Neo World Elite® Mastercard®
4.6/5
Rewards Calculator Algorithm
You can either estimate rewards by inputting your spending habits manually or creating secure bank connections through our trusted financial partner mx.com and letting Finly analyze your spending in the past year.
Finly factors in all the reward limits and fine prints of every single credit card.
Your Spending
Modify your spending numbers and click update to get the most accurate reward estimates.
$2,000
Restaurant, Fast Food & Coffee Shop
$
Grocery
$
Recurring Purchases (Bills, Subscriptions, Rent via Chexy)
$
Gas
$
Transportation
$
Entertainment (Movies, Concerts, etc.)
$
Foreign Purchases (Non $CAD)
$
Travel (Flights, Hotels, etc.)
$
Pharmacy
$
Online Shopping
$
Home Improvement (Renovation, Furniture)
$
Purchases at Canadian Tire, Sport Check, Lquipeur, Atmosphere, Party City, SportsRousseau, HockeyExperts, LentrepduHockey
$
Other Purchases Not Specified
$
25% Referral Cash Bonus
Share your unique referral link to the Neo World Elite® Mastercard® and earn a 25% rebate bonus. Learn more about the Finly referral program.
Card Details
Based on $2,000 spending
First Year Value
$552.21
$492.21 in years after
Interest Rates
Cash Advance: 22.99% - 28.99%
Purchase: 19.99% - 26.99% (or 19.99% - 23.99% in Newfoundland and Quebec)
Annual Fee
$125
Annual Income
Personal: $80,000
Household: $150,000
Credit Score
Good
Welcome Bonus
N/A
Card Type
Cash Back
Our Rating
4.6/5
Institution
Neo Financial
Rewards
- 5% cash back on grocery purchases up to $12,000 spending per year (6% cash back if you have $5k in a Neo everyday account, or 7% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 4% cash back on recurring purchases up to $6,000 spending per year (4.5% cash back if you have $5k in a Neo everyday account, or 5% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 3% cash back on gas purchases up to $12,000 spending per year (3.5% cash back if you have $5k in a Neo everyday account, or 4% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 1% cash back on all other purchases up to $40,000 spending per year
- 5% average cash back 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.
In addition, the extra cash back rate from transactions made at Neo partners has been estimated to boost your overall rate by 0.7% in the calculator.
Neo World Elite® Mastercard® Cash Back Calculator
Based on $2,000 spending
Rewards Ranking
Rewards Breakdown
Groceries
$219.3
Recurring Transactions
$67.2
Gas
$59.62
others
$271.1
All other purchases
$0
Annual Fee
- $125
Net Annual Rewards
$492.21
(after fees)
Rewards Summary
Net Annual Rewards
$492.21
(after fees)
First Year Card Bonus
$0
First Year Card Value
$492.21
Finly Rebate
$60
Insurance & Benefits
Insurance
Coverage
Emergency Out of province Medical
Up to $1,000,000
Trip Cancellation
$1,000
Trip Interruption
$1,000
Flight Delay
$500Baggage Delay
$1,000
Lost or Stolen Baggage
$1,000
Hotel Burglary Insurance
$1,000
Car Rental Accident
$100,000 for cardholder, up to $10,000 per Spouse or Dependent Child.svg)
Car Rental Damage & Theft
Yes.svg)
Car Rental Personal Effects
$1,000
Purchase Protection
90 days
Extended Warranty
1 year
Benefits
Details
Airport Lounge - Dragon Pass
Pass only - pay $32 USD per visit
Pros & Cons
Pros
- Highest cash back rates in Canada for highest spending categories like Grocery (up to 7%), especially if you keep at least $5k in a Neo everyday account
- 12 different types of insurance coverage
- Airport lounge access with DragonPass with $32 USD per visit
- Additional cash back earning at over 10,000 Neo partners
Cons
- High income requirements of $80,000 personal or $150,000 household
- Cash back spend caps can limit your rewards
- Having to keep at least $5k in an everyday account to boost your cash back tier
Neo World Elite® Mastercard® Review
The new Neo Cashback World Elite Mastercard claims to be the “best cashback credit card in Canada” and at first glance, it might seem tough to argue that claim. There are even a couple of ways to claim even higher cashback rates if you meet certain conditions.
