What I like about Neo Mastercard, after one month of using it | Neo Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
What I like about Neo Mastercard, after one month of using it
May 5, 2021
5:15 pm
Alexandre
Member
Members
Forum Posts: 1011
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

After using Neo Mastercard for a month, this is what I like most about it. You may say, after reading, that your favorite credit card also has some or even all these things I like - so my reply would be, if I had applied for same credit card as you, I would have liked it, too.

Here is the list of my likes.

3% cashback on Amazon (online), BestBuy (online and in store), L.C.B.O. and Canadian Tire (both in store). List is not complete, but these are my favorites.

Cashback redemption at any time, no minimum amount requirements.

When credit card balance paid from Neo Savings, payment is instantly reflected in credit card.

Every charge placed on my credit card generates email and SMS notifications. I am instantly aware of all transactions.

Signature is not required on the back of credit card. Finally. Never liked signing back of the credit card, and with Chip-and-PIN don't really see the point.

I can turn off some of credit card settings, thus tuning it for only what I use it. Much better than full credit card freezing - but I can also freeze it if I need to. See screenshot below.

Neo-Card-Settings.jpg

May 6, 2021
4:51 am
Nehpets
Ontario
Member
Members
Forum Posts: 970
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline

Alexandre said
......3% cashback on Amazon (online), BestBuy (online and in store), L.C.B.O. and Canadian Tire (both in store). List is not complete, but these are my favorites....... 

Would you point to or show the complete list, Alexandre?
Thanks,

Stephen

May 6, 2021
5:44 am
Alexandre
Member
Members
Forum Posts: 1011
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

Nehpets said

Alexandre said
......3% cashback on Amazon (online), BestBuy (online and in store), L.C.B.O. and Canadian Tire (both in store). List is not complete, but these are my favorites....... 

Would you point to or show the complete list, Alexandre?
Thanks,

Stephen  

I wish I had access to complete list from Neo, but I don't. I used Neo app to search for relevant to me merchants and cashback associated with them. You can use that part of app even if you only have Savings account with Neo. This is how I have found 3% cashback for Amazon and promptly applied for Neo Mastercard.

May 6, 2021
6:19 am
savemoresaveoften
Member
Members
Forum Posts: 2646
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

Its great there is no fee. However I dont like the fact its not straight forward how much rebate one earns. Seems like its designed to be flexible (for them) and one can not even get a sneak peak without applying ? Prefer transparency...

May 6, 2021
1:32 pm
Alexandre
Member
Members
Forum Posts: 1011
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

Agreed, this is not very convenient. I almost missed 3% cashback for Amazon, found it by pure chance.

Neo app will show area on Google Map around your location, and all merchants with cashback. As for online only merchants, this is where it gets tricky. There is search function, by name, but it is hit and miss, at least for me.

Still, a little legwork (or what should we call it in online era) and it becomes a good credit card with nice cashback benefits, if your favorite merchants are in.

With addition of Neo Mastercard to my TD Visa Infinite, I now have 3% cashback for groceries, recurring bills, gasoline, Amazon, LCBO, BestBuy, Canadian Tire, Dollarama, Chapters, Home Hardware.
What not to like?

July 24, 2021
8:02 am
Peter
Admin
Forum Posts: 1390
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline

Looks like the Neo Mastercard now has a base of 1% cash back on all purchases -- previously it was 0% and you only got cash back rewards at their partners.

If I didn't already have the Brim Financial Mastercard (because it doesn't change forex fees), the Neo Mastercard would be tempting.

July 24, 2021
12:26 pm
Alexandre
Member
Members
Forum Posts: 1011
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

Neo Mastercard reduced cashback from 3% to 2% for purchases made from Amazon, BestBuy, Canadian Tire, LCBO.

July 26, 2021
6:58 am
gicjunkie
Ontario
Member
Members
Forum Posts: 650
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline

Maybe someone can help me with this. I am always looking at credit card options and the Neo Mastercard seems interesting from all the conversations here about it. Problem is that when I go on their web site to find out details of which vendors participate in their programmes, or how I can earn extra cash back, the info available seems very vague and general in nature. They do indicate who a few of the participating vendors are, but not many. Is there a web page that clearly explains how to achieve the "promised" cash back and which vendors offer higher bonuses? Or, is this a case of "sign up and then we'll tell you the details"? Thanks.

July 26, 2021
7:19 am
Kidd
Member
Banned
Forum Posts: 840
Member Since:
February 27, 2018
sp_UserOfflineSmall Offline

I am very simple minded... is the word "NEO" politically correct in canada?

Is this something, i as a tax payer am going to have to pay for, when the liberal government apologizes?

July 26, 2021
8:20 am
Alexandre
Member
Members
Forum Posts: 1011
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

is this a case of "sign up and then we'll tell you the details"? Thanks.

