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My Honest Neo Financial Review | 5 Pros & Cons
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- เผยแพร่เมื่อ 31 ก.ค. 2024
- I've been using Neo Financial since it launched. In this video I'll dive deep into the pros and cons of Neo's cash back credit card 💳, savings account, and mortgages.
💰Get $25 FREE when you signup for Neo using my link: www.moneywithmark.ca/go/neo/
Read my full Neo financial review and give your review here:
www.moneywithmark.ca/reviews/...
Neo Financial is a Canadian fintech company based out of Calgary, Ab.
They have the best cash back credit card that I've seen and now have high interest savings account, mortgages, and managed investing products.
Neo Financial Pros:
- Great cash back at local stores - surprised me!
- BEST high interest savings account in Canada.
- LOWEST mortgage rates I’ve found in Canada.
- Earn interest on all your money
- Auto deposits, auto pay (for you credit card), auto save
Neo Financial Cons:
- Hard credit check required. Which isn’t so bad - but Neo does not make it clear when you signup that they’re doing a credit check.
- Savings account needs some improving. There’s barely any features - especially when compared to how incredible KOHO helps you save.
- Robo investing is available - but my big question is WHY? I would’ve loved to see them skip the (high profit margin) robo investing and allow direct investing with no fees. That way I can buy low cost index funds, which is any personal finance nerd’s wet dream.
My IG:
@MoneyWithMark
/ moneywithmark
TikTok:
@MoneyWithMark
Chapters:
0:00 What is Neo Financial?
0:47 Pros of Neo
1:13 High interest savings account
2:01 App features
2:18 Free $25 Bonus
2:41 Neo Mortgages
3:40 Cons of Neo
5:24 What do you think?
5:37 Bonus Features
#neofinancial #topcanadiancreditcards #neofinancialreview
Music:
bensound.org
Liability Disclaimer: www.moneywithmark.ca/disclaimer/
*I may earn a commission if you buy any products or services via the links in this video's description. This video is not investment, financial, or legal advice. It may be incorrect, outdated, inaccurate, or reflect personal opinions. This video is for entertainment purposes only.
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💰Get $25 FREE when you signup for Neo using my link: www.moneywithmark.ca/go/neo/
I've watched a few videos of yours today and knew you were Canadian but had no idea you were on the east coast! Looked at your Instagram and discovered you're living in the same place I am. Small world! 🤩 Loving your reviews/comparisons; helpful as my husband and I research our options before overhauling our banking/debt. Kudos! ❤
Oh amazing! Great to connect with a fellow east coaster 😊
Thanks! I've never had my own credit card before so I'm excited to get my secured card
Glad to hear!
Yesterday the the Neo guys promoted in our community. Before I get it I like to know the safety first.
Agree. I like bold great design maybe a metal feeling.
But most importantly offer more options.
Thanks! Oh I didn't know they had sales reps out on the communities now! Thanks for the comment
Informative video!! Would love to see more like this💯
Thanks I'll definitely put out more ☺️
Our mortgage td is at 2.79%
it is a good idea to open a credit account only with NEO . and close my accounts in TD. ore NEO is still not a full-fledged bank ?????
The ONLY thing I can see missing (with all Canada fintech companies) is mobile cheque deposit. Or cash deposits. So if you can live without those then I say make the switch!
Could you do an updated review? they have changed a lot lately. I had to give myself my limit by transferring through my other bank's checking account. I do not have Neo bank account, only the credit card. I have to prefill my amount to use it. So isn't that technically a prepaid card? This was just in December 2023. Also currently my bank's TFSA is down to 2.5% where Neo's high interest savings is a steady 4%
Yes I can! You should not use your TFSA as a savings account... You should invest it for long term retirement. Use a HISA like Neo (and get 4%) interest on your savings!
Ima just use Neo as a savings account and keep putting $100 in there Bi-weekly
Ur better off with TFSA
I’ve notice new company’s always at first provide and holds good services. However as they age so do there services and even name (bought out)
Agreed. It seems to be the typical birth and death of every business. Just like how apple has stopped innovating. Instead they just remove ports, and add them back in again 🥴
Make more Financial videos Mark! THanks!
Sure thing! Thanks for the comment and feedback 😊
Which ATMs can you use without fees? Also what about interac / Debit transactions? Any hidden fees for anything? If so, what are they?
No fees with interac
@l.m3731 yes! That's so amazing
Hi Mark. I'll arrive in Canada in a few days for studying (as an international student), and I'm looking for a debit card (and credit if is possible) with a fintech in Canada. I have no credit score and I'd like to have a card with cashback and other some benefits. Do you recommend me this neo card o for my situation you recommend another fintech?
KOHO for sure! Checkout my video and info on it here www.moneywithmark.ca/reviews/koho-visa-card-review/
What is premium perks for mobile protection if we subscribe and lost our phone will they give us a new phone 😢
Yeah I don't think it covers your phone if you lose it.
