Quick overview of the Neo World Mastercard
The Neo World Mastercard is Neo Financial's latest no fee cash back card. The card offers up to 2% cash back on everyday purchases like gas, groceries and bills, provides basic insurance protections and more, for no annual fee.
Who is the Neo World Mastercard for?
The Neo World Mastercard is something of a strange card in that it exists in the same space as the other no annual fee card from Neo, the Neo Mastercard. The card’s 2% cash back is double the Neo Mastercard on paper with an additional bonus category (recurring bills) but, given that Neo credit cards earn more rewards with an associated Neo Everyday account, those rewards are likely to be very similar except for the base rates (0.5% to 2% back with the World and 0% to 1% with Neo Mastercard).
Here's how the three Neo credit cards compare:
| Category | Neo Mastercard | Neo World Mastercard | Neo World Elite Mastercard |
|---|---|---|---|
| Annual fee | $0 | $679.02 | $125 |
| Income | N/A | $50,000 (personal) or $80,000 household | $80,000 personal or $150,000 household |
| Groceries rewards | 1% | 2% | 5% |
| Gas rewards | 1% | 2% | 3% |
| Recurring bills rewards | N/A | 2% | 4% |
| Other rewards | N/A | 0.5% | 1% |
So if you want improved rewards over the base rate with Neo and meet the minimum income requirements, the Neo World Mastercard might be a better bet for you. But if you don't meet the income threshold, don't worry, the Neo Mastercard is also a reliable choice.
Pros and cons
Pros
-
No annual fee: $0 annual fee means you don't have to pay to access enhanced rewards
-
Earn more with Neo Everyday: Earn even more rewards (up to 4% back) with Neo Everyday account balances
Cons
-
Limited insurance: The card provides only basic coverage with more comprehensive coverage costing you more
-
Confusing language: Neo could be clearer with its explanations of its products and services
Neo World Mastercard welcome bonus
The Neo World Mastercard doesn’t offer a welcome bonus at this time.
How to earn rewards with the Neo World Mastercard
The Neo World Mastercard earns cash back on all eligible purchases, but how much you’ll earn depends on the savings levels in your Neo Everyday account. Cardholders earn:
- 2% cash back on groceries, gas and recurring bills
- 0.5% back on all other purchases
But that cash back rate can climb as high as 4% with eligible deposits. With $10,000 in your Neo account, you'll unlock the highest earn rate of 4% on gas, recurring bills and groceries and 1% on everything else. Of course, not everyone will reach that level, and most will be stuck somewhere in between, but likely around the 2% or 2.5% level, limiting the value.
How to redeem
Redeeming cash back from Neo World Mastercard is a fairly straightforward process. You can access your cash back at any time to pay off your credit card balance, deposit rewards it into a savings account or purchase merchandise or gift cards online at the Neo Store. Best of all, unlike other cash back cards, there are no minimum balance requirements or the need to wait for an annual statement of credit to redeem your rewards.
Key benefits of the Neo World Mastercard
Earn enhanced cash back
Neo positions itself by saying it has the “best cash back rates,” but this is based on additional Neo services (and namely, its Neo Everyday account). While these accounts are additional, they provide significantly larger rewards. In the case of the World Mastercard from Neo, cardholders can earn up to an additional 4% cash back on gas, groceries and recurring bills. That’s an impressive haul for no annul fee (even if it requires over $10,000 in savings – no small feat!).
No annual fee
Where most credit cards have an annual fee, Neo charges $679.02. This is a great feature for anyone who wants reliable rewards (of around 2%, sometimes higher) but doesn’t want to fork out $25, $50, or even $100 for the privilege.
Fully digital platform
Neo is a fintech that truly places an emphasis on a digital-first approach. Neo products don’t require physical branches, just an internet connection and your details. This process makes the banking products extremely accessible for Gen Z and other digital-focused Canadians.
Neo World Mastercard insurance coverage
The Neo World Mastercard comes with basic protections for cardholders:
- Extended warranty: 1 year
- Purchase protection: 90 days
If you want additional coverage you’ll need Neo’s Travel Perk, a $4.99 monthly charge. For that fee, however, you’ll receive additional insurance coverage designed to protect you no matter where you travel:
- Emergency medical coverage: Up to $1,000,000
- Trip cancellation: $1,000
- Flight delay: $250
- Delayed baggage: $1,000
- Hotel burglary: $1,000
Other benefits of the Neo World Mastercard
Secured option available
Like other Neo credit cards, there is also a secured version of the Neo World Mastercard available to potential applicants. The Neo Secured World Mastercard requires a security deposit to open, with the deposited amount equal to the credit line with the card. Need more credit? Simply deposit more funds.
How does the Neo World Mastercard compare?
