NEW Neo Financial World Elite Mastercard Review! #Finance

hey guys so Neil Financial launched the New World Elite MasterCard and I have to say it’s pretty sick on paper I mean they even said it themselves the best cashback Credit card in Canada and you know their approach to launching this new Credit card is

definitely interesting they offer a tiered system where the more money you have inside the Neo Financial everyday account the more cash back you’ll get with your Credit card and according to their website that’s up to 7% cash back for groceries if I’m not mistaken

that’s seems to be the most cash back by any Credit cards in Canada by far on top of that 5% cash back for recuring bills which could be a deal breaker and I’ll get into more details in this CashNews.co now here’s the thing I don’t like Neo Financial much

cuz I had a terrible experience with them a couple years ago with their customer service team but that was a couple years ago when the company was quite new and a lot of things can change in a couple years so in this CashNews.co I’m going to throw all my biases aside and just focus on the

facts about this Credit card and do a review and as with all my previous Credit Card review CashNews.cos I’m going to give this card a great towards the end so stay tuned so if you’re not too familiar with Neo Financial they’re a fintech company

founded in 2019 that’s really trying to make a mark in the Canadian banking sector and they do things a little bit different and are trying to really expand their Network fast when I mean Network I don’t mean just customers I mean partnering up with new Retail Partners so far they have

over 10,000 Retail Partners where if Ed the new financial Credit card to pay you’ll get additional bonus on top of the base cash back the Credit card offers which could be massive according to the website 8% cash back at Boston Pizza on top of the base 1%

cash back for the Credit card which equals to 9% cash back at Boston Pizza there’s actually multiple examples of this so Neil financials business plan seems pretty straightforward partnering up with retailers and providing attractive bonus options for customers and it’s

working Neo Financial grew by$ 38000 % in the past 3 years but this CashNews.co isn’t about Neo Financial as a bank it’s about the Neo Financial World Elite MasterCard so let’s get into it let’s start off with the sign up bonus now I don’t see there being an official

signup bonus with this card although if you sign up using great canadi rebates you get an extra $70 cash back on approval now the annual fee of this card is $125 per year which is pretty average for a World Elite MasterCard and what’s cool is that if you don’t have enough

Credit to apply for this Credit card the ne Financial W Elite Master Card is also available as a secured card with a minimum deposit of $200 so if you didn’t know a secured Credit card basically takes your deposit in and makes that your

Credit limit that’s how the banks mitigate the risk I’m so what the hell happened here and apparently that’s also how you get F in the ass for recording a CashNews.co too loudly when you’re living inside your mother-in-law’s house so I like the

flexibility of this card as well as the approach that Neo Financial is taking with this card and I’ll go into more details tomorrow cuz my family’s going to bed now one day later all right I’m back let’s go into the rewards now the rewards are based on how much money you

have inside the Neo Financial everyday account with an interest rate of only 0.1% so basically nothing according to their website really there’s just three tiers here or three three levels of cash back the base $0 account balance you have $5,000 account balance and $10,000 account balance and

even with the $0 account balance you’re still getting 5% cash back for groceries and 4% cash back for recurring bills now I’m going to have to analyze the math here because what you see on paper it it seems pretty sick but like is it really first of all all the boosted categories has a

spending limit and it’s not that high see 1,000 for groceries might sound a lot and it is but the real benefit of having high multipliers for groceries is the gift card hack where you can buy gift cards at grocery stores and still get high multipliers you want a new TV at Best Buy well just

get the Best Buy gift card at soes with $1,000 spending limit for groceries every single month that’s definitely enough for your grocery bills but that’s probably not enough for the gift card hack now the recurring bills at 4% would be really powerful if the the spending limit

wasn’t so low now you might be asking why is recurring bill so powerful well first of all it includes your phone bills your internet bills or subscription plans like Netflix Amazon Prime and fans what did he say not that I window know I mean I don’t use only fans and also you can pay

rent with your Credit card that counts as recurring bills through checky which by the way charges 1.75% for service charge so if you have a Credit card that gives you more than 1.75% in for recurring bills you should try to use checki to pay for your rent un unless

I mean this card is a perfect example why you shouldn’t you see this $500 budget for recuring bills for this car now tell me what in Canada can you rent for less than 500 bucks exactly a pie of dog which probably still cost more than 500 bucks in Canada but I mean I get why NE Financial put a

budgetary limit for this category if they put a higher budget for your curring bills everybody will be using this card to pay for rent and new Financial will be losing money so yeah I get it so in terms of their base rewards it’s actually not bad especially with their Partnerships with over

