Credit Cards

Neo Mastercard Frozen, Wants Payment in Full Eventhough Did Make Payment.

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  • Dec 7th, 2022 3:32 pm
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[OP]
Newbie
Oct 8, 2005
71 posts
15 upvotes

Neo Mastercard Frozen, Wants Payment in Full Eventhough Did Make Payment.

I received an email today from Neo Financial. They sad they have frozen my account and are requesting that I pay the full balance owing (which is around $600).

I tried to login to the Neo website but it doesn't let me anymore.

I made a payment on Dec. 1. Today, Dec. 6 was the due date. They did send me an email last week saying that they received my payment. I am not over my credit limit, and I have never missed a payment. I have always paid at least the minimum required.

I checked my credit reports and do not have anything in collections, my credit score has actually increased a little.

I just received another email from Neo and they said they confirmed that they did get my payment last week, but they are still requesting the full balance amount to be paid.

I have only used the Neo Mastercard at grocery stores, and online prepaid cell phone time renewal.
18 replies
Deal Expert
User avatar
Jan 9, 2011
15779 posts
21497 upvotes
Vancouver
What a joke!
If you've made your minimum payment, then you are fulfilling your obligation you agreed to on the disclosure statement when you applied. Neo can't just change the disclosure statement at will without giving you the proper 30 days' notice. If that happened to me, I'd pay up and then cancel the card immediately.
Sr. Member
May 12, 2019
529 posts
987 upvotes
Kiraly wrote: What a joke!
If you've made your minimum payment, then you are fulfilling your obligation you agreed to on the disclosure statement when you applied. Neo can't just change the disclosure statement at will without giving you the proper 30 days' notice. If that happened to me, I'd pay up and then cancel the card immediately.
Joke card, joke company, jokers
[OP]
Newbie
Oct 8, 2005
71 posts
15 upvotes
Neo says if I have any concerns why my account was cancelled to contact Transunion as they the credit agency they used. Transunion has no record of Neo on my credit file, other than the original credit check from June this year when applied for it. I have another credit card that have add since even before applying for Neo and it even has a higher credit limit than the Neo card. Everything on my credit report shows always paid on time, no collections, nothing negative, my score has increased a bit. I have only used the card couple of times. Guess they maybe have changed some internal policy and only want people that are constantly using it.
Deal Expert
Oct 27, 2003
16786 posts
7463 upvotes
Toronto
That's some awful customer service, sorry to hear. Neo Financial is a joke of a company, the fact that they don't properly report to the credit bureaus is telling.
Deal Addict
May 16, 2017
2437 posts
3209 upvotes
Kiraly wrote: What a joke!
If you've made your minimum payment, then you are fulfilling your obligation you agreed to on the disclosure statement when you applied. Neo can't just change the disclosure statement at will without giving you the proper 30 days' notice. If that happened to me, I'd pay up and then cancel the card immediately.
Presuming Neo has the usual credit card terms and conditions; If they've suspended, cancelled or otherwise consider the account to not be in good standing, then full payment of the balance can be demanded without notice.
Deal Addict
User avatar
Feb 23, 2004
3451 posts
285 upvotes
Calgary
i think its closing down soon
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Deal Fanatic
Aug 24, 2016
9382 posts
10638 upvotes
The Prairies
robsaw wrote: Presuming Neo has the usual credit card terms and conditions; If they've suspended, cancelled or otherwise consider the account to not be in good standing, then full payment of the balance can be demanded without notice.
+1
And actually Amex did the exact same thing when they Amexiled some account holders.
Member
Nov 27, 2021
205 posts
151 upvotes
I CANCELLED my card this week due to number of red signals. You can easily close it from mobile app. They are making it hard to use and get back our own money. Also big bluff in name of credit building...


Only suggestion... Close the accounts with Neo
Deal Expert
Oct 27, 2003
16786 posts
7463 upvotes
Toronto
potdarsagar wrote: I CANCELLED my card this week due to number of red signals. You can easily close it from mobile app. They are making it hard to use and get back our own money. Also big bluff in name of credit building...


Only suggestion... Close the accounts with Neo
What were the red signals? I have had the Neo secured HBC card for a year. My security deposit / credit limit was initially $600... Six months ago I lowered it to $100 and got my $500 back when I saw they weren't reporting to the bureau. I rarely use it. I am disappointed because I got the card only for credit building purposes, and 12 months later, still NOTHING reported to Transunion. I kept it this long because they aren't charging any fees.
Deal Expert
Oct 27, 2003
16786 posts
7463 upvotes
Toronto
robsaw wrote: Presuming Neo has the usual credit card terms and conditions; If they've suspended, cancelled or otherwise consider the account to not be in good standing, then full payment of the balance can be demanded without notice.
And that's fine, the problem here is that there's no apparent reason why they canceled the card of the OP.
Member
Nov 27, 2021
205 posts
151 upvotes
Kurtz7834 wrote: What were the red signals? I have had the Neo secured HBC card for a year. My security deposit / credit limit was initially $600... Six months ago I lowered it to $100 and got my $500 back when I saw they weren't reporting to the bureau. I rarely use it. I am disappointed because I got the card only for credit building purposes, and 12 months later, still NOTHING reported to Transunion. I kept it this long because they aren't charging any fees.
Yes, good you lowered your limit and got your money back before their policy changes . Below are few red signals i observed.
- no credit reporting even though they are advertising it as credit builder since more than year now
- you cannot reduce credit limit on secure card anymore and get your own money back without closing account.
- my limit was $900 (my own money) and i got few refunds. So there was extra $800 on top of $900. I requested to refund me extra credit above $900 which they denied and forced me to make purchases to get that amount. Illegal practices.
- I closed my account in order to get entire $900+$800 amount back. But got only $900 back and struggling to get back $800 now. It is stil with Neo even after closing my account.
- Each customer care person is giving different information and they don't know about their own product.

