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

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.

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.

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.

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

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.

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.

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.

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...

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...

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

Kurtz7834 wrote: ↑ But Neo seems like a very sketchy company (broken promises, constant policy changes etc.) and I wouldn't recommend them to others.

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!