Interested in this credit card? Earn by applying through Frugal Flyer.
The Neo World Elite Mastercard offers a base earning rate of 5% cash back on groceries, 4% on recurring bills, and 3% on gas purchases, with the option to increase earning rates by holding money in a Neo Everyday account.
In 2025, we selected this card to receive the award Best Cash Back Credit Card for Grocery Purchases.
Check out our Neo World Elite Mastercard review for more details.
Rewards Rates
The Neo World Elite Mastercard earns cash back for all purchases made on the card:
- 5% cash back for every dollar spent on grocery purchases (up to $12,000 in spend per calendar year).
- Cardholders with a minimum balance of $5,000 in a Neo Everyday account will receive 6% cash back on grocery purchases.
- Cardholders with a minimum balance of $10,000 in a Neo Everyday account will receive 7% cash back on grocery purchases.
- 4% cash back for every dollar spent on recurring bills (up to $6,000 in spend per calendar year).
- Cardholders with a minimum balance of $5,000 in a Neo Everyday account will receive 4.5% cash back on recurring bills.
- Cardholders with a minimum balance of $10,000 in a Neo Everyday account will receive 5% cash back on recurring bills.
- 3% cash back for every dollar spent on gas purchases (up to $12,000 in spend per calendar year).
- Cardholders with a minimum balance of $5,000 in a Neo Everyday account will receive 3.5% cash back on gas purchases.
- Cardholders with a minimum balance of $10,000 in a Neo Everyday account will receive 4% cash back on gas purchases.
- 1% cash back for every dollar spent on all other eligible purchases.
Holding a minimum balance in your Neo Everyday Account will increase the cash back earned on groceries, recurring bills, and gas purchases as specified above.
Once the spending cap is reached in a specific category, all future purchases in that calendar year will earn 1% cash back.
Redeeming Cash Back
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.
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.
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