point for every $1 you charge on eligible hotel or car rental bookings made with American Express Travel

1

Get up to $100 USD hotel credit to use on amenities like dining, spa or other leisure facilities when charged to the room

$100 USD

Variable APR

21.99% - 30%

Cash Advance APR

21.99% - 1%

Annual Fee

$155.88

Foreign Transaction Fee

2.5%

Comparing the Cathay Pacific Mastercard and the American Express Cobalt is like comparing apples and oranges, or cats and dogs. We all have our preferences. 

The Cathay Pacific Mastercard is aimed at the traveller, particularly someone who often jets to Asia. It packs lounge access and travel benefits, like free luggage when flying with the airline. Conversely, the Cobalt is aimed at the local socialite. The Cobalt is also more accessible, with no minimum income requirements. 

Disclosures:

  • Contact American Express for the most up-to-date referral bonus figures.

    American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

Cathay World Elite Mastercard vs. American Express Aeroplan Reserve

American Express® Aeroplan®* Reserve Card

Apply now

5.0

up to 85k pts

Welcome offer

Good

Suggested credit score

Earn up to 85,000 Welcome Bonus Aeroplan®* points

Apply now

Pros

  • Generous signup bonus where you can earn up to 85,000 Aeroplan points

  • High earn rates on Air Canada, dining, and food delivery

  • Extensive travel perks like priority check-in, boarding, and free first eligible checked bag on Air Canada flights

  • Complimentary access to select Air Canada Maple Leaf Lounges within North America

  • Toronto Pearson Airport benefits including priority security, complimentary valet parking, and discounts on parking and car care services

  • Annual worldwide companion pass at a fixed base fare between $99 and $599 CAD (plus taxes and fees)

  • $100 NEXUS statement credit every 4 years

  • Robust insurance coverage including emergency medical

  • Access to Amex Experiences such as movie premieres

  • No minimum income requirement

Cons

  • High annual fee of $599

  • Lower acceptance when compared to Visa and Mastercard

  • High spending to unlock signup bonus

  • Limited high-earning categories

  • 2.5% foreign transaction fee

  • Priority perks limited to Air Canada flights

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$0

Required Annual Household Income

$0

Pros

  • Generous signup bonus where you can earn up to 85,000 Aeroplan points

  • High earn rates on Air Canada, dining, and food delivery

  • Extensive travel perks like priority check-in, boarding, and free first eligible checked bag on Air Canada flights

  • Complimentary access to select Air Canada Maple Leaf Lounges within North America

  • Toronto Pearson Airport benefits including priority security, complimentary valet parking, and discounts on parking and car care services

  • Annual worldwide companion pass at a fixed base fare between $99 and $599 CAD (plus taxes and fees)

  • $100 NEXUS statement credit every 4 years

  • Robust insurance coverage including emergency medical

  • Access to Amex Experiences such as movie premieres

  • No minimum income requirement

Cons

  • High annual fee of $599

  • Lower acceptance when compared to Visa and Mastercard

  • High spending to unlock signup bonus

  • Limited high-earning categories

  • 2.5% foreign transaction fee

  • Priority perks limited to Air Canada flights

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$0

Required Annual Household Income

$0

the points on eligible purchases made directly with Air Canada®* and Air Canada Vacations®*

3X

the points on eligible Dining and Food Delivery purchases in Canada

2X

the points on everything else

1.25X

Purchase APR

21.99%

Cash Advance APR

21.99%

Annual Fee

$599

Foreign Transaction Fee

2.5%

If you’re a discerning traveller, you would likely enjoy both cards. Both offer nice rewards bonuses and come with lounge access and travel insurance. The differentiator might be your preference for points – whether that’s Asia Miles or Aeroplan points – or just the cost of the two. 

Disclosures:

  • Contact American Express for the most up-to-date referral bonus figures.

    American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

Features Neo Financial Cathay Pacific World Elite Mastercard RBC Avion Visa Infinite American Express Cobalt American Express Aeroplan Reserve
Annual fee $180 $120 $155.88 $599
Insurance Travel, extended warranty, rental car and purchase protection Travel, rental car and mobile device Travel, rental car, mobile device, purchase protection, buyer’s assurance Travel, rental car, purchase protection, buyer's assurance
Benefits Lounge access Redeem points on any airline, without blackouts Earn up to 5 points per dollar spent on food and groceries Lounge access
Review You’re reading it Read our review Read our review Read our review
Apply Apply now Apply now Apply now Apply now
Is it worth it?

Is the Neo Financial Cathay Pacific World Elite Mastercard worth it?

The Neo Financial Cathay Pacific World Elite Mastercard is worth it if you fly often to Asia. It offers an admirable welcome bonus, decent earning potential and lounge access. However, it does cost more than other travel rewards cards and requires a high annual income. 

Eligibility

Eligibility requirements

To apply for the Cathay World Elite® Mastercard® you’ll need the following:

  • Must be a Canadian resident of the age of majority in your province or terrorist
  • Personal income requirements of $80,000, $150,000 household income
  • Good credit
FAQs

FAQs

  • Where can I use Asia Miles?

    +

    You can redeem Asia Miles for flights with Cathay Pacific, Cathay Dragon and other partner airlines within the Oneworld alliance, as well as with non-alliance partner airlines.

  • Does the Cathay World Elite card include lounge access?

    +

    Yes, you have access to Cathay Pacific’s business class lounge and Dragon Pass, giving you options to choose from when travelling.

  • What airlines can I use Asia Miles on?

    +

    You can redeem Asia Miles for flights with Cathay Pacific, Cathay Dragon and Oneworld alliance partners like British Airways, American Airlines and Qantas. This offers diverse travel options across a wide network of destinations, maximising the value of your miles.

  • What are the Asia Miles transfer partners?

    +

    Asia Miles partners include American Express Membership Rewards, Capital One, Citi ThankYou Rewards, Marriott Bonvoy and Bilt Rewards. You can transfer points from these programs to Asia Miles, offering flexibility in earning miles for flights, upgrades and other rewards.

Justin da Rosa Freelance Writer

Justin is a writer and editor who has been covering personal finance for over 10 years. He's written for companies such as KOHO, Ratehub, BMO, Zoocasa, and Questrade, among others. Justin also created a course in Content Creation, which he taught at York University for four years. When not writing, Justin can be found at a live concert, on the golf course, riding a motorcycle, or sailing.

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