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Neo Mastercard® vs Simplii Financial™ Cash Back Visa* Card: Which one is better?
Neo Mastercard®
2.7
Simplii Financial™ Cash Back Visa* Card
4.4
Finly Rebate
Finly Rebate
Rewards Breakdown
Annual Rewards
$181.33
First Year Bonus Value
$0
Annual Fee
$0
First Year Value
$181.33
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$346.79
First Year Bonus Value
$84.95
Annual Fee
$0
First Year Value
$431.74
$346.79 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included
Balance Protection
optional add on
Insurance Included*
Extended Warranty
Up to 1 year
Purchase Protection
Up to 90 days
Extra Benefits
Neo Premium ($4.99/month)
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Neo Travel Benefits ($4.99/month)
Neo Food Cashback boost ($1.99/month)
Neo Mind and Body Perks ($9.99/month)
Extra Benefits*
N/A
Interest Rates
Purchase:
19.99% - 29.99%
Cash Advance:
22.99% - 31.99%
Interest Rates*
Purchase:
20.99%2
Cash Advance:
22.99%2
Balance Transfer:
22.99%2
Annual Fee
$0
Annual Fee*
$0
Income Required
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required*
Min Personal Income:
$15,000
Min Household Income:
$15,000
Welcome Bonus
N/A
Welcome Bonus*
Earn up to 10% cash back† for your first 3 months up to $1,000 eligible spend.
Rewards Rate
- 1% cash back on grocery purchases up to $500 spending per month (3% cash back with $5k in a Neo everyday account, and 4% cash back with $10k in a Neo everyday account) - drops to the 0.5-1% cash back tier after hitting spend cap
- 1% cash back on gas purchases up to $500 spending per month (3% cash back with $5k in a Neo everyday account, and 4% cash back with $10k in a Neo everyday account) - drops to the 0.5-1% cash back tier after hitting spend cap
- 0% cash back on all other purchases with $0 in a Neo everyday account, or 0.5% cash back with $5k in a Neo everyday account up to $1,667 spending per month, or 1% cash back with $10k in a Neo everyday account up to $1,667 spending per month - drops to 0% cash back again after hitting spend cap
- +5% earned on average at Neo Partners.
Note: our reward calculations use the base cash back rates assuming you do not hold any money in a Neo everyday account to earn the higher tier (boosted) cash back rates, otherwise the reward estimates may be higher.
Rewards Rate*
- 4% cash back on eligible restaurant, bar, and coffee shop purchases up to $5,000 spent per year†
- 1.5% cash back on gas, groceries, drugstore, and pre-authorized payments up to $15,000 spent per year†
- 0.5% cashback on all other purchases†
Is this card worth it?
The Neo Credit Card is special because it earns rewards based on whether the merchant is a partner or not. Most of the time, the cashback earned at these partners is the highest possible compared to all other credit cards. However, we don't recommend using this card as your main credit card and suggest using it only at partner merchants. This is because the rewards at non-partner merchants are very small, and most merchants are not partnered with Neo.
Is this card worth it?
If you dine out a lot and don't want to pay an annual fee for your credit card, the Simplii Financial™ Cash Back Visa* Card will undoubtedly be one of your best friends with its 4% cashback. Additionally, the card offers a decent cashback rate (1.5%) for gas, pharmacy, and groceries, making it one of the best no-annual-fee cashback credit cards in Canada. However, there are limits on how much you can earn in these categories. Therefore, you need to be careful not to exceed those limits; otherwise, your cashback rate will drop to 0.5% after those spending limits are reached.
Pros
- High cash back on grocery and gas if you're willing to hold at least $5k in a Neo everyday account
- Unique cashback program which earns cashback based on partner instead of purchase category.
- Massive cashback at some partners that any other credit card couldn't beat.
- Unique benefit system where perks could be bought with a monthly fee and cancelled after use.
Pros
- Highest cashback rate on restaurant purchases in Canada!
- Decent cashback rate on high spent categories such as groceries and gas.
- No annual fee for a card with great rewards.
Cons
- Base Cash back is very low when you do not hold any money in a Neo everyday account
- No built-in purchase protection and extended warranty benefit.
Cons
- No insurance and benefits other than the standard purchase protection and extended warranty.
- Cap on the rewards that can be earned on each category.
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Legal
*This offer is not available for residents of Quebec. Check here for full details and current product information.
2 “Purchase” means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. “Cash” means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.