For example, to accumulate the most substantial earn rates, you'll need to hold a significant balance in your Neo Everyday account, this is what optimizes your cashback rates. The rates are also optimized by spending money on certain partnered products and services.
To learn more about how much you’ll need to hold onto inside of your Neo Everyday Account, and who you’ll need to purchase from in order to get the best cashback rewards, read the following comprehensive review.
How You Earn Rewards with the Neo World Elite Mastercard
This isn’t your typical rewards breakdown, the Neo World Elite Mastercard is much more complex than traditional credit cards when it comes to earning cashback.
Here’s how you can earn big with the Neo World Elite Mastercard (especially when you boost your earnings by keeping a balance in your Neo Everyday account):
- 5% cashback on groceries, capped at a $1,000 monthly spending limit (6% cashback if you keep $5k in your Neo Everyday account, or 7% cashback if you keep $10k in your Neo Everyday account)
- 4% cashback on recurring purchases capped at a $500 monthly spending limit (4.5% cashback if you keep $5k in your Neo Everyday account, or 5% cashback if you keep $10k in your Neo Everyday account)
- 3% cashback on gas capped at a $1,000 monthly spending limit (3.5% cashback if you maintain $5k in your Neo Everyday account, or 4% cashback if you keep $10k in your Neo Everyday account)
- 1% cashback on all other purchases capped at a $3,300 monthly spending limit
- Plus, a 5% average cashback rate through Neo Partners
As you can see, the standard cashback rates for the Neo World Elite Mastercard (and by standard rates, we mean the rates before the balance boost) are already competitive against other high-earning cashback credit cards in Canada. However, once you keep at least $5k in your Neo Everyday account, the rates more than surpass those from any other competing credit cards, earning you even more value when you raise your consistent Neo Everyday account balance to $10k.
Aside from keeping a balance to boost your cashback, you can also make purchases at participating Neo Partners, which add
Redeeming your Rewards with the Neo World Elite Mastercard
With the Neo World Elite Mastercard, you can redeem your cashback rewards whenever you'd like, which is rare among most credit cards. Your rewards are instantly deposited into your "Rewards Wallet", which can ultimately be turned into a statement credit, transferred to your Neo Everyday account, or used to purchase merchandise at the Neo Store.
4 Benefits of the Neo World Elite Mastercard
As with all our reviews, it's best to begin with the Neo World Elite Mastercard's benefits.
Here's what makes this Mastercard stand out:
Boost Your Cashback
As previously mentioned, the already competitive cashback rewards can be boosted to even higher rates with the Neo World Elite Mastercard. All you have to do is tuck away at least $5k to $10k inside of your Neo Everyday account and watch your earnings grow.
Likewise, you can boost your cashback when you make purchases with Neo Credit Card Partners. These partners include:
- Fast Food Chains (Subway, Booster Juice, Freshii and more)
- Restaurant Chains (such as The Keg, Cora Breakfast & Lunch, and Earls)
- Clothing Stores (including Zara, Old Navy, and Lululemon)
- Grocery Stores (like Loblaw Companies, Walmart Supercentre, Real Canadian Superstore)
- Pharmacy Chains (including Shoppers Drug Mart, Pharmasave, The Medicine Shoppe)
- Subscriptions (like Netflix, Amazon Prime, Spotify)
- Online Stores (Amazon)
- Gas Chains (Shell, Esso, Petro Canada)
Some of these partners will offer a higher first time purchase cashback rate, after that, you'll receive an ongoing purchase cashback offer. You may also be subjected to minimum spending requirements to receive your rewards. The best thing about these partner rates is that they're applied on top of any corresponding reward rates. For example, if you shop for groceries at Loblaws, you'll get the Loblaw Companies partner cashback rate and the Neo World Elite Mastercard's overall earn rate on grocery purchases.
Subscription Perks
Unlike traditional benefits that automatically accompany certain credit cards, the Neo World Elite Mastercard gives cardholders the opportunity to opt into extra rewards for an additional fee on top of the Neo World Elite Mastercard's annual fee.
