The monthly fee for secured credit cards only applies to the Secured Neo Credit card and the Secured Hudson's Bay Mastercard.
Secured Neo Credit cards have a monthly fee of $5. Starting on November 1, 2024, Secured Hudson's Bay Mastercards will also have a $5 monthly fee. The secured card fee will be automatically applied to your credit account on every statement date.
This fee supports the continuation of market-leading rewards, 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 Secured Neo World Elite® Mastercard.
Options to avoid the monthly fee
If you have a Secured Neo Credit card or a Secured Hudson's Bay Mastercard, 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.
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 to avoid the monthly fee. After your secured credit account is closed, you can still get other Neo products or credit cards.