Monday, September 13, 2021

Receive a $25 welcome bonus when you apply for and receive a Neo Mastercard

If you have been in any local businesses across Canada  that are partnered with Neo you may have noticed a $25 welcome bonus for the cards if you scanned the QR code on the advertising tent card at those locations (at least here in Calgary I've seen it). The great news is that welcome bonus has been expanded beyond those who scan the offer at partners. You can receive this offer here.

The $25 welcome bonus is available on all three versions of the card, the Neo Standard and the upgraded Plus and Ultra cards. Here's a quick overview of what card provides and the associated cost with the upgraded versions:

​Neo Standard

  • Monthly Fee: $0
  •  $25 welcome bonus offer
  • Avg. 4% cashback at partners
  • 1% minimum cashback across all spend 

Neo Plus

  • Monthly Fee: $2.99
  • $25 welcome bonus offer
  • Avg. 5% cashback at partners
  • 1% minimum cashback across all spend

​Neo Ultra

  • Monthly Fee: $8.99
  •  $25 welcome bonus offer
  •  Avg. 6% cashback at partners
  • 1% minimum cashback across all spend 

To the best of my knowledge this is the first time Neo has offered a wide spread welcome bonus on their products. Previously it was only available through those tent card offers, some limited time offers via social media and I believe when members referred other members. This $25 bonus is a welcome addition to these cards and marks Neo's first foray into the general 'welcome bonus' market that all issuers use to attract customers and compete with the others. In their short lifespan we've seen the Neo cards change quite a bit as this new Fintech company learns the ropes and tries to figure out what works and doesn't work. I can say the evolution of the product does seem to see it moving towards the traditional card offerings we are all accustomed to. If I was to wager a guess as to what the next change to the products is that we will see are some non-spend benefits added to the Plus and Ultra cards. I mean the Neo cards literally have no insurance benefits and the Ultra which originally did price similar to World Elite Mastercards doesn't have any of the World Elite benefits like free Boingo WiFi and more. Still, the card is something to consider if you do spend a lot at their partners to earn some of their higher cash back rates and then have other cards as your back up for non-partner purchases, purchases that may require insurance benefits and so on.

Learn more about this Neo offer here.


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