The perks are customizable through flexible monthly subscriptions. These subscriptions allow you to combine and stack perks to create a unique rewards program with substantial value.
Let's take a closer look at these exclusive add-ons:
Travel
For $7.99 a month, you can activate the Travel perk for access to exclusive travel rewards. The biggest advantage of this is that you can cancel the subscription at any time, which means you can pocket the perk when you need it, and save some money when you don't, making it a great alternative to travel perks that are included in larger, less flexible annual fees.
Here's what you can expect with your travel perk subscription:
- 2% cashback on all foreign transactions
- Priority Pass airport lounge access at over 1,300 locations across the globe
- SmartDelay free airport lounge access when your flights are delayed for longer than an hour
- 1.5x cashback boost at all hotel partners
- Comprehensive travel coverage from Chubb, with the inclusion of emergency travel medical, trip cancellation, car rental protection, and flight delay insurance.
Wellness (Mind & Body)
For 9.99 a month, you can tack on the Mind & Body perk to tap into health and wellness rewards, which can also be cancelled at anytime.
Here's how this added perk can help you practise self-care:
- Earn 1.25x more cashback at gyms, fitness classes, yoga studios, recreational centres, vitamin and supplement suppliers, plus wellness practitioners
- Take advantage of a free Headspace Plus account, with hundreds of meditation and mindfulness exercises
- Participate in one free fitness class per month
- Enjoy hundreds of FitOn PRO workouts and unlimited access to premium music and personalized meal plans
Food & Drink
For an affordable $1.99 a month (which can also be cancelled at any time), indulge in the Food & Drink perk to receive rewards on dining experiences and food deliveries.
Here's what you'll get specifically:
- 1.25x more cashback at partner restaurants, cafes, and bars
- 1.25x more cashback from food delivery partners
Mobile & Personal Protection
When you subscribe to Neo's Mobile & Personal Protection perk, you'll pay only $9.99 per month as a precaution against online threats. While the extra protection offers you peace of mind, similar to the previously mentioned perks, you're never locked in and can cancel your subscription at any time.
If you choose to add this perk onto your Neo World Elite Mastercard, expect the following:
- Protection on your mobile device against damage, breakdowns, and theft
- A Dashlane Premium subscription for secure password management
- Coverage of up to $1 million in fraud, ransomware, and social engineering
- A 24/7 support hotline, plus credit monitoring services
Airport Lounge Access
Travellers may also be tempted by this card's airport lounge Dragon Pass benefit. Just keep in mind that with this perk, you'll only receive the pass, and you'll still need to pay an entry fee for each visit.
Comprehensive Insurance
Also ideal for travellers, the Neo World Elite Mastercard comes with comprehensive insurance including valuable categories like trip interruption, trip cancellation, and car rental accident coverage.
Scroll back up to this page's card breakdown for the full coverage list.
5 Downsides of the Neo World Elite Mastercard
Where there are benefits, there are bound to be some drawbacks.
Here are some of the Neo World Elite Mastercard's shortcomings:
No Welcome Bonus
Everyone loves a good sign-up bonus incentive. Unfortunately, the Neo World Elite Mastercard is lacking in this into offer category. However, with great reward rates, and the potential to optimize those reward rates, you're still in for a solid first year value (as long as you take full advantage of this card's features).
High Cashback Rate Requirements
While the rewards structure is certainly remarkable, it might be a lot to ask of cardholders to keep substantial amounts of money in their Neo Everyday accounts to get the most out of the Neo World Elite Mastercard's reward program. Especially when many people may not have too much extra to store. That said, the standard cashback rates on participating categories are still amazing on their own, and you can also choose to optimize your rewards by making purchases at partnered establishments.
Reward Caps: High Spenders Beware
Another thing to note about the impressive rewards program is that if you're a high spender, for most categories, you could hit their monthly spending cap. If you do, your cashback rate will unfortunately drop to 0% rather than a standard base rate like other credit cards.
Holding Onto a Balance that Doesn't Accumulate Much Interest
On top of the sometimes tricky reward requirements, if you are capable of keeping a balance in your Neo Everyday account, that balance might not grow much in interest as opposed to how much it could when invested elsewhere.
