neo Debit Mastercard | Credit card reward programs | Discussion forum

Is it ever a good idea to launch a promotion on April 1? It's unclear to me, after visiting the website, if there is anything new here or if/how it differs from the neo Mastercard I already have but don't use. The Q&A states is "does everything a debit card" would do without calling it a debit card and there is no credit check. At a merchant's terminal does one select credit or debit? - neo doesn't say. Is it really a credit card where the spending limit is whatever the balance is in one's account? The 5% cash-back average, in my opinion, is misleading as it would require a spending pattern that few people would meet. FWIW, the 2.25% interest rate compares unfavourably with EQ Bank's 2.5%.

EQ's card requires users to load/transfer funds from an EQ saving account but pays the same 2.5% on the card balance. It's not much of an inconvenience. I keep a small balance on my card [about what I'm likely to spend in a single day] and can reload anytime through the mobile app or on the web. A lost or stolen/hacked [online shopping] card can't get more than a couple hundred dollars. Even if there are daily spending/withdrawal limits, I'm not sure I'm comfortable with a credit limit matching my savings account balance.

Neo offers free foreign ATM withdrawals but I think charges a foreign exchange fee. EQ does not charge an exchange fee on card spending but offers free ATM withdrawals only in Canada.