You can start with as little as $50, making this card accessible to many. The Neo Secured Credit Card limit is adjustable based on your deposit, offering many users flexibility and ease of access.

The Neo Secured Credit Card is well-regarded for those looking to build credit while earning cashback rewards. It offers easy approval without a credit check, no annual fee, and the ability to set your credit limit based on the deposit you provide (ranging from $50 to $10,000). You can earn an average of 5% cashback with Neo partners. However, it comes with high interest rates for purchases (19.99% – 29.99%) and requires a deposit. It also lacks basic insurance benefits like purchase protection or an extended warranty​​.

The Neo Secured Credit Card functions like a regular credit card but requires a cash deposit as security, which sets your credit limit. This deposit is refundable upon closing the account. Your payments are reported to credit bureaus, aiding in credit score improvement. Unlike unsecured cards, it offers fewer benefits and requires no credit check for approval. The card enables cashback earnings with Neo partners, but high interest is charged on purchases​​.

This means you will likely be approved for the card if you meet basic requirements, such as making a security deposit. This ensures a straightforward path to approval, particularly for those looking to build or rebuild their credit.

No, the Neo Secured Credit Card is tailored for individuals with low or rebuilding credit scores. This makes it an accessible option for those looking to improve their financial standing without the prerequisite of a high credit score.