November 8, 2018
This is what I have found for Neo Mastercard cashback redemption.
Cashback amount can only be redeemed as credit card statement credit. This is similar to many other credit cards, but with Tangerine Mastercard for example there is an option to redeem cashback to Savings account.
With Neo, they have Savings account but don't offer such option.
There is no minimum amount of cashback before you can redeem. I redeemed 10 cents as a test, but you could redeem 1 cent if you want to.
You can redeem cashback at any time.
The process of redemption is manual: in Neo smartphone app open Rewards and select "Cash out".
It is not possible to schedule automatic recurring redemption of available cashback balance.
Screenshot of Neo app rewards section.