Hey everyone — just wanted to give a quick heads up about a change coming to our rewards system.
Over the next couple of months, we’ll be retiring the Neo Premium subscription. This is part of an effort to simplify how cashback works across Neo and make room for some new product launches we’re excited about.
If you’re a Premium subscriber, you’ll get an official email in the next few days with all the details. Our intent is to make the transition as smooth as possible for everyone.
Once you get the email, I’d love to hear your thoughts or any questions you might have. Always appreciate the feedback, especially from our long-time users who’ve helped shape what Neo is today.
I never had the chance to use the boosted cashback rates, as I’m still new and in my own testing phase. I guess that’s a deal breaker for me, I wanted to see more than 5% cashback, but if it’s not happening, I’ll leave… Glad that I haven’t put $10k into my everday account yet.
This is awful. I liked NEO because it was simple and straightforward. Now they’ve made things unnecessarily complicated. On top of that they haven’t explained it well.
I wouldn’t say it’s a deal breaker in itself but definitely something that got me rethinking my investment with fully moving to Neo. As a lot of ppl have mentioned it, this was making Neo the acc best cash back credit card and now that it’s going away… it’s harder to recommend to new comers. I wish Neo revisits this decision until then but nonetheless it was VERY hood while it lasted and I hope it comes back in a one way or another that wouldn’t require actually pouring money directly to my Neo money account and keep it there (Lots of reason why I wouldn’t do it and I’m sure ppl have have the same or more)
Hi Ezhik, I think we messed up the communication, because your cashback is definitely not being cut in half. The rates in the selection sheet are the base card rates, before account boosts and Premium.
Looking at what you’ve shared, you’re like me: you’ve got $10k in your Everyday, Premium, and you’re using the Neo World Elite. Assuming you don’t change your rewards scheme or cancel Premium early, nothing will change for the next two months. January 1, Premium will drop away, you will lose 2% from gas and 2% from grocery.
I know that’s not a perfect outcome, but does it at least make sense?
I’ll be the first guy to put my hand up and say “we’ve made it complicated and haven’t explained it well”.
Optimistically, this is part of a broader program to launch make things simpler. The general idea is that cashback and benefits like that will be driven by the cards and Memberships will drive account features. So you don’t get benefits criss-crossing to the point where people need an excel sheet to understand their cashback.
You and I have chatted a bit about this, but yeah, I get it. Stability and good cashback are essential to being competitive in the market. Neo is a challenger, still building lots of features, it’s important that we’re providing a great offer.
Yes, this makes sense. I was a big fan of premium, it was customer focused on rewards. But even with out you are still competitive. Biggest competitor in town for you is Scotia Momentum Visa Infinite.
No, I just started with Neo a month ago. I wanted to wait for my World Elite card and then boost with premium and $10k in my everday account. So I was looking forward to 9% on groceries. What would be the max now? 4%? 5%? And you don’t think that’s a huge cut?
Also, now I’m even more reluctant to put $10k in an account, seems like to change things quite a lot… I don’t know
Fair shout on the changes! I have never in my life been part of a team that ships so many features… and that means a lot of changes. I do apologize for the confusion that can create.
The max in that scenario for groceries is 7%, which I’m pretty sure is still the category winner in Canada. The other card I saw floated in this thread as alternative is 4% and has the same fee. If you can find a better grocery cashback, definitely drop it here.
Also, just thought of this, the $10k in the account is a lot, you’ve got to compare it with what that cash could be making in a HISA or GIC. On the upside, it counts toward the total that boosts your HISA rate, which gets you closer to the 2.9% that is our current max.
