It’s always a rare occasion to see a new credit card launch in Canada and I love seeing how financial institutions can innovate to meet the needs of the Canadian consumer. Neo Financial has been at the forefront of new credit card launches, and as of November 1st, 2024, they have once again launched a new credit product that will be very interesting to Canadians.
The Neo World Elite Mastercard offers cash back earning rates that rival many of their top competitors and comes with an additional opportunity to increase earning rates even further by meeting certain requirements. On top of their base cashback rates, you can also take advantage of their partner network where you can earn an additional average of 5% cashback at any of their 10,000 partners across Canada.
Let’s take a look at everything that you need to know about the Neo World Elite Mastercard.
Overview
Welcome Bonus
The Neo World Elite Mastercard currently does not offer a welcome bonus for new customers.
Plus: You can earn an additional $100 FlyerFunds Rebate on the Neo World Elite Mastercard when you apply through Frugal Flyer Rebates!
The Neo World Elite Mastercard offers 5% cash back on groceries, 4% on recurring bills, and 3% on gas purchases.
Check out our Neo World Elite Mastercard review for more details.
Earn when you apply through Frugal Flyer.
$0 cash back
$0
$100+
$125
Yes
–
The Neo World Elite Mastercard has an annual personal income requirement of $80,000 or an annual household income requirement of $150,000.
Earning Rates
The Neo Financial World Elite Mastercard earns cash for all eligible purchases made on the card at the following rates:
- 5% cash back for every dollar spent on grocery purchases (up to $12,000 in spend per calendar year).
- 4% cash back for every dollar spent on recurring bills (up to $6,000 in spend per calendar year).
- 3% cash back for every dollar spent on gas and electric vehicle charging purchases (up to $12,000 in spend per calendar year).
- 1% cash back for every dollar spent on all other eligible purchases.
Once the spending cap is reached in a specific category, all future purchases in that calendar year will earn 1% cash back.
Annual Fee
The Neo World Elite Mastercard has an annual fee of $125. This is a fairly standard annual fee for a World Elite Mastercard in Canada.
Benefits
Insurance Coverage
The Neo World Elite Mastercard offers a suite of insurance coverages:
- Extended warranty
- Purchase protection
- Auto rental collision loss damages
- Comprehensive travel insurances
View the Neo Financial Insurance Certificate page for additional details, including terms and conditions for eligibility.
Redeeming Cash Back with the Neo World Elite Mastercard
Cash back earned on the Neo World Elite Mastercard is instantly deposited into a ‘Rewards Wallet’ which can then be redeemed towards a statement credit, transferred to your Neo Everyday account, or used for merchandise on the Neo Store.
A minimum balance of $1.00 in cash back must be earned before a redemption can be made.
Comparable Credit Cards
While the Neo World Elite Mastercard has definitely joined the ranks of high-earning cash back credit cards in Canada, there are a few other strong credit card options that are worth considering to ensure you find the right card for your personal finance needs.
If you are interested in the Neo World Elite Mastercard but are looking to build your credit report and credit score, the Neo Secured World Elite Mastercard can be a great option as it offers guaranteed approval with no hard credit check.
Scotiabank Gold American Express Card
The Scotiabank Gold American Express card is a close contender as it earns 6 Scene+ points at Empire banner grocery stores, 5 Scene+ points on all other grocery purchases, and 3 Scene+ points on gas, daily transit, rideshare, and select streaming services.
The Scotiabank Gold American Express Card earns up to 6x Scene+ points at Empire grocery stores and charges no foreign exchange fees on purchases made in foreign currencies.
Check out our Scotiabank Gold American Express card review for more details.
Earn when you apply through Frugal Flyer.
50,000 Scene+ points
$7,500
$650+
$120 (FYF)
No
Jan 1, 2026
The accelerated earning rates do have a combined spending cap of $50,000 per calendar year which is very generous, and any purchases past that cap will earn 1 Scene+ point per dollar spent.
Scene+ points are worth at least 1 cent per point when redeemed and can be used towards redemptions such as groceries, alcohol, and travel purchases. While this loyalty program may not be as simple as cash back to understand, it is definitely one of the easiest and one that we recommend all Canadians get familiar with if they want to maximize rewards.
American Express Cobalt Card
The American Express Cobalt card earns 5 Membership Rewards points for all food and drink purchases (including groceries), 3 Membership Rewards points on streaming services, and 2 Membership Rewards points on gas, transit, and rideshare purchases.
The American Express Cobalt Card gives cardholders the opportunity to earn 5x Membership Rewards on eligible restaurant, food delivery, and grocery store purchases.
Check out our American Express Cobalt card review for more details.
15,000 Membership Rewards points
$9,000
$300+
$191.88
Yes
–
There is a bonus category spending cap of $2,500 per month for all purchases at the 5x earning rate.
The value of an American Express Membership Reward point is difficult to determine as they are best used for transferring to hotel loyalty and frequent flyer program partners. If you are more travel-focused and want to accrue valuable Air Canada Aeroplan points or Marriott Bonvoy points, the American Express Cobalt card may be a better fit than a card that offers cash back.
BMO CashBack World Elite Mastercard
The BMO CashBack World Elite Mastercard is the closest cash back competitor as it offers 5% cash back on grocery purchases, 4% back on transit purchases, 3% cash back on gas purchases, and 2% cash back on recurring bill payments.
The BMO CashBack World Elite Mastercard earns up to 5% cash back on grocery purchases, plus elevated cash back earning rates on other popular spending categories.
Check out our BMO Cashback World Elite Mastercard review for more details.
Earn when you apply through Frugal Flyer.
$335 cash back
$2,600
$460+
$120 (FYF)
Yes
Jan 31, 2026
While this is very similar to the Neo World Elite Mastercard’s base earning rates, the BMO CashBack World Elite Mastercard actually has lower bonus category caps as it only will bonus up to $500 in groceries, up to $300 in transit, up to $300 in gas, and up to $500 in recurring bill payments per statement period.
Having the caps split up into monthly allotments and at lower overall amounts, for example only bonusing $6,000 in grocery spend per calendar year versus the Neo World Elite Mastercard which bonuses up to $12,000 in grocery spend is definitely a detractor from this credit card.
Conclusion
The Neo World Elite Mastercard definitely fits a niche in the Canadian market, and it’s obvious to see the value that cardholders will receive by adding this card to their wallet thanks to the outsized earning rates on many popular spending categories.
While it may be a more attractive product for those already involved in the Neo Financial ecosystem, more cash back credit cards with high earning rates are always a plus for those consumers who don’t want to understand miles and points reward systems.
Josh Bandura
Latest posts by Josh Bandura (see all)
- How to Get a Bank of America Credit Card with an ITIN - Nov 8, 2025
- Best Credit Cards in Canada (November 2025) - Nov 1, 2025
- Best Bank Accounts in Canada (November 2025) - Nov 1, 2025
- Tangerine Credit Card Offers: New & Extended (October 2025) - Oct 29, 2025
- How to Maximize the Amex $300 Hotel Credit - Oct 24, 2025
