How Neo makes ‘Rewardful Spending’ possible

November 12, 2020
5 mins
How Neo makes ‘Rewardful Spending’ possible
Neo makes powerful financial tools to help you grow and manage your money. Learn more.

Let’s face it – we’re always spending money. Whether it’s picking up a cup of coffee, working up a sweat at the gym, or ordering a meal from our favourite restaurants, we’re constantly faced with decisions on where to spend our hard-earned cash.

Purchases like these may seem harmless at first, but they can all add up. Especially when we’re not careful or don’t have the ability to redeem offers that fit with our daily routines and interests.

Recent studies show that Canadians are sitting on $16 billion of unredeemed loyalty points. Now imagine if we could get a slice of that cake. What if there’s a way we could redeem valuable offers and automatically earn rewards that make a difference on every dollar spent?

We started Neo to help Canadians achieve the most rewarding spending and saving experience possible. And we’re doing that by bringing together technology with exciting products that genuinely work.

When you know your money is being well-spent and earning you more with each transaction, you’re doing something we like to call “Rewardful Spending.” We believe that smart spending goes beyond just the price you pay for. It’s about simplifying your finances, and living a more rewarding life.

Here are 6 ways that Neo makes Rewardful Spending possible.

1. Ditch traditional loyalty programs

Ever notice how stuffed your wallet is? And no, we don’t mean with cash–we mean with random cards! The average Canadian belongs to 12 different loyalty programs and less than half of them are used.

Think of all the times you’ve downloaded one-off brand apps, or signed up for different loyalty programs at the places you shop, just to get in on the good deals. Yeah, we’ve been there too. But we shouldn’t need to go through this process to redeem valuable offers.

We keep it simple at Neo. Our seamless credit card earns you instant rewards from both the local stores and national brands you love. We’ve given it a lot of thought and multiple loyalty cards and rewards apps just don’t deserve a place in our wallets anymore, or our minds. So we’re bringing the rewards to you, all in one card.

2.  Better rewards with no annual fees

Rewards are a big deal. Most Canadians carry at least one credit card with a rewards program. Even when shopping around for a new card, rewards are the number one factor we prioritize when making our decision.

As much as we love freebies and great deals, many of these credit cards come with an annual fee. Some cost even more than $300 per year. We know how it feels when good things come with strings attached, so we’ve built something that stands on its own.

The Neo Card gives you all the perks of a rewards program and more because we cut the annual fees and make the rewards worth your while. This way, you get rewarded at the places you love and keep earning more with every transaction, without seeing it washed away through those pesky fees.

3. Up to 20% cashback from your favourite stores

You don’t have to be a numbers person to suspect that 2% cashback isn’t very much. But that’s the rate that most rewards credit cards offer and they’re usually only relevant for certain spending categories. When you spend outside of groceries, dining and entertainment, you typically earn an average rate of 0.5% cashback, even lower, so it’s hardly noticeable on your wallet.

Limiting your spending options doesn’t make much sense to us. So Neo opens it up. You can earn up to 20% cashback at all the places you love. Get substantial first-time discounts whenever you support a new brand, earn a free weekly coffee from the cafe you visit daily, or save $10 from your favourite restaurant after just a few visits.

We partner with hundreds of brick and mortar shops and online brands, so you can get what you want on the go, or right from home.

4. Support local businesses

Bigger chains tend to get the best of us - that’s where we usually rack up points and Air Miles from. As much as traditional loyalty and points programs leave a lot to be desired, they’re even more impractical at a local level. Sophisticated rewards programs aren’t designed with smaller, neighborhood businesses in mind. Signing up for a paper punch card just doesn’t make a lot of sense in the digital age.

We’re changing this by benefiting both small businesses and Canadians in neighborhoods all across the country. Neo is an accessible and easy to use rewards platform for local stores to better reach their customers from anywhere, and reward them instantly when they buy in-store.

With Neo, feel great about supporting the businesses in your neighbourhood while getting rewarded for it. Explore what your city has to offer, connect with good company and experience more unique goods from your neighborhood. It’s a win-win for you and your community when you pay with Neo.

5. A fully digital experience, all from your phone

We like things snappy. It’s what we’ve come to expect now. With Neo, it only takes minutes to open an account from your phone, and you can begin earning rewards near you. No more long wait times, and never step into a physical branch again.

On top of saving you time, we send you instant notifications on every purchase and after each reward you earn, so you’re always on top of your money. You have full visibility and control of what comes in and what goes out, right from the app.

Even if you need to lock and replace your card when it’s lost, you can do so with just a click of a button and get the peace of mind provided with zero liability protection. Having an easy platform to carry out ‘Rewardful Spending’ makes it that much more fulfilling.

6. Grow your credit without thinking about it

Credit gives you financial power. It allows you to shop around for the things you need both now and later down the road. Whether you’re thinking about taking out a car loan or your first mortgage, having credit is key.

With Neo, it doesn’t matter if you’re just getting the hang of handling your finances, or if you’ve nailed it down like a pro. The Neo Card, including access to all our partners’ rewards are available to all Canadians regardless of income.

If you’re just starting out with no credit, or need to improve your score, you can set up automated payments to your Neo Card from your Neo Savings account. This way you can build credit in no time. We make it easy to qualify for your Neo Card with tools to help your score. And when you’re eligible, we’ll bump your credit limit, so you can continue hitting your financial milestones one after the other.

A smarter way to spend and save

Getting your money’s worth is what every Canadian deserves. What you put in, you should earn back and see the difference in your day-to-day life. Neo makes that happen.

Find and redeem meaningful rewards virtually around your city without needing to rack up the number of cards in your wallet. Save big even when you’re spending and reach those financial goals and milestones you’ve been pining after.

Being smart with your money is now as easy and seamless as your daily routine. Always know where your money is going, how it’s moving and how you can get the most out of it to live a more rewarding life.

We’re reimagining banking for all Canadians

Learn more about Neo Financial's products and tools.

Learn More

Join the Neo community and get cashback like never before

We've curated a community of businesses that give you an average 4%+¹ unlimited cashback for shopping local, big box, and everything in between.

¹ Average based on current offers. Cashback varies per offer and partner.
Earn with Neo