A Guide to Neu Credit Cards
If you’re searching for how to build credit for the first time, you’re probably feeling a little stuck. This is especially true if you’re a student, have recently moved to the U.S., or don’t have a Social Security Number yet. Unfortunately, traditional cards are not always available to many and that’s what makes the Neu card a great option.
Here’s what you need to know about the two Neu cards
Neu offers two card options, each with its own structure, allowing users to choose the card that best fits their spending and repayment habits.
Neu Card 1 has a flat monthly fee and 0% APR, which can feel more predictable if you’re new to interest.
Neu Card 2 has no monthly or annual fees. It carries a fixed APR that applies if balances are not paid in full, making it a good option for people who plan to pay off their balance regularly.
Both cards report to major credit bureaus, require no security deposit, and do not require an SSN to apply if you don’t have one.
| Neu Card 1 | Neu Card 2 | |
|---|---|---|
| Credit limit | $350 (up to $1,000) | $350 (up to $2,500) |
| APR | 0% APR, always | 26.99–29.99% Fixed APR |
| Annual fee | $84 ($7 a month) | No monthly fee |
| Rewards | 3% cash back on airfare | 3% cash back on airfare |
Key features and benefits
- Unsecured credit card option
Many starter credit cards on the market are secured, which means you have to put down a cash deposit to open an account. Neu cards stand out because they offer unsecured, credit-building products and do not require collateral or upfront security deposit.
- Approval process
Unlike traditional credit cards, you can potentially qualify for the Neu cards without a Social Security number, which makes them a suitable option for international students or immigrants.
Additionally, if you don’t qualify for the Neu Card 1 or Neu Card 2, you may be approved for the Neu Rise Visa Credit Card, the newest card designed to help cardholders start building or rebuilding their credit.
- Cash back rewards
It’s rare to find a credit-builder card with travel rewards. The Neu cards, however, offer unlimited 3% cash back on airfare and a $25 bonus when referred friends get approved. The cashback automatically applies as a statement credit toward the outstanding balance and doesn’t expire.
- Credit bureau reporting
Neu cards report payments to the three major credit bureaus: TransUnion, Experian and Equifax. This is beneficial when you’re trying to build your credit, as future lenders will be able to review your credit history and payment track record.
- Credit limit
Either of the Neu cards offers a credit limit of $350 or higher, depending on your creditworthiness. After 6 months of responsible use, Neu reviews your account monthly for automatic credit limit increases. Thus, your credit limit on the Neu Card 1 can grow to $1,000, and on the Neu Card 2 – to $2,500.
- Global acceptance
Both Neu cards run on the Visa payment network, meaning they’ll be widely accepted globally. They also don’t charge foreign transaction fees. These two features make these cards the ideal choice for those traveling home for the holidays or studying abroad.
- Customer service
Unlike many fintech apps, Neu provides access to live customer service representatives via phone or email during weekdays when a chatbot or automated email response cannot resolve the issue.
Plus, the Neu Money app offers real-time balance tracking, spending notifications, credit score monitoring, and the ability to freeze/unfreeze your card instantly.
Who should consider the Neu Card?
The Neu card makes sense for:
- Anyone without an established credit history who wants to start building credit
- Newcomers to the U.S. who don’t yet have an SSN
- People with poor or damaged credit profiles who may not qualify for traditional cards
- Travelers who want to earn 3% back on airfare but don’t have a high credit score to qualify or don’t need a premium travel card.
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