The interest rate on your Neo Everyday balance is currently 0.10%. Compared to other Neo accounts, like the Neo High Interest Savings account, which offers 4.00% interest at this time, that 0.10% is pretty small, even if you're holding a balance of $10k in your Neo Everyday account.
High Annual Income Requirements
On top of the annual fee (which is typical for a World Elite Mastercard), you'll also need to make sure you meet the annual personal and household income requirements for the Neo World Elite Mastercard, which are considered high. These higher income requirements might make the card less accessible to some cardholders.
Comparison to Other High-Earning Cashback Credit Cards
We're putting the Neo World Elite Mastercard's "best cashback credit card in Canada" claim to the test in this section by comparing it to other high-earning cashback credit cards on the Canadian market.
Here's a sneak peak at the comparisons we'll be making:
| Neo World Elite® Mastercard® | SimplyCash™ Preferred Card from American Express | CIBC Dividend® Visa Infinite* Card | BMO CashBack® World Elite® Mastercard® | Scotia Momentum® Visa Infinite* Card | |
|---|---|---|---|---|---|
Welcome Bonus | N/A | Up to $250 ($200 in first year) | Up to $200 | Up to $200 | 10% Cash Back (up to $200 value) |
Earn Rates |
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. In addition, the extra cash back rate from transactions made at Neo partners has been estimated to boost your overall rate by 0.7% in the calculator. |
|
|
|
|
Insurance Included | 12 types
| 10 types
| 6 types
| 9 types
| 11 types
|
Perks | 1 perk
| 1 perk
| 2 perks
| 6 perks
| 2 perks
|
Annual Fee | $125 | $119.88 | $120 | $120 | $120 |
Income Requirements | $80,000 personal or $150,000 household | N/A | $60,000 personal or $100,000 household | $80,000 personal or $150,000 household | $60,000 personal or $100,000 household |
Apply Now | Apply Now | Apply Now | Apply Now | Apply Now | Apply Now |
.svg){kind=small}
Neo Cashback World Elite vs SimplyCash Preferred Card from American Express
When comparing the SimplyCash Preferred Card from American Express and the Neo World Elite Mastercard, it's best to start with the intro requirements and features. First of all, the annual fee for the Neo World Elite Mastercard is slightly higher than the SimplyCash Preferred Card, not to mention it's substantial income requirements, something the SimplyCash Preferred Card doesn't have to begin with. Unlike the Neo World Elite Mastercard, the SimplyCash Preferred Card comes with a welcome bonus, which earns cardholders extra cashback on all purchases in the first few months of membership, plus a statement credit when you make a purchase in month 13. This intro offer contributes to a great first year value, one that's higher than the Neo World Elite Mastercard's.
After taking a look at the two cards' rewards programs, you'll immediately see that the Neo World Elite Mastercard offers more earning categories than the SimplyCash Preferred Card. In terms of common special earn categories, the Neo World Elite Mastercard features higher cash back on groceries, but the SimplyCash Preferred Card earns you more cashback on gas. The SimplyCash Preferred Card also has a higher cashback base rate on all other eligible purchases. However, as we know, the Neo World Elite Mastercard's rates can be boosted when you hold a balance of $5k to $10k in your Neo Everyday account, or when you purchase goods through participating Neo Partners, whereas with the SimplyCash Preferred Card, when it comes to rewards, what you see is what you get. Even if you boosted the Neo World Elite Mastercard's gas category to its highest potential (by keeping a balance of $10k), you'd still only match the gas cashback rate of the SimplyCash Preferred Card, not exceed it.
The coverage on the Neo World Elite Mastercard also beats the coverage included on the SimplyCash Preferred Card, offering better value in most categories (except for emergency out of province medical), and adding valuable categories like trip interruption and trip cancellation insurance, plus car rental accident and car rental personal effects insurance.
As for benefits, the SimplyCash Preferred Card only offers the standard American Express network's Amex Experiences, whereas the Neo World Elite Mastercard offers the airport lounge Dragon Pass.
Another advantage to the Neo World Elite Mastercard over the SimplyCash Preferred Card is that it's a Mastercard, meaning it's accepted at Costco, and considers Walmart to be a grocery store rather than a department store (unlike other cards) offering the opportunity to earn more rewards when shopping there.
