At Neo, there are two ways to get a Neo Credit card:
- With standard credit, or
- With secured credit (using the secured credit limit feature that is unlocked by the Build membership).
The secured credit limit feature lets you add security funds to set your credit limit. It’s designed to help you safely build your credit.
Build membership and secured credit
To access the secured credit limit feature, you’ll need the Build membership (which costs $7.99 per month but there are ways to get it for free). This membership replaces the previous $5 monthly fee for secured credit cards and comes with additional features designed to help build credit history:
- Secured credit limit feature
- Credit builder tool, which tracks the top habits that can help build credit history
- Credit score monitoring
You may be able to get the Build membership for free by maintaining a minimum balance in your Neo Everyday or Neo Savings account. You can check your eligibility in the Neo app.
Cards that require the Build membership
You’ll need the Build membership if you’re getting your card with secured credit, including:
- Neo Mastercard with a secured credit limit
- Neo World Mastercard® with a secured credit limit
- Neo World Elite® Mastercard with a secured credit limit (the Build membership is $0 if you have a Neo World Elite® Mastercard)
If you no longer want secured credit
The Build membership is required if you have a card that needs a secured credit limit (so you need security funds to determine the credit limit). If you currently use the secured credit limit feature and don’t want to keep the Build membership, you have two options:
1. Switch to standard credit
You can apply to switch to a standard Neo credit card in the Neo app or at neofinancial.com.
This process requires a credit check and your eligibility will depend on your credit report.
2. Close your credit account
You can also choose to close your secured credit account. Once it’s closed, your security funds will be returned if your balance is paid off. You can still apply for other Neo products or cards in the future.