Consumers in Canada now have a new secured credit card alternative to consider: the Neo Financial card. There is no annual charge, the interest rates are lower than with other secured credit cards, and there is a rewards program. To understand how it stacks up against the competition, this article will compare the Neo Financial secured credit card to the best secured credit cards presently offered in Canada.
When comparing secured credit cards in Canada, the annual fee is the first thing to look at with the Neo Financial card. Although most Canadian secured credit cards incur an annual fee, the Neo Financial Secured Credit Card has no such cost. Long-term cost savings like these are a big selling point for the Neo Financial secured credit card.
The interest rate is another thing to think about when comparing secured credit cards. In comparison to the average interest rate for secured credit cards in Canada of 15.99%, the interest rate offered by the Neo Financial secured credit card is 12.99%. Savings on interest payments over time is a significant benefit of using a Neo Financial secured credit card.
The rewards program is the third aspect to evaluate when contrasting the Neo Finance secured credit card with its rivals. Rewards may be earned on all purchases made with the Neo Finance secured credit card. It’s up to the cardholder to decide whether they’d rather get cash back or travel rewards. As most Canadian secured credit cards do not come with a rewards program, this is a significant perk of the Neo Financial secured credit card.
Last but not least, we have to think about the credit limit. In comparison to the typical secured credit limit in Canada of $1,000, the Neo Financial secured credit card offers a minimum limit of $500. Neo Financial cardholders may not be able to obtain as much credit as they would with other secured credit cards due to this limitation.
When compared to other secured credit cards in Canada, the Neo Financial card stands out for its lack of an annual fee, competitive interest rates, and rewards program. A reduced credit limit might be a drawback for certain customers, however.