Can't find what the min payment is on the app
To deposit into your account? Or to pay off your statement?
I don't like that there is no protection at all against unauthorized use. If someone manages to use your card without your permission or knowledge you are on the hook for the charges. I'm surprised you didn't mention this as a con.
That's not correct. This is issued by MasterCard and if there is legitimate fraud on your card you can report it, get your card cancelled and replaced and the fraud charges reversed.
I stand corrected. I read on a Forbes Advisor review of this card that there is no protection, but that may be erroneous. The card is not actually issued by MasterCard but by ATB (Alberta Treasury Board) under license from MasterCard. I haven't found the terms of this licence but it's may be reasonable to assume that MasterCard's "zero liability" policy applies.
Thanks!
Anytime! Let me know how you get on with neo
Tim Hortons got on the neo bandwagon lol. Did you hear about that?
Hi can u make a new video on neo credit card for international students please
Yes I can! Ps it works great for international students!
So when you sign up is for a credit card with a limit and not just a saving account?
Correct
You can do either or both, I have a credit card (MasterCard), a savings account and a high interest savings account. With partners the cash back is very good, with all other purchases it okay to good.
NEO credit card is a scam. I got their card with the idea of 3-5% cash back but that is not the case. The grocery stores and gas stations I use I only get less than 1% cash back. Walmart for example you have to spend some money first to get a 1% cash back! They are not transparent in their advertising. What made me made the most is that they did hard inquiry on my credit none of the other 3 cards I have did. My score plummeted like 8 points!! I don't use the card. It is useless.
Yeah the hard credit check without informing us is a real piss off!
how do you expect to receive cash back without spending money? are u slow
Neo card in Lebanon is black and dark green
Hmmm I think that is a different company
hey man im so sorry to say but the background music was very irritating to listen to :( the high pitched part was hard to get past
Ah! Thank you so much for the feedback!!
Cons: Basically nothing unless you're nitpicky
Oof sexy stache, tryin to grow mine out too. Credit card tho, they promise average 5% cash-back but i barely get anything lol. The perks dont seem that great tbh and ill probably try and switch to another brand when it expires.
Cards also super flimsy. They promise so much but it just feels super underwhelming
Also, u should disclose if there was some sort of payed partnership or they were sponsoring the video cause it sounds like they were
It says no credit check on their website now
Oh that's amazing!!
Yes, they have recently updated more perks like that. It also fully discloses what percentage of earnings you get per category. I use it for restaurants only. Other better card for gas and grocery, since gas and grocery is only 1% with Neo. It's pretty good for reocurring subscriptions.
I am begging you never to use this background music again, the high pitched beeping made it difficult to pay attention 😭
Got it! Thanks for the feedback 😃
as of today, 5.59% lock, 6.1% variable.
🙌
This company is what got me from zero credit to 711 in 4 months
why are u capping
@@ProjectPetx glad you think that’s good enough to be a lie lol
There is no such thing as zero credit lol
something is totally wrong with this company, its asking me to make a security deposit, wtf i have 750 plus credit score with no debt. many other high limit credit cards that are paid off every month
You're signing up for the wrong account type.
Neo has an account for people with no/low credit score which auto approves everyone as it requires a security deposit to use (which is your credit limit).
There is another account that doesn't require a deposit (just a regular credit) but it requires a hard check.
If you have a a good credit score then apply for the other type of account - you should get approved.
You must have signed up for the Neo secured card. Try going for just their usual credit card
I don't have a driver's licence and signing up for just the high interest savings account is proving to be difficult. I can't seem to get their Customer Service to respond back to me, either via the online chat or via email. Kinda not impressed so far, even though I like their clean style.
How is it now, I’m thinking of getting it but I’m sceptical could you update me on your situation
Get a regular ID then!
Who uses a physical credit card??? Tf
You know they also have virtual cards plus you can add it to your apple or Google wallet 🤪
I know, I'm just saying you stated a con as some crap physical card. I haven't looked at a physical card in like half a decade :P@@MoneyWithMark69
What I hate about Neo.
They pull your credit if you sign up normally. (They don’t if you do the credit builder option)
A year later. It doesn’t seem like they are reporting to TransUnion because it is not showing up on my file.
The plastic are is super flimsy. Mine has started delaminating. I don’t care if it’s metal and blingy. I just want it to hold up like my RBC Avion card.
I completely agree with all of these. Especially the credit check on signup. I know they have a secured (aka pre paid) credit card option. But it was not clear to me on signup.
So they dont report? Thats the whole point i would have signed up for i was a reckless dummy in my 20s and ruined my credit need to rebuild and i guess capital 1 it is
@@SFXENT don’t go capital one. It has a annual fee with no perks. Go for the Home Trust Secured Card. $0 annual fee. They always seem to report for me.
@@xlite4999 sweet whats the security deposit?
@@SFXENT $500 minimum
your cons make no sense just sayin
Ok thanks for the feedback! What am I missing?