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Neo Financial’s co-branded Cathay card, also known officially as the Cathay World Elite® Mastercard® powered by Neo, stands out as a unique product, the first of its kind in the Canadian market.

This credit card is the only card in Canada that lets users directly accumulate Asia Miles, which is Cathay Pacific’s available loyalty program. This makes it ideal for anyone who travels frequently with Cathay Pacific, and for those who wish to fly with Cathay Pacific or any of its airline partners. 

The main goal of the Cathay World Elite Mastercard is to reward people who use the card for everyday purchases and allow them to receive excellent travel benefits. 

This card rewards its users with Asia Miles when they make different purchases, and these rewards can be used to pay for flights, upgrades and other travelling costs. 

The card is meant to improve the travelling experience of the users and provide additional utility through accelerated Asia Mile earning at thousands of affiliated merchants within Canada. 

One of the most unique features of this card is the secured credit option that makes it accessible to newcomers in Canada even if they have no credit history yet. 

Considering that the secured version of this card provides guaranteed approval as long as the applicant pays a security deposit, more Canadians can take advantage of the card’s rewards program. 

Network 

The Cathay World Elite® Mastercard® operates on the Mastercard network and is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which is the government body responsible for overseeing compliance with anti-money laundering and anti-terrorist financing regulations in Canada. 

Provider 

The card is a product of a partnership between Cathay and Neo Financial.

Cathay World Elite Mastercard fees 

While the Cathay World Elite Mastercard offers valuable rewards, it comes with several financial obligations that users should be aware of. Here’s a breakdown of the Cathay World Elite Mastercard fees and costs involved: 

• Annual fee: $180
• Income requirement: $80,000 or a household income of at least $150,000
• Foreign transaction fee: 2.5%, cancelled out by 2 Air Miles earned for every dollar spent

Annual fee

The Neo Cathay Credit Card charges an annual fee of $180 CAD every year, this is higher than many other airline-co-branded credit cards available in Canada. Similar cards like the WestJet RBC World and Elite Mastercard typically charge lower annual fees.

This higher fee reflects the unique benefits and earning potential of the Cathay World Elite Mastercard, but it’s very important to consider the rewards and see if this cost is worth it for you. 

Income requirements

To qualify for the Neo Cathay Credit Card, applicants must meet specific income requirements. First, a minimum personal income of $80,000 or a household income of at least $150,000 is required. This way, the card is given to people who are most likely to benefit from its features. 

Foreign transaction fees

If you are making purchases in a foreign currency, the Cathay World Elite Mastercard charges a foreign transaction fee of 2.5%. This means that if you use your card to make online purchases in another currency, this additional fee will be added to your purchase amount.

Considering this charge and comparing it to cards that do not have foreign transaction fees, international spending might not be advisable with the Cathay World Elite Mastercard. However, when you make purchases in foreign currencies you earn 2x Asia Miles, making up for foreign transaction fees.

Other costs

As with all credit cards, late fees may apply if you miss the due date for a payment, and these can vary based on your credit agreement.

Also, you incur high fees and interest rates when you use your card for cash advances, so it’s advisable to avoid this unless it is necessary. And lastly, you are likely to be charged a fee if a payment is declined due to insufficient funds. 

Value assessment 

The card has the potential for getting amazing flex points with up to 40,000 Asia Miles as an introductory bonus and on eligible purchases, but it is always important to compare the costs to the features offered by this type of card.

That said, potential users need to check their spending habits, their financial standing, and their travel plans to decide whether the annual fee and other costs are suitable for them. 

Eligibility criteria 

Applying for the Cathay World Elite Mastercard is straightforward, but there are specific eligibility criteria you need to meet. To be eligible for the Neo Cathay Pacific Credit Card, you must meet the following requirements: 

• Age requirement: You must be at least the age of majority in your province or territory. This generally means you need to be 18 or older, but in some areas, it may be 19. 
• Residency: You must be a resident of Canada. This card is tailored specifically for Canadian consumers, so proof of residency will be necessary during the application. 
• Income requirements: You need a minimum personal income of $80,000 CAD per year. Alternatively, you can also qualify if your household income is at least $150,000 CAD. This requirement is to ensure that applicants have a stable financial background to support the card’s features and benefits. 
• Secured credit option: If you do not meet the income requirements or are new to Canada without a credit history, there is a secured version of the card available. This option requires a security deposit starting at $200, which guarantees approval regardless of your credit score. 

