You can increase the credit limit of your Neo Secured Credit card by adding more funds to the security fund. Transfer funds from your Neo Everyday account or an external financial institution to increase the limit.
How to manage your security fund
Neo app
- Log in to the Neo app
- In the Accounts tabs, select Credit and select your account
- Select Manage security funds
- Tap +Fund
- Follow the on-screen instructions
Web
- Log in to member.neofinancial.com
- Click on Credit and select your account
- Select the Details tab and click on Manage security fund
- Click on +Fund
- Follow the on-screen instructions
FAQs
How much money can I transfer at once, and what are the minimum and maximum security fund limits?
You can transfer money into your security fund in increments of $50. The security fund has a minimum of $50 and a maximum of $10,000.
How can I cancel a transfer of security funds from an external bank?
You can’t cancel a security funds transfer once it has started from an external bank. Contact your bank to stop the transfer. If the security funds are deposited into your secured credit account, you can’t withdraw the security funds unless you close the account.
How often can I transfer funds to my security fund account?
You can make a transfer to your security fund once every 6 days.
What is the transfer processing time, and when can I withdraw from the security fund account?
Once your transfer is initiated, it can take 3 to 5 business days to be processed. You can’t withdraw from your security fund unless you are closing your account and your balance is paid off.
Does a transfer to my security fund account post instantly to raise my credit account?
Transfers to Neo Money accounts (including the Neo Everyday and the Neo High-Interest Savings account) post instantly, while transfers to linked account transfers take 3 to 5 business days.