JA Money Card Review 2024: Earn Cash Back While Learning About Money Management

• Cardholders can earn an average of 5% cashback at select restaurants and through delivery platforms like Uber Eats.
• Cardholders can earn 2% cash back at select clothing stores, including Dynamite, JD Sports and Simons.
• Cardholders can earn 2% cash back shopping at bookstores like Chapters or Indigo, or buying books online through Kobo.
• Cardholders can earn 2% cash back shopping for gaming items and accessories through companies such as Nintendo, Playstation and Steam.
• Cardholders can earn 2% cash back on purchases made at fitness locations like GoodLife Fitness or YMCA.
• JA Money cardholders can use the Neo app to browse over 10,000 of Neo’s retail partners  for cash-back offers.
• Purchases made with the JA Money card will automatically—and at no cost to the cardholder—generate donations to the Junior Achievement of Canada non-profit organization.
• Cardholders can redeem their earned cash back at any time.
• The card has no annual fee and no transaction fees.
• Anyone over the age of 13 can apply for the card (must be over 14 if they are in Quebec).
• Card users can access helpful budgeting tips and resources through the Neo app and the JA Knowledge Hub.

The Canadian fintech company, Neo Financial, launched its JA Money card in late 2023 to help educate teens on personal finance and meet a market need. In addition, the card comes with some decent perks.

The prepaid Mastercard offers teens the ability to earn a variety of cash-back rewards with select Neo partners, ranging anywhere from 2% on fitness purchases to 5% and up with select restaurants and food delivery services. That being said, though the cash-back rates sound impressive at first, they are limited to Neo partners, and special offers, and are not based on the type of merchant where a product is being purchased. While this can give strategic options to JA Money cardholders, it can also make the rewards earning process more cumbersome than traditional cash-back cards.

Meanwhile, an interesting aspect of the card is its partnership with the Junior Achievement of Canada, a non-profit focused on developing youth in the global economy. Cardholders automatically donate to the organization, at no cost to them, simply based on their card usage. Although, how much is donated and how these donations work is not disclosed by Neo.

The card also has no annual fee or transaction costs, aside from foreign exchange rates, and comes with a Neo Everyday account to make deposits and manage funds. Though the card doesn’t have benefits outside of cash-back rewards, it ostensibly is a good option for teens looking to understand personal finance through real world spending and money management.

• Pay no annual fee
• Earn 5% cash back or more with select retailers
• Track your funds at all times with the Neo app
• Donate to the Junior Achievement of Canada simply by using your card

The JA Money card has an uncomplicated reward structure with Neo Financial partners and a simple redeeming methodology: get your cash back at any time. Here’s a full breakdown of the card’s rewards program.

Earning Rewards

Earning cash back with the JA Money card is easy, but not necessarily simple. Instead of following a standard category system where certain purchases earn you a standard percentage of cash back, Neo’s system is vendor-specific. The partners you shop at—and if there are certain offers available—will determine how much cash back you receive.

For example, the JA Money card earns an average of 5% cash back on purchases made at select restaurants and Uber Eats and 2% on purchases made at stores, such as Dynamite. Note that cash back offers may differ from time to time, are limited and vary by perks, offers and the partner in question.

While this can be confusing given that Neo has over 10,000 partners to choose from, it can also equip teens with the ability to make strategic financial decisions—so long as they are closely watching the fluctuations among the available offers with the Neo app.

Redeeming Rewards

Redeeming cash-back rewards is simple compared to earning them. Cardholders can easily redeem their cash back to their Neo Everyday account through the Neo app, and it is accessible through their Rewards Wallet. Cardholders can choose to use their cash on purchases of their choice, either through vendors or through the Neo Store.

Rewards Potential

In contrast with other cash-back prepaid cards, nailing down exactly what the JA Money card could potentially earn is difficult given how rates change from partner-to-partner and are context-dependent. How much you earn is directly tied to where you shop. This can be a big plus for those willing to do the research to find the best deals, or a negative for consumers looking for a less time-intensive way to maximize the benefits of a prepaid card.

Related: Best Rewards Credit Cards In Canada

• Give back with no strings attached: Simply by using the card, JA Money cardholders contribute to the Junior Achievement of Canada Organization at no cost to them.
• Earn 5% cash back (or more) with Neo partners: Browse over 10,000 locations to earn rewards with your JA Money card, with some offering 5% cash back or more, subject to location-specific terms and conditions.
• Advanced account protection: Users can protect their Neo Everyday account with Face ID, fingerprint lock and two-factor authentication measures.

