NEO WORLD ELITE MASTERCARD REVIEW | Is The Best Neo Credit Card in Canada Worth Having?!

Описание: In this video, we take a look at the brand new Neo World Elite credit card, and discuss whether it is one of the best credit cards in Canada 2024 or not.

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We begin this Neo World Elite Mastercard review by taking a look at the $149 annual fee and the cash back rates offered. This card is the latest Neo financial credit card, and is considered to be the premium credit card offering from this financial institution, alongside the regular Neo Mastercard.

This card offers up to 5% cash back on gas & groceries, as well as up to 2% cash back on everything else. The issue however is that in order to receive these high cash back rates, you would need to constantly keep at least $10,000 in your Neo Everyday Account, otherwise the cash back rates will be far lower than other credit cards in the same price range as this one.

For example, the AMEX SimplyCash Preferred card has a $120 annual fee, which is slightly less than the Neo World Elite card, but it gets you 4% cash back on gas & groceries, as well as 2% cash back on everything else without any requirements.

The Neo World elite card does also offer some of the same features as the best credit cards Canada 2024, such as travel insurance coverages. But that said, many other cards such as the AMEX SimplyCash Preferred offer these features as well. So the fact that this Neo credit card Canada is offering these Neo credit card benefits is not enough to put it ahead of the other best credit cards 2024.

But is it worth it to keep $10,000 in a Neo bank account with a low interest rate in order to get slightly higher cash back than the Amex credit card? Well by keeping the same amount in the Neo HISA, you will get 4% interest which would be $400 a year for that amount. The everyday account on the other hand has a 0.1% interest rate, which means that you earn $10 a year in interest. This means that by keeping 10 grand in the everyday account, you are losing $390 a year in opportunity cost, so the card doesn't just cost you $149, in effect it costs you $539 in order to get the 5% cashback rates on gas and groceries.

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