After spending a week with the Neo and Capital One cards, I don't think there's a single winner. Instead, it comes down to what's better for your specific spending habits.
For most Canadians, having hidden debts is a valid reason to call it quits. A full 78% of Canadians would consider ending a relationship over $500,000 or more in hidden debt.
Anthony's credit score fell from 730 to 590 after enrolling. Sandra's credit was already in the 500s because of missed payments and collections. Lauren, meanwhile, actually saw her score improve after entering the program.
If you want the fastest guaranteed approval and to start building your credit history right away, the Neo Secured Mastercard is a suitable option. If you prefer an unsecured credit card, the CIBC Adapta Mastercard and the RBC Cash Back Mastercard are both solid choices.
Neo quickly became her primary card, especially as her limit grew from around $2,000 to $7,700. That increase helped her manage credit utilization more effectively, which improved her credit score further.
Because LITs don’t set their own rates, LIT Victor Fong of Fong & Partners recommends focusing less on cost and more on whether the trustee is someone you feel comfortable working with.
When the spending caps and household spending behaviour were factored in, the Neo World Elite Mastercard delivered the highest blended annual value for a family of four.
When Alan landed in Canada in October 2021, he already knew that if he wanted to buy a car anytime soon, he'd need to build a Canadian credit history as quickly as possible.
