For the referred Neo program, maybe one idea will be if you have a good credit score and you refers one friend, not only would the 25 CAD be a good deal, but decrease the credit card interest rate, for example, if my credit card interest rate is 25% by year, if I refer one person, I can choose reduce my interest rate to 24%.
This program is because in credit karm with good credit score you can access another card with a lower interest rate.
Hi @Alcantor, thanks for posting and welcome to the community! That’s a pretty cool idea for sure, would you see this being capped anywhere? Like at the bottom of our standard interest range maybe?
Flexibility is always nice! Out of curiosity, are you paying a lot of interest on the card? Even if the rate dropped all the way to 20%, it’s still a pretty substantial cost to be dealing with.
Hi Chris,
Perhaps it would be like an option if one wants the $50 referral bonus or to reduce the interest rate. I have two friends from university who I recommended Neo to when I started (back in 2023), but now they tell me they don’t use it because the interest rate is high and there are cards from other banks with better rates. In other words, it would be about taking advantage of the data you have.
Not everyone thinks about credit card interest rates, so I appreciate you flagging it!