It is the case of sign up, install app on smartphone and search in the app.

It is the same app for their Savings and credit card, if you like their 1.3% interest on Savings you can open savings account with them and from there figure if signing for credit card makes sense.

July 26, 2021
8:53 am
gicjunkie
Ontario
Member
Members
Forum Posts: 650
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline

Alexandre said

is this a case of "sign up and then we'll tell you the details"? Thanks.

It is the case of sign up, install app on smartphone and search in the app.

It is the same app for their Savings and credit card, if you like their 1.3% interest on Savings you can open savings account with them and from there figure if signing for credit card makes sense.  

What an annoying way to do business. I, like many others, like to know if signing up is worth it before I sign up, thus saving everyone time and energy. Is this an unusual concept? I think not, but everyone has an opinion.

Thanks for your reply, Alexandre.

July 26, 2021
2:28 pm
savemoresaveoften
Member
Members
Forum Posts: 2646
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

Whats the rebate for purchases from Costco and Walmart ?

July 27, 2021
4:36 am
Alexandre
Member
Members
Forum Posts: 1011
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

savemoresaveoften said
Whats the rebate for purchases from Costco and Walmart ?  

1%

August 18, 2021
4:53 pm
Peter
Admin
Forum Posts: 1390
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline

Peter said
Looks like the Neo Mastercard now has a base of 1% cash back on all purchases -- previously it was 0% and you only got cash back rewards at their partners.

If I didn't already have the Brim Financial Mastercard (because it doesn't change forex fees), the Neo Mastercard would be tempting.  

I reached out to Neo Financial to clarify this 1% base cash back. It is not what I originally thought.

They have confirmed that: If, in a month, you spent $1000 at a 2% partner and $1000 at a non-partner, you would get a total of $20 cash back. You would not get $30 cash back. In total, you had earned 1% on the entire monthly spend, so you would get 0% back on that $1000 non-partner purchase.

If, in a month, you spent $1000 at a 2% partner and $3000 at a non-partner, then you would get a total of $40 cash back. This is because you earned $20 from the 2% partner purchase, but you'd get an extra $20 top-up to ensure that you earned a minimum of 1% over the sum of all purchases that month.

August 18, 2021
5:22 pm
smayer97
Member
Members
Forum Posts: 696
Member Since:
September 29, 2017
sp_UserOfflineSmall Offline

So there is NO incentive to use the card with non-partners as this erodes your earnings from partners.

To me, rules like this are to much like gaming.... that's why I avoid points based cards unless the value is clear cut and predictable.... not with all kinds of conditions, exclusions, special scenarios, etc. and in NEO's case, even changing rewards.

This card can still be of value for partner purchases though IF they stop changing the rewards.

August 19, 2021
6:03 am
savemoresaveoften
Member
Members
Forum Posts: 2646
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

So many things to remember to try to optimize and based on what Peter reports back, its not worth the hassle at all.

August 19, 2021
7:08 am
Peter
Admin
Forum Posts: 1390
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline

To be fair, this "1% minimum average cash back" is still unequivocally better than the previous "0% on non-partner purchases". Your spending at non-partners does not erode your cash back at partners. I believe the following statements are true:

* You will earn the stated cash back for partner purchases.
* You will always earn a minimum of 1% cash back across the sum of all purchases in a month.
* You might earn more than 0% cash back on the non-partner purchases, depending on the breakdown of your partner and non-partner purchases.

August 19, 2021
9:16 am
smayer97
Member
Members
Forum Posts: 696
Member Since:
September 29, 2017
sp_UserOfflineSmall Offline

Not according to what you confirmed from NEO directly... and the language you quote now supports that as well.

The fact is that based on your description, you will earn a min of 1%. If you earn 2% (or more for other partners) you can earn more than a total of 1% on all purchases BUT if you have enough purchases at non-partners and therefore exceed the 1% reward, no more can be accumulated... in other words you do NOT earn ANYTHING at non-partners if you have already earned enough from partners to have earned over the 1% ... so the more you purchase at non-partners, the more you dilute the 2%+ earned at partners.

As per your math examples, this can be diluted down to 1%, and the math shows that it does not take much to achieve that.

If you think otherwise, please demonstrate how.

August 19, 2021
9:22 am
Peter
Admin
Forum Posts: 1390
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline

You're right, it technically dilutes the earn at partners, although you cannot lose the dollars you earned at partners. Previously, it could dilute close to 0%, and now it can dilute no lower than 1%.

August 19, 2021
10:47 am
smayer97
Member
Members
Forum Posts: 696
Member Since:
September 29, 2017
sp_UserOfflineSmall Offline

Thx for confirming. So this means that to get the most from this card, it seems best to use it primarily with NEO partners.

No permission to create posts

Please write your comments in the forum.