Neo Financial Review

 



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NEO FINANCIAL 

BACKGROUND INFORMATION

FOUNDED: 2019

FDIC: Yes

CURRENCIES: CAD

ATM LIMIT: TBC

ATM FEE: FREE

PREMIUM OPTION: NO

APP: iOS, Android

CUSTOMER SUPPORT: Email, Live Chat

CARD ISSUER: Mastercard

MONTHLY FEE: FREE

TRANSFERS: Yes

LOADING OPTIONS: Bank transfer 

CARD CHARGE: $0

 

What Is Neo Financial? 📖

Neo Financial is a company that’s using the latest technological advancements to deliver a superior service for Canadians seeking first-class banking solutions. The company’s credit card is designed to increase the enjoyment of saving as well as spending. When you use your card at your favorite stores, you can receive cash rewards. There’s also a Neo Financial savings account that comes with a 1.30% interest rate, which is much more generous than many of the other options on the market. Many consumers have been able to use the card to improve their credit scores.

How Does Neo Financial Work? 👨‍🏫

The card is linked to specific locations, which means some of the benefits aren’t available in some Canadian provinces. Neo Financial has close relationships with various retailers in the areas it can be used and encourages customers to spend their cash with these companies. This is why it is noted for supporting lesser-known businesses.

Key Features of Neo Financial ⚙️

There are no annual fees or over-limit fees to worry about. When you use the service, you’ll be altered to various types of activity such as purchases and suspicious transactions. If you lose your card, you can report this and order a replacement through the app. You can also set spending limits. You’ll be given big rewards when you shop at specific stores. Neo found that the vast majority of Canadian consumers weren’t using the rewards that came with their cards. This is why they aimed to provide rewards that were more aligned with consumer needs.

The rewards include one-time offers and punch card offers. With the one-time offers, you could earn up to 20% in cashback when you shop at one of the selected local stores. The punch card offers may grow if you continue to shop in a specific location. Most rewards are generated through your spending. You may also be able to save up to 15% on restaurant and eCommerce purchases, up to 20% at cafes, up to 10% on groceries, 5% on gas, 20% on fitness, 15% on shopping and 5% on gas. The card charges APR between 19.99% and 24.99% on purchases. For cash advances, you will pay between 22.99% and 26.99%.

The Neo Financial App📱

You will need to download the app to make your application. Once you have your prequalification, you will be asked to apply for the card. You can also open a savings account if you wish. When your identity has been verified, you’ll be able to access a virtual version of your card before the physical version is sent out to you.

When you become eligible for a higher credit limit, your limit will be increased automatically so you don’t need to apply for anything. The app will give you valuable insights into your spending activities, send out important alerts and letting you freeze your account if your card is lost or stolen.

 

Is Neo Financial Safe and Secure? 🔒

When you’re shopping around for financial services, it’s incredibly important to opt for something that has robust security protections in place. Without these, your identity could be stolen and you could be parted with your money. You could even fall prey to criminals borrowing money under your name.

You have zero liability protection when you use Neo Financial. This means your deposits will always be protected against loss and won’t be held responsible for any unauthorized charges. If it is proven that you didn’t carry out a transaction yourself, you will have the funds returned to you. You can also lock your card if you misplace it or if it’s stolen. You can also use spending limits to stop excessive amounts of cash from leaving your account. You can gain access to all the security features through the app.

Advantages of Neo Financial 👍

  • Integrated features
  • Versatile mobile app
  • Substantial incentives and rewards

Disadvantages of Neo Financial 👎

  • Perks vary from province to province
  • Some of the incentives may not appeal to you personally

Conclusion 💭

As there are so many credit cards on the market, it can be hard to decide which option is right for your needs. Nonetheless, many Canadians have reported experiencing satisfaction with Neo Financial. A big perk is the way that the card incentivizes you for supporting local businesses. The card is linked to a high number of well-known companies, which can cut the cost of online purchases substantially. If you’re not concerned about shipping times or receiving products immediately, this may well be the card for you. The card may also benefit you considerably if you’re looking for a way to boost your credit so you can be accepted by more lenders in future. You may even be accepted if you have no credit history at all.

Even if you live in an area that has no affiliated retailers, you may still be able to benefit from the card. If you’re seeking out a solution that offers widely appealing rewards, helps you support nearby businesses and strengthen your credit report, it’s certainly worth considering Neo Financial.

The savings account may also be of vast appeal to you even if you don’t plan on using your credit card much or at all. The 1.6% interest rate enables you to grow your money faster without facing annual fees or minimum balance requirements. It’s also easy to get in touch with the customer service team whenever you require assistance. If you can’t get the information that you need in the app, you can simply reach out to the team to receive the guidance that you require.

The Savings account is just the same as a conventional checking account. The difference is that you can earn high levels of interest whilst you’re paying bills, making deposits and withdrawing money. With such a wide range of perks on offer, it’s no wonder so many people are choosing Neo Financial over the competition. Nonetheless, we always recommend reading the terms and conditions carefully before you sign up for any financial service.

 

Summary
Review Date
Reviewed Item
Neo Financial
Author Rating
41star1star1star1stargray
Software Name
Neo Financial
Software Name
iOS, Android
Software Category
Financial