Neo World Mastercard vs. BMO CashBack® MasterCard®
BMO CashBack® Mastercard®*
3.5
5% cash back
Welcome offerGood
Suggested credit scoreto receive the latest news, tips and offers by email
Pros
-
No Annual Fee: A rare find in Canada for a cash back card
-
A generous 3% cash back on groceries (up to $500 monthly)
-
Easily redeem from $1, set up automatic redemptions, or use as a statement credit
-
Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
-
Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
-
Monthly caps on top earn rates for groceries and recurring payments
-
A 2% balance transfer fee applies
-
The interest rate on the remaining balance transfer amount increases after the introductory period
Eligibility
Good
Recommended Credit Score
$15,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$15,000
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
3%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
1%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
0.5%
20.99%
Purchase APR
22.99%
Cash Advance APR 21.99% for Quebec residents
$0
Annual Fee
Purchase APR
20.99%
Cash Advance APR
22.99%
Annual Fee
$0
Pros
-
No Annual Fee: A rare find in Canada for a cash back card
-
A generous 3% cash back on groceries (up to $500 monthly)
-
Easily redeem from $1, set up automatic redemptions, or use as a statement credit
-
Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
-
Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
-
Monthly caps on top earn rates for groceries and recurring payments
-
A 2% balance transfer fee applies
-
The interest rate on the remaining balance transfer amount increases after the introductory period
Eligibility
Good
Recommended Credit Score
$15,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$15,000
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
3%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
1%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
0.5%
20.99%
Purchase APR
22.99%
Cash Advance APR 21.99% for Quebec residents
$0
Annual Fee
Purchase APR
20.99%
Cash Advance APR
22.99%
Annual Fee
$0
The BMO CashBack® MasterCard® is our top no fee credit card and it’s easy to see why. The card earns an impressive 3% (up to a monthly max of $500) cash back on groceries, plus up to seven cents off per litre on Shell fuel® and up to 20% off on National Car Rental®†† and Alamo Rent A Car®††. Not bad for $0 annual fee.
Disclosures:
- *Terms and conditions apply.
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
Neo World Mastercard vs. Neo Mastercard
Neo Mastercard
2.7
Fair
Suggested credit scoreto receive the latest news, tips and offers by email
Pros
-
No annual fee
-
Cash back rewards on purchases
-
Even more cash back potential with 10,000 Neo partners
Cons
-
Potentially high APR
-
Tiered cash back rates make it harder to unlock max earn rates
Eligibility
Fair
Recommended Credit Score
Recommended Credit Score
Fair
Up to 4%
Earn up to 4% cashback on gas and groceries, no matter where you pay for them.
Up to 1%
Earn up to 1% cashback on everything else
Up to 15%
Earn up to 15% cashback at participating partners with new offers added regularly.
Up to 5%
Visit any of Neo's 10,000 partners and earn an additional average of 5% cashback on top of your everyday cashback.
Earn up to 4% cashback on gas and groceries, no matter where you pay for them.
Up to 4%
Earn up to 1% cashback on everything else
Up to 1%
Earn up to 15% cashback at participating partners with new offers added regularly.
Up to 15%
Visit any of Neo's 10,000 partners and earn an additional average of 5% cashback on top of your everyday cashback.
Up to 5%
19.99% - 29.99%
Variable APR 19.99%-24.99% for Quebec residents
22.99% - 31.99%
Cash Advance APR 22.99%-28.99% for Quebec residents
$0
Annual Fee
Variable APR
19.99% - 29.99%
Cash Advance APR
22.99% - 31.99%
Annual Fee
$0
Pros
-
No annual fee
-
Cash back rewards on purchases
-
Even more cash back potential with 10,000 Neo partners
Cons
-
Potentially high APR
-
Tiered cash back rates make it harder to unlock max earn rates
Eligibility
Fair
Recommended Credit Score
Recommended Credit Score
Fair
Up to 4%
Earn up to 4% cashback on gas and groceries, no matter where you pay for them.
Up to 1%
Earn up to 1% cashback on everything else
Up to 15%
Earn up to 15% cashback at participating partners with new offers added regularly.
Up to 5%
Visit any of Neo's 10,000 partners and earn an additional average of 5% cashback on top of your everyday cashback.
Earn up to 4% cashback on gas and groceries, no matter where you pay for them.
Up to 4%
Earn up to 1% cashback on everything else
Up to 1%
Earn up to 15% cashback at participating partners with new offers added regularly.
Up to 15%
Visit any of Neo's 10,000 partners and earn an additional average of 5% cashback on top of your everyday cashback.
Up to 5%
19.99% - 29.99%
Variable APR 19.99%-24.99% for Quebec residents
22.99% - 31.99%
Cash Advance APR 22.99%-28.99% for Quebec residents
$0
Annual Fee
Variable APR
19.99% - 29.99%
Cash Advance APR
22.99% - 31.99%
Annual Fee
$0
As mentioned, both the Neo Mastercard and Neo World Mastercard are very similar. The Neo Mastercard earns 1% back on purchases with that rate rising as high as 4% back based on your Neo Everyday savings account balance. The Neo World, on the other hand, earns 2% back with that rate climbing to 4%. See what I mean?
Is the Neo World Mastercard worth it?
If you're in search of a cash back card that offers above average rewards with no annual fee, the Neo World Mastercard may be for you. But if you don't bank with Neo and are looking for big rewards without the extra steps, you might find better value elsewhere.
Eligibility requirements
To qualify for the Neo World Mastercard, you’ll need:
- 1.
To be a Canadian resident of at least the age of majority in your province of territory
- 2.
Have a good credit score (no credit needed for secured option)
- 3.
Earn a $50,000 (individual) or $80,000 (household) income
Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.
Compare other popular Canadian credit cards
Compare other popular Canadian credit cards
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†Terms and Conditions apply.