How to Apply for the Secured Neo Mastercard
Applying for the Secured Neo Mastercard is quick, fully digital, and designed for anyone who needs guaranteed approval without an existing credit history in Canada. The entire process can be completed through the official Neo Financial website or mobile app, available for both Android and iOS devices.
Step-by-step application guide
- Go to the Neo Financial website or app
Visit the official Neo Financial website or download the Neo Financial app from your device’s app store. - Create your Neo account
Provide your full name, email, phone number, and Canadian address. The system also accepts international identification, which is perfect for newcomers who have just arrived in Canada. - Make your refundable security deposit
Choose the amount of your security deposit — between CAD$50 and CAD$10,000. This amount sets your credit limit. - Confirm and submit your application
Approval is guaranteed, as long as the basic age and residency requirements are met and the deposit is provided.
Neo does not perform a hard credit check, making the process easy and accessible to all applicants. - Receive and activate your card
Once approved, your physical card will be mailed to you, and you can activate it and manage everything directly from the Neo app. You’ll also get instant access to your virtual card for online purchases.
Who the card is recommended for
The Secured Neo Mastercard is best suited for:
- Newcomers to Canada who don’t yet have a local credit history
- Students and young adults who want to start building credit safely
- Individuals rebuilding credit after financial challenges or previous denials
- Anyone who prefers full control of their credit limit through a refundable deposit
It’s also a smart option for users who value a simple cashback system, want to benefit from partner merchant bonuses, and need a secure credit-building tool without risk of debt.
How to cancel the card
If you wish to close your account, the process is simple and can be completed directly through the app or website.
Just go to your account settings, select “Close Account”, and confirm your request.
After the account is closed, Neo will issue a full refund of your security deposit, provided there’s no outstanding balance on the card.
Refunds are typically processed within 5 to 10 business days, depending on the payment method and financial institution.
Even after cancellation, your payment history will remain reported to both Equifax and TransUnion, which helps maintain your established credit record.
Tips before applying
- Start with a small deposit if you’re just beginning to build credit — you can increase it later.
- Always make payments on time, since Neo reports to both credit bureaus monthly.
- If you travel frequently, consider the optional travel perk, which adds international cashback and insurance (note that it comes with an additional monthly fee).
- Take advantage of real-time cashback at Neo’s partner stores, which can reach up to 6%, depending on your account balance and where you shop.
Frequently Asked Questions
1. What is a secured credit card?
A secured credit card requires a refundable security deposit that acts as collateral for your credit limit. The deposit protects the issuer in case of missed payments and allows people with little or no credit history to get approved more easily. Over time, by using the card responsibly, you can build or rebuild your credit score.
2. How much do I need to deposit to get the Secured Neo Mastercard?
The minimum security deposit is CAD$50, and the maximum is CAD$10,000. The amount you choose becomes your credit limit. For example, if you deposit CAD$200, your credit limit will be CAD$200.
3. Is my deposit refundable?
Yes. The security deposit is fully refundable once your account is closed in good standing (meaning no outstanding balance). Neo typically processes refunds within 5–10 business days after the account closure request.
4. Does Neo perform a hard credit check when I apply?
No. The Secured Neo Mastercard offers guaranteed approval without a hard credit check, so your credit score will not be affected when applying.
5. How can I track my cashback rewards?
You can monitor all your cashback earnings in real time through the Neo app. Rewards from both base categories and partner merchants appear instantly, allowing you to see how much you’ve earned after every purchase.
6. Can international newcomers apply?
Yes. Neo accepts international identification, which makes the card especially friendly for newcomers who have just arrived in Canada and don’t yet have local documents or a credit history.
7. Are there any travel benefits included?
By default, the Secured Neo Mastercard does not include travel perks. However, you can add a travel package for CAD$7.99 per month, which includes travel insurance, cashback on foreign transactions, and access to airport lounges in case of delays.
8. How can I cancel my card if I no longer need it?
You can cancel directly through the Neo app or website. Once closed, Neo will refund your full deposit as long as your balance is paid in full. Your payment history will continue to be reported to Equifax and TransUnion, keeping your credit progress intact.
9. What makes this card different from other secured cards?
The Neo Mastercard stands out for its guaranteed approval, dual credit bureau reporting, and real-time cashback network of over 10,000 partner stores. It’s one of the most beginner-friendly secured credit cards available in Canada.
Conclusion
The Secured Neo Mastercard is one of the most accessible and practical options for building credit in Canada.
With instant approval, dual bureau reporting, and a dynamic cashback system, it’s an excellent starting point for developing financial stability and confidence.
While it’s not ideal for those chasing travel rewards or large welcome bonuses, it’s a strong first step for anyone beginning their financial journey in Canada.
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