Neo Secured Credit cards have a monthly fee of $5. The fee will be automatically applied to your credit account on every statement date.
This fee supports the continuation of market-leading cashback, high-quality customer service, and a seamless in-app experience. Additionally, it allows us to offer new features such as credit reporting to both of Canada’s top bureaus, helping you build your credit history.
There are no monthly fees for the standard Neo Credit card, Secured Cathay World Elite® Mastercard, or the Hudson’s Bay Mastercard with secured credit.
Options to avoid the monthly fee
If you have a Neo Secured Credit card, there are two options to avoid the $5 monthly fee for your secured credit card.
Switch to a standard credit card
To switch to a standard credit card, apply online from the Neo app or website. Your application for a standard credit card will be subject to a credit check. If approved, you can choose to close your secured credit account before September 1 to avoid the $5 monthly fee.
Here's the step-by-step guide to switch your credit card.
Close your secured credit account
You can choose to close your secured credit account before September 1 to avoid the monthly fee. After your secured credit account is closed, you can still get other Neo products or credit cards.
Updates to the cardholder fee schedule
Effective August 1, 2024, new changes will apply to the following documents:
- Neo Financial Mastercard® Disclosure Statement, Rate & Fee Schedule Canada (Except Quebec)
- Neo Financial Mastercard ® Disclosure Statement, Rate & Fee Schedule (Quebec)
Summary of changes
|
Neo Financial Mastercard ®Disclosure Statement, Rate & Fee Schedule (Quebec) |
||
|
Section |
Terms on July 31, 2024 |
Revised Terms (Effective August 1, 2024) |
|
Introduction |
Neo Financial Mastercard ® Disclosure Statement, Rate & Fee Schedule (Quebec) [...] The information set out here and rates are correct as of July 26, 2024 and are subject to change in accordance with the Cardholder Agreement. For complete information about the Card Account, please email support@neofinancial.com. You may also contact Neo in writing at 400 - 200 8 Ave SW, Calgary, AB T2P 1B5. |
Neo Financial Mastercard ® Disclosure Statement, Rate & Fee Schedule (Quebec) [...] The information set out here and rates are correct as of August 1, 2024 and are subject to change in accordance with the Cardholder Agreement. For complete information about the Card Account, please email support@neofinancial.com. You may also contact Neo in writing at 400 - 200 8 Ave SW, Calgary, AB T2P 1B5. |
|
Non-Refundable Annual Fees |
N/A - new section being added |
Neo World Elite Mastercard: $149 annual fee Neo Mastercard: $0 annual fee Neo Secured Mastercard: $60 annual fee, payable $5 monthly Hudson’s Bay Mastercard: $0 annual fee |
| Other Charges |
You will be charged on the day the transaction or event occurs unless otherwise indicated below: Cash Advance in Canada: $2.50 for each physical Cash Withdrawal. Cash Advance outside Canada: $5.00 for each physical Cash Withdrawal. Credit Balance Administration Fee: The lesser of $25.00 or the amount of your credit balance. This fee will apply if there is an inactive credit balance for a period of at least 12 months and will be assessed annually thereafter. Fee is applied on the day after the 12 months of inactivity. Promotional Balance Transfer/Cheque Fee: Up to 2% of the amount of each Balance Transfer made to take advantage of a promotional interest rate offer. The fee will be charged to you at the same time that the Balance Transfer is posted to your Card Account. Supplementary statement: $2.50 per statement mailed, charged within 3 business days from when the statement was requested. Secondary Authorized User: $10.00 for each authorized user added to the Card Account. Rush Replacement Card: $29.00 for any rush replacement card ordered on the Card Account. Annual Fee: There is $0 in annual fees for a Card Account. Foreign Currency Conversion: If you use your Card for a transaction in a currency other than Canadian Dollars, foreign currency will be converted into Canadian Dollars before it is posted on your Card Account. We will convert the amount of your transaction to Canadian Dollars at the conversion rate established by Mastercard International Inc. (“Mastercard”). For purchases, cash advances and credits to the Card Account, the rate is set at the time the transaction or credit is presented for payment to Mastercard. When the transaction is posted to your Card Account, in addition to the conversion rate, you will be charged a foreign currency conversion fee of 3% of the amount of the foreign currency transaction after the foreign currency has been converted to Canadian Dollars. This fee applies to both debits and credits. |
You will be charged on the day the transaction or event occurs unless otherwise indicated below: Cash Advance in Canada: $2.50 for each physical Cash Withdrawal. Cash Advance outside Canada: $5.00 for each physical Cash Withdrawal. Credit Balance Administration Fee: The lesser of $25.00 or the amount of your credit balance. This fee will apply if there is an inactive credit balance for a period of at least 12 months and will be assessed annually thereafter. Fee is applied on the day after the 12 months of inactivity. Promotional Balance Transfer/Cheque Fee: Up to 2% of the amount of each Balance Transfer made to take advantage of a promotional interest rate offer. The fee will be charged to you at the same time that the Balance Transfer is posted to your Card Account. Supplementary statement: $2.50 per statement mailed, charged within 3 business days from when the statement was requested. Secondary Authorized User: $10.00 for each authorized user added to the Card Account. Rush Replacement Card: $29.00 for any rush replacement card ordered on the Card Account. Foreign Currency Conversion: If you use your Card for a transaction in a currency other than Canadian Dollars, foreign currency will be converted into Canadian Dollars before it is posted on your Card Account. We will convert the amount of your transaction to Canadian Dollars at the conversion rate established by Mastercard International Inc. (“Mastercard”). For purchases, cash advances and credits to the Card Account, the rate is set at the time the transaction or credit is presented for payment to Mastercard. When the transaction is posted to your Card Account, in addition to the conversion rate, you will be charged a foreign currency conversion fee of 3% of the amount of the foreign currency transaction after the foreign currency has been converted to Canadian Dollars. This fee applies to both debits and credits. |
| Fees |
The annual fee (if applicable) on your Card, will appear and be due on your second Statement, whether or not you have activated your Card, and thereafter will appear annually on your Statement anniversary date. Other fees are charged on the date that the transaction or event occurs (unless otherwise indicated). See the Rate and Fee Schedule above for the annual rate and all other fees applicable to each type of Card. |
The annual fee (if applicable) on your Card, will appear and be due on your second Statement, whether or not you have activated your Card, and thereafter will appear annually on your Statement anniversary date. Some annual fees may be payable monthly, as stated above, in which case such monthly fee will be charged on each monthly Statement, starting on your first Statement. Other fees are charged on the date that the transaction or event occurs (unless otherwise indicated). See the Rate and Fee Schedule above for the annual rate and all other fees applicable to each type of Card. |