Secured Credit Card Security Funds

Community Support
1

Good day Neo Team,

I am pre-approved for a Neo secured credit card and the message in my application says “We’ll let you know when you’re eligible for a higher credit limit without more security funds.” Does this mean Neo financial can decide to increase my credit limit but still the card stays a secured card…, or it would graduate to unsecured and the initial deposit refunded into my Everyday Spending?

I am asking because I used to have a Neo secured credit card (Fee: $5/month) that I used for 10 months and closed it before this new Neo Build ($7.99) feature was introduced.

Thanks

2

Hi @Travolta, thanks for reaching out, and welcome to the community!

Great questions. Looks like this is referring to the Flexible credit on secured cards. Neo’s new Flexible Credit model is designed to bridge the gap between a secured card and a traditional unsecured card by giving you more room to grow your limit over time.

Here’s how it works in your situation:

Does your card stay secured, or does it become unsecured?

With Flexible Credit, you still start with a security fund but unlike a traditional secured card, your credit limit isn’t capped at the amount you deposit. For example, you might deposit $100 but be approved for a $500 limit.

Neo can increase your credit limit without requiring additional security funds, and these increase offers can happen in as little as three months based on your profile and repayment history.

At this time, the card remains secured even when the limit increases. The limit can grow beyond your deposit.

Will it eventually graduate and return your deposit?

Currently, Flexible Credit does not automatically graduate to an unsecured card where the deposit is refunded.

Does that make more sense?

1 Like
3

Thank you very much Sana for the clarification!

My other question.., I am pre-approved for the standard secured Neo Mastercard (1%) for now. Is it possible to get the secured Neo World Mastercard (2%) after a certain time using the entry level card? A product upgrade?

Thanks

1 Like
4

Hey @Travolta, at this time there wouldn’t be a way to upgrade secured credit accounts. This is something that our team is working on though so keep an eye out. After 6 months with the card, you should be able to reapply though, so this would be for a brand new credit account.

2 Likes
5

Thanks Chris for the reply!

Is there a way I can cancel the pre-approved standard Neo Mastercard (1%), so that I can apply for a different product in the system? Like the World or World Elite?

Thanks

1 Like
6

No worries! You should be all good to go in and start an application for another product now! If you’re not able to, please go ahead and send me a DM with the email on your account and I can take it away from there to fix it.

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7

Hello Chris M.G,

Can my online application for a World MasterCard be removed from my account so that I can start over to apply for a Secured Neo World Elite MasterCard.
I started an application in my mobile app but I want a different product.

Thanks,

1 Like
9

Hey Travolta, you can only have one active credit application at a time. If you want to switch products, you’ll need to withdraw or let your current aplication expire before starting a new one. You can definitely reach out to support to have your application cancelled.