Neo Money Card review: fees, limits and how it works
Everyday spending with cash back in Canada
Quick answer: The Neo Money Card is a Canadian prepaid Mastercard linked to a Neo account with no monthly account fee, so everyday spending in Canadian dollars costs C$0 a month. Purchases in other currencies carry a 2.5% foreign exchange fee. It suits Canadians who want cash back on gas, groceries and partner merchants.
Best for: Everyday spending with cash back in Canada
Pros
- No purchase or activation fee
- 1% cash back on gas and groceries, up to 5% at partner merchants
Cons
- 2.5% FX fee
What the Neo Money Card costs per month
| If you… | Monthly cost | How it adds up |
|---|---|---|
| Everyday spending in Canadian dollars | C$0 | Neo charges no monthly account fee. |
| C$500 of purchases in a foreign currency | C$12.50 | The 2.5% foreign exchange conversion fee on C$500 is C$12.50. |
| One ATM withdrawal in Canada | C$0 from Neo, plus any operator fee | Neo doesn't charge ATM withdrawal fees on the Neo Money card, but the ATM operator may. |
Who it suits
Good fit if
- Everyday spending in Canada with cash back at partner merchants
- People who want a no-monthly-fee account
- Earning cash back on gas and groceries
Skip it if
- You spend in foreign currencies often
- You want to build credit with this card
- You want a bank with branches
Fees
| Monthly fee | None |
| Other | 2.5% foreign exchange conversion fee |
| Other | $29 rush card replacement |
How to get and load it
Sign up in the Neo app.
- Neo account transfers
- Interac e-Transfer
- Direct deposit
Activation
Activate in the app. See our step-by-step activation guide.
Deposit protection and credit building
Protection: Neo says funds held in a Neo Chequing account are eligible for CDIC insurance up to $100,000.
Credit building: No. Neo offers secured and unsecured credit cards separately.
Neo Money Card FAQs
Does the Neo Money Card have a monthly fee?
Monthly fee: None. Other charges to check: 2.5% foreign exchange conversion fee; $29 rush card replacement.
How do I activate the Neo Money Card?
Activate in the app.
Is money on the Neo Money Card insured?
Neo says funds held in a Neo Chequing account are eligible for CDIC insurance up to $100,000.
Does the Neo Money Card build credit?
No. Neo offers secured and unsecured credit cards separately.
How do I add money to the Neo Money Card?
You can load it by Neo account transfers, Interac e-Transfer, direct deposit.
Sources: www.neofinancial.com · www.neofinancial.com · static.production.neofinancial.com. Fees change; confirm on the official fee schedule.