Neo Everyday Card review (formerly Neo Money)

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3% Up to 3% cashback on gas and grocery

1% everywhere else

$460 Earn up to $460 in cashback annually

$0 Annual Fee

Good Recommended Credit Score

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Neo Everyday Card review (formerly Neo Money)

Quick overview of the Neo Money Card (now Neo Everyday)

For a challenger bank like Neo Financial, the distinction between debit card and credit card is a mere suggestion. The Neo Money card is its attempt at taking a “best of both worlds” approach – and they do a decent job. 

To start off, let’s deconstruct this card of all trades. Like a debit card, when you use the Neo Money card, it pulls from your Neo Everyday account. However, like a credit card, it earns you cash back rewards and functions on the Mastercard network (so don’t try to use it in places that are debit only). And it does this all for no fee. 

This card offers enticing cash back potential with a catch – you need to keep a certain amount of cash in your account to access the highest cashback rates. For example, a $10,000 balance unlocks the top-tier rates (3% cashback on gas and grocery, 1% everywhere else), while a $0 balance gets you bottom-tier rates (1% gas and groceries, 0% everything else). 

For those with a coupon-cutter mentality, there is also a revolving door of partner rewards that offer elevated cash back bonuses. 

Who’s the Neo Everyday Card for?

The Neo Money Card is for folks with a credit card allergy who still want some perks. The cash back rewards aren’t stellar, but they’re an improvement from your run-of-the-mill debit card. 

I get it. There are lots of great reasons to avoid credit cards. The Neo Money Card could be perfect for someone who’s working on controlling their spending (we’ve all suffered from that frightening credit card statement after we linked our credit card to our UberEats account, right?). 

Not only will this card prevent you from spending more than you have (just like a debit card), but it will also reward you for your good savings habits. Not a bad deal. 

Pros and cons

Pros

Pros

  • No account fee

  • Competitive cash back rates with high balance in Neo Everyday account

  • Cash back potential with Neo partners

  • Tiered cash back system

Cons

Cons

  • Low cashback rates when low balance in Neo Everyday account

  • Foreign transaction fee

  • Low interest rate earnings on account balance (0.1%)

  • ATM withdrawals are charged like a cash advance

Neo Everyday Card welcome bonus

The Neo Money card and associated Everyday account do not have a welcome bonus. 

Here are the best credit card offers and promotions right now. 

How to earn cash back on the Neo Everyday Card

Before using your Neo Money Card, you’ll want to check the balance in your New Everyday account. This step is important since your cash back rewards depend on having a high balance ($10,000 to get the max reward).

Here’s a chart that breaks down the cash back rates based on your account balance:

Account balance Gas and groceries Everything else
$0 1% 0%
$1,000 1.5% 0%
$3,000 1.75% 0.5%
$5,000 2% 0.5%
$10,000 3% 1%

After that, all you need to do is spend. Keep in mind that the cash back rewards have spending caps based on category. Gas and groceries have a $6,000 per year spending cap each, whereas the everything else category has a cap of $10,000 per year.

If you max out every category, you could earn $460 per year. It’s not a terrible deal for a no fee card, but it’s dependent on you keeping a large amount in cash (accumulating hardly any interest). 

Another way to maximize your earning potential is to check the Neo app for partner rewards. I took a quick look and there’s definitely some fun ways to earn extra cash. For example, right now there’s a 10% cash back offer at my favourite neighbourhood taco place. 

Looking for higher cash back rates? Head on over to our best cash back credit cards page. 

How to redeem cash back on the Neo Everyday Card

One of the benefits of this card is that redeeming your cash back rewards is straightforward. The minute you make a purchase with your Neo Money card, your cash back rewards will be instantly available. These rewards can be redeemed to your Neo Everyday account or at the Neo Store. 

The nice thing is that there’s no minimum amount accumulated to cash out your rewards. 

Key Neo Everyday Card benefits

  • Up to 3% cashback on gas and grocery 
  • Up to 1% cash back everywhere else 
  • Higher cash back rewards with Neo partners 
  • No account fee

Neo Everyday Card insurance coverage

The Neo Everyday account doesn’t offer any type of insurance. Therefore, I wouldn’t recommend using the Neo Money Card for any travel purchases. If you do, make sure you buy your travel insurance plans separately.  