Interest Rates

• Regular APR Min: N/A
• Cash Advance APR: N/A
• Balance Transfer APR: N/A

Fees

• Cash Advance Fee: N/A
• Balance Transfer Fee: N/A
• Foreign Transaction Fee: 2.50%
• Annual Fee: $0
• Any Other Fees: Rush access card replacement fee of $29

When comparing the JA Money card to related cards, please note that the JA Money card is not a credit card, but a prepaid card and it is available to minors aged 13 and up—14 and up in Quebec. Some of the cards we review below may have better characteristics, but may not be available to individuals under the age of majority in their province.

JA Money Card vs. Student BMO CashBack Mastercard

BMO’s CashBack Mastercard is Forbes Advisor Canada’s best rated Student Credit Card in Canada because of its solid earnings on essential purchases. Cardholders can earn 3% cash back on groceries and 1% cash back on recurring bill payments. BMO’s offering also comes with a substantial welcome bonus of 5% cash back on all purchases in the first three months of getting the card.

Though there are some similarities between the two, like the lack of annual fee and the ability to redeem cash back at any time, BMO’s student card arguably has an easier-to-follow rewards system. Rather than focusing on specific partners, the card uses a traditional tiered approach, making it easy to know how much you will earn depending on what you spend on. Conversely, this also means that you might not get vendor-specific promotions that potentially outrank BMO’s rewards.

Given the differences in earning structure and potential, we think the BMO Student CashBack Mastercard comes out on top. That said, to qualify for the BMO card, you must be the age of majority in your province or territory (usually 18) and be a student at a post-secondary institution, so the JA Money Card is more accessible for teens.

JA Money Card vs. Neo Money Card

Neo’s Money Card is nearly a mirror-image of the JA Money Card. Both cards have no annual fees, are prepaid Mastercards and allow you to easily track your funds with the Neo app. They only offer cash back with Neo’s 10,000 plus partners. Since both cards share most of the same partners, they earn the same cash-back amounts from the offers in the Neo app. Still, the JA Money Card does have some partners that teens may find more desirable, such as Nintendo.

The critical difference is the Neo Money card’s minimum guaranteed cash back of 0.5% per month is limited to a $50 top up. This is a nice touch if your strategic spending goes awry and you don’t get the rewards you were aiming for.

Aside from that, the Neo Money Card is a traditional credit card, not a prepaid one, and it has age requirements, unlike the JA Money card which is prepaid and is available for those over 13 years of age (or 14, in Quebec).

JA Money Card vs. KOHO Extra Prepaid Mastercard

KOHO’s Extra Prepaid Mastercard is a subscription upgrade of the fintech’s KOHO account, costing $9 per month. Though the price seems steep compared to the JA Money card with no fees, it does make up for it in perks. Cardholders earn 2% in cash back on groceries, dining and drinking and transportation—admittedly a bit less than JA Money’s claimed average of restaurant spending cash-back rewards. The card comes with no FX fees, up to 5% cash back at select merchants and the option to build a credit score for $7 per month rather than $10.

KOHO extra members also earn 5% interest on their entire balance, which is substantially better than the 2.5% interest offered by Neo’s Everyday account. Even if JA Money holders opt to put their funds in a high-interest account from Neo, they’ll earn 4.00% interest—slightly less.

Both cards are prepaid, and thus are available to younger people, like teenagers. Consumers that have use for KOHO’s perks and decent reward schema might find the subscription price well worth it. For those seeking a cost-free option, Neo’s JA Money card might just fit the bill.

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With this card, the scoring model used takes into account factors such as, but not limited to, rewards rates and categories, fees, welcome bonuses and other benefits and features. Keep in mind, what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.

Minors looking to enter the world of personal finance with a prepaid card will find Neo’s JA Money card a good option to understand how cash-back programs work. If they’re strategic with their spending, they will likely end up earning some decent rewards as well.

On the other hand, consumers that aren’t minors and want a credit card that can help them build up their credit score should look in a different direction. Those that are set on using a prepaid card can earn fair cash-back rewards with the JA Money card as long as they are intentional about watching for offers and shopping at Neo partner locations. Those looking for cash-back cards can likely find better cards, though an annual fee is usually common with higher-earning credit cards.