Considering Closing My Neo World Elite Mastercard – Seeking Feedback on Replacement Options

Community Lounge
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Hey everyone,

Based on the recent update from Neo, I’m leaning towards closing my Neo World Elite Mastercard. My card is set to renew this December, so I’m trying to decide quickly before the renewal fee kicks in.

My Current Setup

I currently have the Neo World Elite Mastercard with Premium Perks, for an overall annual fee of $245. Here’s how the cashback structure is changing:

Category Current Cashback New Cashback
Groceries 7% 5%
Gas 5% 3%
Recurring payments 4.5% 4%
Everything else 1.5% 1%

I never really took advantage of Chexy because of Neo’s spend limits, and now that they’re planning to remove Premium Perks, I feel it’s time to move on.

Cards I’m Considering

After some research, I’m leaning toward a two-card combo:

  1. Scotiabank Momentum Visa Infinite

  2. Amex SimplyCash® Preferred

Here’s how their cashback rates compare:

Category Scotia Momentum Amex SimplyCash Preferred
Groceries 4% (shared limit $25,000/yr with recurring) 4% (shared limit $30,000/yr with gas)
Gas 2% (limit $25,000/yr) 4% (shared limit $30,000/yr with groceries)
Recurring payments 4% (shared limit $25,000/yr with groceries) N/A
Everything else 1% 2%

My Take

With this setup, the only thing I’d really lose is 1% cashback on groceries, but I’d get 2% on all other purchases — which, for me, is a worthwhile trade-off.

Even after switching, my combined annual fees remain about the same, and I end up earning higher overall cashback.

The only minor drawback (besides the usual Amex network limitations) is that both cards credit cashback annually. But from what I’ve read, November is actually a good time to apply, since it aligns well with their cashback cycles. Plus, both offer welcome bonuses, unlike Neo.

Final Plan

I’ll likely downgrade to the Neo World Mastercard (no fee) to keep the account history alive, but cancel the premium version before renewal.

Would love to hear if anyone has tried this combo or found a better all-around alternative for cashback in Canada (especially for mixed spending in groceries, gas, and online purchases).

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My opinion on the to be discontinued Premium Perk
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Couple other things to factor in:

  • Without Premium, the annual cost drops to $125 for the Neo World Elite.
  • Scotia Momentum has a $120 annual fee, Amex SimplyCash has a $120 annual fee, so the fee comparison becomes $125 vs $240.
  • The Neo partner network can be amazing, depending on where you shop. I get 10% at my local cafe and 15% on oil changes, for example.
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How impactful are the caps for you? That might be one of the most important questions.

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@GrantLahring_Neo You’re right — the annual fee difference is fair, but I can still get almost the same cashback just using Amex. The main reason I’m exploring a two-card combo is to take advantage of Chexy, since I’ll be losing rent cashback. Neo’s spend limits weren’t too restrictive overall, except for recurring payments, which ruled out Chexy earlier. The partner perks sound great in theory, but they’re pretty limited in practice — and the progressive reward structure makes it even more complicated, since each partner has its own rules or timelines (like needing multiple visits or spending $150 to unlock an extra discount). Some users might adjust their habits to maximize that, but in my case, it wasn’t worth the effort — especially after a not-so-great experience I shared in my post Worsening customer experience with Neo. Thankfully, @Sana_Neo was able to help resolve it back then.

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I feel you on the Chexy thing. So weird they don’t support Mastercard. I’m sure they’re working on it, as that’s probably about 50% of the total card volume in Canada.

The partner network don’t deliver consistent value, totally. It’s big for some people, some months, small at other times.

Other piece I noticed in your post is that you’re not boosting the account with Everyday balance? There’s lots of reasons for making that decision, but you are aware the boost is possible?

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Yes I realize that I’m losing out by not boosting the account with Everyday balance. But I don’t usually have that kind of cash floating. I prefer investing in other places.

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You don’t keep an emergency fund?

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The Rule of Thumb I’ve seen for Emergency Funds is three months expenses. If you’re spending $3,333 per month, you’re at $10k.