Cathay World Elite Mastercard – Powered by Neo review

How the Cathay card earns Asia Miles

There are three earn rates. Cathay Pacific tickets booked at cathaypacific.com/ca earn 2 miles per dollar, made up of 1 base mile and 1 additional mile. Purchases in a foreign currency also earn 2 miles per dollar, and everything else bought in Canada earns 1 mile.

Neo’s partner network adds more, with an average of 5 Asia Miles per dollar at thousands of Neo partners. If some of those partners are places you already shop, they can noticeably lift your total.

For example, someone who spends $2,000 a month in Canada and books one $1,500 Cathay Pacific ticket a year would earn 24,000 miles from everyday spending and 3,000 from the flight, for 27,000 Asia Miles before any partner bonuses.

The welcome offer

New cardholders can earn up to 30,000 Cathay miles. The second 15,000 miles require $3,000 of spending in the first 3 months, which is about $1,000 a month.

Our data doesn’t spell out the conditions for the first 15,000 miles, so check Neo’s offer terms before you apply. At the example spending above, the full offer is larger than a year of everyday earning.

Cathay perks and lounge access

The perks lean heavily toward Cathay Pacific. Paying with the card gets you 10% off Cathay Pacific flights with a discount code, and you receive Cathay membership perks: online priority check-in, extra baggage redemption and access to business class lounge redemptions.

Beyond Cathay, the card includes Mastercard Travel Pass (DragonPass) access to more than 1,300 airport lounges, Mastercard Airport Security Fast Track and Airport Transfer services, and free Boingo Wi-Fi at over 1 million hotspots. Check whether lounge visits carry a per-visit charge before you rely on them.

Fees, interest and the fine print

The annual fee is $180. The foreign currency rate comes with a catch: the 2.5% foreign transaction fee still applies. On $1,000 of foreign-currency spending, you earn 2,000 miles but also pay about $25 in fees, so weigh the extra miles against that cost.

Purchase interest is 19.99% and cash advances are charged 22.99%. Paying the full balance by the due date keeps purchase interest off your statement.

Insurance coverage

Travel coverage is provided by Chubb and includes emergencies, cancellations and lost luggage. Read the certificate for limits, eligibility and exclusions before you travel.

• Travel coverage for emergencies, cancellations and lost luggage (Chubb)
• Purchase protection
• Extended warranty
• Mastercard Zero Liability

Who it suits, and who should look elsewhere

This card is built for people who fly Cathay Pacific and want to top up their Asia Miles with everyday Canadian spending, while getting discounts and extras on Cathay flights.

If you rarely fly Cathay Pacific, 1 mile per dollar on most spending is modest for a $180 card, and the foreign currency bonus comes with the FX fee attached. Quebec residents can’t apply, as the card isn’t available there.

How it compares

The United MileagePlus Neo World Elite Mastercard comes from the same issuer, costs $89 a year and earns 1.25 miles per dollar on United Airlines and Star Alliance flights. It suits travellers who fly United more than Cathay Pacific.

The Air France KLM World Elite Mastercard costs $132 a year and earns up to 5 miles per dollar on Air France and KLM flights. Like the Cathay card, it makes most sense if you’re loyal to one airline.

Before you apply

The recommended credit score is 720 or higher, but Neo Financial makes the final decision, and the card isn’t offered to Quebec residents. Confirm the welcome offer and current terms on Neo’s website before you apply.