Neo Financial launches Neo Money card as a debit card alternative

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 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.

In 2022, Canadians saw one of the largest increases in inflation since 1982, resulting in almost half (44%) of Canadians feeling concerned about meeting their financial needs, according to a 2023 report from StatsCan. With free everyday transactions, no monthly fees, 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.

Equipped with credit card-like benefits

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:

• Instant access to the balance with no card loading required;

• Free everyday transactions and no monthly fees;

• Withdrawals from any ATM worldwide;

• High interest earnings (2.25%) on every dollar;

• The ability to send and receive unlimited Interac e-Transfers4;

• Added perks to access exclusive offers, services, and boosted cashback;

• Personalised spend details with Neo Insights, auto-save setup, and automated bill payments;

• Eligibility for CDIC protection up to USD 100,000 on the Neo Money account;

• 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.

Making money with the saving and investment solutions

Company officials said that Canadians who have been using debit cards have been left behind when it comes to earning rewards when they spend, and they’re happy to put more money into Canadians’ pockets with the launch of our Neo Money card. Not only can one earn high interest on every dollar he saves, one can now earn high cashback on every dollar he spends 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.