secured3.9 / 5

Neo Secured Mastercard

Neo Financial

Best for

Newcomers and credit rebuilders who want to earn cashback while establishing credit history.

Apply on Neo Financial

Annual fee

None

FX fee

2.5%

Purchase APR

19.99%

Income req.

—

Recommended credit score

300+

Approval difficulty

Easy approval

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

Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Information may be simplified, incomplete, or out of date. Consult a licensed professional before making financial decisions. VaultNerd may receive compensation from partners featured on this site — this does not influence our editorial content.

Written by

The VaultNerd Team

Researching and writing about Canadian credit cards and rewards since 2026.

Cite this page

“Neo Secured Mastercard Review — VaultNerd” — VaultNerd, https://www.vaultnerd.com/credit-cards/neo-secured-card, updated June 2026.

Sources

Neo Financial cardholder agreement and rates & fees disclosure
VaultNerd cards database