Secured Neo Mastercard
The rewards outlier of the secured segment: real cash back and a $50 entry point, gated by a monthly membership fee that decides whether the math works. Free-fee qualifiers get the segment's best card; everyone else should price it honestly.
- Annual fee
- None (The card is free, but Neo's Build membership is $7.99/month — Neo advertises ways to get it free (e.g. qualifying balances); confirm before applying)
- Welcome bonus value
- ≈ $0 None — secured cards compete on approval odds and reporting, not bonuses
- First-year net value
- ≈ $0
Direct issuer link — details verified 2026-07-12
Standard Score breakdown
PassSix weighted components, each rated 0–10. “Contributes” is the rating × weight — add all six and you get the 4.20/10 Standard Score above.
See how the Standard Score works or re-weight it to your priorities.
Earn rates
| Gas, EV charging, and groceries | 1% |
| Neo partner merchants (10,000+) | Varies — advertised averages up to 5% |
Included insurance
Why it earns its score
- The only major secured card in Canada that earns cash back
- Deposit from $50 sets your limit (up to $10,000) — the lowest entry point of the segment
- No hard credit check outside Quebec, and reporting to both Equifax and TransUnion
Where it loses points
- The $7.99/month Build membership can quietly cost more per year than most rebuilders earn back — the fee-waiver conditions decide the math
- Partner cash-back rates vary and cluster around specific merchants
- Neo's product structure changes frequently — re-verify terms at application time
Who it’s for
Rebuilders with small deposits who want some reward while they build — and who qualify to get the membership fee waived.
Who should skip it
You'd pay the monthly membership in full — $95.88/year erases the cash back at typical rebuilder spend.
The bottom line
Standard Score 4.2/10 — Pass. We estimate ≈ $0 in first-year net value after the $0 fee.
Direct issuer link — no commission shapes this review
Source: issuer card page · Last reviewed 2026-07-12. Details change often — confirm current terms with the issuer before applying.
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