Neo Financial Launches New Hybrid Neo Money™ card as a Debit Card Alternative

Neo Financial (Neo) is announcing the launch of the Neo Money™ card, expanding on the benefits of the high-interest Neo Money™ account with credit-like rewards when you spend. In 2022, Canadians saw the largest increase in inflation since 1982 resulting in almost half (44%) of Canadians feeling concerned about meeting their financial needs (StatsCan, 2023). With free everyday transactions, no monthly fees1, and cashback on spend, the Neo Money™ card gives Canadians a new way to put more in their pockets when they need it the most. The Neo Money™ card reimagines the way Canadians can spend and earn rewards, making the debit card a thing of the past. For those who prefer to use a debit card but want the rewards that a credit card can offer, the Neo Money™ card unlocks unlimited cashback at more than 10,000 rewards partners for the first time in Canada. Money can easily be accessed using any ATM worldwide and customers can open a Neo Money™ account in less than 3 minutes from the comfort of their home. With the Neo Money™ account and Neo Money™ card customers can benefit from:

• Unlimited cashback, with an average of 5% cashback2 at partners, and up to 15% on first-time purchases at more than 10,000 partners across Canada
• Instant access to your balance with no card loading required
• Free everyday transactions and no monthly fees1
• Withdraw from any ATM worldwide
• High interest earnings (2.25%3) on every dollar
• The ability to send and receive unlimited Interac® e-Transfers4
• Added perks to access exclusive offers, services, and boosted cashback
• Personalized spend details with Neo Insights, auto-save setup, and automated bill payments
• Eligibility for CDIC protection up to $100,000 on the Neo Money™ account

“Canadians who have been using debit cards have been left behind when it comes to earning rewards when they spend, and we’re thrilled to put more money into Canadians’ pockets with the launch of our Neo Money™ card,” said Andrew Chau, Co-founder and CEO, Neo Financial. “Not only can you earn high interest on every dollar you save, you can now earn high cashback on every dollar you spend too.” Neo has built a full suite of products that work seamlessly together to put the power of financial tools in the customers’ hands. Set up Auto-Invest to add money to Neo Invest on a regular basis, add Neo Perks to gain access to exclusive offers, services, and boosted cashback, and track spending in one place. The Neo Money™ card gives customers instant access to their funds while benefitting from the features of the Neo Money™ account.