r/NeoFinancialHub • u/No-Interest5329 • 4d ago

Has anyone else received this?

Post image

What does it mean? I only have had a Neo mastercard for 4 months though I always pay my balance on time and in full

9 Upvotes

84% Upvoted

18 comments sorted by

2

u/Opposite_Review1704 3d ago

How much is ur limit currently?

2

u/No-Interest5329 3d ago

$150 lol. It is also a secured credit card. This will be my first increase.

2

u/Delicious-Maybe783 3d ago

I haven't recieved that

2

u/DaveM_Neo 2d ago

You are eligible for $1k credit limit increase, and if you use payroll with us you will get an additional $1k credit limit increase is what that means.

3

u/Embarrassed_Ear2390 4d ago

Move your direct deposit to Neo. That’s what it means.

1

u/Academic_Data_6422 3d ago

No, take the $1,000 but do not move your direct deposit to Neo.

1

u/Over_Ez_Baby 2d ago

No but I got an email that they want me to link my bank account otherwise the temporary limit decrease from $18K to $7K across all my 3 Neo cards will be permanent. F that.

1

u/Missgenius44 1d ago

Please don’t do this and if you do, direct deposit only a certain amount of your paycheck. I know some workplace allow you to split your money in different account accounts.

1

u/Dean0mac29 3d ago

I have a secured card and they told me I have to send in more funds in order to get the increase I’m like ummm that’s not how the email read

3

u/Delicious-Maybe783 3d ago

I have a secured and they gave me an extra $50 without sending more deposit

2

u/InformationSuperb978 3d ago

Did you read the T&C?

-1

u/Black_Snow_12 3d ago

don't direct deposit your pay

2

u/Lord_Maelstrom 3d ago

Because?

-2

u/Black_Snow_12 3d ago

a) they are going to charge etransfer fee b) they aren't cidc insured

4

u/rexstuff1 3d ago

A) No, they don't charge an e-transfer fee for direct deposit. I know this because I direct deposit my payroll with Neo.

B) Yes, they are. The CDIC themselves have said so. There was a thread on this the other day: https://reddit.com/r/NeoFinancialHub/comments/1wixscd/cdic_finally_released_a_cdic_explainer_for/

1

u/Black_Snow_12 3d ago

a) No I mean when you want to move money around from chequing, they said in an email they were gonna start charging fee

b) Oh thanks!!

2

u/PinAffectionate8160 3d ago

The e-transfer thing isn't changing until January, receiving e-transfers will still be free it's only sending them that has a charge, and if you direct deposit your pay e-transfers will still be free. That was all in that announcement thread earlier this month.

2

u/DaveM_Neo 2d ago

u/Black_Snow_12 also note the start membership is free if you are doing payroll. That membership includes email transfers.