Extra benefits

  • Real-time spending notifications
  • No minimum account balance  

What people have to say about this card

I've been with NEO for a while and am slowly moving things over to Wealthsimple. I find that the perks have really diminished. At the start, they seemed like they had teamed up with a ton of companies and I was getting 3-6% cash back on the regular. But I've noticed a real drop in businesses with whom I can get extra cash back with so am only really getting 0.5%.

inaptitude

Now that time has passed since Neo’s original flashy launch, some customers have been disappointed with changes in their partner rewards. 

It’s a fair point. These partner rewards change frequently and without warning. I would recommend looking at these partner rewards as a perk, as opposed to the key factor in your decision making for the Neo Money Card. 

If you’re interested in the current partner rewards, you can download the Neo app for free and get a comprehensive list. 

How Neo Everyday compares

KOHO Essential

Apply now

Poor

Suggested credit score

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Pros

  • A no-fee account option

  • Earn up to 5% cash back on your purchases

  • Accepted worldwide, wherever Mastercard is accepted

  • Three account tiers, so there’s something for everyone

  • Earn interest on your account

  • RoundUps feature helps you save

  • Financial coaching is available

  • Features like Credit Building (to help you build your credit history) and Cover (to protect you from overdrawing your account)

  • Compatible with Apple Pay

  • Joint account option for families and couples

Cons

  • No physical branches or tellers

  • No RRSP, TFSA or RESP accounts

  • Customer service not on par with the big banks

  • Missing some banking features, like wire transfers, currency exchanges and multiple lines of business like financial planning, mortgages and insurance

Eligibility

Recommended Credit Score

Poor

Required Annual Personal Income

$0

Required Annual Household Income

$0

The Koho Essential Prepaid Mastercard and associated account lure customers in with its high interest rate (an impressive 5%). The cash back rates are modest by comparison (1% on groceries, dining and transportation). One thing to note – the KOHO Essential account has a $4/month fee that can be waived with a $1,000 contribution into the account each month or a recurring paycheque direct deposit.



I’d recommend the Koho Essential account if you’re looking for a more simplistic way to accumulate extra cash. As opposed to the Neo Money card, you won’t have to check your account balance every time you make a purchase to get the most out of your money.

Pros

  • A no-fee account option

  • Earn up to 5% cash back on your purchases

  • Accepted worldwide, wherever Mastercard is accepted

  • Three account tiers, so there’s something for everyone

  • Earn interest on your account

  • RoundUps feature helps you save

  • Financial coaching is available

  • Features like Credit Building (to help you build your credit history) and Cover (to protect you from overdrawing your account)

  • Compatible with Apple Pay

  • Joint account option for families and couples

Cons

  • No physical branches or tellers

  • No RRSP, TFSA or RESP accounts

  • Customer service not on par with the big banks

  • Missing some banking features, like wire transfers, currency exchanges and multiple lines of business like financial planning, mortgages and insurance

Eligibility

Recommended Credit Score

Poor

Required Annual Personal Income

$0

Required Annual Household Income

$0

cash back on groceries, eating & drinking, and transportation

1%

interest earned on your account balance

3.5%

extra cash back at selected merchants

up to 5%

Annual Fee

$48

Foreign Transaction Fee

1.5%

PC Money™ Card

Poor

Suggested credit score

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Read review

Pros

  • No monthly fees

  • No minimum balance

  • Unlimited transactions

  • Free Interac e-transfers

  • Earns you PC Optimum Points

  • Free cash withdrawals at PC Financial ATMs

Cons

  • No interest earned on your balance

  • No physical cheques

  • While you can withdraw funds for free from PC Financial ATMs, those aren’t as common as other big bank ATMs

  • 2.5% foreign transaction fees

Eligibility

Recommended Credit Score

Poor

Required Annual Personal Income

$0

Required Annual Household Income

$0

The PC Money card is really only for Loblaws loyalists. While there are some interesting ways to earn rewards (like earning extra points for recurring bill payments), you’re earning PC Optimum points instead of cash.



Otherwise, you’re getting a similar deal here as with other similar cards: no-fee banking, unlimited transactions and the clout of getting to say you don’t bank with one of the Big 6.