Ultimately, you might pick the SimplyCash Preferred Card over the Neo World Elite Mastercard if you want to pay less money annually, avoid high income requirements, take advantage of a sign-up bonus, optimize your gas purchases, and have a better base cashback rate on all purchases. Otherwise, if you think you'll keep a Neo Everyday account balance that will boost your cashback, if you want to optimize your grocery purchases, collect better coverage, and avoid American Express (likely due to its lower acceptance rate), or you frequently shop at Costco or Walmart, then the Neo World Elite Mastercard could still be your top choice.
Neo Cashback World Elite vs CIBC Dividend Visa Infinte Card
So far, we compared the Neo World Elite Mastercard against an American Express Card, now it's time to compare it against a Visa Infinite Card, specifically the CIBC Dividend Visa Infinite Card.
Starting once again with application requirements and sign-up benefits, the Neo World Elite Mastercard still has a higher annual fee than the CIBC Dividend Visa Infinite Card, plus the CIBC Dividend Visa Infinite Card's annual fee is also waived in the first year. Both cards have income requirements, but the personal and household annual income requirements for the Neo World Elite Mastercard are still higher. True to theme, the CIBC Dividend Visa Infinite Card also boasts a welcome bonus rebate, while the Neo World Elite Mastercard offers cardholders nothing for signing up. It comes as no surprise then that the CIBC Dividend Visa Infinite Card has a higher first year value.
Regarding rewards, the CIBC Dividend Visa Infinite Card offers better cashback on gas, but the Neo World Elite Mastercard offers better cashback on groceries. The Neo World Elite Mastercard could also technically offer the same rates on gas if you happen to save $10k inside your Neo Everyday account, but only then. As for specialized categories on each card, the CIBC Dividend Visa Infinite Card offers decent cashback on transportation and dining, but the Neo World Elite Mastercard tops its cashback rate on recurring purchases. You could also actually earn better cashback on dining with the Neo World Elite Mastercard, if you purchase meals from some of the Neo Partners. Overall, average spenders will earn a higher annual value with the Neo World Elite Mastercard.
When comparing coverage, it's clear that the Neo World Elite Mastercard comes out on top, offering more travel insurance than the CIBC Dividend Visa Infinite Card. But, the CIBC Dividend Visa Infinite Card still has some good categories, including a more valuable emergency out of province medical category and mobile device insurance.
While the Neo World Elite Mastercard's airport lounge Dragon Pass benefit is geared more towards travellers who fly to reach their destinations, the CIBC Dividend Visa Infinite Card's car rental and gas discounts cater more towards travellers who partake in road trips.
So, if you're often travelling on the road, you might want to get your hands on a CIBC Dividend Visa Infinite Card. But, if you're looking for higher cashback on other categories like groceries, recurring purchases, and potentially dining (depending on where you eat), then the Neo World Elite Mastercard could be the better alternative, particularly if you keep a $10k balance in your Neo Everyday account.
Neo Cashback World Elite vs BMO Cashback World Elite Mastercard
Next up, we're comparing one World Elite Mastercard to another.
Beginning with the annual fee, the BMO Cashback World Elite Mastercard comes at a slightly cheaper annual cost that's completely waived in the first year. Since both credit cards are World Elite Mastercards, they have the same higher income requirements. The biggest introductory difference between the two is that the BMO Cashback World Elite Mastercard includes a welcome bonus that earns cardholders extra cashback in the first few months of membership. This contributes to its first year value, which is higher than the Neo World Elite Mastercard's.
The two Mastercards are tied for grocery and gas cashback rates. Both these high-earn categories on each card are also capped. If you happen to keep a $5k to $10k balance in your Neo Everyday account, your cashback rates in these categories can surpass those from the BMO Cashback World Elite Mastercard. Both cards also have a specialized category for recurring payments, but the Neo World Elite Mastercard cashback rate for this category is higher. The BMO Cashback World Elite Mastercard also has a specified earn category on daily transit, something the Neo World Elite Mastercard doesn't specialize in. In the end, average spenders will actually earn more value annually on rewards with the Neo World Elite Mastercard.
