My Honest Neo Financial Review | 5 Pros & Cons

[@MoneyWithMark69]

💰Get $25 FREE when you signup for Neo using my link: www.moneywithmark.ca/go/neo/

[@eml3077]

Thanks! I've never had my own credit card before so I'm excited to get my secured card

[@MoneyWithMark69]

Glad to hear!

[@milutii]

I've watched a few videos of yours today and knew you were Canadian but had no idea you were on the east coast! Looked at your Instagram and discovered you're living in the same place I am. Small world! 🤩 Loving your reviews/comparisons; helpful as my husband and I research our options before overhauling our banking/debt. Kudos! ❤

[@MoneyWithMark69]

Oh amazing! Great to connect with a fellow east coaster 😊

[@lexiriz4294]

Ima just use Neo as a savings account and keep putting $100 in there Bi-weekly

[@mistypegg5278]

Ur better off with TFSA

[@snowwhite-jt9cj]

Yesterday the the Neo guys promoted in our community. Before I get it I like to know the safety first. Agree. I like bold great design maybe a metal feeling. But most importantly offer more options.

[@MoneyWithMark69]

Thanks! Oh I didn't know they had sales reps out on the communities now! Thanks for the comment

[@joeblowjo]

Which ATMs can you use without fees? Also what about interac / Debit transactions? Any hidden fees for anything? If so, what are they?

[@l.m3731]

No fees with interac

[@MoneyWithMark69]

@l.m3731 yes! That's so amazing

[@amelia-rose2992]

Could you do an updated review? they have changed a lot lately. I had to give myself my limit by transferring through my other bank's checking account. I do not have Neo bank account, only the credit card. I have to prefill my amount to use it. So isn't that technically a prepaid card? This was just in December 2023. Also currently my bank's TFSA is down to 2.5% where Neo's high interest savings is a steady 4%

[@MoneyWithMark69]

Yes I can! You should not use your TFSA as a savings account... You should invest it for long term retirement. Use a HISA like Neo (and get 4%) interest on your savings!

[@MarkShaw-g6x]

I’ve notice new company’s always at first provide and holds good services. However as they age so do there services and even name (bought out)

[@MoneyWithMark69]

Agreed. It seems to be the typical birth and death of every business. Just like how apple has stopped innovating. Instead they just remove ports, and add them back in again 🥴

[@arshdeepsinghcheema7162]

Informative video!! Would love to see more like this💯

[@MoneyWithMark69]

Thanks I'll definitely put out more ☺️

[@Me-gf5ym]

I don't like that there is no protection at all against unauthorized use. If someone manages to use your card without your permission or knowledge you are on the hook for the charges. I'm surprised you didn't mention this as a con.

[@MoneyWithMark69]

That's not correct. This is issued by MasterCard and if there is legitimate fraud on your card you can report it, get your card cancelled and replaced and the fraud charges reversed.

[@Me-gf5ym]

I stand corrected. I read on a Forbes Advisor review of this card that there is no protection, but that may be erroneous. The card is not actually issued by MasterCard but by ATB (Alberta Treasury Board) under license from MasterCard. I haven't found the terms of this licence but it's may be reasonable to assume that MasterCard's "zero liability" policy applies.

[@bogdanyelenkov4440]

it is a good idea to open a credit account only with NEO . and close my accounts in TD. ore NEO is still not a full-fledged bank ?????

[@MoneyWithMark69]

The ONLY thing I can see missing (with all Canada fintech companies) is mobile cheque deposit. Or cash deposits. So if you can live without those then I say make the switch!

[@karimeldaly1007]

NEO credit card is a scam. I got their card with the idea of 3-5% cash back but that is not the case. The grocery stores and gas stations I use I only get less than 1% cash back. Walmart for example you have to spend some money first to get a 1% cash back! They are not transparent in their advertising. What made me made the most is that they did hard inquiry on my credit none of the other 3 cards I have did. My score plummeted like 8 points!! I don't use the card. It is useless.

[@MoneyWithMark69]

Yeah the hard credit check without informing us is a real piss off!

[@ProjectPetx]

how do you expect to receive cash back without spending money? are u slow

[@preparingforfuture]

Hi can u make a new video on neo credit card for international students please

[@MoneyWithMark69]

Yes I can! Ps it works great for international students!

[@Michael-uk5kx]

Hi Mark. I'll arrive in Canada in a few days for studying (as an international student), and I'm looking for a debit card (and credit if is possible) with a fintech in Canada. I have no credit score and I'd like to have a card with cashback and other some benefits. Do you recommend me this neo card o for my situation you recommend another fintech?

[@MoneyWithMark69]

KOHO for sure! Checkout my video and info on it here www.moneywithmark.ca/reviews/koho-visa-card-review/

[@demetriusdemarcusbartholom8063]

Thanks!

[@MoneyWithMark69]

Anytime! Let me know how you get on with neo

[@manmohan.Data3]

I just signed up using referral link. But not getting cashback 10 % or 15% cashback. Plz help

[@MoneyWithMark69]

That cash back is only when shopping at certain partners. As you can see in the link that you used I mention that the sign up bonus you get is $25 when opening your account

[@Emm_Ess]

What is premium perks for mobile protection if we subscribe and lost our phone will they give us a new phone 😢

[@MoneyWithMark69]

Yeah I don't think it covers your phone if you lose it.

