Is it possible to upgrade from a secured neo mastercard to a regular one? If so, how does one qualify for this upgrade?
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Hi @jxjan, great question here! Although we don’t currently offer an automatic upgrade program, secured account holders can apply for an unsecured credit account three months after opening their current account. We offer three unsecured options, and below you can find the necessary requirements as well as benefits for each:
| Requirements | Neo Mastercard | Neo World Mastercard | Neo World Elite Mastercard |
|---|---|---|---|
| Individual and household income | None | $50,000 individual $80,000 household | $80,000 individual $150,000 household |
| Base cashback | 1% groceries 1% gas 0% everything else | 2% groceries 2% gas 2% recurring payments 0.5% everything else | 5% groceries 3% gas 4% recurring payments 1% everything else |
| Annual Fee | $0 | $0 | $125 |
Other factors, such as your credit score, past delinquencies, and more, may also be considered. Let me reach out to you directly and I’d be happy to look into your case further!
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Hi @Sana-Neo Thank you for getting back to me. Thank you for the clarification, I will wait a little more and then try to apply for the regular card.
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That’s great to know. Long time ago, my friend applied Neo after my referral, but he only got the secured version. He didn’t like it and had no chance to apply another one. Now I can tell him this is possible!
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Their secured and unsecured cards are virtually the same.
If you already have a secured card , you already deposited funds. The secured card is reported to the credit bureaus the same as the unsecured card.
Really there’s no reason to make the switch. You’ll close the older secured card to open a new unsecured one. That would impact your credit score too.