Now here’s something I’ve realized, most and if not all new credit card holder (in QC at least) go for the BMO student CC which in no means is a bad card but I feel like that market is something Neo could very well take over if done well, currently yes Neo does have a card for youth but the cashback rates offered on the base Neo CC are not anywhere close to being competitive to the BMO student CC. Now yes to Neo credit they have 3 tiers while BMO only has 2 when it comes to Mastercard, but at the end of the day the card they start off with will always be BMO, even if they dot eventually switch to Neo and get a WE or even the World CC, they will always have that BMO CC because of credit history, but what if Neo could improve that card to make it close or even match the BMO student CC if possible. BMO cashback rates for that card are as followed:
3% for groceries
1% for recurring
0.5% for everything else
Now Neo could either copy paste that model but I feel like that would also require a change on the World credit card or to make things simpler go with a different approach offering 1.5% for gas and groceries, 1% for recurring and 0.5% for everything else, keeping the world CC different and better from the base CC. Really the main things that matter for student cashback wise is recurring and everything else % (take streaming services and Cegep snack machine as examples, even tho these % aren’t high, thy still incite them to use that card more than any BMO card would ever incite them and not only that but with how easy it is to see cash flow, they’re be able to spend it in a better way, personally if that was my first card, I would’ve been able to save way more money in the long run) groceries and gas are a good bonus for the young adults who are starting to get a job, pay their own gas for the car and all that.