[@khushveerkaur975]

How to e-trac using credit card of neo !?

[@MoneyWithMark69]

Go to payments > send money

[@lotusmanb3832]

Can't find what the min payment is on the app

[@MoneyWithMark69]

To deposit into your account? Or to pay off your statement?

[@Misha1632]

So when you sign up is for a credit card with a limit and not just a saving account?

[@MoneyWithMark69]

Correct

[@MegaKyjy]

You can do either or both, I have a credit card (MasterCard), a savings account and a high interest savings account. With partners the cash back is very good, with all other purchases it okay to good.

[@nezzydragan]

I am begging you never to use this background music again, the high pitched beeping made it difficult to pay attention 😭

[@MoneyWithMark69]

Got it! Thanks for the feedback 😃

[@lindywoods6256]

Is it like KOHO?

[@MoneyWithMark69]

Similar but only has credit cards and not as great savings features as KOHO

[@oliverfasola19]

This company is what got me from zero credit to 711 in 4 months

[@ProjectPetx]

why are u capping

[@oliverfasola19]

@@ProjectPetx glad you think that’s good enough to be a lie lol

[@TwistyTrav]

There is no such thing as zero credit lol

[@MrZiad04]

Neo card in Lebanon is black and dark green

[@MoneyWithMark69]

Hmmm I think that is a different company

[@vancouverdiaries738]

Make more Financial videos Mark! THanks!

[@MoneyWithMark69]

Sure thing! Thanks for the comment and feedback 😊

[@jobeeaquino9546]

Our mortgage td is at 2.79%

[@SteveSmith-cl2mu]

It says no credit check on their website now

[@MoneyWithMark69]

Oh that's amazing!!

[@amelia-rose2992]

Yes, they have recently updated more perks like that. It also fully discloses what percentage of earnings you get per category. I use it for restaurants only. Other better card for gas and grocery, since gas and grocery is only 1% with Neo. It's pretty good for reocurring subscriptions.

[@jennifer.edward]

Tim Hortons got on the neo bandwagon lol. Did you hear about that?

[@SimonGalarneau]

as of today, 5.59% lock, 6.1% variable.

[@MoneyWithMark69]

🙌

[@Laraibmuhammad]

something is totally wrong with this company, its asking me to make a security deposit, wtf i have 750 plus credit score with no debt. many other high limit credit cards that are paid off every month

[@noahwright2752]

You're signing up for the wrong account type. Neo has an account for people with no/low credit score which auto approves everyone as it requires a security deposit to use (which is your credit limit). There is another account that doesn't require a deposit (just a regular credit) but it requires a hard check. If you have a a good credit score then apply for the other type of account - you should get approved.

[@MoneyWithMark69]

You must have signed up for the Neo secured card. Try going for just their usual credit card

[@MoonJumpMania]

Cons: Basically nothing unless you're nitpicky

[@Mmmtruk]

hey man im so sorry to say but the background music was very irritating to listen to :( the high pitched part was hard to get past

[@MoneyWithMark69]

Ah! Thank you so much for the feedback!!

[@Akadehmix]

Who uses a physical credit card??? Tf

[@MoneyWithMark69]

You know they also have virtual cards plus you can add it to your apple or Google wallet 🤪

[@Akadehmix]

I know, I'm just saying you stated a con as some crap physical card. I haven't looked at a physical card in like half a decade :P@@MoneyWithMark69

[@nate8932]

Oof sexy stache, tryin to grow mine out too. Credit card tho, they promise average 5% cash-back but i barely get anything lol. The perks dont seem that great tbh and ill probably try and switch to another brand when it expires. Cards also super flimsy. They promise so much but it just feels super underwhelming Also, u should disclose if there was some sort of payed partnership or they were sponsoring the video cause it sounds like they were

[@Svartr.HrafnSvartr]

I don't have a driver's licence and signing up for just the high interest savings account is proving to be difficult. I can't seem to get their Customer Service to respond back to me, either via the online chat or via email. Kinda not impressed so far, even though I like their clean style.

[@RealMuslimPal]

How is it now, I’m thinking of getting it but I’m sceptical could you update me on your situation

[@joeblowjo]

Get a regular ID then!

[@MrMano54]

your cons make no sense just sayin

[@MoneyWithMark69]

Ok thanks for the feedback! What am I missing?

[@xlite4999]

What I hate about Neo. They pull your credit if you sign up normally. (They don’t if you do the credit builder option) A year later. It doesn’t seem like they are reporting to TransUnion because it is not showing up on my file. The plastic are is super flimsy. Mine has started delaminating. I don’t care if it’s metal and blingy. I just want it to hold up like my RBC Avion card.

[@MoneyWithMark69]

I completely agree with all of these. Especially the credit check on signup. I know they have a secured (aka pre paid) credit card option. But it was not clear to me on signup.

[@SFXENT]

So they dont report? Thats the whole point i would have signed up for i was a reckless dummy in my 20s and ruined my credit need to rebuild and i guess capital 1 it is

[@xlite4999]

@@SFXENT don’t go capital one. It has a annual fee with no perks. Go for the Home Trust Secured Card. $0 annual fee. They always seem to report for me.

[@SFXENT]

@@xlite4999 sweet whats the security deposit?

[@xlite4999]

@@SFXENT $500 minimum