Interested in signing up for my first Neo card. Help?

Community Support
1

Hey guys, I’m totally new to Neo and I’m hoping to get some clarifications on some things before I apply for a card.

It seems like there’s a once-per-lifetime sign-up bonus. I signed up for the Neo United card bonus points and I’m leaning on applying for this card first before I also get the Cathay card.If I get the United bonus, will this preclude me from the Cathay bonus?

Can I just opt for the secured card or I’ll have to agree to a credit check to see whether it’s secured or unsecured?

For the secured card, it seems like there’s an extra monthly fee in addition to an annual fee. Can someone confirm this? If I want to get it waived, what’s the cheapest way to do this without affecting my ability to get further sign-up bonuses, given what I’m reading about how restrictive Neo is about this?

As I said, I’m mainly interested in getting a secured card. How is the credit limit determined? I’m reading that it’s a minimum of $50. How will I deposit the funds at the time of sign-up? What if I want the credit limit to be $1000, but later change my mind and set it to $500? Will the extra funds be refunded back to me?

Am I guaranteed approval for a secured credit card if I’m declined for an unsecured credit line?

Have the tap issues with the Neo United been resolved yet?

Do all Neo secured/unsecured MasterCards support 3DS for online orders?

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I think I saw your Reddit post on this as well. I’ll do my best to asnwer, but hopefully some other folks can add some colour.

Sign up bonus — currently the Cathay welcome bonus is only available to first time Neo users (we are hoping to change this and make it accessible for first time Cathay cardholders instead) and the United bonus is available to anyone trying the United card for the first time

Secured — You can check what you qualify for with risking anything. You may get secured, unsecured, or a mix.

Secured limits — The minimum deposit/limit for a Neo Mastercard or Neo World Mastercard is $50 and the minimum for any of the World Elites is $200. Depositing the funds is super easy, I would recommend using an e-transfer since an EFT can take 3-5 days.

Fees — Secured cards require an active Build membership, which is $7.99 / month. If you get a World Elite, the Build membership is free, but you would still have to pay the annual fee ($89 - $180 depending on the card). You can also get a free Build membership by depositing $5,000 or more or a free Grow membership (which includes Build) if you deposit $20,000.

Decreasing a secured limit — Currently, this is impossible. You would have to close the card and reopen a new one with the small deposit. I apologize for the lack of flexibility here, I know that’s not the smoothest UX.

Approval — You are guaranteed approval of a secured card.

Tap issues — Some physical cards ARE still experiencing tap issues. We are hoping to have this fixed soon as it’s a top priority, but don’t have a definite timeline. Most people just use the digital wallet and if you have to, you can insert the card.

3DS — Yes, all our cards support 3DS. AFAIK it’s up to the merchant to trigger 3DS, so it doesn’t happen for every single inline purchase.

Great questions, my friend. Are those answers acceptable?

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Hi,

Neo Secured Card holder here.

There is no yearly fee on top of the monthly fee for the Secured Card. It will be $7.99 per month for the build membership or $5.00 per month for the card itself on a essentials plan, which is the “free” tier option.

Secured will also do a credit check, but will most likely pass you compared to the unsecured options. Which you can build up towards.

The inital deposit amount will be asked for once your account is activated. You can either pay via Interac e-Transfer directly into your Neo Money Card or Neo Checking Account. (Which I highly recomend opening to make adding funds and making payments easier. It is free.) or direct bank deposit. Which will be accessible from the app.

If anything changed since I created my account, I’m sure a team member can correct me.

Best of luck, and welcome to Neo if you make the jump! :grinning_cat_with_smiling_eyes:

Regards,

Neo Insider & Community Member

- Dreamily.

4

I would also like to add that, $50.00 is the minimum you can put towards the Secured Mastercard.

Regards,

Neo Insider & Community Member

- Dreamily.