Application process 

Once you confirm that you meet the eligibility criteria, you can proceed with the application process: 

1. Online application: The easiest way to apply for the Cathay World Elite Mastercard is by clicking here to be directed to the sign up page. There, you will find a dedicated section for the card where you can start your application. 
2. Provide personal information: During the application, you’ll need to fill out personal details such as your name, address, income information, and employment status. Make sure all information is accurate to avoid delays. 
3. Submit documentation: You may be required to submit documents that verify your income and residency. This could include recent pay stubs, tax returns, or utility bills showing your name and address.
4. Review and approval: After submitting your application, it will be reviewed by Neo Financial. If everything checks out and you meet all requirements, you will receive approval quickly—often within minutes for unsecured applications. 
5. Receive your card: Once approved, you can start using your digital card immediately and your Cathay World Elite Mastercard will be mailed to you within a few business days. After receiving it, activate your card online or through the Neo app to start earning Asia Miles immediately.

Welcome bonus 

After activating your card, you’ll receive an initial bonus of 35,000 Asia Miles. To earn an additional 25,000 Asia Miles, you’ll need to spend at least $5,000 CAD within the first three months after activation. This structure makes it easier for new users to start benefiting from their cards right away. 

Insurance and protection 

Here’s a detailed look at what the card offers in terms of insurance coverage. 

Emergency medical insurance

One of the standout features is emergency medical insurance, which covers up to $1 million for medical expenses incurred while travelling. This coverage is valid for trips lasting up to 14 days for cardholders aged 60 and younger. This means that if you face a medical emergency while travelling, you won’t have to worry about hefty hospital bills. 

Trip cancellation and interruption insurance

The card also provides trip cancellation and trip interruption insurance, offering up to $1,000 per person and a maximum of $5,000 per trip. This coverage can be a lifesaver if you need to cancel or cut short your trip due to unforeseen circumstances, such as illness or family emergencies. 

Lost or delayed baggage coverage

Travellers often face the hassle of lost or delayed luggage. With this card, you are covered for lost or delayed baggage up to $1,000, but only if your baggage is delayed for six hours or longer. This compensation can help you purchase essential items while waiting for your luggage to arrive. 

Flight delay insurance

If your flight is delayed, the card provides up to $500 in compensation. This can help cover additional expenses like meals or accommodation that may arise due to the delay. 

Car rental insurance

For those who rent cars while travelling, the Cathay World Elite Mastercard offers several car rental protections: 

Collision damage waiver

Covers damage to rental vehicles for up to 48 consecutive days, with a maximum value of $65,000.

Personal effects coverage

Protects personal belongings inside the rental car up to $2,000 combined. 

Hotel burglary insurance

If you experience a burglary at your hotel or motel, this card provides coverage of up to $1,000. This feature adds an extra layer of security while you travel. 

Purchase protection and extended warranty

The Cathay World Elite Mastercard includes purchase protection for eligible items bought with the card. This protection lasts for 90 days from the date of purchase against theft or damage.

Additionally, it offers an extended warranty, which doubles the manufacturer’s warranty for up to one additional year on eligible purchases. 

Comparison with other credit cards 

Here’s a detailed comparison with some popular travel and airline co-branded credit cards.

Pros of the Cathay World Elite Mastercard

• The Cathay World Elite Mastercard is the only credit card in Canada that directly earns Asia Miles, making it a unique option for loyal Cathay Pacific travellers.
• The earning potential at Neo Partners is significantly higher than many competitors, allowing cardholders to accumulate miles quickly through everyday spending. 
• The welcome bonus is competitive, especially for those who can meet the spending requirement within three months. 

Cons of the Cathay World Elite Mastercard

• The annual fee of $180 CAD is higher than many comparable cards, which may deter some users. 
• Unlike some competitor cards, it does not offer unique airline-specific benefits such as free checked bags or priority boarding for Cathay Pacific flights. 
• The foreign transaction fee of 2.5% can add up for those who frequently travel abroad or make international purchases. Earning 2x Asia Mile on FX transactions negates this fee.

Service areas

The Cathay World Elite Mastercard is primarily focused on Canada, where it caters to Canadian consumers who travel frequently or wish to earn Asia Miles. 

Services 

Earning Asia Miles, travel insurance, airport lounge access, and discounts on flights. 

Year in business 

Cathay Pacific has been operating since 1946, which makes it one of the oldest airlines still in service today. Neo Financial on the other hand was founded more recently in 2019.

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