Neo Financial Launches New Hybrid Neo Money™ card as a Debit Card Alternative
Neo Financial Launches New Hybrid Neo Money™ card as a Debit Card Alternative
Expanding beyond credit, Neo now offers the benefits of a chequing account, high interest savings account, and premium rewards card for no annual fee.
Neo Financial is excited to announce the launch of the Neo Money card. The Neo Money card puts more money in Canadians pockets, challenging the need for a traditional debit card. In a time when Canadians are evaluating where they save and spend their money, the Neo Money card offers a solution the market has yet to see–unlimited cashback at over 10,000 rewards partners with direct access to funds in a high interest savings account. The Neo Money card offers the convenience of a chequing account, the rewards of a credit card, and the earnings of a high-interest savings account. (Photo: Business Wire)
CALGARY, Alberta & WINNIPEG, Manitoba--(BUSINESS WIRE)--Neo Financial (Neo) is announcing the launch of the Neo Money™ card, expanding on the benefits of the high-interest Neo Money™ account with credit-like rewards when you spend. In 2022, Canadians saw the largest increase in inflation since 1982 resulting in almost half (44%) of Canadians feeling concerned about meeting their financial needs (StatsCan, 2023). With free everyday transactions, no monthly fees1, and cashback on spend, the Neo Money™ card gives Canadians a new way to put more in their pockets when they need it the most.
The Neo Money™ card reimagines the way Canadians can spend and earn rewards, making the debit card a thing of the past. For those who prefer to use a debit card but want the rewards that a credit card can offer, the Neo Money™ card unlocks unlimited cashback at more than 10,000 rewards partners for the first time in Canada. Money can easily be accessed using any ATM worldwide and customers can open a Neo Money™ account in less than 3 minutes from the comfort of their home.
With the Neo Money™ account and Neo Money™ card customers can benefit from:
- Unlimited cashback, with an average of 5% cashback2 at partners, and up to 15% on first-time purchases at more than 10,000 partners across Canada
- Instant access to your balance with no card loading required
- Free everyday transactions and no monthly fees1
- Withdraw from any ATM worldwide
- High interest earnings (2.25%3) on every dollar
- The ability to send and receive unlimited Interac® e-Transfers4
- Added perks to access exclusive offers, services, and boosted cashback
- Personalized spend details with Neo Insights, auto-save setup, and automated bill payments
- Eligibility for CDIC protection up to $100,000 on the Neo Money™ account
“Canadians who have been using debit cards have been left behind when it comes to earning rewards when they spend, and we’re thrilled to put more money into Canadians’ pockets with the launch of our Neo Money™ card,” said Andrew Chau, Co-founder and CEO, Neo Financial. “Not only can you earn high interest on every dollar you save, you can now earn high cashback on every dollar you spend too.”
Neo has built a full suite of products that work seamlessly together to put the power of financial tools in the customers’ hands. Set up Auto-Invest to add money to Neo Invest on a regular basis, add Neo Perks to gain access to exclusive offers, services, and boosted cashback, and track spending in one place. The Neo Money™ card gives customers instant access to their funds while benefitting from the features of the Neo Money™ account.
For more information on the Neo Money™ card, visit neofinancial.com/neo-money.
About Neo Financial:
Neo Financial is a technology company simplifying finances through reimagined spending, savings, investing, and mortgages. Founded in 2019 by the co-founders of SkipTheDishes, Neo has raised more than $299 million in funding from top-tier investors and has been recognized as one of the top tech startups in Canada by LinkedIn. Neo is headquartered in Winnipeg and Calgary, and is backed by top investors across North America.
Through partnerships with leading financial institutions, Neo provides members with a safe and secure way to spend (Neo Credit card), save (Neo Money™), invest (Neo Invest™), and get a mortgage (Neo Mortgage™). Neo for Business powers financial solutions for Intuit TurboTax®, Hudson’s Bay, and over 10,000 other partners across the country. To learn more, visit neofinancial.com.
The Neo Money™ card is a prepaid Mastercard® issued by Equitable Bank pursuant to license by Mastercard International Incorporated. The Neo Money™ card is powered by the Neo Money™ account, which is provided by Concentra Bank, a CDIC member institution, and is eligible for CDIC deposit protection. Deposits held in Neo Money™ accounts are combined with eligible deposits held at Concentra Bank, for up to $100,000 of deposit protection, per category, per depositor. For more information about CDIC deposit insurance, please consult CDIC’s website cdic.ca.
Cashback is earned on eligible purchases at Neo Partners. See the Neo Rewards™ Policy for details on earning cashback and other terms and conditions that apply to the Neo Rewards™ Policy. Cashback and other offers and rewards are operated by Neo.
1There are no transaction fees applicable to the Neo Money™ account. If you require a printed version of a monthly statement or other document, a $5 fee applies for each printed document.
2Average based on current offers at select partners. Cashback may be limited and varies by perks, offer, and partner. Cashback and other offers and rewards are operated by Neo.
3Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
4® Trademark of Interac Inc. Used under license. Transactions are subject to certain dollar limit maximums. For details, please see the Neo Money Account Disclosure Statement, Rate & Fee Schedule.
Contacts
For more information about this launch, please contact media@neofinancial.com
