Late last year, the new kid on the block, Neo Financial, took over RBC’s Asia Miles partnership and launched its own co-branded credit card with Cathay Pacific, one of the most esteemed airlines in the world. But does this card really stack up against the competition or even its predecessor? Let’s dive into a full review of the Neo Cathay World Elite Mastercard to see if it’s worth considering.

We’ll cover the welcome bonus, earning structure, perks, and how to use your Asia Miles effectively. And of course, at the end, we’ll give our final verdict—should you pick this card up?

Welcome Bonus

The welcome bonus for the Cathay World Elite® Mastercard has been updated and is now more competitive:

• 20,000 Asia Miles upon sign-up.
• 20,000 additional Asia Miles after spending $5,000 in the first 90 days.

This brings the total bonus potential to 40,000 Asia Miles—a solid improvement from previous offers. This bonus can get you a one-way economy flight from Vancouver to Hong Kong, making it a compelling offer for frequent travelers.

Earning Rates

The earning structure on the Neo Cathay Pacific World Elite Mastercard is fairly straightforward:

• 1 Asia Mile per $1 CAD spent on purchases in Canada.
• 2 Asia Miles per $1 CAD spent on Cathay Pacific flights and foreign currency purchases.
• Up to 15x Asia Miles on first-time purchases at select Neo partner merchants.

The 2x earn rate on Cathay flights and foreign currency purchases is competitive, but the foreign transaction fee (2.5%) slightly diminishes its appeal compared to cards with no foreign exchange fees.

Perks and Benefits

This card comes with several travel perks, though it still lacks some key benefits compared to its predecessor:

• Access to 1,300+ airport lounges worldwide via DragonPass (fees apply).
  • $32 USD per visit in most cases.
• Comprehensive travel insurance including emergency medical, trip cancellation, and lost luggage coverage.
• Online priority check-in and extra baggage redemption options with Asia Miles.
• Up to 15% off Cathay Pacific flights when using promo code CXNEO15OFF.
• Purchase protection and extended warranty for eligible items.

While these benefits are useful, the lack of complimentary lounge passes and free checked baggage makes it slightly less competitive than similar co-branded airline cards.

Redemption: How to Use Your Asia Miles

Cathay Pacific’s Asia Miles program offers a variety of ways to redeem your miles:

• Flights: Redeem miles for Cathay Pacific flights, oneworld, and partner airlines.
• Hotels & Car Rentals: Use miles to book accommodations and rentals in 20+ countries.
• Lifestyle Rewards: Exchange miles for experiences, gift cards, and other perks.

For Canadian travelers, the best redemptions are typically flights on Cathay Pacific between Toronto/Vancouver and Hong Kong:

• Vancouver – Hong Kong:
  • Economy: 27,000 Asia Miles
  • Premium Economy: 50,000 Asia Miles
  • Business: 84,000 Asia Miles
• Toronto – Hong Kong:
  • Economy: 38,000 Asia Miles
  • Premium Economy: 75,000 Asia Miles
  • Business: 110,000 Asia Miles

Availability in economy class is relatively easy to find, but for premium cabins, booking a year in advance is recommended due to limited availability.

Is It Worth It?

Pros:

• Competitive 40,000-mile bonus (an improvement over previous offers).
• Decent earning rates on foreign currency purchases and Cathay Pacific flights.
• Comprehensive travel insurance and purchase protection.
• DragonPass airport lounge access (though entry fees apply).
• Exclusive Cathay Pacific discounts on flights.

Cons:

• $180 annual fee, higher than other co-branded airline cards.
• No complimentary lounge access (fees still apply for DragonPass).
• No free checked bags, unlike other airline cards.
• 2.5% foreign transaction fee, which negates the 2x earning rate on foreign purchases.

For frequent Cathay Pacific flyers, the 40,000-mile bonus and 2x earnings on flights might make this card appealing. However, for everyday spenders or those who frequently travel outside of Canada, the RBC Avion Visa Infinite or Scotiabank Passport Visa Infinite (which has no foreign transaction fees) might offer better overall value.

Final Verdict:

✅ Great for Cathay Pacific loyalists looking for Asia Miles bonuses.

⚠️ Not the best for general travelers due to the lack of perks and Forex fees.

❌ High annual fee makes it less attractive compared to competitors.

If you plan to fly Cathay often and can maximize the Asia Miles program, this card could make sense. Otherwise, alternative travel credit cards might provide better perks for your spending habits.

Let us know in the comments—would you consider this card? Or do you think Neo could have done better with their Cathay Pacific partnership?