By introducing these new cards, Neo Financial aims to equip Canadian consumers with optimised cashback rates, providing them with rewards on everyday purchases. The decision to launch comes during a period of high cost of living, with individuals actively seeking methods to maximise the value of their spending, with Neo Financial’s credit card suite being developed to meet these demands.
This initiative comes just a month after Neo Financial secured nearly USD 259 million in a funding round seeing involvement from several Canadian entrepreneurs, including Shopify and Roblox. Through the Series D financing round, the company obtained USD 78 million in equity and USD 179 million in debt. The capital injection was set to support Neo Financial’s development strategy, allowing the company to expand its financial service offerings and open an additional office in Toronto, besides its existing ones in Calgary and Winnipeg.
The Neo World Mastercard and Neo World Elite Mastercard merge with the company’s existing suite of solutions, including the Neo Mastercard, Neo Money card, Cathay World Elite Mastercard, Hudson’s Bay Mastercard, JA Money cards, and Tims Mastercard. Representatives from Neo Financial commented on the launch, mentioning their company’s commitment to serving the needs, demands, and preferences of Canadians, especially during the rise in the cost of living. With the introduction of the two new cards, the company focuses on supporting residents in saving more funds on everyday essentials, such as gas, groceries, and recurring bills.
Among the potential benefits of the new cards, Neo Financial underlines:
No-annual fee card that provides high cashback rewards (2% on gas, 2% on groceries, 2% on recurring payments, 0.5% on all other purchases, and 5% average on the Neo Rewards network), estimated to start at USD 582 annually based on a credit card spend of USD 38,400;
Unlimited cashback from the Neo Rewards network;
Users with higher Neo Everyday account balances can benefit from up to 4% on gas, groceries, and recurring payments;
Expanded warranty and purchase protection to scale security and confidence for cardholders.
Optimised cashback experiences, with customers benefiting from 5% on groceries, 4% on recurring payments, 3% on gas, 1% on all other purchases, and 5% average on the Neo Rewards network;
Estimated cashback beginning at USD 1,312 annually based on a credit card spend of USD 53,196;
Travel insurance, covering out-of-province or country emerging medical expenses, delayed and lost baggage, flight delays, and trip cancellations or interruptions. Also, the card provides Auto Rental Collision Loss Damage coverage.
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