So BEWARE and follow your judgement...
Deal Expert
Oct 27, 2003
16786 posts
7463 upvotes
Toronto
nnnn wrote: Neo says if I have any concerns why my account was cancelled to contact Transunion as they the credit agency they used. Transunion has no record of Neo on my credit file, other than the original credit check from June this year when applied for it. I have another credit card that have add since even before applying for Neo and it even has a higher credit limit than the Neo card. Everything on my credit report shows always paid on time, no collections, nothing negative, my score has increased a bit. I have only used the card couple of times. Guess they maybe have changed some internal policy and only want people that are constantly using it.
This is a bunch of horsesh*t that they told you... Transunion didn't cancel the card, NEO did. Transunion had zero to do with the account being closed.
Deal Expert
Oct 27, 2003
16786 posts
7463 upvotes
Toronto
potdarsagar wrote: Yes, good you lowered your limit and got your money back before their policy changes . Below are few red signals i observed.
- no credit reporting even though they are advertising it as credit builder since more than year now
- you cannot reduce credit limit on secure card anymore and get your own money back without closing account.
- my limit was $900 (my own money) and i got few refunds. So there was extra $800 on top of $900. I requested to refund me extra credit above $900 which they denied and forced me to make purchases to get that amount. Illegal practices.
- I closed my account in order to get entire $900+$800 amount back. But got only $900 back and struggling to get back $800 now. It is stil with Neo even after closing my account.
- Each customer care person is giving different information and they don't know about their own product.

So BEWARE and follow your judgement...
Yes, I'm glad I got most of my security deposit back before they changed their policy. I keep $100 in the account in the hope that some day there is a data dump to Transunion and my past year of activity is reported.

You may be aware, there reports all over the place that NEO doesn't report to Transunion even on the 'normal' card. There are reports of people with credit limits of almost $10,000 on their Neo card and nothing reported to Transunion after more than a year...
Member
Nov 27, 2021
205 posts
151 upvotes
Kurtz7834 wrote: Yes, I'm glad I got most of my security deposit back before they changed their policy. I keep $100 in the account in the hope that some day there is a data dump to Transunion and my past year of activity is reported.

You may be aware, there reports all over the place that NEO doesn't report to Transunion even on the 'normal' card. There are reports of people with credit limits of almost $10,000 on their Neo card and nothing reported to Transunion after more than a year...

They have been saying they will report all credit history (historical) even if we close account with them. All historical transactions will be reported. I have that in writting. But they don't have timelines yet even after a year 🤨
Deal Expert
Oct 27, 2003
16786 posts
7463 upvotes
Toronto
potdarsagar wrote: They have been saying they will report all credit history (historical) even if we close account with them. All historical transactions will be reported. I have that in writting. But they don't have timelines yet even after a year 🤨
Yup. I will keep the account open for now, I'm only out $100 and hopefully it gets reported one day. I spend like $5-$10 a month on it to topup my Amazon account, lol.

But Neo seems like a very sketchy company (broken promises, constant policy changes etc.) and I wouldn't recommend them to others.

It sounds like the OP was 'banned' simply because he wasn't a profitable customer for Neo, there's no other logical reason.
Deal Expert
User avatar
Jan 9, 2011
15779 posts
21497 upvotes
Vancouver
Kurtz7834 wrote: But Neo seems like a very sketchy company (broken promises, constant policy changes etc.) and I wouldn't recommend them to others.
Google for online testimonials on what it's like to work at Neo. One said that Neo provides you with none of the technology (computer, phone, carrier plan, etc) required to do your job. Employees have to source this all on their own time at their own expense with no reimbursement and be their own tech support department...and this is actually billed by management as an employee perk!
Deal Addict
May 16, 2017
2437 posts
3209 upvotes
Kiraly wrote: Google for online testimonials on what it's like to work at Neo. One said that Neo provides you with none of the technology (computer, phone, carrier plan, etc) required to do your job. Employees have to source this all on their own time at their own expense with no reimbursement and be their own tech support department...and this is actually billed by management as an employee perk!
So, they have employees with access to personal and credit information through their own computer without proper tech support - that is a giant red security flag there (assuming this is really the case).

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