10,000 retailers but there are better options out there like the MBNA Rewards or the lead MasterCard which offers up to 5.5% rewards for groceries and restaurants and also 5.5% rewards for most recurring bills other than rent and the annual fee is $5 less at $120 a year okay so if the base tier

isn’t the best in its class what with the other two tiers you know the 5K and the 10K let’s start off with the 10K here’s the thing having $10,000 stuck in the ne Financial everyday account means you’re losing out on a lot of interest for example most high interest

Savings accounts right now in Canada are offering somewhere around 3.5% interest which means if you’re putting $10,000 in Neo Financial everyday account you’re losing $340 in interest every single year cuz the account offers you 0.1% Interest Rates

which gives you $10 a year so the real question is can you make back that lost interest was just 2% more cash back for groceries 1% more cash back for recurring bills and gas so we’re going to have to do some math here so if you use up all $1,000 in groceries budget you’ll be ahead by

$240 a year and max out 1,000 bucks in gas that’s $120 every single year and another 500 bucks in recurr bills that’s an extra $60 every single year so if you max out all categories you’re getting extra $420 but you have to minus $340 cuz that’s how much you’re losing

interest ratees so you’ll be ahead by $80 but here’s the thing though that’s assuming you Max all the high multipliers categories like are you really spending 1,000 bucks on gas every single month and what about recruiting bills are you really spending 500 bucks on recruting bills

I mean that sounds kind of high unless of course you’re like me that uses fense I mean I guess you can use this car to pay some of your rent if your landlord allows that here’s the thing I actually think that the 10K K tier is at best break even with the base tier and by the way I did

some calculations for the 5K tier as well and it’s also pretty much break even so really think of it this way the 5K tier and the 10K tier even though they have higher cash back it’s essentially the same card it’s just the base tier card cuz you’re paying more cuz

you’re losing out on Interest Rates and there’s a spending cap on high multipliers so in terms of rewards I definitely think there’s better options out there like again the mbn rewards for the leite MasterCard and the Cobble card next let’s go into the

Insurance which is unfortunate if you live in Quebec because the card doesn’t offer much Insurance to the residents of Quebec I mean just look at all these X’s but for the rest of us they offer 12 Insurance coverages and to save you

time I went through each individual coverage and to be honest it’s not that special it’s pretty standard I mean standard coverage amount not too high not too low but this C does seem to be missing one key coverage which is mobile Insurance come on bro it’s 2024

phones are like the most important part of our lives right now decent cards at the World Elite level should at least offer mobile Insurance but this card doesn’t have it next let’s go into the perks and for Neo Financial is the 10,000 retail and restaurant Partners some

of which offer pretty sick discounts now I don’t have the full list with me but it’s growing and as Neo Financial girls you can expect more Retail Partners to be rushing to NE Financial to partner up all right time to give this card a score starting off with the rewards now on paper the

cash back is pretty decent although the low spending limits for the high multipliers categories really limits the potential of this card as I mentioned before there are better options out there like the nbna rewards World Elite Master Card so 6 out of 10 look I know it’s unbelievable for a

card that gives up to 7% cash back for groceries to only get a six add 10 for rewards but here’s the thing the spending limit just isn’t high enough and you need to put $10,000 in your Neo Financial everyday account to get that 7% cash back for groceries next the

Insurance now the Insurance package is pretty straightforward and standard but it is missing mobile Insurance and for me that’s kind of a deal breaker in 2024 so 6 out of 10 finally the perks now I know that there’s like 10,000

retailers and restaurants that’s partner up with Neil finan right now which is pretty hard to ignore and I’m sure it’s pretty easy to save quite a few dollars every single month with this perk so 9 out of 10 which puts the average score of this card at a 7 out of 10 so a low B

tier card so here’s the thing I personally think that there’s better options out there I mentioned them earlier in this CashNews.co like the nbna rewards World Elite Master Card and the cobal card the 7% cashback Neo Financial offers for this card is definitely attractive but I mean on

paper right because in reality it’s it’s just good not great cuz if you do the math the numbers are more humble than it looks so yeah that’s it for today if you learned something from this CashNews.co consider a like and sub and if you’re new to the channel I make Financial

tips for Canadians and my longterm content and financial comedy in my shorts and with that said and I’ll see you next time