Pros

  • No monthly fees

  • No minimum balance

  • Unlimited transactions

  • Free Interac e-transfers

  • Earns you PC Optimum Points

  • Free cash withdrawals at PC Financial ATMs

Cons

  • No interest earned on your balance

  • No physical cheques

  • While you can withdraw funds for free from PC Financial ATMs, those aren’t as common as other big bank ATMs

  • 2.5% foreign transaction fees

Eligibility

Recommended Credit Score

Poor

Required Annual Personal Income

$0

Required Annual Household Income

$0

Earn 2.5% cash back at Shoppers Drug Mart

2.5%

Earn 1% cash back at Loblaws grocery stores

1%

Earn 0.5% cash back everywhere else

0.5%

Annual Fee

$0

Foreign Transaction Fee

2.5%

Wealthsimple Cash card

Apply now

Poor

Suggested credit score

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Apply now

Pros

  • Earn 1% cash back on all purchases

  • Choose whether your cash back goes to your investments or crypto or cash account

  • Earn up to 5% on your balance

  • No foreign exchange fees

  • No annual fees

  • $5 reimbursement per withdrawal for any ATM fees

Cons

  • No insurance

  • Relatively low spending and transaction limits

Eligibility

Recommended Credit Score

Poor

Required Annual Personal Income

$0

Required Annual Household Income

$0

In my opinion, between the Neo Money Card and the Wealthsimple Cash Card, Wealthsimple wins hands down. While the cash back rewards for the Wealthsimple card are lower, they are not dependent on your account balance. Plus there’s a healthy 3.5% interest rate attached to your Wealthsimple Cash account.



Another compelling feature is the no foreign transaction fees while using your Wealthsimple Cash card. For those who already bank with Wealthsimple, opening an associated cash account is a no brainer.



Pros

  • Earn 1% cash back on all purchases

  • Choose whether your cash back goes to your investments or crypto or cash account

  • Earn up to 5% on your balance

  • No foreign exchange fees

  • No annual fees

  • $5 reimbursement per withdrawal for any ATM fees

Cons

  • No insurance

  • Relatively low spending and transaction limits

Eligibility

Recommended Credit Score

Poor

Required Annual Personal Income

$0

Required Annual Household Income

$0

Earn at least 4% on your account balance

4%

Get 1% cash back on all purchases

1%

There are no foreign exchange fees

0%

Annual Fee

$0

Foreign Transaction Fee

0%

Feature Neo Everyday Wealthsimple Cash
Annual fee $0 $0
Welcome offer None None
Insurance None None
Benefits ● Up to 3% cash back on gas and groceries
● Up to 1% cash back on everything else
● 1% cash back on all purchases
● 4% monthly interest on account balance
● No foreign exchange fees
Review You're reading it! Wealthsimple Cash review
Learn more Go to site Go to site

Is the Neo Everyday Card worth it?

For a no-fee card, I’m going to say yes. Although there are better prepaid cards in the category out there, the Neo Money card may be worth keeping in your wallet if you like keeping large amounts of money in cash and enjoy the partnership rewards perk.

Check out our page on the best prepaid cards in Canada.

Neo Everyday Card eligibility criteria

  • No credit score needed
  • No annual household requirement needed 

FAQs

  • What is a Neo Money account?

    +

    Neo Money is a prepaid Mastercard that pulls from the Neo Everyday account. This no-fee account functions as a hybrid chequing and savings account.

  • What is the interest rate for Neo Everyday spending?

    +

    The interest rate for the Neo Everyday account is 0.1%.

  • Can I withdraw money from my Neo Money account?

    +

    Yes, you can use your Neo Money card to withdraw money from an ATM for no fees (other than ATM operator fees). You can send free Interac e-transfer or transfer money to a connected bank account.

  • Is Neo Bank safe in Canada?

    +

    Yes. Deposits with Neo Financial are insured with CDIC up to $100,000.

  • Is Neo Everyday a good savings account?

    +

    No, the Neo Everyday account is not a good savings account due to its low interest rate (0.1%). However, keeping cash in this account leads to high cash back rewards using the Neo Money card.

  • Who owns Neo Bank Canada?

    +

    Neo Financial is a privately held company, founded by Andrew Chau and Jeff Adamson. In 2022, they raised $185 million in funding led by Valar Ventures.

Cameron Smonk Freelance Writer

Cam is a content marketer with a passion for saving, financial independence, and pulling off elaborate credit card point schemes. He has worked in Fintech and Finserve (specifically Group Retirement) and loves researching and writing about finance.

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