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Changes to your APR

  • Updated

The annual percentage rates (APR) for your credit card is the yearly interest rates for borrowing money or taking a cash advance. 

When you apply for a credit card from Neo, we’ll let you know what APRs you’re eligible for. Changes to your APRs aren’t available by request, and Neo may periodically change APRs.

View the APRs for your credit card

The interest rates you’re eligible for will be provided when you apply for a credit card from Neo. You can view your APRs in your card agreement and in your credit account

Neo app

  • Log in to the Neo app
  • In the Accounts tab, select Credit
  • Choose the credit account you want to view the interest rates
  • Tap the three dots and select Account details
  • Your APRs are listed under Interest rates

Web

  • Log in to member.neofinancial.com
  • Click on Credit from the side menu
  • Choose the credit account you want to view the interest rates
  • Click on Details
  • Your APRs are listed under Interest rates

How credit card interest is calculated

Credit cards have 2 interest rates (purchase interest rate and cash advance interest rate). 

 Purchase APR: Yearly interest rate for any balance beyond your minimum payment. You can avoid being charged purchase interest by paying at least the minimum payment by the due date.

 Cash advance APR: Yearly interest rate for cash advances made with your credit card. There is no interest-free period for cash advances. Cash advance interest begins to accrue once your cash withdrawal is posted and until the balance is paid back.

For more details about APRs, see the Neo Disclosure Statement, Rate & Fee Schedule (Quebec) or the Neo Disclosure Statement, Rate & Fee Schedule (Rest of Canada).

Changes to APRs

Currently, changes to your APRs aren’t available by request, but Neo may periodically change ‌interest rates. We’ll let you know if there are any changes to your rates.

Reasons why APRs are changed by Neo

APRs for your credit card may be changed due to adjustments to national interest rates or if you have missed some payments to your credit account.

Align to interest rates across the country: When there are changes to the Bank of Canada interest rate, Neo may adjust APRs. We’ll let you know before your APRs are changed.

You’ve missed some payments: If you’ve missed the minimum payment for two statements in a row, your APRs may be increased to default APR rates until you pay off your outstanding balance. To bring your APRs back to the standard rates, make on-time ‌payments for three statements in a row. The payment amounts must be at least the minimum payment mentioned on your statements.

If lower APRs may help you keep up on your credit card payments, then contact us to explore your options for credit card payment assistance

Credit rate adjustments (for Quebec)

Currently, changes to your credit rates aren’t available by request, but Neo may periodically change rates. We’ll let you know if there are any changes to your rates.

Reasons why credit rates are changed by Neo

Credit rates for your credit card may be changed due to adjustments to national interest rates or if you have missed some payments to your credit account.

Align to interest rates across the country: When there are changes to the Bank of Canada interest rate, Neo may adjust credit rates. We’ll let you know before your rates are changed.

You’ve missed some payments: If you’ve missed the minimum payment for two statements in a row, your credit rates may be increased to default rates until you pay off your outstanding balance. To bring your rates back to the standard rates, make on-time ‌payments for three statements in a row. The payment amounts must be at least the minimum payment mentioned on your statements.

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