Skip to main content

Fees on your credit card

  • Updated

The Neo Credit card and Hudson’s Bay Mastercard have no monthly or annual fees, but they’re subject to a $29 overlimit fee (except cardholders residing in Quebec). The Cathay World Elite® Mastercard has an annual fee and cardholders aren’t subject to overlimit fees.

All credit cards will incur interest fees if the full statement balance isn’t paid by the payment due date.

Interest fees on your credit cards

Your Annual Percentage Rate (APR) is used to determine your interest fees. There are two types of APRs for credit cards:

  1. Purchase APR
  2. Cash advance APR

Go to the account details in your credit account to view the APRs for your credit card.

You’ll incur interest fees if you:

  • Don’t pay the full statement balance by the payment due date
  • Withdraw cash from an ATM using your credit card

For cash advances, interest fees begin accruing from the day you withdraw cash from an ATM using your credit card.

If you don't pay your statement balance in full before the payment due date, you'll be charged an interest fee in the next statement for the entire previous statement balance.

Interest fees for purchases

You must pay the full statement balance to avoid incurring ‌interest fees. However, if the full statement balance isn’t paid before the payment due date, you’ll incur interest fees in the next statement for the entire previous statement balance.

Payment for the full statement balance must show up on your credit account on or before the payment due date to avoid incurring the interest fees.

View the due dates for all ‌credit card payments in your credit account. Find the payment due date on your credit statement under the Payments section. Get a step-by-step guide to view your credit statement.

Plan your payment in advance. Payments made during the weekend or statutory holidays may take longer to show up on your credit account. 

Set up an Auto-Pay to automate payments to your credit account from your Neo Money account. Payments from the Neo Money account to your credit account are instant.

Interest fees for cash advances

You begin to accumulate ‌interest fees from the day you withdraw cash from an ATM using your credit card until the total balance is paid off and the payment shows up on your credit account.

You'll be charged an ATM fee for cash advances.

Learn more about cash advances and ATM fees.

Overlimit fees on your credit card

If you have a Neo Credit card or Hudson’s Bay Mastercard, you may incur a $29 overlimit fee if you spend more than your credit limit. The overlimit fee will be applied after a transaction that caused you to go over your credit limit by $15 or more is posted on your credit account.

Cardholders residing in Quebec and Cathay World Elite® Mastercard cardholders aren’t subject to overlimit fees.

You’ll only be charged an overlimit fee once per billing cycle. If your credit account remains overlimit from the last billing cycle, you’ll be charged an overlimit on the first day of the next statement.

Tips to avoid overlimit fees

To avoid overlimit fees, here are some tips you can follow:

  • Keep your total balance within your credit limit
  • Track your credit usage from the Neo app or website
  • Set up Auto-Pay to never miss a payment to your credit account

You can also personalize the notifications for your credit account to get notified when you’re approaching your credit limit. Get alerts to help stay clear of going over your credit limit.

Was this article helpful?

Have more questions?

1-855-636-2265