Yet again, the Neo World Elite Mastercard has better insurance coverage overall, adding additional coverage categories like car rental accident, car rental personal effects, and trip interruption and trip cancellation insurance.
But as far as benefits go, the BMO Cashback World Elite Mastercard brings the most to the table. Like the Neo World Elite Mastercard, the BMO Cashback World Elite Mastercard offers the airport lounge Dragon Pass, but it prolongs this benefits list by adding perks like car rental, gas, and hotel discounts, plus roadside assistance (a rarity) and the Boingo Wi-Fi hotspot.
So, you might want to go with the BMO Cashback World Elite Mastercard if you're more transportation-oriented, with specialized earnings on transit, car rental and gas discounts, and roadside assistance. Otherwise, you'll be satisfied with the Neo World Elite Mastercard, especially since you have the opportunity to optimize your cashback rates (even in the gas category).
Scotia Momentum Visa Infinite Card
For our final comparison, we're bringing in the Scotia Momentum Visa Infinite Card.
This card comes with a lower annual fee compared to the Neo World Elite Mastercard. It also has some income requirements, but they're not at as high as those on the Neo World Elite Mastercard.
The Scotia Momentum Visa Infinite Card's rewards program offers high cashback rates on groceries and recurring payments. While the recurring payment category matches that of the standard recurring payment cashback rate on the Neo World Elite Mastercard (before any balance boosts), the Neo World Elite Mastercard still has a higher standard cashback earn rate on groceries. The Neo World Elite Mastercard also wins over the gas cashback category, but the Scotia Momentum Visa Infinite Card includes specialized cashback on transit which as we've seen before, is something the Neo World Elite Mastercard lacks.
The coverage on these two cards come close in value and variety. Both cards offer the same 9 coverage categories, but the Neo World Elite Mastercard goes on to add three additional categories (car rental accident, hotel burglary insurance, and car rental personal effects insurance), whereas the Scotia Momentum Visa Infinite Card only adds two additional categories (travel accident and mobile device insurance). The Neo World Elite Mastercard has better insurance value on categories like lost or stolen baggage and baggage delay, and alternatively, the Scotia Momentum Visa Infinite Card has better insurance value on important features like trip interruption and trip cancellation insurance.
As for benefits, the Scotia Momentum Visa Infinite Card includes a car rental discount on top of its Visa Infinite Exclusive Benefits.
Overall, the Scotia Momentum Visa Infinite Card might be the better choice for you over the Neo World Elite Mastercard if you want to prioritize daily transit, claim competitive coverage (particularly on trip interruption and trip cancellation insurance), pay less annually (and nothing in the first year), and receive a welcome bonus. Otherwise, you'll certainly get better cashback rates overall with the Neo World Elite Mastercard, especially if you take advantage of the Neo Everyday account balance boosts.
Final Verdict
The Neo World Elite Mastercard could certainly be considered the "best cashback credit card in Canada," even more so if you plan on putting $5k to $10k in a Neo Everyday account. The balance boost takes the already high value cashback rates, and spikes them up to even higher values that surpass those of any other card. You can optimize your cashback even further by buying products and services from Neo Partners. In every case, however, you'll still be subject to spending caps.
Keep in mind that while your cashback categories may be boosted significantly, your interest earn rates inside your Neo Everyday account won't be. If this is something that bothers you, then you might not want to hold onto a balance in that account. If you choose not to boost your cashback this way, then there may be other credit cards (like those above) that still offer significant cashback and other perks that suit your financial needs.
Frequently Asked Questions
Is the Neo World Elite Mastercard worth it?
If you frequently purchase goods and services from Neo Partners, want to earn some of the highest cashback rates on popular spend categories like groceries, recurring purchases, and gas, then the Neo World Elite Mastercard is perhaps the best credit card you could ask for. It gets even better if you intend on keeping a balance of $5k to $10k in your Neo Everyday account, as long as you're not looking to build significant interest.
Is the Neo World Elite Mastercard hard to get?
The Neo World Elite Mastercard comes with some steep income requirements and the highest annual fee out of all the cards we mentioned in this review. These factors alone might make the Neo World Elite Mastercard less accessible to some cardholders.