Neo Secured Mastercard
Newcomers and credit rebuilders who want to earn cashback while establishing credit history.
VaultNerd estimate based on the card's tier and income requirements, not an official issuer cutoff. Approval also depends on income, debt, and credit history.
Our verdict
The strongest secured card in Canada thanks to cashback earning, guaranteed approval, and dual-bureau reporting. Just watch the monthly Build membership fee.
Reward rates
Groceries | 1% |
Gas | 1% |
Everything else No base cashback outside gas and groceries; earn up to 15% cashback at 10,000+ Neo partners | 0% |
Pros
- One of the only secured cards in Canada that earns rewards
- Accessible to those with no or damaged credit
- Dual-bureau credit reporting
Cons
- Build membership fee of $7.99/month unless waived
- Risk-based interest rates can reach 29.99%
Perks
- Guaranteed approval with no credit history required
- Low refundable security deposit sets your credit limit
- Reports to both Equifax and TransUnion to build credit faster
- 1% cashback on gas and groceries, rare for a secured card
- Up to 15% cashback at 10,000+ Neo partner merchants
- Instant virtual card and app-based card controls
Insurance
- Mastercard Zero Liability
Frequently asked questions
Is the Neo Secured Mastercard worth it?
It has no annual fee, and we rate it 3.9 out of 5. It's best suited to newcomers and credit rebuilders who want to earn cashback while establishing credit history. Whether it's worth it for you depends on your spending. Run your own numbers through our credit card finder to see the net rewards after the fee.
What does the Neo Secured Mastercard earn?
It earns 1% on groceries, 1% on gas and 0% on everything else.
What credit score do you need for the Neo Secured Mastercard?
We'd suggest a score of around 300 or higher, which puts approval in our "easy" band. This is a VaultNerd estimate based on the card's tier and stated requirements. Approval also depends on your income, existing debt and credit history.
Researching and writing about Canadian personal finance since 2026.
Last reviewed June 2026 · How we research
“Neo Secured Mastercard Review.” VaultNerd, https://www.vaultnerd.com/ca/credit-cards/neo-secured-card, updated June 2026.
- Neo Financial cardholder agreement and rates & fees disclosure
- VaultNerd cards database