Neo Financial, the coolest kid of the Canadian FinTech block has a new offering.
It’s called the NEO Money Card, and unlike their credit card offering, it is not a credit card and does not require a credit check. And you still earn instant rewards at their growing arsenal of local rewards. (And if the merchant does not have a special deal with NEO, you will still earn a minimum of 1% cash back.
Plus, get a $25 instant cash bonus when you sign up!
My Thoughts on Neo Money
Personally, I like the card and the app. It is fun to use, and the notifications are awesome and gamified. You can with one click transfer rewards to your spendable account or a high-interest savings account with NEO.
Here are the main benefits of the NEO money prepaid card:
I did a video on my top reasons why I use the NEO Card (which is the NEO Financial credit card offering.)
Why should you choose a prepaid card over a credit card?
There are many reasons to choose a prepaid debit card over a credit card; for some people, it just makes more sense. You can still get the availability to buy online, and even earn rewards – but you are not using credit.
The top 5 reasons are:
Prepaid debit cards and credit cards have some similarities, but they function differently and have different benefits. Here are some potential advantages of using a prepaid debit card over a credit card:
- Control over spending: With a prepaid debit card, you can only spend the funds that have been loaded in advance onto the card. This can help you stick to a budget and avoid overspending. Unlike this, a credit card lets you borrow money up to your credit limit, which can make it easier to overspend and accrue debt.
- Overlimit fees: with a prepaid card you never have any over limit fees. (Actually, NEO’s credit card does not charge for over-limit fees either.)
- No credit check: Prepaid debit cards don’t require a credit check. And if you have NO credit, the NEO Money card is a great option for people who can’t obtain a credit card.
- No interest charges: Since prepaid debit cards do not offer a line of credit, there are no interest charges associated with their use. Interest can sneak up and accumulate if you are not paying off your card every month.
- No credit impact: Using a prepaid debit card does not affect your credit score, as there is no borrowing involved. This can be beneficial if you are trying to build or maintain good credit. It is good to have some credit as without it you won’t be able to get a car loan, for example.
- Widely accepted: Many prepaid debit cards are backed by major payment networks like Visa and Mastercard, which means they are widely accepted at merchants both offline and online.
Get the NEO Money Card
Get the NEO Money Card using this link and get an instant $25 bonus when you create your account. You can withdraw it anytime without penalty.
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