I noticed that it is almost only Scotiabank certain cards have this. On the other hand, US cards with annual fees are likely to have this as a benefit.
As a international traveller, who at least spend one month outside Canada every year, thinking one card that has no foreign transaction fees would be a big takeaway and will increase the likelihood to use the card and at some times, paying the annual fees.
Currently I am using my Scotiabank Passport VI CC, with 150 annual fees. Personally I don’t think Scene points are very appealing. If Neo have some new products in mind, please consider this.
Thanks.
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This would be a great addition to the travel “perk”
Currently it’s $7.99 a month so $95.88 a year but you can turn it on and off month to month as you travel. It gives you 2% extra cash back on all foreign purchases so if you had the WE card that’s 3.5% cash back when traveling assuming you kept $1,000 in your money account (you could get more if you boosted it with more money)
Which depending on the transaction fee could mean you are net positive depending on the MC fee you are paying and how much you spend abroad.
Scene used to be good now it’s 1% back and can only be used at certain vendors so I moved my Scotia card to a no fee value visa as I didn’t want to cancel it and I just use it as a backup or for my reoccurring payments that are important.
I’d do your own math but might be worth it to ditch the passport card.
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Good point. I completely forgot the “travel perk” thing haha
Thanks for the info.
Just did the math… Still thinking Neo is not in a good position.
NeoWE will have 149 annual fee, and plus 8 per month to get 3.5% cash back (I’m not sure where did you get the base 1.5% cash back, seems like it’s only 1% for everything else). 149 annual fee plus travel perk does not provide free lounge access either.
Rogersbank WE with no annual fee also provides 3% cash back, which puts Neo in a no-win situation.
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The 1.5% base is just with 1k in the money account as you spend. To even out your purchases cause you would want the cash back boost to make this make sense.
You would have to boost it to be competitive also you would have to turn off the travel perk when not traveling to make it make sense.
It may very well not make sense for you but one thing of note is if you are using the card as an everyday card vs just a travel card it changes a lot of things.
My average cash back with Neo is currently 3.5% and it’s not glued to travel points or something I may never use. The main benefit of Neo is 1. It’s cash, 2. It’s flexible in that you can add and remove perks or increase and reduce cash back as you go. They sent out a free premium trial to a bunch of us as well for contributing on here which I believe also boosts cash back.
I see Roger’s new card which is super enticing at 3% cashback and no annual fee but that is only on “eligible USD purchases”
Otherwise it’s “2%”
And the major red flag I would look into is the “3% cashback “VALUE” when you redeem with Roger’s plus insurance benefits” makes me think it’s not giving you pure spending cash that you get at Neo and no where else. And there lounge access is only Dragon pass and costs more than Neo where Neo has Priority Pass aswell.
Not Trying to rain on your parade but as someone that sold credit products back in the day I can say the fine print is where all the important info is and always take your time and do your own research
Roger’s may very well be a better product for some people.
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